The Financial Daily-Epaper-21-12-2010

International

JUI-F to sit in Opposition See on Page 12

Pak says not in quest of UNSC See on Page 12

Singh says wishes well for Pakistan See on Page 12

Malik confirms corruptionin Hajj arrangements

See on Page 9

Karachi, Tuesday, December 21, 2010, Muharram-ul-Haram 14, Price Rs12 Pages 12

ISLAMABAD: President Asif Ali Zardari having a meeting with delegation of Muttahida Qaumi Movement led by Dr Farooq Sattar at Aiwan-e-Sadr. -APP

ISLAMABAD: The govern-ment after removing the reser-vation of the Supreme Court ofPakistan regarding the proce-dure of appointment of judgeshas decided to table the 19thconstitutional amendment drafttoday (Tuesday) in theNational Assembly.

As per details, Faisal KarimKundi, Deputy SpeakerNational Assembly wouldchair a meeting of the HouseBusiness Advisory Committee(HBAC) of the NA and itwould be decided in the meet-ing that the 19th amendmentwill be presented in the sessionand the decision to table theReformed General Sales Tax

(RGST) Bill in the current ses-sion of the NA has been post-poned.

The PML-N members didnot attend the meeting.

The members of NA congrat-ulated the Speaker on the suc-cessful address of the ChinesePM Wan Jiabao in the joint ses-sion of the parliament.

It was decided in the HBACthat the session of the NA willcontinue till January 7, where-as approved bills by the stand-ing committee were presentedin the current session of theNational Assembly.

Furthermore, OppositionLeader in the National

See # 3 Page 11

RGST put on holdUS envoy trying to dictate terms on RGST: Nisar

Amir Abidi

KARACHI: Country's currentaccount deficit squeezed 72.3per cent to $504 million duringthe first five months of currentfiscal year 2010-11 from $1.82billion in the same period of lastyear which is highly encourag-ing for economic executives,showed the State Bank ofPakistan's data released Monday.

Trade deficit during this periodstood at $4.52 billion; lower by 4.4per cent than $4.73 billion duringthe same period of last year.

The deficit on account ofservices improved and stood at$1.02 billion in 5MFY11, ver-

sus $1.25 billion deficit record-ed during 5MFY10.

That's why, deficit on tradeof goods & services combineddown by 7.3 per cent to $5.55billion from $5.99 billion sameperiod last year. Similarly,deficit on the income sidestood at $1.28 billion, up by10.5 per cent from $1.16 bil-lion same period last year.

On the other hand, net currenttransfers were hike by 18.7 percent stood at $6.33 billionagainst $5.33 billion recorded in5MFY10 mainly due to increasein workers remittances by 29.2per cent at $3.83 billion.

Current Accountgap shrinks 72pc

ISLAMABAD: PrimeMinister Syed Yousuf RazaGilani has directed that deci-sions regarding equitable dis-tribution of gas taken in the lastECC meeting held on 7thDecember, 2010 be imple-mented in true letter and spirit.

The shortage of gas, he said,should be shared by all stake-holders and the judicious sup-ply be ensured across the board.

Prime Minister was chairing aspecial high-level meeting toreview the gas supply situationthroughout the country, particular-ly the industrial sector in Punjab

here at the PM House Monday.Prime Minister further

directed the Ministry ofPetroleum & NaturalResources to expedite the deci-sion regarding import of LNGwith the concerned Ministriesfor early implementation.

Prime Minister also asked forconvening of the third reviewmeeting of Energy Summit atthe earliest in consultation withall the stakeholders.

While elaborating upon thegas and energy situation, thePrime Minister emphasised

See # 6 Page 11

One policy forgas cuts urged

PM directs implementation of distribution planAltafphones

MunawarLONDON: MQM chief AltafHussain telephoned AmeerJamat-e-Islami MunawarHassan and PML-Q leaderWaseem Sajjad and discussedcurrent political siotuation.

According to a statementissued from London AltafHussain while talking toMunawar said that mutual con-sultations and cooperationshould remain continue for thesafety and security of country.Munawar said that it was needof hour to have cooperationamong political parties. Sajjadsuggested Altaf to call AllParties Conference. -Agencies

Railway fareshike on cardsISLAMABAD: FinanceMinistry has approved summaryof enhancement in railway faresand has sent it to the prime min-ister for the final approval.

The finance ministry and minis-ter for railways accorded approvalto the summary presented by GMRailways for increasing railwayfares in a meeting held here. Thedraft has been sent to prime minis-ter for final nod.-Agencies

MFs up 4.8pc in

Nov MoMStaff Reporter

KARACHI: Mutual FundIndustry asset size surged 4.81per cent to Rs224.1 billion,thanks to Meezan SovereignFund asset size massivelyincreased by Rs5727 million(+464 per cent MoM) inNovember 2010.

Furthermore, KSE 100-Indexrose 6.0 per cent in November2010, resulted in mutual fundsindustry to break its 15-monthhigh of Rs224 billion, recordedin August2009.

If we compare mutual fundasset size growth in FY11, theindustry surged 14.3 per cent i.e.Rs28 billion in absolute term.

Within Rs28 billion, moneymarket category and equity fund

See # 9 Page 11

ISLAMABAD: President AsifAli Zardari has said thatPakistan has keen interest inconcluding a free trade agree-ments (FTAs) with the GCCand seeks Kuwait's support inthis regard.

This, he said, would pave theway for increased commercialactivity between Pakistan andthe Gulf countries.

During his meeting with DrAbdullah Maatooq Almaatoq,special envoy of Amir of the

State of Kuwait, who called onhim at Aiwan-e-Sadr Monday,the President said that therewas immense potential for fur-ther enhancing trade equationof between Pakistan andKuwait since the existing vol-ume of bilateral trade was notcommensurate with the excel-lent relations of the two coun-tries.

President said that we lookforward to the visit of the Amirand the Prime Minister of

Kuwait to Pakistan whichwould not only provide animpetus to strengthening themutual relations but would alsohelp to chalk out future coursefor expanding the existinglevel of cooperation. The datefor the visit is being workedout by the Foreign Offices ofthe two countries.

Matters relating to Pakistan-Kuwait bilateral relations andmutual cooperation also cameunder discussion during the

meeting.The President congratulated

Kuwait Government and itspeople on the 50thIndependence and 20thLiberation Day Celebrationsbeing held on 25-26 February2011.

He said that Pakistani peopleequally share the joy of free-dom with their Kuwaitibrethren.

The President said thatPakistan attached immense

importance to its relations withKuwait and desires to expandcooperation in a number ofsectors especially in economic,commercial, manpower energyand defence areas.

He said that the people of thetwo countries are tied to eachother through their fraternalbonds that gain strength witheach passing day. Kuwaiti peo-ple have always stood by theirPakistani brethren in everyhour of need, the President

said.He said that we greatly

appreciate Kuwaiti assistancefor the people of Pakistan espe-cially during the recent devas-tating floods which reflectstheir true feelings for theirPakistani brothers and sistersin distress.

He said that we owe specialthanks to the Amir of Kuwaitfor launching a public cam-paign for collecting funds for

See # 8 Page 11

Pakistan looks for FTAs with GCCSpecial envoy of Kuwait Ameer calls on President Zardari

ISLAMABAD: President AsifAli Zardari has held out assur-ance to MQM to alleviate theirreservations, saying MQM is avital partner of ruling coalitionand working relationship withthem will not be allowed to beundermined.

President Zardari said thisduring his meeting with MQMdelegation which called on himin the presidency on Monday.

MQM delegation was led byfederal minister and MQM par-liamentary leader Dr FarooqSattar. Interior MinisterRehman Malik, Law MinisterBabar Awan and others werealso present on the occasion.

According to Online, MQMexpressed their reservations inthe backdrop of the situationarises out of interior ministerSindh Zulfiqar Mirza state-ments during the meeting.

President Asif Ali Zardariassured that all the concernsof MQM would be allayed andworking relationship would bestrengthened with them.

Talking to media men after

the meeting, MQM parliamen-tary leader Farooq Sattar saidhis party had apprisedPresident Zardari of their reser-vations. There was only one-point agenda in the meetingthat statements given byZulfiqar Mirza had affectedworking relationship betweenPPP and MQM.

"We want our grievances areredressed related to these state-ments", he added.

President Zardari had said hehad taken notice of the state-ments given by Zulfiqar Mirzaand assured he would takeaction on this count, FarooqSattar told. "It is now up to himwhat action he takes", he added.

"MQM is a political forceand the statements which havecome from Zulfiqar Mirzahave not only given rise tomisperceptions but also theyhave provoked outrage amongthe people. Assurance held outby President Zardari is satis-factory, he added.

He was of the view that thecountry could not afford insta-

bility. "We will continue withresponsible politics and what-ever decision we will take itwill be in the national interest",he remarked. President wouldremove such misconceptionsfully, he hoped.

Talking to journalists, interi-or minister Rehman Malik andlaw minister Babar Awan saidcoalition government was fac-ing no problem in the Center.

Democratic forces wouldplay their respective role forfortification of democraticorder in the country.

President Zardari had assuredMQM that their concernswould be addressed. Final deci-sion would be taken byPresident in this respect, theyadded. MQM leadership wouldalso be taken into confidence.

The wishful thinking fromcertain elements that MQMwould part ways with the gov-ernment would not material-ize, they underlined. PPP-MQM friendship would con-tinue on sound footing, theyunderscored. -Online

MQM MNAs meet President, seek action on Mirza statement

Awan, Malik say coalition in no danger

Mirza fate inZardari hands

*Crude Oil (brent)$/bbl 91.81

*Crude Oil (WTI)$/bbl 88.19

*Cotton $/lb 154.12

*Gold $/ozs 1,385.10

*Silver $/ozs 29.24

Malaysian Palm $ 1,123

GOLD (NCEL) PKR 38,214

KHI Cotton 40Kg PKR 9,860

Yearly(Jul, 2010 up to 15-Dec-2010)

Monthly(Nov, 2010 up to-15-Dec-2010)

Daily (15-Dec-2010)

Total Portfolio Invest (3-Dec-2010)

185.88

23.16

-6.42

2680

0.75

-0.25

-1.60

-0.68

-1.36

3.20

-0.05

SCRA(U.S $ in million)

Portfolio Investment

FIPI (20-Dec-2010)

Local Companies (20-Dec-2010)

Banks / DFI (20-Dec-2010)

Mutual Funds (20-Dec-2010)

NBFC (20-Dec-2010)

Local Investors (20-Dec-2010)

Other Organization (20-Dec-2010)

(U.S $ in million)

NCCPL

GDR update

Commodities

Forex Reserves (10-Dec-10)

Inflation CPI% (Jul 10-Nov 10)

Exports (Jul 10-Nov 10)

Imports (Jul 10-Nov 10)

Trade Balance (Jul 10-Nov 10)

Current A/C (Jul 10- Nov 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

$16.41bn

14.44%

$8.88bn

$15.37bn

$(6.49)bn

$(504)mn

$4.43bn

$746mn

Rs 495bn

$58.41bn

Rs 5234.9bn

$203.80mn

-2.58%

4.10%

$1,051

171.36mn

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

10.86

PKR/Shares

111.38

184.21

42.84

36.41

37.22

T-Bills (3 Mths)

T-Bills (6 Mths)

T-Bills (12 Mths)

Discount Rate

Kibor (1 Mth)

Kibor (3 Mths)

Kibor (6 Mths)

Kibor ( 9 Mths)

Kibor (1Yr)

P.I.B ( 3 Yrs)

P.I.B (5 Yrs)

P.I.B (10 Yrs)

P.I.B (15 Yrs)

P.I.B (20 Yrs)

P.I.B (30 Yrs)

15-Dec-2010

15-Dec-2010

15-Dec-2010

29-Nov-2010

20-Dec-2010

20-Dec-2010

20-Dec-2010

20-Dec-2010

20-Dec-2010

20-Dec-2010

20-Dec-2010

20-Dec-2010

20-Dec-2010

20-Dec-2010

20-Dec-2010

13.17%

13.39%

13.69%

14.00%

13.25%

13.41%

13.61%

13.95%

14.11%

14.16%

14.23%

14.26%

14.55%

14.73%

14.91%

Money Market Update

Symbols Buy (Rs) Sell (Rs)

Australian $ 83.90 84.90

Canadian $ 83.90 84.90

Danish Krone 15.00 15.10

Euro 112.90 114.90

Hong Kong $ 10.90 11.00

Japanese Yen 1.007 1.032

Saudi Riyal 22.65 22.85

Singapore $ 64.20 65.20

Swedish Korona 12.00 12.10

Swiss Franc 86.65 86.75

U.A.E Dirham 23.15 23.40

UK Pound 132.90 134.60

US $ 85.45 85.85

Open Mkt Currency Rates

Symbols Buying Selling

TT Clean TT & OD

Australian $ 84.55 84.74

Canadian $ 84.59 84.79

Danish Krone 15.12 15.15

Euro 112.60 112.86

Hong Kong $ 11.02 11.04

Japanese Yen 1.020 1.022

Saudi Riyal 22.85 22.91

Singapore $ 64.80 64.95

Swedish Korona 12.53 12.56

Swiss Franc 88.47 88.68

U.A.E Dirham 23.33 23.39

UK Pound 132.93 133.24

US $ 85.68 85.87

Inter-Bank Currency Rates

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Weather Forecast

Index Close Change

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*Dow Jones 11,471.32 20.59

Global Indices Govt seeks

9mths to getRGST passedKARACHI: Government hasformally asked for a nine-month extension of its $11 bil-lion International MonetaryFund bailout package, a sourceinvolved with the IMF talkssaid Monday.

The seven-tranche IMF pro-gramme, which has keptPakistan's economy afloatsince it was agreed to in

See # 4 Page 11

Special Correspondent

ISLAMABAD: FederalGovernment Monday hasappointed Salman Siddiqui asnew chairman of the FederalBoard of Revenue (FBR),where its present head SohailAhmed has been transferred toPlanning Division as Secretary,

media reported.According to the news,

Secretary Finance SalmanSiddiqui has been nominatedas new chairman FBR, andafter his promotion Dr WaqarMasood new SecretaryFinance.

Prior to his new responsibilitiesSee # 7 Page 11

Fed tax body gets new head

Salman named as new chairman FBR

Sohail shifted to Planning, Waqar to Finance DivAhmed Siddique

KARACHI: Country's tradedeficit widened by 33.45 percent to $1.35 billion inNovember, compared with$1.01 billion recorded inNovember 2009 on year onyear basis, Federal Bureau ofStatistics said Monday.

The deficit surged due to23.6 per cent hike in imports

bill to $3.12 billion inNovember 2010 against $2.52billion in identical month lastyear.

Nevertheless, 17.04 per centincrease in exports somewhatmitigated the import bill as itregistered $1.77 billion against$1.52 billion in above men-tioned period.

Similarly, trade data during See # 5 Page 11

Nov trade deficitswells 33pc YoY

Power tariffcut hearing

on 29thISLAMABAD: Central PowerPurchase Agency has filedapplication with Nepra seekingreduction in power tariff.

Its hearing will take place onDecember, 29.

According to private TVchannel, reduction by 78 paisasper unit in power tariff has beensought under fuel adjustmenthead from November, 1 andthis relief would pass on to theconsumers in the month ofJanuary. -Online

During first five months

2 Tuesday, December 21, 2010

TV PROGRAMMES

TUESDAY

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

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

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

Jasmeen23:00 News23:30 24

KARACHI: The con-struction of modern grainstorage facility in Sindh isessential as the hugequantity of wheat wasdamaged during recentheavy floods in theprovince due to lack ofstorage and protectionfacilities.

This was stated by theChief Minister of Sindh,Syed Qaim Ali Shah, hereat the CM House onMonday.

He was speaking on theoccasion of signing cere-mony of an agreementwith the InternationalFinance Corporation(IFC) for the constructionof modern storage facilityin Sindh.

He maintained that themodern grain storagefacility will help enhancethe province's capacity tostore wheat and other

crops, and hoped that taskwill be completed to havestorage facility accordingto needs.

Chief Minister Sindhadded that Pakistan beingan agriculture based coun-try, it is imperative toemploy modern technolo-gy so as to fully utilizedthe potential in the agricul-ture sector while the eco-nomic growth and devel-opment of province largelydepends on the progress ofagriculture sector.

He apprised that theprovince of Sindh alonecontributes 21 per cent innational wheat produc-tion, hence theGovernment of Sindh hasdecided to adopt moderntechnology like moderngrain storage facility /silos which will provide agreat boost to the agricul-ture economy.

Syed Qaim Ali Shahappreciated the FinancialAdvisory servicesAgreement withInternational FinanceCorporation for construc-tion of Modern GrainStorage facility in Sindhunder Public PrivatePartnership modality,which will provide trans-action advisory serviceand the USAID will pro-vide funding the majorcost of consultancy serv-ice of the IFC and otherInternational Consultants.

Sindh Food Secretary,Kamran Naveed Baloch,in his welcome addresshighlighted the objectiveof agreement.

He said that the involve-ment of private sector willsave considerable amountof public money as theinvestors will bring itsequity in the project.-APP

Qaim advocatesmodern granaries

Staff Reporter

KARACHI: KarachiUniversity BusinessSchool's (KUBS) AlumniAssociation under thecounseling of the ViceChancellor KU Prof DrPirzada Qasim RazaSiddiqui has initiated aStudent TransportProgram, said a handoutissued here.

The initiative was takenin order to provide trans-port facility to more than24000 students of KU.According to the projectdetails, private companieswill provide buses to theuniversity and in turn, theywill be offered free brand-ing of their products on thebus. This will not onlyfacilitate the students byarranging transport facilityto them but will also proveto be a bridge between the

corporate sector and theUniversity.

Mehmood Arshad, thepresident of the alumniassociation informed thatthis project would set anexemplary partnershipbetween the public and pri-vate sector. "The partner-ship between theUniversity and the industrywill turn out to be fruitfulin many respects", heinformed.

Vice Chancellor, KU,appreciated the efforts ofthis alumni association andregarded it as a model forother KU alumni associa-tions and forums. Heshared that the Universitywill soon take someadministrative measures incollaboration with KUBS(Alumni) which will bebeneficial for both, the stu-dents and the administra-tion of KU.

Alumni solveKU transport

trouble

Staff Correspondent

ISLAMABAD: DuPontPakistan Operations under acommunity fund pro-gramme recently upgradedthe Capital DevelopmentAuthority [CDA] FHQ'scontrol room in Islamabad.Under this programme,DuPont renovated the CDAfire house and contributedNomex heat and flame-resistant suits, firemangloves and hoods, firemanTychem C & F chemicalprotection suits.

A formal ceremony tookplace at the CDAEmergency & DisasterManagement headquartersattended by Shaukat AliMohmand - Member,Administration, MansoorAhmed Khan - DirectorEmergency & DisasterManagement, Zafar Iqbal -Chief Fire & Rescue, ColAli Kazam Syed -Commander Search &Rescue, Ammad-Ud-DinMohammad - Deputy ChiefEmergency & DisasterManagement, along withTauqir Ahmed, ChiefExecutive Officer, DuPontPakistan Operations and

Kamran Khan, BusinessManager, DuPontProtection Technologies.The ceremony also recog-nised the best Fire Fightersand Rescuers.

"I am really thankful toDuPont for taking this ini-tiative. They have helped usby upgrading the CDA firestation. Our firefighters willnow be better equippedwith DuPont suits, an excel-lent material when facedwith acute fire situations.With recent incidences of

aircraft crash and other cri-sis, contributions byDuPont will enhance effi-ciency. The current systemneeds help and I am gratefulto DuPont. We hope to seecontinued support fromthem in the future too. Iwould also like to thank andcongratulate all our fire-fighters for their hard workand dedication," saidShaukat Ali Mohmand -Member (Administration),Capital DevelopmentAuthority.

DuPont serves forfirefighters’ safety

ISLAMABAD: FederalMinister for Finance DrAbdul Hafeez Shaikh hasinformed Federal Board ofRevenue (FBR) that pres-ent government cannotafford to go in litigationwith Agility over PakistanAutomated CustomsComputerised System(PaCCS) and want smoothand transparent solution ofthe issue. Agility has devel-oped this revolutionarysoftware and introduced toPakistan to automate thecustoms procedures and tobring transparency in cus-toms procedures across thecountry.

He has further directedtop authorities inside FBRto sit with Agility officialsand negotiate on resolutionbecause government has noalternative automated solu-

tion to install overnight.The government has takenextension from Agility withthe assurance of agreement.If there is a need, FBRshould form a committee totalk to Agility rather thangoing into litigationbecause litigation is not inthe national interest.

The semi-automated sys-tem developed by PRALwas installed for only oneday on May 28 withouttesting and it was collapsedand caused huge losses tothe national exchequer.

The system developed byPRAL was responsible forfrauds of over 1.5 BillionRupees during the lastfinancial year. TheCustoms Intelligencedetected that the systemwas a complete failure andPRAL employees could

create fictitious invoice andissue refunds of Sales Taxto nonexistent claimantsfrom their homes.

In 2005, PaCCS waslaunched as a pilot projectto improve imports as wellas to facilitate importers tofile their declarationsonline. Above 60 per centof importers file theirgoods declarations onPaCCS due to its speedyand automated procedures.

PaCCS is a one windowsystem; web enabled andcarries out all activitiesrelated to Customs fromanywhere in Pakistan. Thesystem can clear cargo 365days a year, day or night.All declarations areprocessed by highlyadvanced Processing andRisk ManagementSystems.-APP

Govt not to dragPaCCS to court

Staff Reporter

KARACHI: TheChairman PakistanTanners Association(PTA) Aziz Ahmed hasurged all the stakeholdersand trade bodies to form ajoint platform to resistimposition of RGST as itwould have a worst everaffect on national econo-my, it has been learnt.

"RGST highly detrimen-tal to the industrial sector,exports as well as againstthe interest of general pub-lic, will ruin the economy,which is already strug-gling for survival", Azizsaid adding that the pres-ent government has noagenda except implement-ing the IMF covenants

ignoring national interest.He said that all the trade

bodies should announce ajoint line of action againstthe imposition of RGSTand rule out any decisionby Senate, NationalAssembly provincialassemblies if taken infavour of RGST.

He said that the unilater-al decision by the govern-ment will in no way servethe country's interest andall such democraticforums are making deci-sions under the influenceand dictation and theyhave no respect to thedemocratic values. Hewarned that this attitudeby assemblies and Senatewould also destroy alldemocratic pillars as unde-

mocratic acts by theseforums are creating hatredamong the general massesand they are considering itas sham democracy pre-vailing in the country.

Aziz Ahmed further stat-ed that the RGST regimewould also withdraw theZero Rated facility of theexport-oriented industries.

He pointed thatexporters especially theleather sector are strivinghard to boost exports butfor the last couple of yearsthey are on declining trendas quantity wise.

PTA chief urged uponthe government to consid-er the matter in the largerinterest of the nation byrefraining imposition ofRGST.

Tanners urgestakeholders to

unite against RGST

TUESDAY

Time Programmes8:00 Chai Time (Rpt)9:00 News9:15 Pehla Sauda10:00 News 10:15 Bazaar11:00 News11:05 Ghar Ka Kharch12:00 News12:15 Power Lunch13:00 News13:05 Islamabad Say

(Rpt)14:00 News15:02 Akhri Sauda15:30 Dilkash Pakistan

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

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

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

SambaBank opensbranch in

DHAKARACHI: Samba BankLimited SBL opened a newbranch in DHA Karachi onKhayaban-e-Ittehad whichwas inaugurated by JavedIqbal, IndependentDirector SBL, in presenceof Tawfiq A Husain,President & CEO, and sen-ior management of Bank.

Tawfiq Husain said SBLis constantly improving itsfootprint in Pakistan, whiledeveloping and promotingits alternate distributionchannels. The new branchin DHA, along withplanned regular launch ofnew products, will enhanceSBL's value proposition toits customers and facilitatein expanding customerbase. SBL is 80.68 per centowned by Samba FinancialGroup, Kingdom of SaudiArabia, which itself is ratedAa3 by Moody's InvestorsService.-PPI

Technicaltrainingfor 25kvowed

KARACHI: As many as25,000 youngsters havebeen provided technicaleducation in the province.This was stated by SindhTechnical EducationMinister, Abdul SalamThaheem.

He was speaking at aconference on humanresource development at ahotel here on Monday.

The moot was held underthe auspices of SindhTechnical Education andVocational TrainingAuthority (STEVTA).

The Minister said thatdeveloped nations whilerealising the importance oftechnical education and ofvocational training ensuredthat along with generaleducation the same is alsoimparted.-APP

Sharmiladistributes

cloths amongorphans

KARACHI: ProvincialAdvisor to Chief Ministeron Information, SharmilaFaruqui has said that serv-ing the people is a greatwork and if all sections ofthe society work togetherthen the problems in thesociety can be overcomeand we can make the worlda beautiful place to live in.

This she said whilespeaking as a chief guest ina ceremony of distributingfood items and clothesamong 130 orphans andwidows at Salvation ArmyChurch Saddar.

Sharmila said the role ofChristian Community wasvery important and the edu-cational and welfare insti-tutions of ChristianCommunity were function-ing very well.-APP

UNDPto traingarmentworkers

Staff Reporter

KARACHI: PakistanReadymade GarmentsManufacturers andExporters Association(PRGMEA) and GEN-PROM/ UNDP jointlylaunched their 9thskillsdevelopment traininground for MasterTrainers.

Syed M Nawab,National ProjectManager, GENPROM/UNDP said on the occa-sion that a total of 31trainees are to be trainedthrough this programme.Syed Nawab presented anoverall overview of theindustry and discussedvarious local and globaltrends in garments/made-up sector.

Director Operations,Rajby Industries,Akhlaque Ahmed empha-sized on the importanceof the value chain in thesaid sector and its impor-tance and various strate-gies/ tools employed tomake it more effective.National Project Director,GENPROM/UNDP andPRGTTI, Maham Nasirahighlighted the salientfeatures of the pro-gramme jointly initiatedby UNDP, PRGMEA andPRGTTI.

Moin Zaidi, Head ofMonitoring andEvaluation, GEN-PROM/UNDP and ShadNasir: ProgrammeCoordinator: GEN-PROM/UNDP has givenan orientation of thetraining programme to theparticipants and dis-cussed the course contentin great

Masood Naqi DirectorRajby Industries and for-mer Chairman,PRGMEA, shared hisvast experience with theparticipants and encour-aged them to work-hardand take advantage ofsuch skills developmenttraining. At the end of theceremony, the trainingmaterial was distributedamong the trainees.

LG goesgreen aslightingprovider

KARACHI: LGElectronics (LG) recentlyannounced here that itsLED lighting and PlasmaLighting System (PLS)products have receivedofficial certificationsfrom European, Chinese,Japanese and Koreangovernments for energyefficiency, quality, safetyand eco-friendliness.With these endorsements,LG will initiate a globalroll-out of its newestgreen business initiativeas a total lighting solu-tion provider.

The competitive advan-tage of LG's LED light-ing solution is in thecompany's core optictechnology, heat manage-ment and circuit design.As a long-standing mar-ket leader in heating,ventilating and air condi-tioning (HVAC), LG willbe able to leverage itsstrengths in price com-petitiveness, quality serv-ice and industry know-how as a total green ener-gy solution provider.

