The Financial Daily Epaper 29-09-2010

International

Lt Gen Khalid Shamim appointed as CJCSC

Drone strike kills senior al Qaeda leader in Pak

NA passes resolution against Khi target killings See on Page 12

*Crude Oil (brent)$/bbl 78.78

*Crude Oil (WTI)$/bbl 76.30

*Cotton $/lb 106.18

*Gold $/ozs 1,296.00

*Silver $/ozs 21.32

Malaysian Palm $ 885.00

GOLD (NCEL) PKR 35,887

KHI Cotton 40Kg PKR 7,770

*Last Updated 20:00 PST

Yearly(Jul, 2010 up to 27-Sep-2010)

Monthly(Sep, 2010 up to 27-Sep- 2010)

Daily (27-Sep-2010)

Total Portfolio Invest (17 Sep-2010)

43.40

-42.47

0.34

2389

2.32

-1.02

0.46

1.40

-0.54

-3.52

0.90

SCRA(U.S $ in million)

Portfolio Investment

FIPI (28-Sep-2010)

Local Companies (28-Sept-2010)

Banks / DFI (28-Sept-2010)

Mutual Funds (28-Sept-2010)

NBFC (28-Sept-2010)

Local Investors (28-Sept-2010)

Other Organization (28-Sept-2010)

(U.S $ in million)

NCCPL

GDR update

Commodities

Forex Reserves (17-Sep-10)

Inflation CPI% (Jul 10-Aug 10)

Exports (Jul 10-Aug 10)

Imports (Jul 10-Aug 10)

Trade Balance (Jul 10-Aug 10)

Current A/C (Jul 10- Aug10)

Remittances (Jul 10-Aug 10)

Foreign Invest (Jul 10-Aug10)

Revenue (Jul 10-Aug10)

Foreign Debt (Jun 10)

Domestic Debt (Jul 10)

Repatriated Profit (Jul- Aug 10)

LSM Growth (Jul 09 - Jun 10)

GDP Growth FY10EPer Capita Income FY10Population

$16.63bn

12.79%

$3.56bn

$6.25bn

$(2.69)bn

$(944)mn

$1.72bn

$267.10mn

Rs 185bn

$55.63bn

Rs 4705.40bn

$100.90mn

4.55%

4.10%

$1,051

170.65mn

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

17.15

2.00

1.70

9.60

PKR/Shares

111.80

147.49

43.00

36.55

33.02

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)

22-Sep-2010

22-Sep-2010

22-Sep-2010

30-Jul-2010

28-Sep-2010

28-Sep-2010

28-Sep-2010

28-Sep-2010

28-Sep-2010

28-Sep-2010

28-Sep-2010

28-Sep-2010

28-Sep-2010

28-Sep-2010

28-Sep-2010

12.69%

12.82%

12.79%

13.00%

12.65%

12.83%

12.97%

13.28%

13.35%

13.41%

13.49%

13.61%

13.80%

13.93%

14.09%

Money Market Update

Symbols Buy (Rs) Sell (Rs)

Australian $ 81.60 82.60

Canadian $ 82.60 83.60

Danish Krone 14.90 15.30

Euro 114.80 116.30

Hong Kong $ 10.90 11.30

Japanese Yen 1.006 1.032

Saudi Riyal 22.75 22.95

Singapore $ 64.25 65.25

Swedish Korona 12.00 12.50

Swiss Franc 84.80 85.80

U.A.E Dirham 23.35 23.45

UK Pound 135.00 136.50

US $ 86.20 86.45

Open Mkt Currency Rates

Index Close Change

KSE 100 9,981.07 44.28

Nikkei 225 9,495.76 107.38

Hang Seng 22,109.95 230.89

Sensex 30 20,104.86 12.52

ADX 2,660.98 3.22

SSE COMP. 2,611.35 16.62

FTSE 100 5,578.44 5.02

*Dow Jones 10,829.04 17.0

*Last Updated 20:00 PST

Global Indices

Symbols Buying Selling

TT Clean TT & OD

Australian $ 82.52 82.71

Canadian $ 83.52 83.71

Danish Krone 15.53 15.57

Euro 115.72 115.99

Hong Kong $ 11.08 11.10

Japanese Yen 1.019 1.022

Saudi Riyal 22.92 22.98

Singapore $ 65.01 65.16

Swedish Korona 12.56 12.59

Swiss Franc 87.32 87.52

U.A.E Dirham 23.40 23.45

UK Pound 136.03 136.35

US $ 86.00 86.18

Inter-Bank Currency Rates

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CITIES MAX-TEMP MIN

ISLAMABAD 33°C 18°C KARACHI 37°C 23°C LAHORE 37°C 23°C FAISALABAD 36°C 20°C QUETTA 31°C 8°C RAWALPINDI 34°C 20°C

Weather Forecast

KARACHI: A large number of MQM supporters listening the telephonic adresses of Party chief