"Green energy, carbonand environmental pro-tection concepts havebeen widely acceptedthroughout the world andthere is enormous oppor-tunity for companies withcore technologies andbrand recognition," saidYonghwan Kim, VicePresident of Light-ing &Solution Business Teamof LG Electronics. "Withlong-honed expertise inenergy efficient technolo-gies, the potential for LGto make a significantenvironmental contribu-tion is enormous."-PR

ISLAMABAD: Tauqir Ahmed(R), Chief ExecutiveOfficer, DuPont Pakistan operations (Pvt,)

Ltd.recieves a shield from Shaukat Ali MohammadMember (Administration), Capital Development

Authori, Islamabad which marks Dupont Pakistan’sContribution under DCF.-Staff Photo

LAHORE: In Jae Lee Senior Manager Samsung,Rabiya Siddiqui PR Manager Samsung inaugurat-

ing the Samsung Grammar School in DistrictKasur.-Staff Photo

KARACHI: Sindh Chief Minister Syed Qaim Ali Shah, Sindh Food Minister Mir Nadir Magsi and ChiefSecretary Sindh Ghulam Ali Pasha witnessing signing ceremony of Financial Advisory Service Agreement

(FASA) with Sindh Food Dapartment and International Finance Corporation (IFC) at Chief Minister House.APP

ISLAMABAD: Minister of State/Chairman Board ofInvestment Saleem H Mandiwala briefing the newsmen about Pak-China Investment agreement.-APP

HYDERABAD: Sindh Minister for Culture Sassi Palijo viewing photosduring exhibition of Shaheed Mohtarma Benazir Bhutto organised by

Culture Department at Sindh Musem.-APP

MUMBAI: The Indian rupeerecovered most of its lost groundon Monday after falling to nearthree-week lows earlier in theday, on some likely dollar inflowsfrom a large corporate and aslocal stocks turned positive.

"There was good amount ofdollar inflows today that helpedthe rupee to recover to someextent. But market is illiquid asmost foreign banks are away,"said Ashtosh Raina, head of FXtrading at HDFC Bank.

Dealers said around $500 mil-lion to $600 million of inflowswere seen during the day by aMumbai-based power distributorowned by a large conglomerate.

The partially convertible rupeeended at 45.47/48 per dollar afterfalling to 45.66 per dollar, itslowest since Dec. 1. It had endedat 45.34/35 per dollar onThursday. The market was shuton Friday for a local holiday.

Dealers expect the Indian unitto move in a 45.20-45.65 bandthis week. Foreign funds haddumped a net $581.44 millionworth of shares so far this monthuntil Thursday as, typically, for-eign investors are in a profitbooking mode.

Total net foreign fundinflows so far in 2010 stand at$28.4 billion, on top of the$17.5 billion invested last year.

"The rupee's technical resist-ance is 45.60. However, even ifit breaks that level, it shouldnot fall below 46," HDFCBank's Raina said.

One-month offshore non-deliverable forward contractsended at 45.78, weaker com-pared to the onshore spot rate.

In the currency futures mar-ket, the most traded near-monthdollar-rupee contracts on theNational Stock Exchange,MCX-SX and United Stockexchange closed at 45.55,45.5625 and 45.5425 respec-tively with the total traded vol-ume on the three exchanges atabout $5.4 billion. -Reuters

Indian rupee retraceson dollar inflows

3Tuesday, December 21, 2010

Currency Rates

Karachi: The following are the London Inter-Bank Offered Rates (LIBOR).

British Members Association Interest Settlement Rates.

AT 11:00 LONDON TIME 20/12/2010

A USD GBP CAD EUR JPY

O/N 0.24125 0.55500 0.95333 0.34750 SN 0.09850

1WK 0.25375 0.56313 1.00333 0.52500 0.10438

2WK 0.25656 0.56813 1.05167 0.59500 0.11125

1MO 0.26063 0.58188 1.09667 0.72875 0.12875

2MO 0.28250 0.64250 1.15000 0.83750 0.15125

3MO 0.30281 0.75188 1.22833 0.94563 0.18563

4MO 0.34813 0.83313 1.30833 1.02125 0.24413

5MO 0.40313 0.94000 1.37333 1.10188 0.30375

6MO 0.45719 1.04688 1.44833 1.19250 0.34750

7MO 0.51075 1.12563 1.51667 1.24250 0.40000

8MO 0.56188 1.20938 1.58833 1.29250 0.44563

9MO 0.61594 1.29188 1.65333 1.34375 0.49000

10MO 0.66813 1.36938 1.72333 1.39375 0.51438

11MO 0.72406 1.43688 1.81000 1.43875 0.53750

12MO 0.78325 1.50438 1.89833 1.48000 0.56750

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

U.S.A. 85.90 85.70 85.51U.K. 133.24 132.93 132.63EURO 112.86 112.60 112.34CANADA 84.79 84.59 84.37SWITZERLAND 88.68 88.47 88.24AUSTRALIA 84.74 84.55 84.32SWEDEN 12.56 12.53 12.50JAPAN 1.02 1.02 1.02NORWAY 14.33 14.29 14.25SINGAPORE 64.95 64.80 64.63DENMARK 15.15 15.12 15.08SAUDI ARABIA 22.91 22.85 22.79HONG KONG 11.04 11.02 10.99CHINA 12.89 12.86 12.82KUWAIT 304.29 303.58 302.78MALAYSIA 27.26 27.20 27.13NEW ZEALAND 63.39 63.24 63.08QATAR 23.59 23.54 23.47U.A.E. 23.39 23.33 23.27KR WON 0.07 0.07 0.07THAILAND 2.84 2.84 2.83

London Inter Bank Offered Rates (LIBOR)

Name Bid Ask High Low

EUR-USD 1.3108 1.3106 1.3187 1.3105

USD-CHF 0.9655 0.9660 0.9717 0.9633

GBP-USD 1.5498 1.5503 1.5573 1.5480

USD-CAD 1.0194 1.0198 1.0206 1.0104

AUD-USD 0.9922 0.9925 0.9942 0.9866

EUR-JPY 109.6900 109.7300 110.7000 109.7200

EUR-GBP 0.8454 0.8457 0.8495 0.8448

EUR-CHF 1.2653 1.2658 1.2789 1.2657

GBP-JPY 129.7000 129.7500 130.4700 129.6100

CHF-JPY 86.6500 86.7000 86.8700 86.4800

CAD-CHF 0.9471 0.9475 0.9598 0.9469

Gold 1379.4000 1380.3300 1388.4900 1375.9100

Silver 28.9000 28.9900 29.4300 28.8200

As per 22.00 PST

Time Source Events Forecast Previous

Tentative JPY Overnight Call Rate <0.10% <0.10%

9:30 JPY All Industries Activity m/m -0.1% -0.8%

12:00 EUR GfK German Consumer Climate 5.8 5.5

12:15 CHF Trade Balance 1.98B 2.10B

14:30 GBP Public Sector Net Borrowing 16.8B 9.8B

15:00 EUR Italian Quarterly Unemployment Rate 8.3% 8.5%

17:00 CAD Core CPI m/m 0.2% 0.4%

17:00 CAD CPI m/m 0.3% 0.4%

18:30 CAD Core Retail Sales m/m 0.8% 0.4%

18:30 CAD Retail Sales m/m 0.6% 0.6%

Source Events Actual Forecast Previous

EUR German PPI m/m 0.2% 0.4% 0.4%

EUR Current Account -9.8B -6.2B -9.7B

GBP Prelim Mortgage Approvals 45K 47K 47K

EUR Consumer Confidence -11 -9 -10

Previous Day

Top Economic Events

Central Bank Next Meeting Last Change Current

Interest Rate

Bank of England Jan 13 2011 Mar 05 2009 0.50%

Bank of Japan Dec 21 2010 Dec 19 2008 0.10%

European Central Bank Jan 13 2011 May 07 2009 1%

Swiss National Bank Mar 17 2011 Mar 12 2009 0.25%

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

Bank of Canada n/a Sep 08 2010 1%

Federal Reserve n/a Dec 16 2008 0.25%

Major Central Banks Overview

Division of National Bank of Pakistan (NBP)KARACHI, December 20,2010 Treasury Management Division of National Bankof Pakistan (NBP) Monday issued the following Exchange rates:

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

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

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

AB L N 1235 12.85 12.60 13.10 12.75 13.25 1315 13.40 1340 13.65 13.45 13.95 13.60 14.10 13.70 14.20

J S B L 1260 13.10 12.75 13.25 12.85 13.35 1325 13.50 1345 13.70 13.45 13.95 13.70 14.20 14.00 14.50

ASPK 1260 13.10 12.70 13.20 12.80 13.30 1315 13.40 1335 13.60 13.45 13.95 13.60 14.10 13.70 14.20

CIPK 1275 13.25 12.75 13.25 12.75 13.25 1315 13.40 1340 13.65 13.50 14.00 13.60 14.10 13.70 14.20

DBPK 1240 12.90 12.45 12.95 12.50 13.00 1305 13.30 1325 13.50 13.35 13.85 13.50 14.00 13.60 14.10

F B P K 1265 13.15 12.70 13.20 12.75 13.25 1320 13.45 1340 13.65 13.55 14.05 13.70 14.20 13.85 14.35

FLAH 1250 13.00 12.70 13.20 12.70 13.20 1315 13.40 1335 13.60 13.45 13.95 13.60 14.10 13.70 14.20

HBPK 1255 13.05 12.60 13.10 12.75 13.25 1315 13.40 1335 13.60 13.45 13.95 13.60 14.10 13.70 14.20

HKBP 1260 13.10 12.65 13.15 12.70 13.20 1310 13.35 1330 13.55 13.40 13.90 13.60 14.10 13.65 14.15

N I PK 1275 13.25 12.75 13.25 13.00 13.50 1335 13.60 1345 13.70 13.55 14.05 13.65 14.15 13.70 14.20

HMBP 1250 13.00 12.75 13.25 12.85 13.35 1325 13.50 1335 13.60 13.50 14.00 13.60 14.10 13.70 14.20

SAMB 1270 13.20 12.75 13.25 12.80 13.30 1330 13.55 1345 13.70 13.45 13.95 13.65 14.15 13.75 14.25

MCBK 1250 13.00 12.60 13.10 12.70 13.20 1315 13.40 1330 13.55 13.40 13.90 13.50 14.00 13.75 14.25

NBPK 1250 13.00 12.50 13.00 12.75 13.25 1310 13.35 1325 13.50 13.40 13.90 13.60 14.10 13.70 14.20

S CP K 1255 13.05 12.55 13.05 12.65 13.15 1310 13.35 1325 13.50 13.45 13.95 13.50 14.00 13.70 14.20

UBPL 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

AVE 12.56 13.06 12.67 13.17 12.75 13.25 13.16 13.41 13.36 13.61 13.45 13.95 13.61 14.11 13.71 14.21

Karachi Inter Bank Offered Rates (KIBOR)

Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)20/12/2010

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

1 week -0.84 -0.46 0.08 -0.52 -0.85 -0.67 -0.71 0.011 month -0.49 -0.19 -0.34 -0.05 -0.48 -0.43 -0.64 0.373 months -0.65 -0.69 -0.77 -0.33 -0.86 -0.60 -0.53 0.286 months -0.88 0.06 -0.75 -0.29 -0.87 -0.82 -0.78 0.631 year -0.64 0.76 0.33 0.66 -0.09 -0.45 -0.68 0.212 years -0.67 0.75 0.31 0.69 0.02 -0.20 -0.65 0.60

Currencies CorrelationUSD/JPY

KASB BMA ELXIR GSL ICSL JSCM AvgRate

0-7days 12.70 12.85 12.75 12.75 12.80 12.75 12.77

8-15dys 12.85 12.85 12.65 12.60 12.90 12.75 12.77

16-30dys 12.90 12.95 12.80 12.90 12.95 12.80 12.88

31-60dys 12.95 13.05 13.07 12.95 13.05 13.05 13.02

61-90dys 13.14 13.16 13.17 13.15 13.15 13.15 13.15

91-120dys 13.30 13.30 13.24 13.20 13.20 13.25 13.25

121-180dys 13.35 13.37 13.32 13.35 13.30 13.35 13.34

181-270dys 13.50 13.45 13.50 13.52 13.45 13.50 13.49

271-365dys 13.65 13.65 13.65 13.65 13.65 13.65 13.65

2-- years 13.95 14.00 13.85 13.90 13.90 13.90 13.92

3-- years 14.08 14.15 14.18 14.22 14.15 14.15 14.16

4-- years 14.15 14.18 14.20 14.25 14.20 14.18 14.19

5-- years 14.18 14.22 14.22 14.26 14.25 14.20 14.22

6-- years 14.18 14.35 14.28 14.27 14.30 14.25 14.27

7-- years 14.22 14.35 14.32 14.30 14.35 14.30 14.31

8-- years 14.20 14.05 14.15 14.25 14.00 14.15 14.13

9-- years 14.20 14.05 14.06 14.10 14.20 14.10 14.12

10--years 14.25 14.25 14.25 14.28 14.22 14.20 14.24

15--years 14.55 14.55 14.50 14.60 14.55 14.50 14.54

20--years 14.65 14.60 14.70 14.90 14.75 14.70 14.72

Revaluation RatesTreasury Bills / PIBs / FIBs Holding Applicable for December 20, 2010

NEW YORK: The euro fell broadly onMonday, hitting a record low against theSwiss franc, with more losses likely asinvestors fretted over euro-zone debtproblems.

The euro also declined to a two-weeklow versus the US currency and a recordlow against the Australian dollar astraders still reacted to Moody's multi-notch downgrade of Ireland's credit ratinglast week.

"Continued debt concerns keptinvestors wary of holding the single cur-rency," said Omer Esiner, chief marketanalyst at Commonwealth ForeignExchange in Washington.

"Officials' inability to get ahead of thecurve in dealing with the continent's debtcrisis remains a key liability for the euroand likely one that will keep it vulnerablewell into 2011," he added.

The euro fell to 1.2678 Swiss francs on

the EBS trading platform, its weakestsince the euro's launch in 1999, with theSwiss currency helped by investors seek-ing safety.

Analysts saidthe euroremained underpressure afterEuropean Unionleaders failedlast week to pro-duce a substan-tive plan to bulk up a temporary supportfund for the region's weaker economies.

Debt problems facing the euro-zonewere also highlighted as the EuropeanCentral Bank expressed "serious con-cerns" that Ireland's bailout packagecould affect the institution's liquidityoperations in the euro-zone.

The latest FX positioning data from theCommodity Futures Trading Commission

showed speculators continued to hold anet short position in the euro last week,although net shorts were trimmed from

the previous week, while net longs in theSwiss franc increased.

The euro slipped 0.2 per cent againstthe dollar to $1.3156, having dropped aslow as $1.3125 earlier in the global ses-sion, its lowest since Dec. 2.

The single currency also hit a recordlow against the Australian dollar aroundA$1.3208, as both the Australian andNew Zealand dollars benefited from gains

in equity and commodity prices.Traders said demand for euros from

Russian participants in early Europeantrade had run into selling by Swiss names,while a US investment house was report-ed selling euros on behalf of a real moneyaccount. Near-term support for theeuro/dollar was located at $1.3102, its200-day moving average. A break belowcould see the currency retest the $1.30level and drop toward its December lowof $1.2970, traders said.

Traders said activity was dwindlingahead of the Christmas holidays at theend of the week in many financial centers.

The dollar index was steady at 80.399,having been underpinned in Asia on safe-haven flows due to renewed tensions onthe Korean peninsula as South Korea heldlive-fire drills in a disputed area Monday.

The dollar eased 0.3 per cent to 83.66on Japanese corporate selling. -Reuters

Euro hits record lows versusSwiss franc, Aussie

SHANGHAI/HONGKONG:China's yuan closed down onMonday as the People's Bankof China set a lower mid-pointin the wake of a rise in the USdollar index and demand forthe safe haven US currencydue to tensions on the Koreanpeninsula.

But the PBOC's fixingchanged so little that traderssaid it clearly indicated the cen-tral bank wants to keep the yuanstable in the near term, traderssaid. The premium enjoyed byoffshore yuan in Hong Kongagainst onshore yuan wassteady at 60 pips by middayfrom 50 pips at Friday's close.

But the spread has narrowedfrom a peak of 1,790 pips hit inmid-October, as the offshoremarket meshed its view withthe onshore market -- that theyuan would remain stable inthe near term.

"There was client demand fordollars and the Korean tensionssparked demand for the safehaven dollar," said a dealer atan Asian bank in Shanghai.

But with price pressuresshowing no signs of subsiding

and a slew of political eventscoming up next year, startingwith President Hu's visit to theUS in January, analysts said theyuan's rise may accelerate.

"It may be preferable to incura marginal decline in its(China's trade) surplus as aresult of faster currency gainsthan risk a major drop inexports if the US initiatesstronger action," CreditAgricole strategists said.

Spot yuan closed at 6.6745versus the dollar, falling fromFriday's close of 6.6555. It hasrisen 2.27 per cent since thePBOC announced a depeggingin mid-June. Before tradebegan, the PBOC set the day'smid-point at 6.6623, which wasslightly weaker than Friday's6.6593. The mid-point is a levelfrom which the yuan may riseor fall 0.5 per cent against thedollar on a given day.

Offshore, one-year NDFswere bid at 6.5430, up slightlylate on Monday from Friday'sclose of 6.5280. Their impliedyuan appreciation in a year'stime fell to 1.82 per cent from2.06 per cent. -Reuters

Yuan ends down onsafe haven $ demand

LONDON: Sterling roseagainst a struggling euro inlight trade on Monday as thesingle currency was hamperedby debt worries, but gains forthe pound were slight, with UKexposure to the euro-zonehampering the rally.

Traders said year-end tradingconditions had set in with lightvolumes going through, makingfor thin liquidity. Price move-

ments on the day were minimal,with many investors on the side-lines until the new year.

The Bank of England's semi-annual Financial StabilityReport released last weekshowed Britain's banksremained vulnerable toincreased European sovereigndebt turmoil.

"We expect euro-zone sover-eign debt problems to escalateinto the new year and that willweigh on sterling generally,"said Lee Hardman, currencyanalyst at BTM UFJ.

The euro traded down around0.3 per cent against sterling at84.60 pence in afternoon trade,having risen to its strongest innearly a month on Friday above85.50. Technical analysts saidthe outlook was negative for theeuro while under the 200-daymoving average at 85.12.

Versus the dollar, sterlingwas close to flat for most of theday, trading at $1.5555, hold-

ing above a three-month lowhit on Friday of $1.5454. Nextkey support was seen at$1.5265, the 50 per centretracement level of thepound's rally from1.4230/1.6300.

UK public finance data is duefor release on Tuesday, fol-lowed on Wednesday by theminutes from the BOEMonetary Policy Committee'slatest decision on interest rates,which analysts expect willshow another split in the vot-ing. -Reuters

Stg rises vs euro,steady versus dollar

SEOUL: The South Korean wonrebounded from a four-week lowon Monday after military drillson a disputed area ended withoutany retaliatory action fromPyongyang, but most other Asiancurrencies fell on a weaker euro.

South Korea launched the livefiring drills despite threats of warfrom Pyongyang after an emer-gency UN Security Councilmeeting failed to agree on how todefuse the crisis. "Worries aboutthe Korean peninsula and theeuro-zone may put a brake onAsian currencies' gains. But Idon't expect a war here and thatwill not reverse the underlyingtrend," said June Park, an econo-

mist at Woori Investment &Securities in Seoul.

The euro slid to a two-weeklow, looking vulnerable to morelosses against the dollar afterbreaching chart support the pre-vious session.

The won turned higher asinvestors cleared dollar-longpositions in thin trading after thedrills ended without any immedi-ate retaliatory actions from NorthKorea. "Players quickly cleareddollar positions as there was nomore worrisome than initiallyexpected even after the drills,"said a local bank dealer in Seoul.The won found further support asforeign investors continued to

buy local stocks and on exporters'demand for settlements.

The South Korean unit endeddomestic trade up 0.2 per cent at1,150.2 per dollar from Friday'sdomestic close of 1,152.9.

Earlier, it weakened to as lowas 1,172.3, the weakest sinceNov. 24, a day after NorthKorea's deadly attacks on aSouth Korean island.

Foreign investors bought a net169.3 billion won worth of Seoulstocks on the main exchange afterhaving purchased a combined net1.21 trillion won during the pre-vious five consecutive sessions.The benchmark KOSPI endeddown 0.30 per cent. -Reuters

Asian currencies

Won rebounds after drillsend; others down on euro

WELLINGTON/SYDNEY: The Australiandollar hit a record high on the euro on Mondayand a 25-year peak on the sterling after Ireland'sdebt rating was slashed and as risk appetiteproved resilient to tensions in the Korean penin-sula and to falls across Asian stock markets.

The euro hit a record low at around A$1.3269after Moody's cut Ireland's debt rating by fivenotches. Although a cut was always on the cards,its amplitude surprised many and pushed the sin-gle currency further down against the dollar andother major currencies.

To rub salt into the wound, a summit ofEuropean leaders on Friday failed to pleaseinvestors looking for a permanent solution to theregion's fiscal crisis, sticking to what the IMFhas called a piecemeal approach to the crisis.

Pressures on the euro dragged sterling, whichhit a 25-year low against the Aussie atA$1.5648. The currency is under pressure amidconcerns about the exposure of UK banks toIreland. The European woes also benefited theUS dollar, which gained 0.17 per cent against abasket of major currencies.

The Aussie showed little reaction to South

Korea's decision to launch of live firing drills in adisputed area, despite threats of war from NorthKorea. The high yielding Australian currencyhovered around $0.9863 in a tight trading rangeof $0.9863-$0.9905, though it remained short ofits one-month peak of $1.0030 set last week.

Support for the Aussie is seen at $0.9836 and atits Dec 10 low of $0.9818 with resistance seen at$0.9926. The currency found support from a surgein copper in Shanghai, which hit an all-time highon expectations that prices will rise next year.

The New Zealand dollar recovered slightly toaround $0.7386 in late trade from $0.7370 inearly trade, but still within sight of the near-twomonth low seen last week.

The kiwi remained vulnerable on the down-side as more data this week likely pointed to aweak economy, with initial support seen at lastweek's $0.7343 low, below which is $0.7320while resistance sitting around $0.7432.

The Aussie soared to NZ$1.3443 on Monday,a new decade high, having climbed over 5 percent in the past month as the market scaled backexpectations on future NZ's rates tightening. Itwas last at around NZ$1.3369. -Reuters

Aussie on a roll againsteuro, sterling and kiwi

Swiss francnear record

high vs euroZURICH: The Swiss franchovered near an all-time highversus the euro on Monday assovereign debt worries contin-ued to weigh on the unified cur-rency and boost the safe havenSwissie.

The franc was 0.3 per centhigher against the euro com-pared to the New York close,trading at 1.2721 per euro at0832 GMT after earlier touch-ing a record high of 1.2717 firsthit on Friday, according toReuters data.

"Maybe fears that other coun-tries could follow Ireland andrun into trouble are pressuringthe euro. There is still the riskthat Portugal might needmoney in the spring," saidSarasin analyst Ursina Kubli.

The Swiss franc was likely tocontinue gaining against theeuro as fears surrounding theeuro-zone continue, she said.

Investors also see a greaterpossibility of the SwissNational Bank hiking rates in2011 than the European CentralBank, which is plagued by sov-ereign debt worries, saidCommerzbank analyst UlrichLeuchtmann.

The franc was 0.2 per centlower against the dollar at0.9674 per dollar. -Reuters

Most other Asian currencies down on weaker euro

Irish, euro-zone debt uncertainty stay in focus

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.

Sale of BP’sPakistan

assetsReportedly, British Petroleum (BP) has

accepted the offer of United Energy Group(UEG) for its assets in Pakistan.

UEG is ready to pay BP a total of $775 mil-lion in cash for these assets which mainlyconsist of nine producing and explorationblocks in Sindh province and four offshoreexploration blocks in the Arabian Sea." Thedeal expected to be completed in the firsthalf of 2011, is part of BP's ongoing divest-ment plan.

The UEG is a listed company on the mainboard of Hong Kong Stock Exchange. It isan investment holding company principallyengaged in upstream oil and natural gas busi-ness and provision of patented technologiessupporting services to oilfields and propertyinvestment as well as management in China.

While it is necessary to welcome the newstrategic buyer of BP's Pakistani operations,it is also imperative for the Government ofPakistan to remove certain perceptions aboutthe transactions. Some quarters are trying tocreate an impression that BP has sold itsPakistan operations due to precarious lawand order situation. It is known to all andsundry that BP has been operating in Sindhwhere no threat is faced by any foreign com-pany. BP has already announced in July thisyear that the sale of these interests inPakistan is part of its plan to divest up to $30billion of assets by the end of 2010.

Pakistanis also wondered when country'sbiggest listed exploration and productioncompany, OGDC was restrained from sub-mitting the bid. The cited reason was thepetition filed by Qazi Hussain Ahmed, for-mer chief of Jamaat-e-Islami seeking rea-sons why the two state-owned companies,OGDCL and PPL, were trying to buy theBP assets that were sold by theGovernment to BP in 2002 at what hecalled a "throwaway" price.

BP had come to Pakistan with an ambitiousplan when it acquired the Pakistan opera-tions of US-based Atlantic RichfieldCompany in 2000, which had purchased theassets of Union Texas in 1990. In 2007 BPacquired Occidental Petroleum Corporation'soil and gas interests in Pakistan operated byBP Pakistan.

Some of the experts term the transaction anoutcome of growing Chinese interest inPakistan as the announcement coincidedwith the visit of Chinese premier's visit. Theprice offered clearly indicates that the divest-ment was not a desperate attempt but part ofthe global strategy. Calculating the value ofBP's business in Pakistan where it producesabout 250 million cubic feet of gas and14,000 barrels of crude oil a day should notpose any difficulty for any one.


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 130

SHARMILA FARUQUI

President As if Ali Zardari's whirl-wind tour to Turkmenistan hasresulted in signing the TAPI gas

pipeline project. Realising the impor-tance of importing gas to fulfil the needsof a burgeoning industrial sector inPakistan, the people's government hasembarked on a process to diversify theenergy resources of the country. Itincludes IPI, RPPs and nowTurkmenistan, Afghanistan, Pakistanand India (TAPI) gas pipeline. In addi-tion to the TAPI gas pipeline agreement,Zardari also emphasised the need toupgrade Pakistan's bilateral ties withTurkmenistan in economic and tradefields. Both the countries have identi-fied a number of areas of such coopera-tion. It includes road, rail and air links,agriculture, textiles, construction indus-try and science and technology. Thepeople's government is working accord-ing to its vision to establish energy andtrade corridors with the Central AsianRepublics. Pakistan is also interested inimport of electricity from Turkmenistan.However, during president's recent visit,the main focus was the TAPI gaspipeline. Zardari termed the TAPI proj-ect a 'huge mutual regional signifi-cance', and urged closer links at thehighest level for realizing this project.The main focus of this article is theTAPI gas pipeline.

Four Asian nations, namelyTurkmenistan, Afghanistan, Pakistanand India, signed a $7.6 billion gaspipeline project in Turkmenistan's capi-tal Ashgabat. Under the agreement thefour Asian nations have agreed to con-struct a 1680-km gas pipeline with thefinancial assistance of the AsianDevelopment Bank. The pipeline,which starts from the gas-richTurkmenistan and ends at India's north-western border town of Fazilka viaAfghanistan's southern city of Kandaharand Pakistan's central city of Multan, isexpected to supply 3.2 billion cubic feetof natural gas a day to the three energy-hungry South Asian countriesAfghanistan, Pakistan and India upon itscompletion in 2014.

The original project started in March

1995 when an inaugural memorandumof understanding between the govern-ments of Turkmenistan and Pakistan for

a pipeline project was signed. OnDecember 27, 2002, a new deal on thepipeline was signed by the leaders ofTurkmenistan, Afghanistan andPakistan. In 2005, the AsianDevelopment Bank submitted the finalversion of a feasibility study designedby British company Penspen. On April24, 2008, Pakistan, India andAfghanistan signed a framework agree-ment to buy natural gas fromTurkmenistan. The intergovernmentalagreement on the pipeline was signed onDecember 11, 2010.

The construction of the pipeline isvital for the development ofAfghanistan, India and Pakistan.Hundreds of Industrial units in Pakistanhave been closed partially due to theinsufficiency of natural gas, leaving tensof thousands of local workers unem-ployed, posing a serious threat to thesocial stability in the country. Over the2000-to-2008 period, the demand fornatural gas in Pakistan has witnessed anaverage annual growth of 10 per cent.Currently the country consumes naturalgas on a 4731-mmcfd basis whereby itsdomestic production stands only at4,528 mmcfd, leaving a deficit of morethan 200 mmcfd to be filled. Under thepipeline agreement, Pakistan will get 42per cent of the supply quota whileIndia's quota is also standing at 42 percent with the remaining 16 per cent tobe balanced by Afghanistan.

The concern about the security of thepipeline has been addressed by theAfghan president Hamid Karzai as hehas vowed to deploy 7000 Afghantroops along the gas pipeline. TheAfghan government has also announced

that it will pay local communities toguard the pipe, which will be buriedunderground, making it harder to attack.

The situation in Pakistan is already nor-mal as the Taliban militants have beendefeated and normalcy has returned inthe FATA region. Commenting on theproposed gas pipeline security, StuartGordon, research fellow on theInternational Security Programme atLondon based think tank ChathamHouse said, ' What it tends to do is itadds enormously to the delays and to thecosts of the projects but projects do getcompleted in Afghanistan. And someprojects are very successful.'

For Pakistan, the project could helpavert a growing energy crisis alreadycausing electricity shortages that havebrought heavy criticism to the people'sgovernment under enormous pressurefrom floods that have caused billions ofdollars damages. President Zardari,while commenting on the gas pipelineproject said, 'This gas communicationwill relieve Pakistan's economy of itsweakness and help fight extremism'.President Asian Development BankHaruhiko said, 'Efforts must be made toensure its security and the ADB is readyto help realize it. We are witnessing ahistoric project'.

All the participating countries aregoing to get huge benefits from theTAPI gas pipeline. Afghanistan hasplanned more than 1,000 industrial unitsnear the pipeline and would need gas fortheir operation. Almost 300 industrialunits near the pipeline route had alreadybeen established, the project's earlyimplementation is essential to meet theirrequirements. TAPI could beAfghanistan's largest development proj-ect. Transit revenue could amount toUS$300 million per year.

TAPI is expected to boost theeconomies of all the participating coun-tries. For Turkmenistan, it would pro-vide revenue and diversification ofexport routes. For Pakistan and India, itwould address energy deficits. Thepotential for export to other countriesthrough the Pakistani port of Gwadar isa further advantage. For a number ofcountries, TAPI could provide businessopportunities in construction and opera-tion of the pipeline.

In2008, Pakistan's Prime Ministerdescribed the pipeline as vital project forthe development and progress of theregion. Further, pipelines are potentiallygood for peace. As presidentBerdimuhammedov of Turkmenistansaid, 'The pipeline betweenTurkmenistan, Afghanistan, Pakistan andIndia will be a weighty contribution to thepositive cooperation on this continent'.

Commenting on the importance of theTAPI gas pipeline, Susan Elliot, US

Deputy Assistant Secretary of State onSouth and Central Asian Affairs said,'The pipeline's route may serve as a sta-bilising corridor, linking neighbourstogether in economic growth and pros-perity. The road ahead is long for thisproject but the benefits could be tremen-dous and are certainly worthy of thediligence demonstrated by these fourcountries so far.The writer is the Advisor to Chief

Minister Sindh on Information

& Secretary Information

PPP Women Wing Sindh

TAPI Gas Pipeline

A New Energy Corridor

Political infighting and last-minutehorse-trading delayed the formalannouncement of a new Iraqi gov-

ernment , lawmakers said, as Iraq soughtto end a 9-month vacuum created by aninconclusive election.

Prime Minister Nuri al-Maliki wasexpected to introduce his cabinet choicesbefore parliament on Monday,but lawmakers and a spokesmanfor the speaker said the day'sagenda did not include theannouncement. A spokesmanfor Maliki said he would pro-ceed anyway, announcing a par-tial list.

The final deadline to approvethe cabinet is at the end of theweek, and the eleventh-hoursquabbling and power-playshighlight the ethnic and sectari-an divisions that pervade thecountry, seven and half yearsafter the US-led invasion thattoppled Sunni dictator Saddam Hussein.

"Maliki delayed the announcement togive all blocs an opportunity to reviewtheir nominations and to put the finaltouches on an agreement and achievegreater consensus," said Abdul-Hadi al-

Hasani, a politician from Maliki's coali-tion.

Maliki's cabinet is expected to retainOil Minister Hussain al-Shahristani, theShi'ite architect of ambitious plans to turnIraq into a top global oil producer, as wellas Foreign Minister Hoshiyar Zebari, aKurd. Shahristani is seen as a vital mem-

ber of the new cabinet and his reappoint-ment is important to assure investors Iraqwill honor deals to develop its vastreserves.

Ahmed al-Oraibi, a lawmaker for theSunni-backed Iraqiya political coalition,

said political leaders were expected tosort out lingering disputes over the divi-sion of posts later on Monday, but otherofficials said resolving the problem couldtake longer.

WRANGLINGMaliki's spokesman Ali al-Dabbagh

said the premier would announce "halfthe new govern-ment" later in theday. Ibrahim al-Sumaidaie, anIraqi politicalanalyst, said thewrangling wasan attempt bypolitical partiesto wrest conces-sions on ministe-rial appoint-ments fromMaliki.

"There areblocs that want

to squeeze Maliki to make him respond totheir demands," he said. "But Maliki canturn the tables on them and can go to par-liament with half of the cabinet takinginto consideration that he can insure amajority in the assembly."

A power-sharing deal last monthbetween Shi'ite, Sunni and Kurdish blocsput Maliki on track for a second term asprime minister. The November 10 agree-ment returned Kurd Jalal Talabani to thepresidency and made Osama al-Nujaifi, aSunni, parliament's speaker.

Former Prime Minister Iyad Allawi, asecular Shi'ite whose cross-sectariancoalition won the most seats in the March7 vote, was unable to garner enough sup-port to secure the premiership but has saidhe will also join the government as headof a new national strategic policy council.

Allawi's decision, which he announcedon Sunday after weeks of uncertainty,could soothe worries about renewed sec-tarian violence. Maliki is not expected toreveal sensitive security posts, includingthe interior, defense and national securityministers, as nominees have not yet beendecided.

Iraq is seeking to rebuild damaged andneglected infrastructure after decades ofwar and sanctions. It relies on oil for 95per cent of federal revenues and has setout ambitious targets to boost outputcapacity to 12 million barrels per day(bpd) over the next six or seven yearsfrom 2.5 million today.-Reuters

New Iraq Govt,When & How?

Under the agreement the fourAsian nations have agreed to con-

struct a 1680-km gas pipeline with thefinancial assistance of the Asian

Development Bank“

The final deadline to approve thecabinet is at the end of the week, and

the eleventh-hour squabbling andpower-plays highlight the ethnic andsectarian divisions that pervade thecountry, seven and half years afterthe US-led invasion that toppledSunni dictator Saddam Hussein

Highercrude oil

prices havebecome as e r i o u scause ofconcern fornon-oil pro-

ducing countries, particularlythe developing economies. Ontop of this the suggestion towithdraw subsidies for cappingfossil oil use is pushing POLprices to new highs.

The worst impact of stimuluspackages introduced by the USis unprecedented hike in com-modity prices i.e. crude oil, fer-tilizer, wheat and sugar. Hike inthe prices of different com-modities is not the result of anyshort supply but over indul-gence of hedge funds in com-modities. In fact crude oildemand is on the decline,despite being highly inelastic.

Experts often fail to under-

stand hike in crude oil pricesbecause inventories are atrecord high. They also say thatfossil oil prices are being kept atrecord high to create a justifica-tion for the development ofalternate energysources. The worldhas already wit-nessed enhanceduse of bio fuels,solar and windpower and evennuclear powerplants. It is feared ifprices of crude oilplunges below$50/barrel consumers willrevert back to using fossil oiland bid farewell to most of thealternate sources of energy.

Demand to withdraw subsi-dies on fossil fuels is aimed atenhancing energy security,reducing emissions of green-house gases and air pollution,and bringing economic benefits.However, experts have the con-

sensus that developed countrieshave polluted this planet themost and still not willing to cutdown carbon emission in theirown countries but are preachingthe poor countries to switchover

to cleaner fuels, which are pro-hibitively expensive.

Most of the developed coun-tries can be termed the worstpolluters because running hun-dred and thousands of powergeneration plants on coal. Highcarbon emission, greenhousegases and air pollution are theissues of developed countries,not the developing countries.

They are completely mislead-ing the world by forcing thedeveloping economies to spendmoney on an issue, which theythemselves have created.

There are indications that

crude oil prices may crossUS$120/barrel over the nextcouple of years, the situationseems more alarming becausethe commodity is inchingtowards the forecast price andlikely to touch this level by end2010. This should be the wakeupcall for Pakistan's policy plan-ners. To achieve a minimumGDP growth target of 5% per

annum Pakistan will have to add10,000MW power generationcapacity over the next decade.

In rising crude oil pricesPakistan faces two eminentthreats 1) erosion of limited for-eign exchange reserves at anaccelerated rate and 2) eventualdefault because of no foreignexchange for debt servicing andimportation. Electricity and gastariffs have already skyrocketedbut consumer continue to faceextended outages due toplanned and unplanned loadshedding.

Pakistan has no option but toexploit Thar coal potential andconstruct mega hydro electrici-ty projects on war footings.Keeping in view the non-com-mitted attitude of elected repre-sentatives and myopic vision ofpolicy planners, private sectorhas no option but to do thethings at its own. The workmust start today or be ready toface the worst.

Beating Rising Oil Prices

Currently thecountry consumes

natural gas on a4731-mmcfd basis

whereby its domesticproduction stands

only at 4,528 mmcfd,leaving a deficit of

more than 200mmcfd to be filled

Experts often fail to understandhike in crude oil prices because

inventories are at record high. They alsosaythat fossil oil prices are being kept at

record high to cerate a justification for thedevelopment of alternate energy sources.

“Shabbir Kazmi

FERTILISER000 tonnesUrea Offtake (Jan to Nov 10) 5,463Urea Offtake (Nov 10) 845Urea Price (Rs/50 kg) 870DAP Offtake (Jan to Nov 09) 121DAP Offtake (Nov 10) 152DAP Price (Rs/50 kg) 3,137

AUTOMOBILE ASSEMBLERPAK SUZUKI MOTORUnitsProduction (July 10 to Nov 10) 33,929

Sales (July 10 to Nov 10) 32,092

Production (Nov 10) 7,087

Sales (Nov 10) 6,813

INDUS MOTOR COProduction (July 10 to Nov 10) 20,987




HONDA ATLAS CARProduction (July 10 to Nov 10)6,626




DEWAN FAROOQ MOTORSProduction (July 10 to Nov 10) 186

Sales (July 10 to Nov 10) 70

Production (Nov 10) 0

Sales (Nov 10) 0

BANKING SECTORScheduled bank (Rs in mn)Deposit (December 3,10) 4,824,464

Advances (December 3,10) 3,050,639

Investments (December 3,10) 1,916,917

Spread (October 10) 7.49%

OIL MARKETING CO(000 tons)MS (Jul 10 to Nov 10) 932

MS (Nov 10) 186

Kerosene (Jul 10 to Nov 10) 66

Kerosene (Nov 10) 12

JP (Jul 10 to Nov 10) 589

JP (Nov 10) 124

HSD (Jul 10 to Nov 10) 2,792

HSD (Nov 10) 612

LDO (Jul 10 to Nov 10)) 26

LDO (Nov 10) 4

Fuel Oil (Jul 10 to Nov 10) 3,641

Fuel Oil (Nov 10) 572

Others (Jul 10 to Nov 10) 3

Others (Nov 10) 1

PRICES (Ex-Refinery) RsMS (1 Dec 10) 45.15

MS (1 Nov 10) 44.53

MS % Chg 1.39%

Kerosene (1 Dec 10) 52.04

Kerosene (1 Nov 10) 51.25

Kerosene % Chg 1.54%

JP-1 (1 Dec 10) 52.27

JP-1 (1 Nov 10) 51.48

JP-1 % Chg 1.53%

HSD (1 Dec 10) 55.20

HSD (1 Nov 10) 54.24

HSD % Chg 1.77%

LDO (1 Dec 10) 50.52

LDO (1 Nov 10) 49.51

LDO % Chg 2.04%

Fuel Oil (1 Dec 10) 43,019

Fuel Oil (1 Nov 10) 42,046

Sector Updates

Symbol Close Vol (mn)WTL 3.21 10.30 LOTPTA 13.23 7.46 NML 62.01 7.06 NBP 71.20 6.58 ANL 10.02 6.22

Symbol Close ChangeULEVER 4,548.51 93.41 RMPL 2,228.00 78.36 COLG 916.40 36.40 UPFL 1,079.99 29.99 DREL 669.00 29.01

Symbol Close ChangeNESTLE 2,447.21 -42.54IDYM 331.32 -17.43SIEM 1,255.44 -14.6PECO 251.66 -9.59ILTM 174.92 -8.08

Plus 241Minus 157Unchanged 19

Top 5 Volume Leaders

Major Losers

Major Gainers

KSE-100 Index

LSE-25 Index

ISE-10 Index

Active Issues

Tuesday, December 21, 2010 5

Dhiyan

Following successful visit of Chinese prime minister and peaceful endof Ashura, market showed some bullish activities on Monday. Going for-ward due to continued foreign buying, better-than-expected corporateresults, and persistent rise in international oil prices market would con-tinued to show bullish activities and can touch 12,200 points level soon.Investors are therefore recommended to lay hands on E&P, OMCs, tex-tile, banking, and fertiliser sector stocks. Market might open positivetoday but we might see profit-taking towards the end of the day.

Tariq Hussain Khan, Head of Portfolio Management United Capital

Mohammad Imran, AVP Research Arif Habib LimitedSome profit-taking is likely to be seen in the market this week.However, continuous foreign inflow and expectations of goodcorporate results in banking, textile, fertiliser, and energy sec-tors may keep the equities market in the positive zone. Apexindex is expected to move in a range of 11,800 and 12,100points. Invest in NBP, UBL, AKBL, POL, PPL, HUBCO,KAPCO, NPL, and NML. There maybe some correction today.

CORRECTION MAY COME

Opening 11,786.09

Closing 11,843.65

Change 57.56

% Change 0.49

Turnover (mn) 113.29

Opening 3,637.28 Closing 3,677.28 Change 40.00% Change 1.10Turnover (mn) 4.35

Opening 2,965.95

Closing 2,972.77

Change 6.82

% Change 0.23

Turnover (mn) 0.25

KARACHI: An elderly man monitors share prices on a televisionscreen during a trading session inside the KSE.-Reuters

HONG KONG/SHANGHAI:Shanghai shares fell onMonday, dragging HongKong's market lower, amidexpectations that access tofunds may become harder asbanks curb lending as the yearwinds down.

Shanghai's key stock index ,fell as much as 3 per cent earli-er in the day and closed down1.4 per cent as bargain huntinghelped the benchmark recoversome ground and end just shyof its 250-day moving average,a closely watched supportlevel.

The slide on the mainlandmarkets prompted a dip inHong Kong's Hang Seng whichclosed down 0.3 per cent. TheChina Enterprise Index of toplocally listed mainland firmsfell 0.5 per cent.

The technical outlook for theShanghai Composite Index andthe Hang Seng Index remained

weak, suggesting that bothmarkets may struggle to rise inthe near term.

Shanghai's benchmark failedto hold above the 2,923 level,the 38.2 per cent retracement ofits decline from the Novemberhigh to the November low.

Retail-related stocks were outof favour among investors,with some seeing year-endprofit-taking while sportinggoods retailers such as Li Ning, which fell 16 per cent, werehit hard by news of slowingsales.

Li Ning rival I.T. fell 4.9 percent. I.T. shares have soared289 per cent this year.

Jewellery retailer BelleInternational , up 44 per centthis year, fell 2 per cent.

Still, trading activity in HongKong remained light with over-all turnover at HK$60 billionthe lowest since earlySeptember.

In Shanghai, investorsdumped major liquor and winemakers, including KweichowMoutai , which ended down 3.4per cent, after the recent run-upon the back of holiday seasonsales. Kweichow Moutai is upmore than 15 per cent this quar-ter.

Investors also sold commodi-ty stocks after the dollar'srecent rebound pushed prices ofstaple commodities lower,traders said. Top coal producerChina Shenhua fell 2.3 per centand was the biggest drag on theoverall market behind ChinaLife , which fell 2.1 per cent.

On top of the year-endcrunch, one official rate riseand three increases in bankreserve requirements by thePeople's Bank of China havealso tightened liquidity condi-tions, with reserve hikes lock-ing up more than 1 trillion yuan($150 billion).-Reuters

Shanghai falls, dragsHK on money crunch

Nawaz Ali

KARACHI: After a longweekend, on Monday,Karachi Stock Exchange(KSE) returned to businessvery bullishly ending above11,800 points level --30-month high-- as trade agree-ments with China andpeaceful Ashura compelledinvestors take mighty freshpositions.

The benchmark KSE 100-index ended 57 points up at11,843 points - highestclosing of the index sinceJuly 8, 2008.

KSE 30-Index increasedby 73 points and KSE all-share index gained 39points to close at 11,388and 8,231 points respective-ly.

Ahsan Mehanti, DirectorArif Habib Investmentssaid, "Bullish activity waswitnessed as China assuredsupport in tough times ofPakistan signing MoUs over$15 billion at Pak-Chinabusiness forum."

Bulls were there at thetrading floor since theopening bells as marketstarted the session with 71plus points. Gains thenmultiplied fast and withinfirst 10 minutes the indextouched an intraday highof 11,927 points (+ve 141points) due to buying par-ticularly in oil and bankingstocks following a success-ful visit of Chinese PMand trade agreementsworth billions of dollarswhile buying also was seenon expectations of better

December ending corpo-rate results.

Further, experts said thatthe peaceful law and ordersituation on Ashura tooboosted investor senti-ments.

Samar Iqbal, equity dealerat Topline Securities saidthat investors seemedrelaxed after peacefulweekend coupled with theabsence of negative devel-opment on political front aswell.

Though index remained inthe grips of bulls through-out the trading session butas market witnessing con-tinuous bullish activitiessome profit-taking kickedin thereafter at higher lev-els. Mostly, local investorsopted for profiting eatinginto the index gains andshoving it below 11,900points level.

Foreign investorsremained on the buying sideas according to NCCPL datathey did a net-buying of$0.74 million on Monday.

Turnover was slightlylower at 113.2 millionshares which is 6.9 millionless than 120.1 millionshares in the last tradingsession.

WorldCall Telecom stoodas the volume leader with10.30 million shares fol-lowed by Lotte Pakistanwith 7.46 million sharesand Nishat Mills with 7.06million shares.

Out of total 417 activeissues 241 advanced and157 declined while 19issues remained unchanged.

KSE crowns30-mth topon Chineseconnection

TOKYO: Japan's Nikkeidropped 0.9 per cent in thintrade on Monday, with senti-ment soured by a decliningChina market.

"Selling (in the Japanese mar-ket) is due to external reasons,and as there are fewer foreignparticipants in the market, lowvolume is causing volatility,"said Hideyuki Okoshi, generalmanager at Chuo Securities.

Losses in China-related stocksweighed on the market.Komatsu Ltd, which relies onChina for about 20 per cent ofits sales of construction andmining equipment, shed 1.9 percent to 2,453 yen and Hitachi

Construction Machinery Co was2.1 per cent lower at 1,937 yen.

Industrial robot maker FanucLtd, whose share price has beenlifted by growing demand inChina, fell 1.8 per cent to12,150 yen.

Uncertainty over Japan'spolitical situation also damp-ened the mood of investors.

Japanese Prime MinisterNaoto Kan said on Monday thatruling party powerbroker IchiroOzawa rejected a call to appearat a parliamentary ethics panelover a funding scandal, threat-ening to widen a rift in the frac-tious party.

See # 11 Page 11

Nikkei dropsamid thin trade

MUMBAI: Sensex edged up0.1 per cent on Monday, assoftware majors soared to arecord high on optimistic out-look for the sector, but upsidewas limited due to low activityas the year-end neared.

Hero Honda jumped 18 percent, its best single-day gain inat least two years, as Bank ofAmerica-Merrill Lynch raisedits rating on the top motorcyclemaker to "buy" from "neutral,"with worries over the financialimpact from Honda's exit fromtheir India motorcycle JV sub-siding.

After market hours onThursday, Hero Honda chiefexecutive Pawan Munjal saidHero's royalty payment to

Honda would start decliningfrom next year.

The 30-share BSE indexfirmed 0.12 per cent, or 24.03points, to 19,888.88 points,with 17 of its componentsdeclining. Indian markets wereshut on Friday for a public hol-iday.

"Market is just consolidating.We need to be happy about thefact that it isn't coming off,which is a possibility when weapproach a year end," saidGajendra Nagpal, CEO ofUnicon Financial.

In the broader market, gainersoutpaced losers in a ratio of 1.1to 1 in a low volume of 281million shares.

See # 10 Page 11

Indian shares up;Hero Honda races

US stocks mid-day

Wall St flatas investors

show cautionNEW YORK: US stocks drift-ed on Monday as investorswere reluctant to push stockshigher after briefly touchinganother high for the year.

The dollar rose against othermajor currencies while the eurofell, hitting a record low againstthe Swiss franc and a two-weeklow versus the greenback asinvestors fretted over euro zonedebt problems.

Investors were reluctant topush stocks higher after a runof solid economic data, whichhas pushed the Standard &Poor's 500 benchmark index up5.4 per cent for the month and11.6 per cent for the year.

"We are a little elevated here.We've got a little bit of a nose-bleed going," said StephenMassocca, managing director atWedbush Morgan in SanFrancisco.

Among several dealannouncements, AT&T Inc saidit would buy wireless spectrumlicenses from Qualcomm Inc ina deal worth $1.9 billion.Qualcomm rose 0.3 per cent to$49.59. AT&T dipped 0.5 percent $29.05.

The Dow Jones industrialaverage dropped 29.90 points,or 0.26 per cent, to 11,462.01.The Standard & Poor's 500Index gained 0.34 points, or0.03 per cent, to 1,244.25. TheNasdaq Composite Indexdropped 0.62 points, or 0.02per cent, to 2,642.35.

US markets will be closed onFriday to observe theChristmas Day holiday onSaturday.

Dow component Boeing Co,down 2.7 per cent to $63.27,kept indexes in check. Traderscited reports the plane maker'stroubled Dreamliner may bedelayed once again, whichcould put its contracts in jeop-ardy with airlines.

"It sounds like some of theairlines are getting sick of thedelays in this Dreamliner andthat is why it is down." addedMassocca. -Reuters

Utilitiesup FTSEas the bigfreeze hits

LONDON: Utility stockshelped push Britain's top shareshigher on Monday, as the UK'snear-Arctic conditions boosteddemand for energy, but BritishAirways toiled as the big freezedisrupted airline services.

The FTSE 100 closed up19.86 points, or 0.3 per cent, at5,891.61.

It touched a fresh intra-dayyear high of 5,913.83 beforefalling away, although tradewas light as the market wounddown for the Christmas holidayat the end of the week.

"If this winter wonderlandcontinues it's not only goodnews for Santa, but an earlyChristmas present for the utilitycompanies too," Jimmy Yates,head of equities at CMCMarkets, said.

Utility firms Centrica andNational Grid were up 1.4 and2.0 per cent respectively, as thefreezing temperatures boosteddemand for electricity and gas.

The UK's Met Office haswarned of more snow and ice inmany parts of the country.

Oil majors were higher astemperatures in Europe and theUS Northeast looked set toremain below freezing this weekboosting heating fuel demand.

Oils services firm Petrofacgained 2.5 per cent, while tem-porary power supplier Aggrekoadded 2.4 per cent.

The snow and sub-zero tem-peratures grounded flightsacross northern Europe onMonday.

See # 12 Page 11

Fall amid Korean jitters; S'pore at one-month low

South East Asian stocks

Europe shares at 27-mthclosing high; utilities rise

Tuesday, December 21, 20106

Volume 113,285,378

Value 5,622,546,677

Trades 64,556

Advanced 241

Declined 157

Unchanged 19

Total 417

Current 8,231.83

High 8,288.63

Low 8,192.27

Change h39.56

Current 11,843.65

High 11,928.57

Low 11,786.09

Change h57.56

Current 11,388.13

High 11,460.64

Low 11,314.24

Change h73.89

Market KSE 100 Index All Share Index KSE 30 Index

Current 18,725.19

High 18,869.30

Low 18,643.53

Change h81.66

KMI 30 IndexSymbolsAlert ! Unusual Movements

Technical AnalysisFundamental Highlights

As on Sep 30, 2009

Chashma Sugar Mills Limited

CHAS closed up 0.07 at 12.39. Volume was 2,085 per cent above aver-

age (trending) and Bollinger Bands were 16 per cent narrower than nor-

mal. The company's profit after taxation stood at Rs266.317 million

which translates into an Earning Per Share of Rs9.28 for the 1st quar-

ter of current fiscal year (1QFY11).

CHAS is currently 19.2 per cent above its 200-day moving average and

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

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

indicators reflect very strong flows of volume out of CHAS (bearish).

Trend forecasting oscillators are currently bullish on CHAS.

RSI (14-day) 49.82 Total Assets (Rs in mn) 3,535.46

MA (10-day) 12.72 Total Equity (Rs in mn) 66.71

MA (100-day) 10.54 Revenue (Rs in mn) 3,963.60

MA (200-day) 9.95 Interest Expense 438.72

1st Support 11.50 Loss after Taxation (217.91)

2nd Support 10.57 EPS 09 (Rs) (7.595)

1st Resistance 13.18 Book value / share (Rs) 2.33

2nd Resistance 13.93 PE 10 E (x) 0.33

Pivot 12.25 PBV (x) 5.33


As on Dec 31, 2009

MYBL closed up 0.11 at 2.61. Volume was 1,431 per cent above aver-

age (trending) and Bollinger Bands were 40 per cent wider than normal.

The company's loss after taxation stood at Rs1.392 billion which trans-

lates into a Loss Per Share of Rs0.74 for the nine months of current cal-

endar year (9MCY10).

MYBL is currently 8.8 per cent below its 200-day moving average and

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

age volatility over the last 10 trading sessions. Volume indicators reflect

very strong flows of volume into MYBL (bullish). Trend forecasting oscil-

lators are currently bullish on MYBL.


MA (10-day) 2.45 Total Equity (Rs in mn) 5,104.86


MA (200-day) 2.86 Interest Expense 2,881.90

1st Support 2.45 Loss after Taxation (1,639.83)

2nd Support 2.32 EPS 09 (Rs) (3.092)


2nd Resistance 3.08 PE 10 E (x) -

Pivot 2.70 PBV (x) 0.27

Mybank Limited


As on Mar 31, 2009

HCAR closed up 0.37 at 11.76. Volume was 551 per cent above aver-

age (trending) and Bollinger Bands were 2 per cent wider than normal.

The company's loss after taxation stood at Rs156.441 million which

translates into a Loss Per Share of Rs1.10 for the half year of current

fiscal year (1HFY11).

HCAR is currently 12.1 per cent below its 200-day moving average and

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

average volatility over the last 10 trading sessions. Volume indicators

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

Trend forecasting oscillators are currently bearish on HCAR.