Altaf Hussein at M A Jinnah in a rally against Dr Aafia verdict.-Photo by S Imran Ali

Fata uplift plantops priority : Gilani

See on Page 12

ISLAMABAD: Minister forFinance Dr Abdul HafeezShaikh said Tuesday that thegovernment was not consider-ing levying 10 per cent addi-tional flood tax on income.

Addressing a ceremonyorganised to pay refundcheques of tax payers, the min-ister said the governmentwould go for other options togenerate funds.

"Even if the flood-tax isimposed, it would be nominaland would not put additionalburden on the tax payers", he

added.He said the government was

determined to bring reforms inthe current tax system.

The minister said that floodsurcharge would not beimposed on income, sales tax,import and export but it wouldbe charged on property, landand higher income group whocan bear the burden.

Reformed General Sales Tax(RGST) would be imposedafter the complete consensusof the provinces through prop-er legislation and approval of

the parliament which aims tobring more sectors into tax netby abolishing the tax exemp-tions, he added.

Dr Shaikh said that federaland provincial representativeswere progressing towards finaldecisions on RGST and all thematters would be finalised dur-ing next few days.

He said that government haddecided to keep the RGST ratioat 15 per cent. However, due toeconomic situation after theflash floods in the country

See # 9 Page 11

Flood tax off cardsTax would be nominal and only for higher income group: Shaikh

QUETTA: TethyanCopper CompanyPakistan plans to operate aworld class copper, goldmine with 2.2 billiontonnes economicallymineable reserves bydeploying a cutting-edgetechnology at Rekodik,Chagai, Balochistan as ajoint venture withGovernment ofBalochistan with initial$3.2 billion foreign directinvestment over fouryears.

'We have submitted afeasibility study toBalochistan governmentand in talks with them toconclude an agreementwhich will result in take-

off for the project in nextfour years.

Balochistan will get 25per cent profit plus royal-ty and taxes to federaland provincial govern-ments. Balochistan gov-ernment will invest 25per cent in construction,development of project,'TCCP senior projectgeologist Asad-urRehman told a group ofjournalists who visitedsite of project, 70kmnorth west of Nokandi.

It is likely that a num-ber of other mineralisa-tion centers exist inPakistan with significantpotential for further

See # 10 Page 11

Miner may put$3.2bn into

Rekodiq

Sindh Houseadopts billto shelve

LB pollsKARACHI: A bill to post-pone the local bodies' pollsindefinitely was adoptedunanimously in the SindhAssembly on Tuesday.

Sindh Law Minister, AyazSoomro, moved the bill inSindh Assembly's sessionchaired by Speaker NisarAhmed Khuhro.

He cited the situationarising out of the unprece-dented floods that causedwidespread damage toinfrastructure in theprovince besides destruc-tion to communication andagriculture.

The ANP continued theboycott of the session whilemembers of MQM wereaway due to a rally to con-demn the conviction of DrAafia Siddiqui by a UScourt.-Agencies

18th Amendment

CJP sayssystem

restoredin real senseISLAMABAD: ChiefJustice Iftikhar Chaudhrysaid the 18th Amendmenthad restored the parliamen-tary system in real sense.

He was heading a 17-member larger bench seizedwith hearing of a set of peti-tions on certain provisionsof the 18th Amendment.

Chief Justice said that theprime minister's powers hadbeen restored after taking itfrom the president.However, his role had beenminimised in judges'appointment issue as envis-aged under Article 175-A.

Salman Akram Raja,counsel for members ofcivil society favouring the18th Amendment, resumedhis arguments.

He contended that newmode of appointment ofjudges was reflective of the

See # 11 Page 11

Staff Reporter

ISLAMABAD: NationalElectric PowerRegulatory Authority(Nepra) reduced thepower tariffs by 33 paisasper unit, media reportedTuesday.

The change will takeeffect from August in thebills of the same month.

According to

spokesman of the Nepra,the reduction in thepower tariffs will not beapplicable to KarachiElectric Supply Company(KESC).

This reduction wasmade under monthly FuelAdjustment.

The consumers will begiven in September billsthe benefit of this reduc-tion meant for August.