MA (10-day) 11.42 Total Equity (Rs in mn) 3,321.26



1st Support 11.31 Profit after Taxation 224.32

2nd Support 10.86 EPS 09 (Rs) 4.742


2nd Resistance 12.84 PE 10 E (x) -

Pivot 11.85 PBV (x) 0.17

Honda Atlas Cars Pakistan Limited


As on Jun 30, 2010

SAIF closed up 0.26 at 4.63. Volume was 1,400 per cent above aver-age (trending) and Bollinger Bands were 1 per cent wider than normal.The company's profit after taxation stood at Rs82.072 million whichtranslates into an Earning Per Share of Rs3.11 for the 1st quarter of cur-rent fiscal year (1QFY11).SAIF is currently 14.7 per cent above its 200-day moving average and isdisplaying a downward trend. Volatility is relatively normal as compared tothe average volatility over the last 10 trading sessions. Volume indicatorsreflect volume flowing into and out of SAIF at a relatively equal pace. Trendforecasting oscillators are currently bearish on SAIF.a


MA (10-day) 4.57 Total Equity (Rs in mn) 406.03



1st Support 4.41 Profit after Taxation 77.49

2nd Support 4.20 EPS 10 (Rs) 2.934


2nd Resistance 5.20 PE 11 E (x) 0.37

Pivot 4.70 PBV (x) 0.30

Saif Textile Mills Limited

OIL AND GAS

Performance of SR Oil and Gas Index

Open High Low Close Change % Change

1,525.21 1,552.01 1,524.50 1,529.97 4.76 0.31

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

8,384,747 - - 65,194.15 mn 1,187,704.94 mn 1,529.97

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

11.21 3.65 32.54 55.94 4.99 1,496.16

Attock Petroleum 691 5.67 326.47 329.90 326.50 327.07 0.60 172202 374.20 287.99 250 - 300 20

Attock Refinery 853 6.81 120.00 122.80 120.81 121.41 1.41 2326743 137.20 78.51 - - - -

BYCO Petroleum 3921 - 11.17 11.37 11.10 11.12 -0.05 529522 12.49 10.00 - - - -

Mari Gas Company 735 16.27 119.93 122.00 119.80 120.06 0.13 40430 128.90 106.00 32.17 100B 31 -

National Refinery 800 3.92 263.19 267.50 263.51 264.45 1.26 111434 275.40 189.08 125 - 200 -

Oil & Gas Development XD 43009 11.38 167.52 171.40 168.00 168.25 0.73 393059 171.40 142.05 82.5 - 55 -

Pak Petroleum 11950 8.80 218.28 221.00 215.60 216.49 -1.79 1582773 221.00 168.70 130 20B 90 20B

Pak Oilfields 2365 6.93 293.15 299.00 292.50 293.33 0.18 1983814 299.00 230.05 180 - 255 -

Pak Refinery Limited 350 - 101.91 103.97 101.00 102.44 0.53 68889 106.34 55.00 - - - -

PSO 1715 4.95 285.97 293.80 287.50 292.69 6.72 3651653 293.80 258.00 50 - 80 -

Shell Pakistan 685 10.54 204.16 207.89 205.00 205.50 1.34 37563 207.89 182.05 330 - 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


998.53 1,016.64 997.47 1,006.08 7.55 0.76


16,244,792 - - 47,070.70 mn 132,978.46 mn 1,006.08


7.13 0.62 8.64 16.68 2.34 984.09

(Colony) Thal 56 - 1.02 1.50 0.83 0.83 -0.19 1105 2.00 0.52 - - - -

Al-Azhar Textile 86 - 2.97 3.48 3.48 3.48 0.51 2000 3.48 0.21 - - - -

AL-Qadir Textile 76 - 6.10 7.10 6.49 6.50 0.40 3100 7.75 2.50 - - 10 -

Amtex Limited XD 2415 9.93 4.35 4.47 4.32 4.37 0.02 70863 18.18 4.25 - - 30 -

Artistic Denim 840 6.31 22.76 23.10 21.86 22.70 -0.06 12592 24.05 18.50 20 - 20 -

Azam Textile 133 0.29 2.07 2.33 1.76 2.09 0.02 1013 3.45 1.32 - - 7.5 -

Azgard Nine 4493 - 10.15 10.35 9.96 10.02 -0.13 6217003 12.32 9.70 - - - -

Babri Cotton 33 0.41 9.25 10.25 9.67 10.00 0.75 7439 18.75 8.10 - - - 15B

Bannu Woolen XD 76 0.46 13.25 13.50 13.00 13.07 -0.18 81720 14.50 9.00 - - 20 -

Bata (Pak) 76 5.73 685.48 705.00 675.00 691.46 5.98 2316 747.48 436.00 120 - - -

Chenab Limited 1150 - 3.17 3.35 3.11 3.12 -0.05 14844 3.95 3.00 - - - -

Colgate Palm 316 34.40 880.00 921.99 875.00 916.40 36.40 641 930.00 658.36 115 15B - -

Colony Mills Ltd 2442 4.13 2.65 2.78 2.50 2.64 -0.01 30901 3.33 2.26 - - - -

Crescent Fibres Ltd 124 0.57 12.26 12.25 12.25 12.25 -0.01 5408 18.35 8.41 - - 10 -

Crescent Jute 238 - 0.90 1.27 0.55 0.81 -0.09 18513 1.49 0.16 - - - -

Crescent Textile 492 3.94 19.50 20.49 19.26 20.49 0.99 261 23.90 17.89 - - 15 -

D S Ind Ltd 600 - 1.90 1.98 1.86 1.94 0.04 33178 2.37 1.44 - - - -

Dawood Lawrencepur 514 53.31 44.47 46.49 44.15 45.31 0.84 171865 46.49 36.10 - - 5 -

Din Textile 204 0.56 25.15 26.35 26.00 26.00 0.85 5500 30.90 20.80 - - 20 10B

Ellcot Spinning 110 0.60 19.70 19.75 19.75 19.75 0.05 1895 25.45 17.21 7.5 - 35 -

Gadoon Textile XD 234 0.62 55.93 58.25 53.14 57.00 1.07 65122 58.25 37.11 - - 70 -

Ghazi Fabrics 326 0.79 4.00 5.00 4.11 4.84 0.84 1000 5.00 2.00 - - 10 -

Gillette Pakistan 192 - 61.02 63.40 59.00 60.13 -0.89 704 73.00 58.75 - - - -

Gul Ahmed Textile 635 3.81 26.99 26.90 26.00 26.50 -0.49 4998 26.99 19.99 5 - 12.5 -

Gulshan Spinning 222 0.83 7.20 7.25 6.70 6.80 -0.40 731 10.30 5.51 - 10B 10 20B

H M Ismail 120 - 0.80 0.89 0.56 0.89 0.09 1001 1.39 0.27 - - - -

Hira Textile Mills Ltd. 716 0.77 4.05 4.30 4.11 4.11 0.06 76162 4.88 3.35 - - 10 -

Ibrahim Fibres 3105 2.99 37.55 38.40 38.01 38.01 0.46 901 40.77 34.05 - - 20 -

ICC Textile 100 - 1.95 2.00 1.51 1.57 -0.38 29445 2.70 0.30 - - - -

Ideal Spinning 99 0.51 6.05 6.48 5.10 5.99 -0.06 18004 7.29 2.02 - - - -

Idrees Textile 180 3.55 3.27 3.27 3.27 3.27 0.00 599 5.35 2.60 - - 10 -

J K Spinning 184 0.92 6.31 7.00 6.01 6.01 -0.30 658 9.50 4.05 - - 20 5B

Khurshid Spinning 132 - 2.99 1.99 1.99 1.99 -1.00 500 3.00 1.00 - - - -

Kohinoor Ind 303 - 1.78 1.96 1.80 1.88 0.10 5910 2.00 1.01 - - - -

Kohinoor Mills 509 - 2.50 2.60 2.39 2.40 -0.10 346 3.73 1.52 - - - -

Kohinoor Textile 1455 3.93 5.49 5.60 5.50 5.50 0.01 1002 6.17 4.51 - - - -

Mian Textile 221 - 0.59 0.60 0.36 0.60 0.01 20447 0.98 0.01 - - - -

Mukhtar Textile 145 - 0.47 0.62 0.45 0.56 0.09 2021 0.95 0.14 - - - -

Nishat (Chunian) 1596 1.86 22.28 22.84 22.28 22.40 0.12 1756743 25.14 15.66 - 50R 15 -

Nishat Mills 3516 5.32 59.66 62.31 59.99 62.01 2.35 7060160 63.18 45.81 20 - 25 45R

Pak Leather 34 - 3.60 4.00 2.60 2.60 -1.00 101 5.95 1.55 - - - -

Pak Synthetic 560 3.10 8.92 9.49 9.00 9.19 0.27 14416 10.20 5.16 12.5 - - -

Paramount Spinning 174 0.75 10.30 10.25 10.25 10.25 -0.05 4101 11.25 7.65 - 10B 10 10B

Ravi Textile 250 - 1.66 1.70 1.56 1.60 -0.06 39732 2.30 1.29 - - - -

Reliance Weaving 308 0.63 8.95 8.98 8.50 8.98 0.03 4501 12.00 8.01 - - 25SD -

Rupali Poly 341 4.58 36.49 36.69 36.00 36.48 -0.01 378 38.10 31.25 40 - 40 -

Saif Textile 264 0.37 4.37 4.99 4.49 4.63 0.26 282413 6.85 2.01 - - - -

Sally Textile 88 0.20 4.00 4.38 4.00 4.00 0.00 461 6.20 3.36 - - 10 -

Samin Textile 134 5.23 5.55 6.47 5.70 6.27 0.72 500 8.69 5.02 - - - 100R

Sana Ind 55 3.57 44.92 47.16 43.60 47.03 2.11 12798 47.16 27.50 35 - 60 -

Saritow Spinning 133 0.33 2.45 2.01 2.00 2.00 -0.45 22000 2.99 1.10 - - - -

Service Ind 120 8.23 239.83 246.95 240.00 240.29 0.46 2378 276.50 169.00 200 - - -

Shahtaj Textile 97 - 18.61 18.70 18.40 18.65 0.04 20200 21.90 15.61 20 - 45 -

Suraj Cotton 180 0.76 33.92 34.00 34.00 34.00 0.08 300 37.50 29.00 15 - 50 -

Thal Limited 307 4.67 109.40 111.00 108.21 109.32 -0.08 64976 112.80 86.50 20 20B 80 20B

Treet Corp 418 9.02 56.71 57.99 56.50 56.67 -0.04 43656 60.50 37.25 - - - -

Tri-Star Poly 215 - 1.00 1.15 0.83 1.15 0.15 600 1.50 0.26 4 - - -

Zephyr Textile Ltd 594 5.00 3.82 3.80 3.80 3.80 -0.02 999 4.90 1.50 - - - -

Zil Limited 53 3.43 50.78 51.75 51.30 51.30 0.52 1301 55.00 36.00 40 10B 35 -



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

HOUSEHOLD GOODS

Performance of SR Household Goods Index


1,099.05 1,116.16 1,088.00 1,104.80 5.75 0.52


500,926 - - 3,763.71 mn 5,168.25 mn 1,104.80


2.73 0.29 10.64 6.27 2.30 1,084.95

AL-Abid Silk 115 2.83 25.01 26.26 24.01 26.24 1.23 102 35.00 23.00 7.5 - -20B 20R

Diamond Ind 90 - 9.70 10.70 9.55 9.55 -0.15 127 19.39 7.55 - - - -

Hussain Industries 106 - 9.49 9.99 8.49 8.80 -0.69 2016 11.49 8.45 - - - -

Pak Elektron 1174 3.54 13.78 14.23 13.61 14.06 0.28 447245 15.43 12.90 - 10B - 10B

Tariq Glass Ind 231 2.41 20.28 20.35 19.75 20.12 -0.16 51376 21.40 15.90 - - 17.5 -



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

FOOD PRODUCERS

Performance of SR Food Producers Index


1,727.54 1,767.20 1,706.67 1,742.14 14.60 0.84


831,513 - - 11,335.33 mn 231,887.02 mn 1,742.14


38.82 11.76 30.30 30.57 0.79 1,637.72

AL-Noor Sugar 186 4.78 49.49 47.10 47.02 47.02 -2.47 8078 53.00 39.25 40 - - -

Chashma Sugar 287 1.00 12.32 13.00 11.32 12.39 0.07 346617 15.47 8.50 - - - -

Clover Pakistan 94 11.77 71.50 73.00 72.00 72.04 0.54 205 77.19 36.90 - - 15 -

Colony Sugar Mills 990 - 4.61 5.25 4.26 4.63 0.02 5006 5.70 2.60 - - - -

Dewan Sugar 365 - 3.87 4.05 3.60 3.72 -0.15 85844 5.59 1.11 - - - -

Faran Sugar 217 3.08 20.00 20.98 19.00 19.06 -0.94 188176 21.50 16.05 17.5 - - -

Habib Sugar 600 7.35 34.83 36.50 35.25 35.66 0.83 147180 36.50 28.01 35 25B - -

J D W Sugar 490 2.87 84.87 85.80 85.79 85.80 0.93 1628 89.89 63.99 40 - 0 12.5R

Kohinoor Sugar 109 - 5.19 4.23 4.22 4.23 -0.96 500 7.50 2.61 - - - -

Mehran Sugar 143 3.48 57.90 59.31 58.75 59.00 1.10 9276 68.49 48.50 35 30B 35 20B

Mirpurkhas SugarXDXB 84 4.42 54.50 55.98 52.00 53.00 -1.50 1303 68.22 52.00 25 10B 15 20B

Mirza Sugar 141 0.60 6.09 6.00 5.75 5.95 -0.14 9152 7.18 4.20 - - 10 -

National Foods 414 19.03 48.58 51.00 49.50 51.00 2.42 13991 56.80 39.01 - 25B 12 -

Nestle Pakistan 453 26.88 2489.75 2500.00 2436.00 2447.21 -42.54 526 2550.00 1785.00 600 - 450 -

Noon Pakistan 48 3.39 23.65 24.75 22.47 23.76 0.11 931 27.30 17.51 - 10B 12 -

Pangrio Sugar 109 0.89 6.19 6.40 5.90 6.10 -0.09 4026 6.99 4.00 - - 10 -

Premier Sugar 38 8.97 47.52 49.70 45.20 48.90 1.38 684 53.81 32.50 30 - - -

Shahmurad Sugar 211 16.81 11.50 12.30 11.20 11.60 0.10 1005 13.50 10.33 15 - - -

Shahtaj Sugar 120 - 93.89 93.99 90.00 90.15 -3.74 117 100.26 44.50 100 - - -

Shakarganj Mills 695 - 5.92 6.40 5.25 5.87 -0.05 377 7.88 3.21 - - - -

Sind Abadgar 104 - 5.60 6.10 6.10 6.10 0.50 200 7.02 4.75 - - - -

UniLever Pakistan 665 21.23 4455.10 4600.00 4411.50 4548.51 93.41 6543 4600.00 3775.00 458 - 178 -



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

AUTOMOBILE AND PARTS

Performance of SR Automobile and Parts Index


1,154.33 1,179.85 1,151.95 1,165.19 10.86 0.94


4,245,828 - - 6,768.53 mn 43,056.25 mn 1,165.19


4.24 1.07 25.35 20.42 4.82 1,138.90

Agriautos Ind 144 5.38 71.04 71.99 71.00 71.00 -0.04 2021 73.00 65.75 40 - 90 -

Atlas Battery 101 4.91 161.85 165.00 160.95 164.46 2.61 12233 166.69 131.00 100 20B 100 20B

Atlas Honda 626 9.17 121.62 127.50 123.55 126.56 4.94 6412 127.50 92.50 80 30B - -

Dewan Motors 890 - 2.20 2.89 2.28 2.52 0.32 4032741 2.89 1.20 - - - -

Exide (PAK) 56 4.39 187.60 194.95 183.30 185.72 -1.88 616 198.07 136.00 50 - 60 -

General Tyre 598 18.53 21.51 22.00 21.50 21.50 -0.01 1001 25.24 21.00 - - 20 -

Ghandhara Nissan 450 3.08 4.70 4.80 4.42 4.44 -0.26 15004 5.75 4.03 - - - -

Honda Atlas Cars 1428 - 11.39 12.39 11.40 11.76 0.37 134886 13.40 9.65 - - - -

Indus Motors 786 5.82 254.01 257.25 252.40 254.99 0.98 16763 282.45 215.99 100 - 150 -

Pak Suzuki 823 10.98 68.11 69.05 68.25 68.96 0.85 23638 77.90 66.75 5 - - -

Sazgar Engineering 150 3.69 19.75 20.49 19.75 19.79 0.04 506 27.58 17.92 - 20B 10 20B



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

INDUSTRIAL ENGINEERING

Performance of SR Industrial Engineering Index


1,540.33 1,559.89 1,533.51 1,540.76 0.44 0.03


229,643 - - 1,336.62 mn 32,545.36 mn 1,545.68


8.27 3.14 38.02 131.49 15.89 1,539.68

Ados Pak 66 1.11 16.20 17.20 16.70 17.20 1.00 16560 21.48 14.12 20 - - -

AL-Ghazi Tractor 215 5.30 220.10 222.00 217.50 221.37 1.27 2248 227.45 200.00 400 - 150 -

Bolan Casting 104 - 43.90 43.50 42.90 43.30 -0.60 148 51.99 41.50 - 20B 25 10B

Dewan Auto Engineering 214 - 1.57 1.97 1.66 1.70 0.13 95420 2.40 0.21 - - - -

Ghandhara Ind 213 10.25 11.14 11.49 11.00 11.07 -0.07 4004 18.80 10.55 - - - -

KSB Pumps 132 8.02 66.90 68.00 65.50 67.00 0.10 1703 87.15 65.20 35 - - -

Millat Tractors XB 366 6.48 493.23 500.00 494.00 495.01 1.78 109305 595.99 390.00 450 25B 650 25B

Pak Engineering 57 699.06 261.25 262.00 248.19 251.66 -9.59 254 324.80 248.19 125 - 100 -



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

GENERAL INDUSTRIALS

Performance of SR General Industrials Index


1,006.24 1,036.93 999.69 1,009.43 3.19 0.32


1,483,007 - - 3,043.31 mn 37,187.34 mn 1,009.43


2.81 1.23 43.91 15.55 5.53 949.78

Balochistan Particle 30 8.50 0.90 1.70 1.70 1.70 0.80 1000 1.70 0.90 - - - -

Cherat Papersack 115 2.78 78.30 80.00 77.81 78.01 -0.29 33712 83.23 34.00 - - 20 25B

ECOPACK Ltd 230 - 2.66 3.30 2.62 2.88 0.22 1193982 3.30 1.70 - - - -

Ghani Glass 1067 4.59 49.89 51.00 49.31 49.98 0.09 4631 61.99 45.30 30 10B 25 10B

MACPAC Films 389 - 3.29 3.54 3.25 3.40 0.11 31107 4.05 1.60 - - - -

Merit Pack 47 58.38 24.57 24.99 23.35 23.35 -1.22 901 25.90 13.01 - - - -

Packages Ltd 844 61.28 117.77 123.40 117.80 119.50 1.73 132459 123.40 98.00 32.5 - - -

Siemens Engineering XD 82 10.36 1270.04 1290.00 1255.00 1255.44-14.60 131 1381.00 1068.75 900 - 900 -

Tri-Pack Films 300 8.39 113.30 116.50 113.00 115.01 1.71 85084 116.50 97.00 100 - - -



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

CONSTRUCTION AND MATERIALS

Performance of SR Construction and Materials Index


1,027.82 1,051.13 1,026.10 1,037.84 10.02 0.97


8,318,417 - - 54,792.74 mn 75,374.47 mn 1,037.84


7.49 0.53 7.10 19.04 2.54 1,017.66

Al-Abbas Cement 1828 - 3.54 3.98 3.15 3.40 -0.14 1110 3.98 2.80 - - - 100R

Attock Cement 866 6.68 62.98 63.70 62.99 63.50 0.52 109455 69.86 57.60 50 20B 50 -

Balochistan Glass Ltd 858 - 2.05 2.08 1.97 2.05 0.00 2733 2.50 1.01 - - - -

Berger Paints 182 - 20.45 21.45 20.15 20.40 -0.05 19043 21.45 14.01 - - - 122R

Buxly Paints 14 - 10.91 11.91 11.91 11.91 1.00 2527 14.89 7.91 - - - -

Cherat Cement 956 25.25 11.07 11.13 10.80 11.11 0.04 5850 12.75 9.51 - - - -

Dadabhoy Cement 982 15.38 1.91 2.00 1.90 2.00 0.09 94760 2.49 1.30 - - - -

Dewan Cement 3574 - 2.34 2.56 2.30 2.36 0.02 869076 3.10 1.30 - - - -

DG Khan Cement Ltd 3651 129.04 31.02 31.50 30.80 30.97 -0.05 1939411 32.10 23.40 - 20R - 20R

Fauji Cement 6933 15.82 5.14 5.29 5.15 5.22 0.08 1041876 5.55 4.52 - - - -

Fecto Cement 502 3.70 7.21 7.60 7.00 7.10 -0.11 1901 8.20 4.25 - 10B - -

Flying Cement Ltd 1760 - 2.02 2.06 2.00 2.01 -0.01 194461 2.25 1.70 - - - -

Gharibwal Cement 2319 - 8.25 9.19 7.25 8.75 0.50 30530 9.19 2.11 - - - -

Haydery Const 32 - 0.73 0.80 0.67 0.78 0.05 9405 1.39 0.25 - - - -

Kohat Cement 1288 - 7.13 7.25 7.05 7.05 -0.08 82099 8.70 5.50 - - - -

Lafarge Pakistan Cmt. 13126 - 3.49 3.62 3.46 3.57 0.08 1750890 3.79 2.71 - - - -

Lucky Cement 3234 6.95 76.39 77.60 76.40 77.35 0.96 1128852 79.98 67.70 40 - 40 -

Maple Leaf Cement 5261 1.39 3.02 3.22 2.97 2.99 -0.03 50975 3.30 2.51 - - - -

Maple Leaf(Pref) 541 3.04 4.23 5.22 4.10 4.14 -0.09 2016 8.89 3.51 9.75 - - -

Pioneer Cement 2228 - 6.94 7.09 6.90 6.98 0.04 980915 8.58 6.56 - - - -

Safe Mix Concrete 200 - 6.17 6.35 6.00 6.16 -0.01 124 8.35 5.25 - - - -

Shabbir Tiles 361 - 8.65 9.25 8.40 8.50 -0.15 502 10.98 6.30 - - - -



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

INDUSTRIAL METALS AND MINING

Performance of SR Industrial Metals and Mining Index


986.14 1,010.25 983.85 987.95 1.81 0.18


108,002 - - 3,596.11 mn 9,558.21 mn 987.95


3.28 1.09 33.10 30.91 9.41 978.17

Crescent Steel 565 3.93 25.32 25.70 25.10 25.12 -0.20 6001 26.23 23.75 - - 30 -

Dost Steels Ltd 675 - 2.86 3.09 2.86 2.87 0.01 18640 3.39 1.65 - - - -

Huffaz Pipe 555 8.98 14.67 14.95 14.35 14.37 -0.30 11551 16.75 12.25 - 30B - -

International Ind 1199 10.72 51.26 52.48 51.40 51.47 0.21 70457 53.99 44.00 - - 40 20B

Siddiqsons Tin 785 10.51 9.03 9.40 9.00 9.25 0.22 1352 10.80 8.00 10 - 7.5 -



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

FORESTRY AND PAPER

Performance of SR Forestry & Paper Index


1,180.29 1,197.25 1,159.79 1,178.84 -1.45 -0.12


57,544 - - 1,186.83 mn 3,267.31 mn 1,182.02


5.94 0.44 7.47 25.28 4.25 1,172.76

Century Paper 707 - 16.30 16.22 16.00 16.00 -0.30 55950 21.49 15.28 - 425R - -

Security Paper 411 7.13 45.75 47.00 45.00 46.20 0.45 1521 47.00 38.00 50 - 50 -



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

CHEMICALS

Performance of SR Chemicals Index


1,339.37 1,361.98 1,337.33 1,344.21 4.84 0.36


17,282,956 - - 52,251.88 mn 295,282.19 mn 1,344.21


8.40 2.94 35.00 48.81 5.81 1,319.39

Agritech Limited 3924 8.89 23.92 24.75 23.00 24.54 0.62 16620 24.89 20.26 - - - -

Bawany Air 68 77.08 9.90 9.99 8.90 9.25 -0.65 3507 13.99 7.73 - - 5 10R

BOC (Pak) 250 11.74 84.99 85.60 84.00 85.45 0.46 2488 87.99 72.00 90 - 15 -

Clariant Pak 273 6.21 158.02 165.00 157.98 162.42 4.40 24616 165.00 149.72 125 - - -

Dawood Hercules 1203 7.49 177.69 182.00 180.00 180.77 3.08 24301 185.00 163.51 40 10B 40 -

Descon Chemical 1996 - 3.22 3.29 3.12 3.13 -0.09 14602 3.74 1.90 - - - -

Descon Oxychem Ltd. 1020 - 8.08 8.16 7.77 7.95 -0.13 66551 8.48 3.41 - - - -

Dewan Salman 3663 - 3.12 3.48 3.20 3.22 0.10 3354499 4.24 1.28 - - - -

Dynea Pak 94 - 10.60 10.90 10.50 10.85 0.25 9363 13.79 9.15 15 - 15 -

Engro Corp. Ltd XD 3277 10.77 194.20 197.79 195.11 196.04 1.84 1647576 197.79 171.00 6010B 40R 40 -

Engro Polymer 6635 - 14.31 14.55 14.25 14.27 -0.04 339039 15.20 11.61 - 27.5R - -

Fatima Fertilizer 22000 - 9.80 9.94 9.52 9.54 -0.26 1166422 11.74 9.21 - - - -

Fauji Fertilizer 6785 8.53 118.09 119.50 117.57 117.74 -0.35 489338 119.50 104.21 131.5 10B 95 -

Fauji Fert. Bin Qasim XD 9341 6.60 35.00 35.45 34.80 34.97 -0.03 1658164 36.92 26.59 40 - 17.5 -

Ghani Gases Ltd 725 8.77 11.46 11.85 11.50 11.57 0.11 24973 13.85 8.50 - - - -

ICI Pakistan 1388 7.99 138.21 142.59 138.65 141.85 3.64 965364 142.59 116.00 80 - 55 -

Ittehad Chemical 360 11.57 31.70 33.28 31.00 31.00 -0.70 402 33.28 21.00 15 - 5 -

Lotte Pakistan 15142 4.73 13.17 13.48 13.15 13.23 0.06 7460345 13.83 8.17 5 - - -

Mandviwala 74 - 2.19 2.40 1.65 2.07 -0.12 559645 2.75 0.80 - - - -

Nimir Ind Chemical 1106 - 2.11 2.28 2.04 2.06 -0.05 544503 2.74 1.30 - - - -

Pak Gum 42 - 18.72 19.39 17.77 17.77 -0.95 825 22.29 17.77 10 - - -

Shaffi Chemical 120 - 2.70 2.89 2.30 2.64 -0.06 5019 3.40 1.80 - - - -

Sitara Chem Ind 214 10.16 122.57 123.99 120.06 123.99 1.42 675 139.40 101.00 75 - 25 5B

Sitara Peroxide 551 14.78 13.64 13.90 13.51 13.60 -0.04 82536 14.69 7.67 - - - -

United Distributors 92 - 9.51 9.99 9.99 9.99 0.48 176 17.80 8.51 10 10B - -

Wah-Noble 90 6.78 34.76 35.99 35.11 35.26 0.50 2400 46.25 32.00 50 - 50 -



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

PHARMA AND BIO TECH

Performance of SR Pharma and Bio Tech Index


931.08 954.59 927.44 944.14 13.06 1.40


50,216 - - 3,904.20 mn 31,577.14 mn 944.14


7.37 1.64 22.31 44.54 6.04 915.64

Abbott (Lab) 979 8.98 102.26 103.39 102.00 102.50 0.24 5480 104.00 85.10 120 - 20 -

Ferozsons (Lab) 250 6.35 84.00 85.49 84.00 84.09 0.09 3646 114.00 82.20 10 20B - 20B

GlaxoSmithKline 1707 14.48 78.55 81.83 79.02 80.51 1.96 24757 81.83 65.00 50 - - -

Highnoon (Lab) 165 7.37 26.28 26.99 26.50 26.60 0.32 1601 26.99 22.60 25 - - -

IBL HealthCare Ltd 200 6.45 8.25 8.50 8.00 8.00 -0.25 10233 9.00 6.81 - - - -

Sanofi-Aventis 96 10.73 129.00 135.45 132.00 134.86 5.86 1800 139.50 115.90 70 - - -

Searle Pak 306 5.52 61.00 61.36 59.50 61.33 0.33 2693 64.50 59.50 15 15B 30 -



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

INDUSTRIAL TRANSPORTATION

Performance of SR Industrial Transportation Index


743.87 761.60 729.89 731.11 -12.77 -1.72


19,845 - - 3,242.17 mn 12,585.36 mn 746.07


5.54 1.42 25.53 11.08 2.00 731.11

Pak Int Container Terminal 1092 7.20 73.50 74.97 71.86 71.96 -1.54 14396 77.77 60.05 - 20B 40 -

PNSC 1321 36.85 34.00 35.42 33.80 33.90 -0.10 5449 41.00 33.06 30 - 15 -



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

BOOK CLOSURES

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 Mutnal 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

OTHER SECTORS

TRG Pakistan Ltd 3.76 3.86 3.7 3.73 -0.03 1261449Murree Brewery Co 91.33 90.85 89.6 89.61 -1.72 103Shakarganj Food 1.31 1.45 1.45 1.45 0.14 2000Shezan International 118.56 123.8 112.64 113.72 -4.84 1430Khyber Tobacco 17.9 18.6 17.05 17.15 -0.75 1000Lakson Tobacco 326.25 335 310.01 320 -6.25 105Pak Tobacco 114.01 114 113 113.9 -0.11 1873Shifa Int.Hospitals 29.69 30 28.32 28.53 -1.16 1722PIAC(A) 2.36 2.58 2.37 2.4 0.04 45442AKD Capital XD 50.19 51.9 48.1 48.58 -1.61 2263Pace (Pak) Ltd 2.99 3.08 2.96 3 0.01 284162Netsol Technologies 18.47 18.95 18.53 18.69 0.22 143521

Symbols Open High Low Close Change Vol

Tuesday, December 21, 20107

Technical Analysis Leverage Position

KSE 100 INDEX

Technical Outlook

KSE 100 INDEX closed up 57.56 points at 11,843.65. Volume was 24 per

cent above average and Bollinger Bands were 28 per cent wider than nor-

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

resistance level at 11,919.45 and 2nd resistance level at 11,995.25, while

Index will continue to find its 1st support level at 11,776.95 and 2nd sup-

port level at 11,710.30.

KSE 100 INDEX is currently 15.9 per cent above its 200-day moving average

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

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

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

oscillators are currently bullish on INDEX. Momentum oscillator is currently

indicating that INDEX is currently in an overbought condition.

RSI (14-day) 82.75 Support 1 11,776.95

MA (5-day) 11,703.85 Support 2 11,710.30

MA (10-day) 11,599.60 Resistance 1 11,919.45

MA (100-day) 10,432.92 Resistance 2 11,995.25

MA (200-day) 10,224.11 Pivot 11,852.75


Nishat Mills Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

NML closed up 2.35 at 62.01. Volume was 83 per cent above average and

Bollinger Bands were 5 per cent wider than normal.

NML is currently 21.6 per cent above its 200-day moving average and is

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

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

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

tors are currently bullish on NML.

AKD Securities Ltd 59.97 Buy

TFD Research 74.2 Positive

RSI (14-day) 65.13 Free Float Shares (mn) 175.80

MA (10-day) 60.70 Free Float Rs (mn) 10,901.35

MA (100-day) 50.63 ** NOI Rs (mn) 93.60

MA (200-day) 51.01 Mean 60.99

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


National Bank of Pakistan


Technical Outlook

NBP closed up 0.44 at 71.20. Volume was 110 per cent above average

and Bollinger Bands were 18 per cent wider than normal.

NBP is currently 5.4 per cent above its 200-day moving average and is dis-

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


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

ing oscillators are currently bullish on NBP.

*Arif Habib Ltd 82.1 Buy

AKD Securities Ltd 61.96 Neutral




MA (100-day) 66.28 ** NOI Rs (mn) 146.22

MA (200-day) 69.30 Mean 71.28



Bank Alfalah Ltd


Technical Outlook

BAFL closed up 0.09 at 10.64. Volume was 112 per cent above average

and Bollinger Bands were 27 per cent wider than normal.

BAFL is currently 7.9 per cent above its 200-day moving average and is

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

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

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

oscillators are currently bullish on BAFL.

*Arif Habib Ltd 13 Buy

AKD Securities Ltd 10.25 Accumulate




MA (100-day) 9.09 ** NOI Rs (mn) N/A

MA (200-day) 9.86 Mean 10.67



Pakistan State Oil Co Ltd


Technical Outlook

PSO closed up 6.72 at 292.69. Volume was 399 per cent above average

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

PSO is currently 4.4 per cent above its 200-day moving average and is dis-

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


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

forecasting oscillators are currently bullish on PSO.


AKD Securities Ltd 276.6 Neutral




MA (100-day) 269.92 ** NOI Rs (mn) 174.80

MA (200-day) 280.34 Mean 289.99



Hub Power Co Ltd


Technical Outlook

HUBC closed up 0.37 at 37.26. Volume was 50 per cent above average

and Bollinger Bands were 55 per cent narrower than normal.

HUBC is currently 8.4 per cent above its 200-day moving average and is

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


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

casting oscillators are currently bullish on HUBC. Momentum oscillator is

currently indicating that HUBC is currently in an overbought condition.


AKD Securities Ltd 44 Buy




MA (100-day) 35.00 ** NOI Rs (mn) 0.37

MA (200-day) 34.36 Mean 37.26



Pakistan Telecommunication Co Ltd


Technical Outlook

PTC closed up 0.01 at 19.26. Volume was 66 per cent above average and

Bollinger Bands were 47 per cent narrower than normal.

PTC is currently 1.5 per cent below its 200-day moving average and is dis-

playing an upward trend. Volatility is low as compared to the average

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

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

tors are currently bullish on PTC.

AKD Securities Ltd 24.04 Buy




MA (100-day) 19.00 ** NOI Rs (mn) 7.47

MA (200-day) 19.57 Mean 19.31



Adamjee Insurance Co Ltd


Technical Outlook

AICL closed up 3.99 at 90.91. Volume was 286 per cent above average

(trending) and Bollinger Bands were 14 per cent narrower than normal.

AICL is currently 2.5 per cent above its 200-day moving average and is

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


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

oscillators are currently bullish on AICL. Momentum oscillator is currently

indicating that AICL is currently in an overbought condition

AKD Securities Ltd 76 Accumulate

TFD Research 88 Neutral



MA (100-day) 75.45 ** NOI Rs (mn) 24.56

MA (200-day) 88.67 Mean 89.08


EQUITY INVESTMENT INSTRUMENTS

Performance of SR Equity Investment Instruments Index


1,301.03 1,336.44 1,295.59 1,315.99 14.96 1.15


1,288,346 - - 29,771.58 mn 19,220.07 mn 1,315.99


19.50 0.43 2.21 104.74 8.35 1,279.40

AL-Meezan Mutual F. 1375 6.80 8.04 8.28 7.91 8.16 0.12 138499 8.59 5.85 - - 18.5 -

Atlas Fund of Funds 525 1.69 4.10 4.20 4.10 4.18 0.08 6434 4.50 2.70 - - 2.2 -

B R R Guardian Mod. 780 3.86 1.69 1.88 1.51 1.70 0.01 70964 2.37 0.90 - - 0 -

Crescent St Modaraba 200 1.58 0.61 0.80 0.35 0.63 0.02 11704 1.10 0.16 - - 1.2 -

Elite Cap Modaraba 113 3.50 2.90 2.99 2.80 2.80 -0.10 3531 3.09 1.73 4.5 - 5 -

Equity Modaraba 524 10.88 1.70 1.75 1.74 1.74 0.04 501 2.37 0.86 - - - -

First Dawood Mutual F. 581 0.64 2.12 2.27 2.00 2.01 -0.11 75013 2.28 1.30 - - - -

Golden Arrow 760 2.31 3.20 3.24 3.15 3.23 0.03 10854 3.88 2.56 - - 17 -

H B L Modaraba 397 2.51 7.20 7.75 7.38 7.54 0.34 30002 7.75 5.11 5 - 11 -

Habib Modaraba 1008 5.74 6.70 6.76 6.50 6.66 -0.04 19805 6.90 5.80 20 - 21 -

I B L Modaraba XD 202 23.73 2.02 3.02 2.23 2.61 0.59 6102 3.69 1.06 - - 3 -

JS Growth Fund 3180 61.88 5.08 5.13 4.89 4.95 -0.13 161435 5.15 2.65 - - 5 -

JS Value Fund 1186 16.57 4.39 4.68 4.55 4.64 0.25 300707 4.73 2.31 10 - 10 -

KASB Modaraba 283 1.18 1.40 1.85 1.55 1.60 0.20 2219 2.23 1.05 - - 2.8 -

Meezan Balanced Fund 1200 7.13 7.23 7.50 7.05 7.42 0.19 24502 7.50 5.15 - - 15.5 -

Mod Al-Mali 184 13.40 1.25 1.35 1.34 1.34 0.09 1555 2.18 0.56 - - - -

Pak Modaraba 125 5.15 0.99 1.05 0.95 1.03 0.04 3357 1.40 0.30 - - 3 -

Pak Oman Advantage 1000 - 9.88 10.75 10.20 10.20 0.32 101 13.98 8.00 9.605 - 1.04 -

Paramount Modaraba 59 6.76 8.61 8.90 8.65 8.65 0.04 611 9.45 7.51 15 - 18 -

PICIC Energy Fund 1000 1.98 6.65 6.98 6.75 6.80 0.15 19960 7.18 4.50 - - 10 -

PICIC Growth Fund 2835 7.93 12.04 12.54 12.10 12.37 0.33 301686 12.60 7.90 - - 20 -

PICIC Inv Fund 2841 7.27 6.30 6.45 6.30 6.40 0.10 72998 6.50 3.50 - - 10 -

Prud Modaraba 1st 872 2.27 0.95 1.00 0.99 1.00 0.05 25101 1.15 0.76 - - 3 -

Trust Modaraba 298 3.56 1.78 1.85 1.85 1.85 0.07 430 4.40 1.15 - - 5 -

U D L Modaraba 264 1.70 5.79 6.00 5.99 5.99 0.20 101 6.99 4.71 10 - 12.5 -



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

FINANCIAL SERVICES

Performance of SR Financial Services Index


416.43 427.96 413.09 416.68 0.25 0.06


4,134,902 - - 30,336.44 mn 28,449.89 mn 420.21


10.17 0.28 0.91 99.56 3.19 405.26

AMZ Ventures 225 1.73 0.75 0.85 0.71 0.76 0.01 139138 0.95 0.42 - - - -

Arif Habib Investments 360 3.54 17.75 17.97 17.95 17.96 0.21 896 19.98 13.00 - - - 20B

Arif Habib Limited 450 13.44 26.23 26.75 26.11 26.35 0.12 32204 34.00 24.40 15 25B - 20B

Arif Habib Corp 3750 4.38 23.89 24.25 23.75 23.84 -0.05 696439 27.02 20.90 - - 30 -

Dawood Cap Mngt. XB 150 1.32 1.50 1.60 1.45 1.48 -0.02 130616 2.14 0.86 - - - -

Dawood Equities 250 - 2.05 2.33 1.98 2.00 -0.05 26659 2.69 1.51 - - - -

First National Equity 575 - 8.72 9.00 8.00 8.00 -0.72 1009 10.92 6.84 - - - -

IGI Investment Bank 2121 17.50 2.66 2.85 2.58 2.80 0.14 9533 2.90 1.17 - - - -

Invest and Fin Sec 600 714.00 7.23 7.14 6.85 7.14 -0.09 1219 9.00 6.16 - - 11.5 -

Invest Bank 2849 - 0.85 0.90 0.80 0.81 -0.04 108780 0.97 0.44 - - - -

Ist Cap Securities 3166 - 3.49 3.88 3.50 3.52 0.03 57287 4.80 2.54 - 10B - 10B

Ist Dawood Bank 626 0.66 1.93 1.99 1.85 1.85 -0.08 35003 2.84 1.32 - - - -

Jah Siddiq Co 7633 - 11.59 11.93 11.50 11.56 -0.03 2218602 14.05 8.80 -243.778B 10 -

JOV and CO 508 - 3.82 4.46 3.90 4.10 0.28 1051535 5.38 1.96 - - - -

JS Global Cap 500 7.53 28.48 29.50 28.00 28.00 -0.48 6121 39.40 24.25 150 - - -

JS Investment 1000 27.50 6.65 6.80 6.60 6.60 -0.05 124776 7.59 5.10 - - - -

KASB Securities 1000 - 4.31 4.75 4.41 4.41 0.10 10803 4.75 3.32 - - - -

Orix Leasing 821 5.00 6.85 6.85 6.33 6.80 -0.05 405 7.29 4.50 - - - -

Pervez Ahmed Sec 775 - 2.21 2.39 2.16 2.34 0.13 178542 2.70 1.35 -231.08R - -

Saudi Pak Leasing 452 - 0.65 0.90 0.67 0.80 0.15 1203 0.90 0.46 - - - -

Trust Inv Bank 586 3.13 1.99 2.00 2.00 2.00 0.01 500 2.98 1.24 - - - -



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

LIFE INSURANCE

Performance of SR Life Insurance Index


902.85 925.59 911.40 915.76 12.91 1.43


13,531 - - 2,290.72 mn 10,411.12 mn 934.66


10.67 3.84 3.85 355.53 3.57 902.85

EFU Life Assurance 850 42.69 76.00 77.48 74.10 75.14 -0.86 13530 86.95 57.15 5513.33B - -



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

BANKS

Performance of SR Banks Index


1,143.77 1,171.02 1,144.04 1,156.03 12.26 1.07


22,940,599 - - 257,548.02 mn 700,569.68 mn 1,156.03


8.31 1.16 13.94 40.49 4.87 1,131.50

Allied Bank Limited 7821 6.35 65.15 65.94 65.01 65.39 0.24 95468 65.94 50.00 40 10B 20 -Askari Bank 6427 8.39 17.11 17.75 17.15 17.61 0.50 1755756 17.75 14.23 - 20B - -Atlas Bank 5001 - 1.97 2.00 1.81 1.84 -0.13 86970 2.55 1.50 - - - -Bank Alfalah 13492 13.64 10.55 10.86 10.61 10.64 0.09 4954153 11.00 7.66 8 - - -Bank AL-Habib 7322 7.72 36.00 36.40 35.31 35.84 -0.16 918429 36.40 30.01 20 20B - -Bank Of Khyber 5004 5.67 4.19 4.54 4.20 4.25 0.06 19565 4.70 2.50 - - - -Bank Of Punjab 5288 - 9.89 10.20 9.86 9.92 0.03 759127 10.59 8.00 - - - -BankIslami Pak 5280 812.50 3.32 3.35 3.12 3.25 -0.07 54381 3.88 2.74 - - - -Faysal Bank XB 7309 4.81 14.82 15.25 14.81 14.90 0.08 756709 17.10 13.01 - - - 20BHabib Bank Ltd 10019 7.50 119.56 121.90 119.81 120.03 0.47 200868 121.99 92.55 60 10B - -Habib Metropolitan Bank 8732 8.12 26.03 26.85 26.00 26.54 0.51 409200 26.85 18.02 10 16B - -JS Bank Ltd 8150 - 2.55 2.64 2.55 2.56 0.01 54752 3.00 2.05 - - - 66RKASB Bank Ltd 9509 - 2.70 2.79 2.70 2.75 0.05 2609 2.90 2.16 - 26B - -MCB Bank Ltd 7602 9.99 221.01 226.80 222.01 225.31 4.30 1484481 226.80 182.61 110 10B 55 -Meezan Bank 6983 8.48 16.24 16.32 15.80 16.02 -0.22 18267 16.70 14.05 - 5B - -Mybank Ltd 5304 - 2.50 2.95 2.57 2.61 0.11 2061785 2.95 1.81 - - - -National Bank 13455 6.22 70.76 72.09 71.05 71.20 0.44 6576392 72.24 62.15 75 25B - -NIB Bank 40437 - 3.03 3.12 2.96 3.02 -0.01 470478 3.18 2.46 - - - -Royal Bank Ltd 17180 - 4.90 4.90 4.70 4.80 -0.10 40647 8.10 3.91 - - - -Samba Bank 14335 - 2.00 2.05 1.98 2.00 0.00 184834 2.65 1.51 - - -63.46RSilkbank Ltd 26716 - 2.74 2.90 2.78 2.79 0.05 1327443 3.08 2.50 - - - -Soneri Bank 6023 - 7.90 8.19 7.83 7.85 -0.05 101760 8.30 5.01 - - - -Stand Chart Bank 38716 12.31 8.18 8.30 7.85 8.00 -0.18 21321 8.80 6.00 - - - -Summit Bank Ltd 5000 - 3.71 3.90 3.52 3.76 0.05 148972 3.90 2.30 - - - -United Bank Ltd 12242 7.70 65.11 66.15 65.40 65.50 0.39 585202 67.39 49.90 25 10B 10 -



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

NON LIFE INSURANCE

Performance of SR Non Life Insurance Index


766.67 789.80 763.57 782.28 15.61 2.04


2,736,232 - - 11,111.34 mn 47,913.82 mn 782.28


12.68 0.66 5.20 79.54 6.27 758.34

Adamjee Insurance 1237 26.35 86.92 91.00 87.50 90.91 3.99 2259554 91.00 63.05 30 10B 10 -



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

GAS WATER AND MULTIUTILITIES

Performance of SR Gas Water and Multiutilities Index


1,485.36 1,531.28 1,489.41 1,506.34 20.97 1.41


563,244 - - 12,202.80 mn 32,288.42 mn 1,506.34


9.61 1.10 11.41 66.79 6.95 1,472.45

Sui North Gas XD 5491 8.09 27.20 27.70 27.10 27.19 -0.01 157358 34.75 26.60 - - 20 -Sui South Gas 8390 3.12 20.19 21.00 20.34 20.69 0.50 405886 30.70 19.95 - - 15 25B



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

ELECTRICITY

Performance of SR Electricity Index


1,273.62 1,307.25 1,265.12 1,278.69 5.07 0.40


4,069,955 - - 95,369.29 mn 104,145.68 mn 1,278.69


14.00 1.31 9.35 104.13 7.44 1,262.95

Genertech 198 - 0.99 1.09 0.91 0.98 -0.01 4610 1.45 0.60 - - - -Hub Power 11572 6.82 36.89 38.10 36.80 37.26 0.37 2775366 38.10 32.75 33.5 - 50 -Japan Power 1560 - 1.88 1.98 1.80 1.82 -0.06 33327 2.25 1.20 - - - -KESC 7932 - 2.83 2.95 2.75 2.80 -0.03 551711 3.29 1.94 - 31R - 7.8RKohinoor Energy 1695 10.94 19.65 19.69 19.02 19.69 0.04 502 26.50 17.95 45 - 15 -Kohinoor Power 126 2.78 4.75 5.39 4.50 4.56 -0.19 4552 6.10 4.01 - - - -Kot Addu Power 8803 4.92 40.80 41.00 40.41 40.47 -0.33 95612 42.68 38.35 64.5 - 50 -Nishat Chunian Power Ltd 3673 3.42 15.70 16.00 15.55 15.60 -0.10 99232 16.00 10.32 - - - -Nishat Power Ltd 3541 25.55 15.85 16.15 15.81 15.84 -0.01 329102 16.70 10.80 - - - -S G Power 178 - 1.01 1.00 0.98 1.00 -0.01 300 1.69 0.32 - - - -Sitara Energy Ltd 191 3.54 18.61 18.99 18.95 18.99 0.38 3000 23.49 17.98 20 - 20 -Southern Electric 1367 - 2.40 2.50 2.30 2.32 -0.08 168039 2.90 2.05 - - - -Tri-star Power XD 150 - 1.23 1.25 1.05 1.05 -0.18 4601 1.75 0.65 3 - - -



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

FIXED LINE TELECOMMUNICATION

Performance of SR Fixed Line Telecommunication Index


1,151.55 1,174.17 1,147.26 1,152.23 0.68 0.06


12,989,351 - - 50,077.79 mn 79,140.34 mn 1,155.20


6.21 0.80 12.84 62.56 10.07 1,146.40

Pak Datacom 78 4.94 80.00 80.00 79.50 80.00 0.00 336 117.99 76.50 70 - 80 -Pakistan Telecomm Co A 37740 12.84 19.25 19.52 19.20 19.26 0.01 2523120 20.12 18.15 15 - 17.5 -Telecard 3000 0.71 2.41 2.50 2.37 2.39 -0.02 161582 2.69 1.80 - - 1 -WorldCall Tele 8606 - 3.19 3.45 3.16 3.21 0.02 10304313 3.45 2.31 - - - -Wateen Telecom Ltd 6175 - 3.89 3.95 3.75 3.80 -0.09 276073 4.50 3.35 - - - -



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

Ask Gen Insurance 204 6.16 10.13 10.79 10.16 10.16 0.03 2245 12.75 9.75 - - - 25R

Atlas Insurance 369 6.06 37.36 38.49 37.21 38.10 0.74 220 38.69 27.37 40 10B - -

Central Insurance XB 279 6.82 60.01 61.40 60.01 60.01 0.00 1503 64.80 47.37 20 25B 10 10B

Century Insurance 457 6.91 11.25 11.50 11.00 11.05 -0.20 97616 12.00 9.42 - - - -

EFU General Insurance 1250 - 43.60 44.24 42.80 43.36 -0.24 27436 48.63 34.76 40 8.7B - -

Habib Insurance 400 3.21 13.05 13.50 13.00 13.47 0.42 11046 13.50 10.04 35 - - -

IGI Insurance 718 16.55 89.00 91.00 89.00 89.19 0.19 5293 93.45 68.27 35 - 10 20B

New Jub Insurance 791 15.97 59.46 59.80 56.52 59.26 -0.20 1821 60.90 52.25 30 20B - -

Pak Reinsurance 3000 41.92 16.10 16.50 16.15 16.35 0.25 284276 17.20 12.80 30 - - -

PICIC Ins Ltd 350 - 6.75 7.19 6.41 7.00 0.25 19164 8.30 1.66 - - - -

Premier Insurance 303 6.11 11.22 11.70 11.20 11.30 0.08 6801 11.70 8.00 20 15B - -

Reliance Insurance XB 252 4.05 6.60 6.85 6.60 6.60 0.00 1650 7.70 6.15 - - - -

Silver Star Insurance 253 4.35 6.98 7.05 6.97 7.00 0.02 16946 8.17 6.01 - 20B - -

United Insurance XB 400 2.04 6.03 6.25 6.22 6.22 0.19 632 7.20 4.49 - 16B - -

UPTO 100 VOLUME

SHTM 0.50 0.50 0.45 0.45 -0.05 100

BAWS 5.25 6.00 4.26 4.30 -0.95 80

PPP 45.78 46.00 44.82 45.50 -0.28 73

TSMF 1.22 1.95 1.31 1.70 0.48 62

GRYL 1.25 1.80 1.25 1.25 0.00 60

SALT 62.55 63.00 61.90 61.90 -0.65 60

TOWL 12.00 11.00 11.00 11.00 -1.00 60

FCONM 1.43 1.59 1.30 1.43 0.00 54

KSTM 0.70 0.84 0.70 0.79 0.09 52

IDYM 348.75 331.35 331.32 331.32 -17.43 46

GRAYS 51.38 52.00 51.98 52.00 0.62 28

PKGI 6.62 7.60 6.33 7.40 0.78 27

BIFO 53.50 53.49 51.00 52.20 -1.30 21

NATM 10.55 10.06 10.05 10.06 -0.49 20

AGSML 6.15 7.00 6.99 6.99 0.84 18

SCM 9.39 9.40 9.01 9.05 -0.34 16

HAL 12.36 12.78 12.77 12.77 0.41 15

ILTM 183.00 190.00 174.00 174.92 -8.08 13

UPFL 1050.00 1084.90 1015.00 1079.99 29.99 12

FPJM 1.31 1.70 1.68 1.68 0.37 11

FTSM 1.35 1.75 1.74 1.74 0.39 11

JVDC 58.90 60.25 59.99 59.99 1.09 11

FANM 3.00 3.49 3.40 3.40 0.40 10

ZAHT 2.98 3.48 3.48 3.48 0.50 10

SANSM 13.85 13.80 13.80 13.80 -0.05 10

THCCL 17.79 18.48 18.48 18.48 0.69 10

GATI 43.97 44.80 44.48 44.74 0.77 9

YOUW 1.41 1.84 1.41 1.70 0.29 8

MSOT 19.89 20.40 19.25 19.25 -0.64 8

DREL 639.99 669.00 669.00 669.00 29.01 8

FFLM 1.60 1.70 1.60 1.60 0.00 7

GUSM 6.16 6.85 5.80 6.40 0.24 6

RMPL 2149.64 2240.00 2060.10 2228.00 78.36 6

FRCL 2.07 2.45 2.30 2.30 0.23 6

SCLL 2.45 2.75 2.60 2.60 0.15 5

SIBL 3.02 3.25 3.25 3.25 0.23 5

SZTM 6.00 6.00 6.00 6.00 0.00 5

GAIL 4.25 4.98 4.15 4.15 -0.10 5

PCAL 54.09 56.40 55.40 55.40 1.31 5

WYETH 1099.81 1119.00 1045.00 1119.00 19.19 5

CWSM 1.25 1.35 1.20 1.20 -0.05 4

DATM 0.45 0.37 0.37 0.37 -0.08 4

RCML 34.00 34.00 34.00 34.00 0.00 3

FNBM 6.20 6.80 6.80 6.80 0.60 2

NMBL 1.64 1.59 1.59 1.59 -0.05 2

CSIL 4.02 4.95 3.90 3.90 -0.12 2

FZTM 405.00 413.00 405.00 405.00 0.00 2

JOPP 7.95 8.94 7.55 7.55 -0.40 2

MDTL 53.90 55.59 55.59 55.59 1.69 2

EMCO 2.76 2.99 2.99 2.99 0.23 2

GVGL 36.00 37.50 34.20 34.20 -1.80 2

PHDL 40.95 42.99 39.00 41.00 0.05 2

NBF 3.98 3.98 3.98 3.98 0.00 1

PGLC 11.00 11.00 11.00 11.00 0.00 1

FCIBL 3.02 3.70 3.70 3.70 0.68 1

NJLIC 45.10 46.50 46.50 46.50 1.40 1

BILF 1.40 1.94 1.93 1.93 0.53 1

BROT 0.50 0.60 0.59 0.59 0.09 1

DMTM 5.11 5.80 5.80 5.80 0.69 1

FZCM 68.50 69.25 69.25 69.25 0.75 1

GLAT 7.50 7.50 7.50 7.50 0.00 1

GUTM 23.16 24.30 24.30 24.30 1.14 1

HAJT 0.74 0.99 0.75 0.75 0.01 1

JDMT 14.00 14.79 14.75 14.75 0.75 1

KOSM 1.10 1.29 1.29 1.29 0.19 1

MQTM 8.30 9.24 9.24 9.24 0.94 1

NPSM 22.40 23.00 23.00 23.00 0.60 1

NAGC 16.70 16.70 16.70 16.70 0.00 1

OLSM 2.00 2.24 2.24 2.24 0.24 1

QUAT 13.05 13.50 13.50 13.50 0.45 1

TATM 34.85 33.11 33.11 33.11 -1.74 1

ARUJ 4.50 5.50 5.50 5.50 1.00 1

BHAT 261.00 274.05 272.00 272.00 11.00 1

ISTM 7.00 6.99 6.99 6.99 -0.01 1

JUBS 4.50 5.50 5.50 5.50 1.00 1

MEHT 56.00 58.00 57.99 57.99 1.99 1

MFTM 1.30 1.23 1.23 1.23 -0.07 1

FASM 33.50 34.90 34.90 34.90 1.40 1

QUET 40.03 41.00 41.00 41.00 0.97 1


FUTURE CONTRACTS

NML-DEC 59.91 62.40 60.10 62.17 2.26 1000000

FFBL-DEC 35.11 35.40 35.00 35.00 -0.11 529000

NBP-DEC 71.05 72.25 71.32 71.49 0.44 514500

POL-DEC 294.30 298.50 293.61 294.18 -0.12 453000

DGKC-DEC 31.13 31.50 31.00 31.05 -0.08 359500

AICL-DEC 87.27 91.40 87.40 91.12 3.85 293000

MCB-DEC 221.05 226.88 222.90 225.33 4.28 256500

PSO-DEC 287.12 294.80 288.60 293.74 6.62 233000

ENGRO-DEC 194.60 198.45 195.25 196.77 2.17 230000

PPL-DEC 218.34 220.70 216.40 217.10 -1.24 179000

ANL-DEC 10.21 10.30 10.03 10.06 -0.15 80000

LUCK-DEC 76.56 77.50 76.90 77.39 0.83 70500

HUBC-DEC 36.75 37.50 37.50 37.50 0.75 8500

FFC-DEC 118.33 120.99 118.02 118.89 0.56 8000

NCL-DEC 22.14 22.75 22.75 22.75 0.61 5000

BOP-DEC 9.90 10.10 10.00 10.10 0.20 4500

UBL-DEC 65.55 66.75 66.00 66.00 0.45 1000

OGDC-DEC 167.40 169.69 169.69 169.69 2.29 500


ZERO VOLUME

ADAMS 16.57 16.50 16.50 16.50 -0.07 0.00

AGICR 0.01 0.15 0.15 0.15 0.14 0.00

ALICO 19.85 19.75 19.75 19.75 -0.10 0.00

CSMD 6.50 6.48 6.48 6.48 -0.02 0.00

PRET 29.30 29.29 29.29 29.29 -0.01 0.00

PTEC 2.34 2.15 2.15 2.15 -0.19 0.00

REDT 0.90 0.89 0.89 0.89 -0.01 0.00

SHDT 13.97 13.92 13.92 13.92 -0.05 0.00


Al-Abbas Cement 52.75 3.05 2.70 3.85 4.35 3.50

Allied Bank Limited 81.87 64.95 64.50 65.90 66.40 65.45

Attock Cement 52.99 63.10 62.70 63.80 64.10 63.40

Arif Habib Corp 39.81 23.65 23.45 24.15 24.45 23.95

Arif Habib Limited 49.78 26.05 25.75 26.70 27.05 26.40

Adamjee Insurance 75.62 88.60 86.30 92.10 93.30 89.80

Askari Bank 71.87 17.25 16.90 17.85 18.10 17.50

Azgard Nine 39.05 9.85 9.70 10.25 10.50 10.10

Attock Petroleum 58.30 325.75 324.40 329.15 331.20 327.80

Attock Refinery 54.81 120.55 119.70 122.55 123.65 121.65

Bank Alfalah 64.64 10.55 10.45 10.80 10.95 10.70

BankIslami Pak 47.90 3.15 3.00 3.35 3.45 3.25

Bank.Of.Punjab 55.43 9.80 9.65 10.10 10.35 10.00

Dewan Cement 60.42 2.25 2.15 2.50 2.65 2.40

DGK Cement 60.55 30.70 30.40 31.40 31.80 31.10

Dewan Salman 67.04 3.10 3.00 3.40 3.60 3.30

Dost Steels Ltd 48.76 2.80 2.70 3.00 3.15 2.95

EFU General Insurance 43.68 42.70 42.05 44.15 44.90 43.45

EFU Life Assurance 41.29 73.65 72.20 77.05 78.95 75.55

Engro Chemical 74.41 194.85 193.65 197.50 199.00 196.30

Faysal Bank 51.71 14.75 14.55 15.15 15.45 15.00

Fauji Cement 58.56 5.15 5.10 5.30 5.35 5.20

Fauji Fert Bin 58.64 34.70 34.40 35.35 35.70 35.05

Fauji Fertilizer 72.01 117.05 116.35 118.95 120.20 118.25

Habib Bank Ltd 76.00 119.25 118.50 121.35 122.65 120.60

Hub Power 70.85 36.70 36.10 38.00 38.70 37.40

ICI Pakistan 72.34 139.45 137.10 143.40 144.95 141.05

Indus Motors 52.02 252.50 250.05 257.35 259.75 254.90

JOV and CO 54.69 3.85 3.60 4.40 4.70 4.15

Japan Power 54.84 1.75 1.70 1.95 2.05 1.85

JS Bank Ltd 44.65 2.55 2.50 2.65 2.70 2.60

Jah Siddiq Co 44.21 11.40 11.25 11.80 12.10 11.65

Kot Addu Power 58.30 40.25 40.05 40.85 41.20 40.65

KESC 64.12 2.70 2.65 2.90 3.05 2.85

Lotte Pakistan 67.95 13.10 12.95 13.45 13.60 13.30

Lucky Cement 60.03 76.65 75.90 77.85 78.30 77.10

MCB Bank Ltd 72.89 222.60 219.90 227.40 229.50 224.70

Maple Leaf Cement 51.62 2.90 2.80 3.15 3.30 3.05

National Bank 63.58 70.80 70.40 71.85 72.50 71.45

Nishat (Chunian) 52.26 22.20 21.95 22.75 23.05 22.50

Netsol Technologies 45.82 18.50 18.30 18.90 19.15 18.70

NIB Bank 56.69 2.95 2.85 3.10 3.20 3.05

Nimir Ind.Chemical 61.85 2.00 1.90 2.20 2.35 2.15

Nishat Mills 65.13 60.55 59.10 62.90 63.75 61.45

Oil & Gas Dev. XD 66.98 167.05 165.80 170.45 172.60 169.20

PACE (Pakistan) Ltd. 55.00 2.95 2.90 3.05 3.15 3.00

Pervez Ahmed Sec 57.53 2.20 2.05 2.45 2.55 2.30

PIAC (A) 59.45 2.30 2.25 2.55 2.65 2.45

Pioneer Cement 39.71 6.90 6.80 7.10 7.20 7.00

Pak Oilfields 72.41 290.90 288.45 297.40 301.45 294.95

Pak Petroleum 73.81 214.40 212.30 219.80 223.10 217.70

Pak Suzuki 35.00 68.45 67.95 69.25 69.55 68.75

PSO XD 65.69 288.85 285.05 295.15 297.65 291.35

PTCLA 48.85 19.15 19.00 19.45 19.65 19.35

Shell Pakistan 65.45 204.35 203.25 207.25 209.00 206.15

Sui North Gas 34.86 26.95 26.75 27.55 27.95 27.35

Sitara Peroxide 59.48 13.45 13.30 13.85 14.05 13.65

Sui South Gas 36.50 20.35 20.00 21.00 21.35 20.70

Telecard 53.70 2.35 2.30 2.45 2.55 2.40

TRG Pakistan 36.13 3.65 3.60 3.80 3.90 3.75

United Bank Ltd 73.06 65.20 64.95 65.95 66.45 65.70

WorldCall Tele 72.49 3.10 3.00 3.40 3.55 3.25

Company RSI 1st 2nd 1st 2nd Pivot

(14-day) Support Resistance

TECHNICAL LEVELS

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

Tuesday, December 21, 2010 8

TOKYO: Megumi Ohori, a member of Japanese pop group 'SDN48', holds the new smartphone 'IS03' by

Japan's number two telecom operator KDDI Corp. during its launch.-Reuters

CAIRO: Egyptian mobile oper-ator Orascom Telecom Holdinghas said that Algerian authori-ties has given its local unitDjezzy a final $230 million taxrequest for the years 2008 and2009.

The firm said in a statement ithad already paid taxes for thoseyears and would take legal stepsto challenge the "completelyunfounded" reassessment.

Djezzy, Orascom's singlebiggest revenue earner, has been

at the centre of a long-runningdispute with Algiers since it washit with over $600 million inprevious back-tax claims andpenalties last year.

Uncertainty over the fate ofthe unit, which Algeria has saidit wants to nationalise, has com-plicated a $6.6 billion deal tosell a majority stake in Orascomand other assets to Russianoperator Vimpelcom.

Orascom said in September ithad received preliminary notifi-

cation of the $230 millionreassessment, but that it was notfinal.

"Without prejudice to theirrights under the investmentagreement, applicable bilateralinvestment treaty and applicablelaws, OTH (Orascom TelecomHolding) and OTA (OrascomTelecom Algeria) intend to takeall necessary legal steps to chal-lenge this completely unfound-ed reassessment," Orascomsaid.-Reuters

Orascom gets final$230mn tax claim

DUBAI: Abu Dhabi's Etisalatstill wants to buy a 46-per centstake in Kuwaiti rival Zainfrom a consortium headed by amajor Zain shareholder,Etisalat said.

"The 46 per cent conditionaldeal is still on as agreed upon inthe initial proposal," an Etisalatspokesman said in a statement.

The Abu Dhabi-based telcostruck a $12 billion deal with agroup led by major shareholderKharafi Group to buy the Zainstake.

On Thursday, two sourcestold Reuters that Etisalat wasnow seeking to buy a 40-percent stake in the Kuwaiti telcoafter the consortium deal metopposition from other Zainshareholders.

There has been market spec-ulation that the consortium is

struggling to recruit enoughshareholders to reach the 46per cent threshold.

This has prompted talk thatEtisalat may buy directlyshares from other shareholdersor on the open market to reachthe desired 46 per cent.

A Kuwaiti court will thisweek rule on a lawsuit from aZain shareholder unhappy withEtisalat's bid. The shareholder -- Al Fawares Holding -- whichowns a 4.5 per cent stake inZain, took legal action to haltthe due diligence in theplanned sale.

In October, the Kuwaitbourse vetoed a bid bySecurities Group Co for about5 per cent in telecom groupZain, a move that was designedto protest against the Kharafi-led deal.-Reuters

Etisalat bent on46pc Zain stake

ISLAMABAD: China hasinvested $582 million duringthe last five years in telecomsector which is not only sourceof Foreign Direct Investment(FDI) but also an encouragingresponse to Pakistan telecomsector policies.

China MobileCommunications Corporation(CMCC), the world's largestmobile telephone operator hasinvested $300 million inPakistan in 2010 only, which isthe largest investment by anytelecom operator in the currentyear.

CMCC has invested $1.66billion so far in Pakistan andhas generated more than 1700direct and over 40,000 indirectjobs in Pakistan.

China Mobile, which hasmade the largest investmentamong all the Chinese invest-ments in Pakistan, is also theonly offshore company operat-

ing in Pakistan, which hasinvested more than $721 mil-lion in (FDI) so far in the cur-rent year.

According to officialsources, ZONG now standsthird in terms of the number ofbase stations, and the companyhas established more than 5000cell cites in Pakistan showingrapid growth.

ZONG is China Mobile'sfirst venture outside of Chinaand has attracted attention, notonly in the global cellulararena but also with the interna-tional finance experts andinvestment houses.

The company continues toinvest heavily in the construc-tion of GSM networks, supportsystems and transmission facil-ities, and for development ofnew technologies and busi-nesses and has maintained aleadership position in the tele-com industry.-APP

China teclosput $582mnin Pakistanduring 5yrs

ISLAMABAD: PakistanTelecommunication Authority(PTA) along with FederalInvestigation Agency

(FIA) has conducted a suc-cessful raid in Lahore andseized a functional illegal gate-way exchange.

According to details, PTAdetected illegal activity atBedian Road Lahore. Upon con-firmation, the place was raidedwith FIA and a huge live set upof illegal call termination hasbeen confiscated, said a pressrelease issued here Monday.

Further investigation is under-way. It is one of the biggest setups unearthed so far havingaround one hundred operationaland thousands SIMs being used

in the grey activity. It may be added that PTA has

established highly advancetechnical monitoring system toidentify such illegal activitiesthroughout Pakistan.

After identification of the ille-gal activity; PTA not onlyunearths the exact location ofthese networks but also launchescrack down with the help of FIAto safeguard national interest.

Chairman PTA, DrMohammed Yaseen appreciatedthe joint efforts of PTA and FIAteams and also warned all thoseinvolved in the illegal telecombusiness to stop their activities,otherwise PTA shall take strictaction against them as per thelaw.-APP

Biggest greytelephony setup hit

ISLAMABAD: Mobilink,Pakistan's largest cellularnetwork and part ofOrascom Telecom hadorganised the 4th IndigoInvitational GolfTournament-2010 at theKarsaz Golf Club, Karachi.

For the past three years,the 18-hole tournament hasconsistently attracted golf-ing enthusiasts from withinthe Mobilink-Indigo cus-tomers.

The basic goal of organis-ing the event is entertain-ment and fun while playinggolf, said a press releaseissued on Monday.

Mobilink's DirectorCustomer Care FareedBajwa said, "It is a greatpleasure to see the enthusi-asm displayed by the golfersin Karachi, at the IndigoGolf Tournament.

With your fervor and sup-port over the years, thisrecreational event hasturned into a popular sport-ing activity. By sponsoringhealthy events, Mobilinkaims to support excitingactivities, which promotesocial harmony and foster aparticipative spirit in thecommunity."

More than 100 partici-pants took part in the golf-ing tournament.

The increasing number ofparticipating golfers is sure-ly a positive trend. The sig-nificant performers werepresented high-valued giftsfrom Mobilink.

Valuable prizes weregiven to the successful play-ers in various categories.The Main Event win for"Best Player-Net" wasrewarded to Arif Usmaniwho scored 65, the "Runnerup-Net" was Abdullah witha score of 67 and the"Second "Runner up-Net"was Asim Hafeez whoscored 68.

The "Best Player-Gross"winner was Ayaz Peer whoscored 74, the "Runner up-Gross" was Ayaz Feroz whoscored 78 and the "SecondRunner up-Gross" wasWaqar Hassan who scored79.

Other subsidiary prizeswere also distributed for thefollowing categories;"Closest to PIN" was wonby Farooq Akhtar, LongestDrive was won by AyazTaufiq (300 yards), AyazPeer won the "Max Par"with 14 Par.

Nauman with a score of126 won the "Max Golf"reward and Naseem Baig hit3 Birdies to win the "MaxBirdies" prize.-APP

‘Indigoers’golf in Khi

Italy telcoex- brassspared

law suit ROME: Italy's largest tele-coms operator Telecom Italiasaid it decided not to takelegal action against formerexecutives over investiga-tions into alleged illegalactivity when they ran thecompany.

Telecom Italia's Sparkleunit has been involved in amoney laundering investiga-tion and the company wasalso caught up in a separateinvestigation involving con-troversial wire tapping prac-tices when the group washeaded by Marco TronchettiProvera.

The probes prompted specu-lation in recent months thatthe company could take actionagainst Tronchetti Provera,who has denied knowledge ofany potential illegal activityconducted by the company,while he headed it.

The company said account-ing firm Deloitte briefed itsboard after an internalreview, but did not disclosethe findings.

Italian media have said thereport showed TronchettiProvera -- who is now chiefexecutive of tyre companyPirelli --- and his executivesdid not exercise an adequatesystem of controls or man-agement.

Board member LuigiZingales "completely dis-agreed" with the decision notto press ahead with action,Telecom Italia said.

Italian prosecutors earlierthis year alleged executivesat Sparkle and number twoItalian broadband operatorFastweb knew of a more than2 billion euro ($2.65 billion)ring that laundered moneyvia fake sales and purchasesof phone services.

The espionage case goesback to 2006, when employ-ees at Telecom Italia and thenparent group Pirelli werearrested in a probe into anillegal spy ring suspected ofsnooping on Italy's elite byusing data from phonerecords.

Prosecutors said a groupled by the former securitychief at Telecom Italia,Giuliano Tavaroli, createdthousands of files from 1997to 2004 by illegally gatheringtelephone traffic data.

Tronchetti Provera hasdenied any knowledge of anyillegal activity conducted bythe company's security divi-sion.-Reuters

‘Huawei, anepitome ofSino-Pak

comradery’ISLAMABAD: HuaweiTechnologies China is providingtechnical assistance and solutionsthrough transfer of technology totelecommunication sector inPakistan, symbolising time-testedand deep-rooted Sino-Pak friendship.

"Huawei Technologies China isoperating in Pakistan since 2000by providing solutions to PTCL,Special CommunicationOrganisation (SCO), Ufone andthe cellular companies and isdirectly involved in the transfer oftechnologies in the telecom sec-tor", Advisor and DirectorHuawei telecom Pakistan, NasimUsmani told APP.

He said that the forthcomingvisit of Chinese Prime MinisterWen Jiabao would help furtherstrengthen the existing bilateralrelations in various fields of econ-omy and social sector.

Highlighting the contribution ofChina in the telecommunicationsector, Usmani said that HuaweiTelecom China has also establishedCenter for telecommunication inthe University of Engineering andTechnology (UET) Lahore at a costof Rs1 billion which has so far pro-duced 3500 excellent engineers inthe fields of electric, telecom andcivil sectors. "Ninety per cent ofthem are working abroad andcontributing to the national econ-omy," he remarked. He disclosedthat Huawei telecom is also plan-ning to establish a similar centerat COMSATS (Islamabad) at acost of Rs500 million.

Usmani added that HuaweiChina is also planning to intro-duce the latest 3G technology inthe telecommunication sector inPakistan which would be anothersymbol of technology transfer forthe benefit of the country.

He further said that HuaweiTelecom has established itsoffices across Pakistan providingemployment opportunities to25,000 people directly or indi-rectly. He added that there are1500 direct employees workingwith the Hauwei TelecomPakistan.-APP

NokiaSiemens

to sell stakein telecom JVBERLIN: Finnish groupNokia and Siemens ofGermany are in talks withinvestment fundBlackstone and The GoresGroup on a sale of at least30 per cent of NokiaSiemens Network, a pressreport said.

Siemens was not able tocomment immediately on thereport, which appeared in theGerman weekly ManagerMagazine.

Other groups that hadexpressed interest in buyinginto the jointly held telecom-munications infrastructurecompany have withdrawnfrom the bidding, the maga-zine added without identifyingits sources.

Nokia Siemens Network wasfounded in 2006 and reportedannual sales last year of morethan 12 billion euros (16 bil-lion dollars).

But it also posted a net lossof 1.64 billion euros, and itsparent groups expressed inter-est this year in finding a newinvestor.

The company employsaround 64,000 workers.-Agencies

Nov ChinaMobile'sChineseusers hit833.1mn

BEIJING: China Mobile,China's largest mobile carri-

er, said its total mobile sub-scribers in November roseto 579.6 million, including18.8 million 3G sub-scribers.

China Unicom , the coun-try's No. 2 mobile carrier,said its total mobile sub-scribers increased to 165.5million for the month, includ-ing about 12.8 million 3Gsubscribers.

China Telecom said itstotal mobile subscribersrose to 88 million inNovember.-Reuters

NEW DELHI: An exhibitor (R) from Laipac Technology Canada, demonstrates a 'Bracelet loca-

tor' with assisted GPS technology to a visitor (L) at the 'India Telecom 2010' exhibition.-Reuters

LONDON: Copper rosetowards record highs again onMonday as inflation expecta-tions, robust Chinese demandand supply kinks ahead attractedfund inflows.

Copper for three-monthsdelivery on the London MetalExchange finished at $9,201from a close of $9,070 a tonneon Friday.

The metal used in power andconstruction earlier neared arecord high of $9,267.50 a tonnehit last week.

"Major factors are the supplydemand situation and the desirefor hard assets as investors areconcerned about inflation," saidanalyst Robin Bhar of CreditAgricole.

Investors remained confidentChinese demand would remainstrong, despite recent concernsthat potential further monetarytightening in the world's top basemetals consumer could hit thecountry's demand.

News of supply troubles at aChilean port underlined themetal's fragile supply side pic-ture, adding background supportto prices, added Bhar.

"It is a supportive factor in analready tight market but I think itis unlikely that copper will seenew highs on the back of thisnews," Bhar said.

"They are already looking foralternative ports. It should nothave a major impact...During the

holiday the smelters should nothave a big capacity, anyway."

Chile's Collahuasi mine, theworld's No. 3 copper deposit, islooking for alternatives to exportcopper concentrate after its main

port was shut down following anaccident, the company said.

It has declared force majeureon copper concentrate sales afteran accident at a shiploader shutits key port terminal over theweekend. Traders also said thatcopper's move towards recordlevels earlier was part technical,with Shanghai copper's move toa 33-month high in Asia forcingshorts to cover.

Shorting occurs when traderssell a contract they do not ownon expectations of falling prices,but they can be forced to buythese contracts back at a premi-um if prices rise instead.

"Copper prices have discon-

nected a bit from the physicalmarket, which didn't followthrough from gains in Shanghaiovernight," said one Londonmetals trader.

Shanghai copper hit its highestsince March 2008 earlier.

Capping gains, there was somewariness in the market aboutdebt problems in the euro-zone.Indeed, the European CentralBank has expressed "seriousconcerns" that Ireland's bailoutpackage could affect the institu-tion's liquidity operations in theeuro-zone. Investors also kept aneye on tensions between the twoKoreas. The premium for cashlead climbed to the highest levelsince April 2009 against thethree-month contract, helping toattract material into warehouses.Lead stocks last rose 150 tonnesto 207,750 tonnes, near 10.5-year peaks.

Lead finished at $2,440 atonne, from $2,420. Aluminiumended at $2,378, from $2,335 atonne on Friday and zinc was at$2,289 a tonne from $2,274. Tinclosed at $26,190 a tonne from$26,050. Nickel was at $24,550a tonne, nearing two-monthhighs, from $25,000. -Reuters

Copper gains on supply,inflation worries


POLYPROPYLENE(PP) LINEAR LOW (LL)

Cash & Settlement 1310 1250

December (3rd Wednesday) 1320 1260

January (3rd Wednesday) 1320 1260

LONDON METAL EXCHANGE (PLASTIC)

LME Official Prices, US$ per tonne for December 17 2010

LME Official Prices, US$ per tonne for December 17 2010

ALUMINIUM ALUMINIUM COPPER LEAD NICKEL TIN ZINC NASAAC

ALLOY

Cash buyer 2220 2306 9101 2378 24690 26200 2239.5 2240

Cash seller 2230 2306.5 9101.5 2378.5 24695 26225 2240.5 2245

3-months buyer 2180 2323 9072 2377 24675 26200 2257 2260

3-months seller 2190 2324 9072.5 2377.5 24700 26250 2258 2265

15-months buyer 2135 2372 8765 2328 24200 25750 2283 2290

15-months seller 2145 2377 8775 2333 24300 25800 2288 2300

27-months buyer 2135 2408 8330 2383 23525 2253 2340

27-months seller 2145 2413 8340 2388 23625 2258 2350

LONDON METAL EXCHANGE (METALS)

LONDON: Oil fell onMonday ahead of a Januaryfutures contract expiry and dueto a stronger dollar, after fail-ing to capitalise on supportfrom freezing temperatures inthe United States and Europeand a pipeline attack inNigeria.

US crude for January deliv-ery fell 60 cents to $87.42 abarrel by 1531GMT erasingprevious gains ofas much as 70cents. TheJanuary contractexpires at the endof trading onMonday. ICEBrent for February fell 45 centsto $91.21.

"We expect the oil market tocontinue with its sideways drifttowards year-end, albeit withsome weakness likely toemerge in January," said JamesZhang from Standard Bank.

"We continue to view theEuropean debt crisis with cau-tion, while a potential policyresponse to rising inflation inChina could also trigger a neg-ative reaction," he said.

"The global risks for the hol-idays are not small. TheKoreans keep on provokingeach other, there is still a risk

of further tightening measuresfrom China and Europeremains full of surprise with itsperipheries and their bondyields," said Olivier Jakobfrom Petromatrix.

The oil price fell despite anumber of supporting factors,including freezing tempera-tures in Europe and the UnitedStates.

The US Northeast, theworld's top heating oil market,was expected to be colder thanusual from Dec. 24 to 28,according to weather datareleased on Friday.

In Europe, Arctic conditionswere expected to continue inthe north this week, potentiallyprolonging travelling disrup-tions Gas demand acrossBritain was expected to hit arecord on Monday, causingNational Grid to issue its firstgas balancing alert this winter

US heating oil demand isforecast at 4.6 per cent abovenormal for the week ending

Dec. 25. It was 19.6 per centabove normal last week, saidthe National Weather Service.

However, both gas oil andheating oil futures underper-formed crude on Monday.

Analysts at Credit Agricolenoted that heating oil burninghas rose sharply in Germanywith the latest data indicatingthat German consumer stocks

have fallen to61 per cent ofcapacity inNovember, ar e l a t i v e l ysharp drop byhistorical stan-dards.

"Cold weath-er and growing violence inNigeria provide an additionallayer of support," analysts atBarclays Capital said in a note.

US energy firm Chevron saidon Monday it had suspendedproduction from an oil pipelinein Nigeria's Delta statealthough Shell said it hasended a one-month forcemajeure in Nigeria

A monthly Reuters oil pricepoll showed on Monday ajump in estimates for 2011,when analysts expect oil toaverage $86, almost $3 upfrom last month's poll. -Reuters

Crude oil falls despitefreeze, Nigeria as $ rallies

Raw sugar hits

30-yr peak,

cocoa firmLONDON: ICE raw sugarfutures rallied to a fresh 30-year high on fund buying onMonday, while cocoa nudgedup towards a four-month peakon worries over risks to sup-plies from Ivory Coast after adisputed election.

Arabica coffee futures dipped,and were underpinned by tightsupplies of high-quality beans.

In the sugar market, dealersnoted that persistent rainfall inAustralia and a modest exportflow from India, the world's sec-ond-largest producer after Brazil,supported prices, and that fundbuying pushed ICE raw sugar toa new 30-year high.

ICE March raw sugar was up0.31 cent or 1 per cent at 32.81cents a lb at 1523 GMT, havingearlier touched a 30-year highof 33.50 cents a lb.

Liffe March white sugarfutures were up $8.20 or 1 percent to $798.90 per tonne inmodest volume of 2,180 lots.

Cocoa futures pricesstrengthened, edging back uptoward the four-month high hitearlier this month, as the threatof disruption to supplies fromtop producer Ivory Coast keptthe market on tenterhooks.

Second-month cocoa futureson ICE were up $22 or 0.7 percent to $2,993 per tonne at1524 GMT, edging towards thefour-month peak of $3,140touched on December 7.

London second-month cocoawas up 1 pound or 0.05 per centto 1,997 pounds per tonne inslim volume of 554 lots.

Arabica coffee prices tradedjust shy of the 13-1/2 year highhit on Friday, as wet weather hasdampened the outlook for keyproducer Colombia's cropprospects. ICE March arabicaseased 1.50 cent or 0.7 per cent at$2.2380 per lb at 1526 GMT,while Liffe March robusta coffeefutures were down $7 or 0.4 percent to $1,979 a tonne in slimturnover of 3,686 lots. -Reuters

National Commodity Exchange Ltd Trading SummaryDate Commodity Contract Price Open High Low Close Traded Volume Previous Current Open Interest

Date Quotation in lots Settlement Settlement in Lots

Price Price

20-Dec-2010 CRUDE100 JA11 US$ Per Barrel 87.38 88.52 87.19 88.51 123 88.18 88.51 12

20-Dec-2010 CRUDE100 FE11 US$ Per Barrel 88.10 89.15 87.81 89.11 235 88.71 89.11 113

20-Dec-2010 CRUDE100 MA11 US$ Per Barrel 89.00 89.91 89.00 89.91 1 89.55 89.91 1

20-Dec-2010 SILVER - SL500 JA11 US$ Per Troy Ounce 28.80 29.38 28.69 29.25 211 29.37 29.25 13

20-Dec-2010 SILVER - SL500 MA11 US$ Per Troy Ounce 28.77 29.38 28.77 29.26 96 29.38 29.26 36

20-Dec-2010 GOLD 01oz JA11 US$ Per Troy Ounce 1370.20 1388.20 1365.70 1384.00 865 1384.40 1384.00 432

20-Dec-2010 GOLD 01oz FE11 US$ Per Troy Ounce 1370.30 1388.30 1365.10 1384.50 1,830 1384.80 1384.50 1,411

20-Dec-2010 GOLD 01oz MA11 US$ Per Troy Ounce 1371.90 1389.60 1366.60 1385.50 1,965 1385.90 1385.50 1,462

20-Dec-2010 GOLD 100oz JA11 US$ Per Troy Ounce 1369.90 1384.00 1369.90 1384.00 - 1384.40 1384.00 -

20-Dec-2010 GOLD 100oz FE11 US$ Per Troy Ounce 1373.60 1388.00 1368.00 1384.50 13 1384.80 1384.50 7

20-Dec-2010 GOLD 100oz MA11 US$ Per Troy Ounce 1371.40 1384.50 1371.40 1384.50 - 1385.90 1385.50 -

20-Dec-2010 GOLD JA11 Per 10 grms 37830.00 38300.00 37690.00 38239.00 23 38214.00 38239.00 35

20-Dec-2010 GOLD FE11 Per 10 grms 37838.00 38249.00 37838.00 38249.00 - 38224.00 38249.00 -

20-Dec-2010 GOLD MA11 Per 10 grms 37855.00 38265.00 37855.00 38265.00 - 38240.00 38265.00 -

20-Dec-2010 KILOGOLD JA11 Per 10 grms 37835.00 38212.00 37801.00 38212.00 2 38187.00 38212.00 -

20-Dec-2010 KILOGOLD FE11 Per 10 grms 37811.00 38221.00 37811.00 38221.00 - 38196.00 38221.00 -

20-Dec-2010 TOLAGOLD50 JA11 Per Tola 44081.00 44569.00 44081.00 44569.00 - 44540.00 44569.00 -

20-Dec-2010 TOLAGOLD100 JA11 Per Tola 44081.00 44569.00 44081.00 44569.00 - 44540.00 44569.00 -

20-Dec-2010 MINIGOLD MON Per 10 grms 38854.00 39326.00 38854.00 39326.00 - 39297.00 39326.00 -

20-Dec-2010 MINIGOLD TUE Per 10 grms 38893.00 39270.00 38893.00 39270.00 - 39245.00 39270.00 -

20-Dec-2010 MINIGOLD WED Per 10 grms 38906.00 39284.00 38906.00 39284.00 - 39258.00 39284.00 -

20-Dec-2010 MINIGOLD THU Per 10 grms 38919.00 39298.00 38919.00 39298.00 - 39271.00 39298.00 -

20-Dec-2010 MINIGOLD FRI Per 10 grms 38932.00 39312.00 38932.00 39312.00 - 39284.00 39312.00 -

20-Dec-2010 TOLAGOLD MON Per Tola 44653.00 45203.00 44653.00 45203.00 - 45169.00 45203.00 -

20-Dec-2010 TOLAGOLD TUE Per Tola 44782.00 45138.00 44698.00 45138.00 13 45109.00 45138.00 43

20-Dec-2010 TOLAGOLD WED Per Tola 45038.00 45154.00 44713.00 45154.00 1 45124.00 45154.00 25

20-Dec-2010 TOLAGOLD THU Per Tola 44728.00 45171.00 44728.00 45171.00 - 45139.00 45171.00 6

20-Dec-2010 TOLAGOLD FRI Per Tola 44699.00 45187.00 44699.00 45187.00 1 45154.00 45187.00 1

20-Dec-2010 IRRI6W 16DE10 Per 100 kg 2402.00 2402.00 3319.00 3319.00 - 3326.00 3319.00 -

20-Dec-2010 RICEIRRI - 6 JA11 Per 100 kg 3365.00 3365.00 3349.00 3349.00 - 3365.00 3349.00 -

20-Dec-2010 RBD PALMOLEIN JA11 Per Maund 4984.00 4984.00 4940.00 4940.00 - 4984.00 4940.00 -

20-Dec-2010 KIBOR3M 10-Dec Per Rs. 100 86.45 86.53 86.45 86.53 - 86.45 86.53 -

20-Dec-2010 KIBOR3M 11-Mar Per Rs. 100 85.50 86.11 85.50 86.11 - 86.08 86.11 -

Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day

ZHEJIANG - CHINA: A vendor arranges cauliflowers at a vegetable wholesale market on the

outskirts of Jiaxing, Zhejiang province. -Reuters

LONDON: Gold rose for a sec-ond day on Monday, overcomingthe weakness in the euro after awarning from the EuropeanCentral Bank on the region'sfinances encouraged light safe-haven flows into the metal.

Tensions on the Korean penin-sula also fed the safe-haven bidfor gold after an artillery firingdrill by the South Korean mili-tary on a disputed island near theborder with the North.

Spot gold was last up 0.9 percent at $1,383.50 an ounce by1447 GMT, having touched anintraday high of $1,388.05 earli-er. US gold futures for Februaryrose $4.90 an ounce to $1,384.10an ounce.

"It looks to have caught a bit ofa safe haven bid," said Citigroupanalyst David Thurtell. "But it'svery quiet. Gold has traded avery small range since an hourafter the Asian open."

He said he expected the metalto remain in a relatively narrowrange into year-end. "Most fundshave stopped for the year andwon't come back until the NewYear," he said.

Gold, which has risen by over25 per cent so far this year, is ontrack for a fourth successivemonth of gains.

Lending additional strength tothe rise in the gold price thismonth has been an increase inthe inflows into bullion-backedexchange-traded funds and anexpansion in open interest in USfutures.

Holdings of gold in the world'slargest gold-backed ETF, theSPDR Gold Trust, rose for thefirst time since early December,to 1,298.94 tonnes, reflectinginvestor demand for bullion.

UBS precious metals strategistEdel Tully said global ETF hold-ings are now at a record 69.2million ounces and pointed to apick-up in European coindemand late last week.

Silver rallied for a third day,keeping its ratio to gold peggedat multi-year lows. The spotprice was last up 0.5 per cent at$29.25 an ounce, having risen bynearly 75 per cent this year to itshighest since early 1980.

iShares Silver Trust, theworld's largest silver-backedETF, said its holdings fell to10,903.34 tonnes by Dec 17from a record 10,964.14 tonneson Dec 14.

Platinum was last up 0.4 percent at $1,702.99 an ounce,while palladium was up 1 percent at $744.22. -Reuters

Gold rises as concernsover EU, Korea linger

Europeanvegetable oil

pricesROTTERDAM: The follow-ing were the Monday'sRotterdam vegetable oil price'sat 22:00 PST.

SOYOIL: EU degummedeuro tonne fob exmillJan11/Apr11 1005.00,May11/Jul11 1007.00+2.00.

RAPEOIL: Dutch/EU eurotonne fob exmill Feb11/Apr111060.00+15.00, May11/Jul111050.00+15.00, Aug11/Oct11975.00+10.00, Nov11/Jan12980.00+10.00.

SUNOIL: EU dlrs tonneextank six ports option Jan111450.00+0.00, Feb11/Mar111440.00+0.00, Apr11/Jun111410.00+0.00, Jul11/Sep111420.00+0.00, Oct11/Dec111360.00.

LINOIL: Any origin dlrstonne extank RotterdamDec11/Jan12 1357.50-2.50.

CRUDE PALM OIL:Sumatra/Malaysia slrs optiondlrs tonne cif R'dam Jan111210.00+5.00, Feb11/Mar111195.00+2.50, Apr11/Jun111172.50+7.50.

PALM OLEIN: RBD dlrstonne fob Malaysia Feb111182.50+2.50, Mar111182.50+2.50, Apr11/Jun111152.50+5.00, Jul11/Sep111135.00+12.50.

COCONUT OIL: Phil/Indondlrs tonne cif RotterdamJan11/Feb11 1705.00-5.00,Feb11/Mar11 1705.00-5.00,Mar11/Apr11 1705.00-5.00.

CASTOROIL: Any origindlrs tonne extank RotterdamFeb11/Mar11 1925.00+0.00. -Reuters

SINGAPORE: The mostactive rubber contract on theTokyo Commodity Exchangestruck record on Monday as oilfirmed and supply disruptionsblamed on heavy rains in pro-ducing countries spurred buy-ing from speculators.

TOCOM's May rubber con-tract settled 10.2 yen a kg high-er at 408.8 yen, within sight ofa lifetime high of 410.3 yen hitin early trade on Monday. Therelative strength index was ataround 76.

Physical prices trackedTokyo futures higher, with thebenchmark Thai RSS3 graderising more than 3 per centfrom Friday's offer prices.

"TOCOM may undergo a

short-term correction becauseit's already overbought. But iffunds want to bring the markethigher again, then we will seeit rise," said a dealer inThailand's southern city of HatYai.

"The market is already atrecord high, so it's difficult topredict."

Sixth month Tokyo rubber isexpected to climb to 450 yenper kg over the next threemonths, based on its wave pat-tern, according to Wang Tao, aReuters market analyst forcommodities and energy tech-nicals.

The most active MayShanghai rubber futures endedat 37,320 yuan a tonne, up

from Friday's close of 36,145yuan. It had risen as high as37,855 yuan, its strongest sinceNov. 11, on gains in other com-modities, including oil andbase metals.

Shanghai copper hit a recordhigh on Monday, on expecta-tions that prices will rise fur-ther in coming months oninflation worries and beliefthat tighter China monetarypolicy won't dent demand nextyear.

Rubber inventories in ware-houses monitored by theShanghai Futures Exchangerose 8.5 per cent to 61,207tonnes from a week earlier, theexchange said on Friday. -Reuters

Tokyo rubber strikes record;Shanghai at 6-week high

KUALA LUMPUR:Malaysian crude palm oilfutures rose 0.4 per cent onMonday as traders bet year-endstocks may reach the lowest infour years despite cargo sur-veyors showing a slowdown inexports.

Traders estimated stocks inDecember could fall by 8.5 percent to 1.5 million tonnes froma month ago, making it thelowest year-end level since2006 as heavy rains stall har-vesting and lower yield quality.

"Lower exports may givesome pressure but traders aretalking about end-year stocksstaying really tight for Januaryand maybe in February," said a

trader with a foreign broker-age.

Benchmark March 2011crude palm oil futures on theBursa Malaysia Derivativessettled up 0.4 per cent to 3,518ringgit ($1,123).

Traded volumes stood at18,308 lots of 25 tonnes each,compared to about 10,000 lotsusually traded.

Other traders expect the mar-ket to move into losses in thecoming days as cargo surveyorIntertek Testing Servicesreported a 26.3 per cent drop inDecember 1-20 Malaysianexports from a month ago.

Aother surveyor SocieteGenerale de Surveillance said

exports for the same periodtumbled 27.3 per cent.

"The doom and gloom is notso bad. Stocks will still be tightbut production could stage afaster recovery than expected,if the floods stay away," said aplantation official in Malaysia.

Other vegetable oils rose,partly supported by weatherconcerns in the US andAustralia hitting the broaderagriculture market complex.

US Soyoil for January 2011delivery edged higher in Asiantrade hours and the most activeSept. 11 soyoil on China'sDalian Commodity Exchangeinched up 0.1 per cent. -Reuters

Palm oil edges up onlow supply outlook

Indian sugarrises to 8-½month high

MUMBAI: India's spot sugarprice rose nearly 1 per cent onMonday to its highest level inover 8-½ months on Monday asmillers were insisting on higherprices after governmentannounced exports of 500,000tonnes, dealers said.

"Since last week millers arequoting higher prices. Tradersfrom Rajasthan and WestBengal are buying at higherlevels," said Ashok Jain, presi-dent, Bombay Sugar MerchantsAssociation (BSMA).

The country will allow unre-stricted exports of 500,000tonnes of sugar, the farm ministersaid on Dec. 15, helping globalprices ease as the market expectsmore overseas sales as the coun-try swings back to a surplus. InKolhapur, a key market in top-producing Maharashtra state, themost traded S-variety rose by 0.4per cent to 2,904 rupees ($63.8)per 100 kg, the highest levelsince April 1.

New York raw sugar rose to a30-year high of 33.50 cents a lbin early trading on Monday,underpinned by wet weather inAustralia and limited exportsfrom key producer India. -Reuters

Shanghai copper climbs

Shanghai's benchmark third-

month copper it a 33-month

high of 69,700 yuan a tonne,

before retreating to close at

68,640 yuan, up 0.3 per cent

from the previous close.

Stocks, commodities down as dollar rises on euro woes


Man resembling Tendulkar and fans ofSachin celebrate in Ahmedabad

Sania ends2010 on ahigh note

BANGALORE: For SaniaMirza, 2010 was more a test ofnerves than serves. On a coldSaturday evening in Dubai, the24-year-old Indian showed shehad put the uncertainty of formand fitness behind her by blaz-ing to her first title in 17months.

Sania, down to 164 in theworld rankings, beat SerbianBojana Jovanovski, ranked81st, 4-6, 6-3, 6-0 in the finalof the $75,000 13th Al HabtoorTennis Challenge.

"It feels great to finish theyear on a high after a difficultfirst six months when my wristinjury kept me wondering if Iwould ever get back to playingprofessionally again," Saniatold TOI. "I had lost twice toBojana this season, but I washappy to turn the tables on herthis time. It feels good to beata player who has had her bestyear on the Tour this season."

Sania, who had earlier beat-en top-seeded Julia Goerges,ranked 40 in the world, in thequarterfinals, resides in Dubaiwith her cricketer husbandShoaib Malik. In the final set,the Indian dropped just sevenpoints, flashing her ferociousforehand at will. The win givesSania 110 ranking pointswhich should help her climbsome 25 slots when the rank-ing list comes out on Monday.

Sania, who lost the first sixmonths of the year to a wristinjury that threatened to halther career, was lucky to makethe main draw. "The win isgood for my confidence,"Sania added, "especially com-ing as it has after theCommonwealth Games andthe Asian Games where I fig-ured among the medals."-Agencies

PESHAWAR: Much awaitedand postponed twice, the 31National Games are all set toget underway on December25 at different venues allacross the province includingIslamabad.

"Final touches have beengiven to the overall prepara-tion for the smooth andpeaceful conduct of the forth-coming National Games inorder to hold the mega eventin a befitting manner andmake it a huge success," saidSyed Aqil Shah, ProvincialMinister for Sports here in apress briefing at QayyumSports Complex.

The games will kick off onDecember 25 and will con-tinue till the last day of theyear- 2010 (December 31).More than 7,000 players bothmale and female from allover the country will partici-pate in the games.

National games will feature28 sports, including 7 women

events, with majority ofevents taking place at differ-ent cities of KhyberPakhtunkhwa. "RifleShooting, Taekwando,Wushu, Handball, Footballand swimming events willtake place at Islamabad,"said the minister who alsoholds the portfolio ofPresident KhyberPakhtunkhwa OlympicAssociation.

The Hockey event will beplayed at Abbottabad whileBaseball is scheduled to beplayed at Mardan. TheRowing competition willtake place at Khanpur Lake,Haripur.

The slogan of the NationalGames is Play for Peace. "Byholding the event we want togive the message of peace toentire world. The securitysituation in the city is far bet-ter and we hope the eventwill be a success," Aqil Shahsaid.-APP

Play for Peace

31st Nat’l Gamesall set to impress

MELBOURNE: Australiahave their tails up after beat-ing England by 267 runs inPerth to get their Ashes cam-paign on track, but have plen-ty to ponder amid praise froma grateful nation as they pre-pare for the fourth test.

The third test victory,sparked by a stunning returnto form by enigmatic pacebowler Mitchell Johnson,squared the five-test series 1-1on Ricky Ponting's 36th birth-day and left the Australiancaptain claiming the momen-tum was firmly with the hosts.

"Momentum and confidenceis a great thing in sport,"Ponting said.

"We've got the tide goingback in our direction now andmore importantly we've gotsome of our key players, likethis bloke beside me(Johnson), probably on top ofthe world and with as muchconfidence as they've had intheir careers."

The selection of a four-

pronged pace attack for Perthwas exonerated when Johnsonteamed with fellow quicksRyan Harris, Ben Hilfenhausand Peter Siddle to dismissEngland for 187 and 123.

Having been punished byEngland's batsmen at onestage or another in theBrisbane and Adelaide testswhen bowling with spinnerXavier Doherty, the fourclearly enjoyed themselves atthe WACA, where the pitchprovided spark as changeablebreezes helped the ball swing.

"The big thing that I was justreally happy about was theway we bowled as a team,"said Johnson, who wasdropped after Brisbane follow-ing a wicketless performancein which he leaked 170 runs.

"The four fast bowlers, westuck together and workedreally hard. We were reallypatient."

LEAKY TAPPatience may be required in

far greater reserves at the

cauldron-like MelbourneCricket Ground, where offi-cials are talking up the possi-bility of a record Ashes crowdof over 90,000 for the first dayon December 26.

Wickets trickled like a leakytap on Perth's sometimes mis-chievous wicket, but theMCG's tracks tend to be farmore lifeless and Australia'slack of a quality spinner couldprove telling should the pitchwear late in the test.

The untried spinner MichaelBeer was left out for Perth butwas named again inAustralia's 12-man squad forMelbourne.

"As for every game, we needto pick our best four bowlersfor the conditions," saidPonting.

"Beer wasn't picked to bowlhere (Perth), he was picked asour best spinner."

"Whether he plays or notwill depend on what the wick-et looks like a couple of daysbefore the game."-Reuters

Oz ready for 4th test amid festivities

AUCKLAND: Pakistancoach Waqar Younis is confi-dent that his team can carryforward their impressive per-formance against South Africainto their forthcoming tour ofNew Zealand.

Pakistan got their cricketback on track after a disas-trous tour of England withrespectable results againstSouth Africa in the UnitedArab Emirates in November.

They drew both Test match-es, and managed a close five-match ODI series before even-tually losing it 3-2.

"South Africa's probably oneof the best teams at the

moment, so it was a moralebooster after all that we wentthrough," Stuff.co.nz quotedWaqar, as saying.

"We've played some decentcricket in the one-dayers aswell as in the Test matches.We never got into a position ofwinning any Test matches, butwe showed some guts andmade sure we managed somedraws."

"This is an opportunity forus also, but we don't reallywant to forget that NewZealand in their own country,they are a very fine side.We've got to make sure we dothe basics right and try to win

the maximum we can," headded.

New Zealand, on the otherhand, has issues of anothernature following their 11 one-day losses on the trot.

The Daniel Vettori-led team,which was thrashed 0-5 in aone-day series against India,has equalled their secondworst one-day run of 11straight defeats.

They were earlier beaten 0-4in a five-match ODI series byBangladesh in October.

The Black Caps' last wincame in the first match of a SriLanka tri-series, against India,on August 10.-Online

SA series success termedmorale booster by Waqar

MUMBAI: The much-awaitedIndian Premier League players'auction will be held atBangalore on January 8 and 9and will see over 400 playersgoing under the hammer, it waslearnt on Monday.

"The auction is to be held inBangalore and a total of 416players would go under theauctioner's hammer," IPLsources said.

Under the IPL PlayerRegulations, each of the found-ing franchises could retain upto four players (of which onlythree could be Indian) inadvance of the player auction -against fixed deductions fromthe $9 million salary cap.

Only Chennai Super Kings,the 2010 champions, and run-ners-up Mumbai Indians haveretained the full compliment ofplayers.

CSK have retained captainMahendra Singh Dhoni,Suresh Raina, Murali Vijay andSouth African all-rounderAlbie Morkel.

MI held on to batting legendSachin Tendulkar, HarbhajanSingh, Sri Lanka's sling-armpacer Lasith Malinga and WestIndian powerhouse KieronPollard.

By retaining four players, MIand CSK are each left withonly $4.5 million to spendeither in the auction or in buy-

ing Ranji players outside theauction.

Delhi Daredevils retainedswashbuckling openerVirender Sehwag, Virat Kohliwas retained by RoyalChallengers Bangalore andRajasthan Royals decided tokeep their two AustralianstarsShane Warne and ShaneWatson.

Rajasthan Royals will have$5.9 million available to spendwhile Delhi Daredevils andRoyal Challengers Bangalorewill each have a balance of$7.2 million available. Theremaining franchises have thefull $9 million available tospend.-Agencies

IPL players, auctionstarts next month

KARACHI: Pakistan's formerTest players showered lot ofpraise on Indian batting iconSachin Tendulkar for becomingthe first man to score 50 Testhundreds.

"Tendulkar can now rightlylay claim to the title of being thegreatest batsman in cricket histo-ry," said former captain RashidLatif.

"And if some people argueabout his greatness then thereare certainly no arguments abouthis being the most prolific, he isa complete run machine and his50th Test hundred is a testimonyof his endurance and passion forthe sport," Rashid added.

Another former captain JavedMiandad, who played in the Testmatch at Karachi in 1989 inwhich Tendulkar made hisdebut, said he was happy forTendulkar.

"It was clear to us even whenhe walked out to bat in that Testas a teenager that he had talent.The fact that he has beenaround for 21 years and donejustice to that god gifted talentin both forms of the game is anachievement any cricketerwould be proud off," Miandadwho played 124 Tests, said.

Miandad also said he didn'tsee Tendulkar's record of 50 Testhundreds being broken by any-one in the future.

"It would be very difficult foranyone to reach this pinnacle ofTest cricket."Pakistan's HanifMuhammad who would turn 76tomorrow paid the tribute to theveteran batsman, saying that hemake it a point to watch cricketwhen Tendulkar was batting inTest matches.

"I try to watch the matches inwhich he is playing because I

have not seen anyone gifted withsuch natural technical battingexcellence, which he has com-bined with his hardwork and

commitment. He is indeed aphenomena and a role model forevery young batsman," Hanifsaid.

Former Pakistani wicketkeep-er and captain Moin Khan saidhe had played a lot againstTendulkar and he admired his

competitiveness and hunger forruns.

"He was always competitivebut also polite on the field and

I think he is the role model foryoung cricketers. He also high-lights the fact that as long as aplayer has passion for cricketand confidence in his skills andis fit, age is never a barrier ininternational cricket," Moinsaid.

Former Pakistan batsman andselector Shoaib Muhammad,who played in Tendulkar'sdebut Test, said the championbatsman had achieved phenom-enal success because he reallyworked hard on his batting andfitness and was someone whohad the ability to score any-where in the world.

Shoaib described Tendulkar asthe most complete batsman ofhis time, and arguably thebiggest cricket icon as well.

"I have watched him play allthese years closely and his bat-ting is still so pure based on per-

fect balance and little movementand precision in strokes," Shoaibsaid.

"I think there is a lesson inthis new world record for everybatsman about how important itis to maintain consistency inyour game even after so manyyears in international cricket,"he said. Former Test pacerJalaluddin advised thePakistani batsmen to learn alesson from Tendulkar's tech-nique and achievements andbring a more consistentapproach to their batting.

"I think every country wants tohave a batsman like Tendulkar.But such a player come onlyonce in decades. His greatness ishe has realised the responsibilityon him to keep on scoring runsfor India and to break recordafter record," Jalaluddin noted.-Online

First player to hammer 50 test tons

Pak veterans shower praise on Sachin

Germanscan winEuro or

WC: coachBERLIN: Germany coachJoachim Loew said onMonday his side can win Euro2012 or the 2014 World Cupafter showing itself to be oneof football's most consistentteams.

"My gut feeling ... is that ourteam can win a title in 2012 orin 2014," Loew told sportsweekly Kicker in an interview.

"Looking back, togetherwith Spain we really are oneof the most consistent teams.In the last two years our per-formances have got better andbetter ... It's only when thishappens that you can winchampionships."

Germany finished third inthe World Cup in South Africaearlier this year, demolishingEngland 4-1 and Argentina 4-0 in some of the tournament'smost exciting football. Theylost to eventual winners Spainin the semi-finals.

Germany have four winsfrom four qualifiers for Euro2012, due to be held inUkraine and Poland, and aretop of Group A with a five-point lead over their rivals.

Loew, whose trademark"lucky" blue cashmeresweater worn during theWorld Cup sold for one mil-lion euros (1.3 million dollars)for charity on Saturday, alsorejected accusations therewere too many youngsters inthe side.

"I have ascertained thatquality and technical abilityare more important than expe-rience. I don't care if someoneis only 18 and has only played10 Bundesliga games," Loewsaid.

"I measure players but whatthey can they do and by whatpossibilities I see for them."-APP

Yousuf,Tanvir eye

anotherWC life

KARACHI: TheInternational CricketCouncil's (ICC) decision toextend the deadline toannounce the World Cup pre-liminary squad has given anew lease of life to injuredplayers like former captainMohammad Yousuf and left-arm pacer Sohail Tanvir.

The Pakistan Cricket Board(PCB) had asked the ICC toextend the deadline while itsought information fromShoaib Malik, Kamran Akmaland Danish Kaneria who arebeing investigated for theiralleged links with bookies.The governing body acceptedthe request and extended thedeadline from December 19 toJanuary 5.

According to a selector,however, due to fitness issuesboth Yousuf and Tanvir werealso almost overlooked for the30-man squad, which wasfinalised during a series ofmeetings before its announce-ment was deferred due to theplayers' clearance issue.

The selectors are now look-ing to assess the fitness ofYousuf and Tanvir who werenot picked for the NewZealand assignment.

"We will not only just sitand wait for the green signalby the PCB but also avail thegiven time given to mull overother options," a selector told.

"It is a good opportunity forplayers like Yousuf and Tanvirto show their fitness beforethe final selection."-Agencies

KARACHI: ‘Rauf XI’ pose for group photo along with PresidentKarachi Hockey Association Wasey Jalil after attaining second

postition in Karachi Inter Club Hockey Tournament.-Staff Photo

CONTINUATION

Iran hangs11 membersof Jundollah

KARACHI: Iran hanged 11members of Jundollah in theaftermath of killing of 39people in a mosque bombing,the Justice Ministry said onMonday. Iranian governmentalso urged Pakistan to rootout the "terrorists" across theborder.

"The people of Sistan-Baluchestan province, in theircontinuing campaign againstthe elements of cruelty andinsecurity, hanged 11 people atZahedan prison," the ministrysaid in a statement on the semi-official Fars news agency.

It said those executed were allsupporters of Jundollah, thegroup that Iran says is linked toal Qaeda and which claimed adouble suicide bombing ofShi'ite worshippers in thesoutheastern province border-ing Pakistan on December 15.

Iran hoped it had neutralisedJundollah when it executed itsleader, Abdolmalek Rigi, inJune. But the mosque bombingin the town of Chabahar, whichwounded more than 100 peo-ple, was the latest action by thegroup to show it is fightingback. Jundollah says it fightsfor the rights of the Baluch peo-ple, an ethnic minority it saysfaces "genocide".

The families of the bombingvictims sent a letter to PakistaniPresident Asif Ali Zardari call-ing for "serious measures"against Jundollah and other"terrorist" groups, echoing acall from some Iranian offi-cials.

"These anti-revolutionarygroups which have been givenshelter in neighbouring coun-tries like Pakistan and are beingsupported there should be pur-sued and suppressed onPakistani soil," QolamaliRashid, a senior military offi-cial, said according to Fars.

"The land forces of theRevolutionary Guard have theability to do this," he said,referring to Iran's elite militaryforce.

A member of parliament'snational security and foreignpolicy committee said onSunday that "Pakistan shouldbe served notice" to destroywhat he called terrorist trainingcamps.

"If the Pakistan governmentrefused to take measures todestroy the terrorist centres inthat country, then the IslamicRepublic would have the rightto take steps and make theatmosphere unsafe for the ter-rorists in defence of its ownnationals," Kazem Jalali toldthe semi-official Mehr newsagency.-Agencies

shipped through the Khyber region, although US troops increas-ingly use alternative routes through central Asia. -Online

Continued from page 12No #1

separately with India and Pakistan a string of cooperation docu-ments and commercial contracts. Wen also held talks with Indianand Pakistani leaders to promote bilateral cooperation.

Yang said Wen's visits have enhanced the two-way strategicpartnerships with India and Pakistan, which presented China as aresponsible country committed to good-neighborliness, unity andcooperation with its neighbors. -Online


Assembly, Chaudhry Nisar Ali Khan claimed that US ambassa-dor to Pakistan, Cameron Munter, was trying to dictate oppositionparties on the issue of the Reformed General Sales Tax (RGST)and thus mocking the government and its coalition partners onRGST issue. During National Assembly session, Chaudhry Nisarasserted it was the parliament's prerogative to make a decision onthe RGST, and not the US ambassador's.

He further said that the US was virtually dictating Pakistan overstarting a military operation in the North Waziristan tribal regionand that the defence and foreign ministries had failed to takenotice of this posture. -Agencies


November 2008, was scheduled to end this year but the releaseof the last two tranches has been delayed because Pakistan has yetto implement key fiscal reforms. Earlier in December a FinanceMinistry official had said Pakistan planned to seek an extension ofthe loan programme to win more time to implement the reformsneeded to secure the next tranche.

"Pakistan has asked for an extension and the IMF board is con-sidering the request," said the source; that is based in Pakistan.Failure to complete the IMF programme could discourage otherinternational donors from future lending. Pakistan sought theextension after missing several deadlines on implementing areformed general sales tax (RGST), which was originally sched-uled for July and is a key condition to get the sixth tranche thecountry hoped to get in December. The government introduced abill in the National Assembly in November on the RGST and ana-lysts expect it to pass, but not before January 2011 because thePakistan Peoples Party-led government is facing fierce oppositionfrom almost all political parties, including the main opposition,Pakistan Muslim League-Nawaz (PML-N) of former prime min-ister Nawaz Sharif.


November 2010 compared with October 2010 showed that therewas about 9.49 per cent surge in trade deficit to $1.35 billion inNovember 2010 compared with $1.23 billion witnessed in


that decisions taken in this regard should clearly reflect uniformapproach in distribution of resources among all the stakeholdersafter taking them on board. Prime Minister directed that both SuiSouthern Gas Company (SSGC) and Sui Northern Gas PipelineLimited (SNGPL) should focus on reducing losses on account ofleakages and theft. He further directed that effective policiesshould be adopted to ensure the use of certified appliances havingefficiencies of 50 per cent instead of the average 22 per cent atpresent to help gas conservation. He also directed to launch pub-lic awareness campaign for adoption of conservation measures bythe consumers. Earlier, the Minister for Petroleum & NaturalResources briefed the participants of the meeting on the gas sup-ply situation throughout the country highlighting the increasingdemand of gas because of the winter season.

He also mentioned that one of the reasons of shortage had beenincrease in domestic connections during the year. He alsoexplained some of the difficulties in implementation of decisionstaken earlier because of gas supply and consumption situation.The representatives of Aptma, fertiliser industry, LNG importersand CNG also explained the difficulties of their respective sectorsdue to shortage of gas supply. -Agencies


Waqar Ahmed was serving as Secretary in the Textile Ministry. It is pertinent to mention here that Sohail Ahmad had served as

Secretary Planning & Development, Secretary, Health andSecretary, Finance in the Punjab Government. On his promotionto BS-21 he continued as Secretary Finance in the PunjabGovernment, where he led two annual budget preparations.


the flood affected people. The President also appreciated therole of Kuwait Fund for Arab Development in development proj-ects in Pakistan, particularly the Neelum-Jhelum Hydro PowerProject that would greatly contribute towards overcoming theenergy crisis in the country, he said.


October 2010. However, imports in November 2010 witnessed aslight decline of 2.96 per cent MoM with trade of $3.12 billion asagainst the imports of $3.22 billion in the month of October 2010.

Surprisingly, exports fell 10.67 per cent to $1.77 billion inNovember this year, against $1.98 billion in the last month ofcomparison. The trade deficit for the five months of the 2010-11(July-Nov) reached $6.49 billion against $5.55 billion in the sameperiod of the previous fiscal year, showing an increase of 16.9 percent during the period, mainly due to significant surge in imports.Imports into the country during the period were recorded at$15.37 billion against $13.08 billion during the same period oflast year, showing a growth of 17.48 per cent. On the other hand,the exports from the country surged 17.92 per cent after increas-ing from $7.55 billion in 5MFY10 to $8.88 billion in 11MFY11.

The President said that Kuwait's active participation in the economic development of Pakistanthrough a number of development projects reflects its binding interest and confidence in the coun-try's march to progress.-Online

LONDON: Confederation ofBritish Industry (CBI) down-graded its forecast for UKgrowth on Monday to 0.2 percent for the first quarter of2011 but said it expected inter-est rates to rise in the first halfof the year.

The employers group saidthe Bank of England wouldbegin to "normalise" monetarypolicy in the spring as inflationpicks up.

It said that would be fol-lowed by a slightly faster stim-ulus withdrawal over the sec-ond half, taking the Bank ratefrom a record low of 0.5 percent to 2.75 per cent by thefourth quarter of 2012.

A recent Reuters poll ofeconomists forecast rateswould not start to rise until thefourth quarter of next year andput rates at 2.00 per cent by thefourth quarter of 2012.

"There's increasing specula-tion that the BOE will need torespond to inflationary pres-

sures but we don't see a ratehike in the first half of nextyear as a likely scenario givenour negative view on the eurozone and the potential impacton the UK," said LeeHardman, currency analyst atBTM UFJ.

The CBI downgraded itsforecast for quarterly growthin the first three months of2011 from 0.3 per cent, sayingrising unemployment, a newyear VAT hike and higher-than-expected inflation woulddent the fragile recovery, butsaid it expected the recovery tobe maintained.

It also said it considered therisk of a double-dip recessionto be low.

The CBI said growth wouldbe knocked in the first quarterwhen consumer spending fallsslightly in response to a rise inVAT. It forecast "fairly mod-est" growth of 0.4, 0.5 and 0.5per cent over the remainingquarters of 2011.

The group said the economywould expand by 2.4 per centover the year as a whole,which it said was subdued forthis stage of a recovery.

"The pace of recovery in theUK economy has been slightlystronger over the past yearthan we and many others hadexpected, and somewhat fasterthan typical during the firstyear out of a recession. But wedo not expect that rapid paceof growth to continue over thenext two years of recovery,"said CBI Chief EconomicAdviser, Ian McCafferty.

"The big early kicker togrowth from the turn in theinventory cycle has alreadypassed and we are now startingto feel the impact of lowergovernment spending," hesaid.

It also expected inflationthrough 2011 to be higher thanpreviously forecast, a reflec-tion of higher energy and com-modity prices.-Reuters

CBI cuts UK Q1growth but sees

early rate rise

MADRID: Spain should raisetaxes further if its budget plangoes off course and reforms topensions and banks are vital toboost an economy which willremain weak for years, theOrganisation for Economic Co-operation and Development said.

In a report published onMonday, the OECD said Spainwas broadly on track to meet its2011 deficit target but risksremained, such as a long periodof weaker than expected growth.Gross domestic product couldgrow just 1.8 per cent in 2012,compared with a governmentforecast of 2.5 per cent, it said.

"If (the risks) materialise, addi-tional consolidation measuresmay need to be contemplated toreach fiscal targets," the reportsaid.

The cost of financing at Spain'sdebt auctions has soared over thepast two months on investor con-cern it could need a bailout pack-age like Ireland or Greece. TheTreasury is due to hold its last

debt auction of the year onTuesday when it sells 3- and 6-month Treasury bills, with yieldslikely to rise compared with pre-vious sales.

On Monday the risk premiumthat investors demand to holdSpanish debt rather than bench-mark German bunds held ataround 254 basis points.

The Spanish economy crept outof a year-and-a-half recession inthe first quarter, but had stagnatedby the third quarter under theweight of state-backed austeritymeasures and faltering consumerconfidence.

Economy Secretary JoseManuel Campa appeared to backthe OECD's outlook on growth,which it said was likely to be heldback by the aftermath of a hous-ing bubble and a high degree ofprivate indebtedness.

"GDP was zero in the thirdquarter and it will probably bemoderate in the fourth ... This willcontinue next year with growthrates getting better every time but

still soft," he said at a conferencein Madrid.

The OECD said the govern-ment should be ready to raisetaxes further if needed, givenrisks over the sustainability ofpublic sector wage cuts, opti-mistic growth targets and a lackof specified measures to restrainpublic expenditure after 2011.

Applying higher value-addedtax across a wider range of goodsand services would be one way toraise revenues, it said.

Spain raised VAT to 18 per centfrom 16 per cent in July.

The report said that policies torestore investor confidence wereessential to ensure funding costsremained moderate.

The organisation said labourmarket reform in Spain was a cor-nerstone for rebalancing theeconomy, but efforts must bebroadened and deepened andinclude changes to the collectivebargaining system, where wageincreases are set across wholesectors or companies.-Reuters

OECD wants Spaintax rise if targets

prove tricky

PARIS: European CentralBank head Jean-Claude Trichetsaid on Monday euro zonecountries must do more indi-vidually and collectively tocombat the bloc's debt crisis,and Ireland must stick "rigor-ously" to its bailout plan.

In a position paper publishedon its website, the ECB earlierexpressed "serious concerns"that Ireland's rescue packagecould affect the institution'sliquidity operations in the eurozone.

Asked if he was concernedabout the health of Irish banks,Trichet said: "The Irish(bailout) plan is designed forIreland to face up its own par-ticular problems, which havemostly to do with its banking

system." "We consider it necessary

(for Ireland) to complete thisplan rigorously," he toldFrance's Europe 1 radio with-out commenting on the ECBpaper, which was datedDecember 17.

Irish sovereign debt wasdowngraded by five notches byMoody's on Friday in a movelikely to put extra pressure onthe country's banks.

European nations agreed lastweek to set up a permanentfinancial safety net from 2013and the European central bankmoved to increase its firepow-er to fight the debt crisis in thesingle currency area.

But the mechanism will onlybe used as a last resort to save

the euro, and European coun-tries did not discuss increasingthe temporary rescue fund cur-rently in place, which someanalysts say would not be ableto cope if Spain and Portugalboth needed bailouts.

A more coordinatedapproach to fighting the eurozone debt crisis was needed,Trichet said.

"I ask everyone to take theirresponsibilities and that means,concretely, to do more individ-ually and collectively in thecurrent crisis."

He dismissed a breakup ofthe euro zone as an "absurdhypothesis" and said the sourceof problems in the 16-memberbloc was financial stability, notthe euro currency.-Reuters

ECB’s Trichet,Ireland must stick

to bailout plan

SHANGHAI: Capital flowsinto China slowed inNovember from a near recordhigh in October, central bankdata showed, which is expect-ed to reduce the need for thePeople's Bank of China toconduct another imminenttightening.

The "Position for ForexPurchases" showedNovember inflows remainedat a historically high level. Tocushion the prospect thathigher returns for funds willinvite more speculative "hotmoney" into China, the cen-tral bank may resort to quanti-tative tools instead of interestrate increases in the mediumterm.

The PBOC and Chineseinstitutions spent 319.6 bil-lion yuan ($48 billion) toabsorb foreign exchangeflowing into China inNovember, down sharplyfrom 519 billion yuan inOctober, the third largestsince the data was publishedin the late 1990s.

But the November report, akey measure of capitalinflows into China, was muchhigher than the 290 billionyuan in September and 243billion yuan in August,

according to Reuters calcula-tions based on the latest datapublished by the central bankover the weekend.

China has seen a steadyincrease of capital inflows inthe last decade as speculatorsbet on the country's risingprices of shares and propertyas well as the expected appre-ciation of the yuan against thedollar.

Slowing capital inflows inNovember reflects the stockmarket's 5.3 per cent fall inthe month after a 12.2 per centjump in October and the gov-ernment's continued efforts todampen high property prices.The yuan also fell in the sec-ond half of the month afterhitting a multi-year peak inmid-November.

STOCKS, YUAN FALLThere are signs that capital

inflows could remain stable inDecember compared withNovember as the benchmarkShanghai stock index<.SSEC> has staged a lack-lustre performance this monthwith a 2.6 per cent rise, whilethe yuan is at a standstill.

To clamp down on exces-sive inflows and calm infla-tion in October, the PBOCraised official interest rates on

Oct. 19, followed by threeincreases in bank reserverequirement ratios (RRR),locking up more than 1 tril-lion yuan.

Apart from China's financialsystem being awash withinflows, annual consumerprice inflation in Novemberrose to a 28-month high of 5.1per cent, with real interestrates remaining negative sinceFebruary, arguing for moremonetary tightening steps.

The central bank is nowsending signals via its openmarket operations that it mayrely on RRR hikes to tightenin coming weeks, possibly fora couple of months.

The possibility of anotherrate hike, much anticipated bythe market, may thus bedelayed not only through thisyear but probably until afterthe Lunar New Year in earlyFebruary.

The central bank has keptthe auction yield of its billsunchanged over the past fiveweeks in its open marketoperations and is expected tocontinue doing so in comingweeks, serving its efforts todampen expectations ofanother official rate rise.($1=6.66 yuan).-Reuters

China moneyinflows slow, stillbig-cenbank data

category raised Rs22.2 & Rs8.6 billion while remaining categories has shown a dull performancein FY11. With money market and equity fund category, the fresh money is only injected in moneymarket fund category due to increase in risk aversion of investors, while equity fund category wit-nessed asset size growth due to increase in asset value (KSE 100 rose15.56 per cent during FY11)and conversion of close-end funds into open-end funds.

Open-end funds which contribute almost 87.7 per cent of total mutual fund industry size standat Rs196.6 billion in November10 compared with Rs187.4 billion in October 10, showing anincrease of 4.90 per cent month-on-month; while closed-end funds stand at Rs27.54 billion, upby 4.16 per cent MoM.


Emerging market equity funds extended their inflow streak to 29 weeks, and for the year-to-datethey have taken in almost $90 billion, global fund tracker EPFR said over the weekend.

India's benchmark has risen nearly 14 per cent in 2010, backed by $28.4 billion of foreign portfo-lio investment. The index has outperformed Brazil's Bovespa and China's Shanghai CompositeIndex, which have dropped 0.9 per cent and 12.9 per cent, respectively, in the year-to-date, but fall-en short of Russian RTS index's 20.5 per cent gain. Oracle Corp's and Accenture's forecast-beatingquarterly earnings last week and optimistic outlooks, lifted the mood for the software industry.Leading outsourcer Tata Consultancy Services rose nearly 3 per cent to a record high of 1,174.50rupees, while Infosys Technologies gained as much as 2.1 per cent to an all-time high of 3,363rupees. SKS Microfinance , the country's only listed microfinance lender, tumbled 9.5 per cent to arecord low of 599 rupees on the back of renewed fears about the sector's future profitability.

The 50-share NSE index closed barely changed at 5,947.05 points.-Reuters


The Nikkei fell 87.42 points to 10,216.41, approaching support at 10,116.53, its 25-day movingaverage, a gauge closely followed by Tokyo investors. The broader Topix index declined 0.5 per centto 898.55. Asian shares eased, led by a drop of as much as 3 per cent in China's key stock index asa shortfall of money flows ahead of the year-end in a tight monetary environment pressured the mar-ket. Trading volume was the lowest since Dec. 6, with 1.7 billion shares changing hands on theTokyo Stock Exchange's first section, 19 per cent lower than last week's closing average of around2.1 billion shares. Market players said volumes may dry up further this week as foreign investorswho have been net buyers of Japanese equities for the last six weeks, helping push the index high-er, will be less active as the Christmas holidays approach.

But baby goods maker Pigeon Corp rose 4.3 per cent to 2,847 yen after Credit Suisse started cov-erage of the company with an "outperform" assessment. Honda Motor climbed 1.4 per cent to 3,280yen after saying on Friday it would target sales in China of 730,000 vehicles in 2011, for growth ofmore than 10 per cent from the 650,000 estimated for this year.-Reuters


British Airways fell 1.9 per cent as the airline cancelled all short-haul flights out of Heathrow.Mid cap peer EasyJet was off 1.6 per cent. Retailers, which rely heavily on the foot-fall in the lead

up to Christmas, were trampled lower, with Next and Marks & Spencer off 0.9 per cent and 0.7 percent respectively, and Tesco down 0.8 per cent.

Next was also hit by a downbeat note from H20 markets, which repeated its "sell" rating.Positive broker sentiment also buoyed InterContinental Hotels, up 1.2 per cent, with Numis

Securities upgrading its rating for the stock to "buy" from "add".-Reuters


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ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani chairing a meeting on Gas Load

Management at PM House here on Monday. -APP

ISLAMABAD: Federal Interior

Minister Rehman Malik Monday again

made it clear that Opposition must

play constructive role by adopting

rules-of-order, adding it must immedi-

ately halt meetings with foreign diplo-

mats urging government is extremely

serious in eliminating the menace of

corruption.

Replying to points raised by the

leader of Opposition in National

Assembly on Monday, Federal Interior

Minister went on to say that govern-

ment has never taken dictation from

foreign countries, adding we have our

own policies and our stance is crystal-

clear when national interest of the

country is taken into consideration.

He told the House that those who

level allegations against us, we see

snaps of such opposition leaders meet-

ing with foreign diplomats after

repeatedly telling them to avoid such

meetings but they say that some of the

opposition leaders invited by foreign

diplomats personally if not in

Islamabad then in Lahore and Karachi

thus violating diplomatic laws and

norms in this regard.

Opposition must promise not to meet

them, adding House must constitute a

committee that must make a law that

Opposition must not meet foreign

high-ups without taking government in

confidence.

Interior Minister admitted that cor-

ruption of 1.6 million Saudi Riyals

was carried out in Hajj arrangements.

Speaking at floor of the Lower

House, Malik said that he would soon

share the details of probe being con-

ducted into Hajj corruption.

Regarding corruption, Rehman opine

that it is undoubtedly a menace and we

have established a committee in which

the culprits will be unveiled adding a

report will be presented in the National

Assembly.

He further told the House that that he

has formally requested Prime Minister

for immediately approving

Accountability Bill while he also men-

tioned that the survey conducted by

the Transparency International is

unsatisfactory terming it false and fab-

ricated.

He said that NAB is playing a piv-

otal, unbiased and impartial role to

unveil the culprits behind corruption,

adding NAB and FIA are our trust

worthy organisations and we are proud

of them urging clash of institutions in

not our cup of tea.

Rehman Malik said that some anti-

state elements want to destabilise it

however they would not be allowed to

be successful in their notorious aims.

Rehman said that there is no last

word in the politics and all options

are opened, adding that he had not

contacted with MQM over the recent

issues. He further said that media

trial of the government is not fair at

any cost urging abusing us in private

programs is not what I called democ-

racy. -Agencies

Oppositiontold to adoptrules-of-order Malik confirms corruption in Hajj arrangements

Rockets trash 2 Nato trucks

in Khyber

AgencyPESHAWAR: Taliban mili-tants attacked Nato oil supplytrucks with rockets and assaultrifles in Khyber Agency onMonday, destroying two vehi-cles.

According to media reports,militants fired rockets and thenstarted shooting at the vehicleswith assault rifles in Katakashtvillage near the town ofJamrud.

Another oil tanker in the con-voy of four trucks also caughtfire and was destroyed.

Local intelligence officialsconfirmed the attack. Therewas no claim of responsibilityfor the attack but intelligenceofficials blamed the Taliban.

The bulk of supplies andequipment required by foreigntroops in Afghanistan is

See # 1 Page 11

Singh sayswishes wellfor Pakistan

NEW DELHI: Indian PrimeMinister Manmohan SinghMonday said there were effortsto improve relations withPakistan but it would have toensure there were no terroractivities on its soil.

"We wish Pakistan well,"Prime Minister said at the sec-ond day of Congress plenarysession here.

Relations with Pakistan willimprove, but only when "ourneighbour ensures there are noterrorist activities on its soil"against India, he said accordingto PTI. -Online

ISLAMABAD: Foreign MinisterShah Mehmood Qureshi saidPakistan is not in quest for a perma-nent seat of the United NationsSecurity Council, adding idea of per-manent membership in UnitedNations Security Council is contraryto the spirit of democracy andaccountability.

In a written reply during question-hour, Foreign Minister ShahMehmood Qureshi said Pakistan isnot in quest for a permanent seat ofthe United Nations Security Council(UNSC).

Restructuring of the UNSC, hesaid, should be done only after devel-oping a consensus among all mem-ber countries.

He said that some countries areinsisting on getting permanent statusdue to which other countries are

being divided, added that desires ofindividual countries have held theprocedure of restructuring of theSecurity Council as hostage.

He said that the Security Council isan important institution of UnitedNations and its basic responsibility isto maintain international security.

He said that the efforts to bringreforms in the Security Council wasstarted in 1990 and 5 issues includ-ing reformed council's volume, cate-gories of seats, right of veto, collo-quial representation and it's workingprocedure and ties with GeneralAssembly were center of all atten-tions. He said that some countriesthat wanted the permanent member-ship are making such propagandas.He further said that circumstances of1945 are different from 21st centuryas we are living in age of democracy,

supremacy of law, equality andaccountability.

He said that we wanted suchreforms in which small and middlestates could had enough chances toplay vital role in international peaceand stability so that's why on thebasis of the rule, supported extensionof permanent membership ofSecurity Council in Pakistan other-wise, idea of permanent membershipin United Nations Security Councilis against the spirit of democracy andaccountability.

He said that we think that Unitednations and up coming generationcould not be ruin by politics ofpower and dominance.

He said that restructuring of theSecurity Council should be madewith complete consensus of membercountries. -Online

Not in quest forUNSC seat: FM

Pakistan opposes consensus-less expansion

ISLAMABAD: Jamiat Ulema-e-Islam Fazl (JUI-F) has submittedapplications to the speaker NA andchairman Senate to sit on theOpposition benches.

Maulana Fazlur Rehman, chief ofJamiat Ulema-e-Islam-Fazl has con-firmed that he submitted an applica-tion to sit on Opposition benches.

Speaking to newsmen in IslamabadMonday, he said JUI-F's parliamen-tary secretaries in National Assemblyand Senate have also tendered theirresignations.

Maulana Fazlur Rehman as theleader of JUI-F submitted applicationto speaker NA while Senator

Maulana Gul Naseeb has submittedthe application to chairman Senate toallot them benches in the Oppositionsince they are no longer coalitionpartners of the government.

Talking to the media, Maulana saidthe decision is final and it is based onprinciples.

Central Working Committee of theparliamentarian party is called onDec 22 in which future strategy willbe decided. JUI-F has 8 seats in NAand 12 in the Senate.

Fazlur-Rehman, Atta-ur-Rehman,Mufti Mohammad Ajmal, MaulanaQasim, Maulana Abdul Malik, HajiRozeuddin, and Aasia Nasir are

amongst the 8 members of JUI-F inNational Assembly, whereas inSenate Azam Swati, Ismail Balidi,Maulana Gul Naseeb, MaulanaAbdul Rashid, Abdul GhafoorHaidry and Dr Khalid Soomro areamongst the 12 Senators.

JUI-F pulled out of the PPP-ledcoalition government after one of itsministers, Azam Swati, was firedfrom the federal cabinet by PrimeMinister Syed Yousuf Raza Gilani.

Over the last few days, PPP madeseveral attempts to win back JUI-Fchief Maulana Fazlur Rehman, whorefused to change his mind on theissue. -Online

JUI-F MPs to sit in Opposition

Shahbaz meetsPM Gilani

ISLAMABAD: Prime MinisterSyed Yousuf Raza Gilani said thatthe spirit of unity across politicaldivide demonstrated by the nationduring the visit of Chinese PrimeMinister is a reflection of people-to-people love and affection betweenthe two countries.

The high-level contacts particular-ly the recent visit of the ChinesePrime Minister Wen Jiabao wouldhave long-term benefits for the peo-ple of the two countries.

Furnace oilprices up

againKARACHI: Oil marketing compa-

nies and local refineries have onceagain increased furnace oil prices forthe next fortnight.

PSO has increased the price of fur-nace oil by Rs1833 per tonne toRs53926 for the next fifteen daysfrom Rs52093 per metric tonne wit-nessed on 1 December 2010.

However, PSO has decided tolower imported furnace oil price byRs165 per tonne to Rs53304 pertonne against beginning of month'sprices of 53469 per tonne.

Crude oil prices have witnessedupward trend, floating above $91 perbarrel, depicting a surge of 3 per cent.

ISLAMABAD: State Minister forIndustries and Production Dr AyatullahDurrani Monday informed theNational Assembly that no reductionin sugar prices is likely at Utility StoresCorporation (USC) till downwardtrend is seen in international market.

In response to a call attentionnotice moved by Tahira Aurangzeb,Nisar Tanveer, Nuzhat Sadiq andothers regarding increase in theprices of ghee, oil and other essentialcommodities at USC, he said thatlong queues at USC is a evidencethat quality-commodities are being

provided to the masses at reducedrates through these outlets.

He said that there is a separate andcomprehensive mechanism for qual-ity control and the governmentwould not compromise on the quali-ty of the commodities being provid-ed to the masses.

The minister said that prices ofghee surged due to increase in pricesof palm oil at international market.

The price of palm oil witnessedupward trend since November lastyear and its price soared at $100 pertonne per month. -Online

USC sugar priceto stay for now

Price cut only after fall in int'l mkt, NA told

BEIJING: Chinese Foreign MinisterYang Jiechi said that Premier WenJiabao's visits to India and Pakistanfrom were fruitful with rich achieve-ments.

Yang, who accompanied Wen onthese visits, told reporters thatJiabao's visits are a major diplomaticmove of China bearing a far-reachingstrategic significance.

Xinhua quoted Yang as saying thatboth India and Pakistan are importantcountries in South Asia, addingdevelopment of China's relationswith these two countries would have

an important influence on peace andprosperity not only in South Asia, butalso in Asia and the world at large.

To develop friendship and goodrelations with India and Pakistan andpromote mutual trust and cooperationis the common aspiration of Chinaand its neighbors, Yang said.

Yang said Premier Wen participatedin more than 30 major activities anddelivered important speeches duringhis visits to the two countries, whichhave yielded fruitful results.

During the visits, China signed See # 2 Page 11

China sees PM tours as fruitful

The Financial Daily-Epaper-21-12-2010

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