Nepra cuts powertariff by 33 paisa

Aamir Abidi

KARACHI: Fertiliserofftake number recentlyreleased by NationalFertilizer DevelopmentCentre (NFDC), por-trayed a dismal picturefor the month of Augustas recent floods badly hitfertiliser demand.

According to the data,urea offtake dropped 49.6per cent YoY to 301.54k

tonnes recorded inAugust against 598.18ktonnes in identical periodlast year. Urea sales forAugust touched 40-month low.

Similarly, di-ammoni-um phosphate (DAP) off-take also remained weakin August with the indus-try registering a dip of75.5 per cent on YoYbasis.

See # 12 Page 11

Aug urea salesfall by half YoY

DAP offtake down 75.5pc YoY in Aug

ISLAMABAD: The Supreme Court Tuesdayquestioned the authority and jurisdiction of StateBank of Pakistan (SBP) to waive Rs256 billionbank loans during the period from 1971 to 2009under Banking Companies Ordinance.

A three-member bench of Chief Justice IftikharMuhammad Chaudhry, Justice Tariq Parvez and

Justice Ghulam Rabbani while hearing a suomoto case, directed the SBP counsel to submitWednesday details of at least ten cases from eachyear which met two conditions set in Section33B Banking Companies Ordinance and whichwere pre-requisites for writing off loans.

See # 8 Page 11

SC questions SBP’sloan-waiving powers

Karachi, Wednesday, September 29, 2010, Shawwal 19, Price Rs12 Pages 12

Staff Reporter/ Agencies

KARACHI: Muttahida QaumiMovement (MQM), Chief AltafHussain Tuesday demandingthe release of Dr Aafia, hasurged the US to explain theconviction of Dr AafiaSiddiqui, while called upon thegovernment of Pakistan to useall diplomatic means for therelease of Dr Aafia.

The MQM chief was address-ing via telephone from Londonthe participants of rallies takenout against conviction of DrAafia Siddiqui by a US court.

Altaf Hussain said protest ral-lies are being taken out by hisparty in different parts of thecountry for the release of DrAafia Siddiqui.

He said the nation is unawareof the charges under which DrAafia has been sentenced 86-year imprisonment. Altaf ques-tioned, who is responsible forthe deaths of innocent people indrone attacks and who wouldbe punished for the same.

He said only superpower isAllah Almighty and the worldcan not be converted into ahaven of peace through use of

force but it can only be donewith the help of love. No onelikes terrorism and we toooppose it, he said.

He said he respects all reli-gions and expects the samefrom followers of other reli-gions.

He called upon Organizationof Islamic Conference (OIC),member states to unite andraise voice against injustices.He called upon Karachiites tomake the city peaceful and pro-tect the life and property ofeach other.

See # 13 Page 11

Millions rally forAafia indemnitylMQM’s countrywide gatherings condemn verdict

Altaf urges govt to utilise all means for repatriation

2 Wednesday, September 29, 2010

TV PROGRAMMES

WEDNESDAY

Time Programmes

7:00 News

8:00 News

9:05 Subah Savere

Maya ke Sath

11:00 News

12:00 News

13:10 Newsbeat (Rpt)

14:10 Tonight With

Jasmeen (Rpt)

15:00 News

16:00 News

17:30 Samaa Metro

18:00 News

18:30 Samaa Sports

19:30 Crime Scene

20:03 Newsbeat

21:00 News

22:03 Tonight With

Jasmeen

23:00 News

23:30 24

PESHAWAR: The Bankof Khyber (BoK) earnedRs408 million profitbefore tax for the periodended 30th June 2010which shows 168 per centgrowth over correspon-ding period profit of 2009,this was stated by BilalMustafa ManagingDirector BOK in his keynote address at BOKOperational PerformanceReview Manager'sConference held here.

The Conference wasattended by Mir JavedHashmat ExecutiveDirector BoK, Arbab RiazAhmad Group HeadIslamic Banking Group,Imran Samad Group HeadCredit Management apartfrom Divisional Heads.Bilal Mustafa lauded thegrowth in all operationalareas of the BoK during

first half of 2010 andexpressed his confidenceover the field staff andHead office supportingteam, adding that we haveto work with more devo-tion and diligently toachieve the targets ofMCR set by the StateBank of Pakistan for 2010.

He said that due toincrease in branches net-work, we could attractmore clientage whichwould alternatively helpus to grow our deposit andadvance base. He alsowelcomed the ChiefManagers of newlyopened branches of BOKin third quarters of the2010. Bilal Mustafa men-tioned that in-spite ofunfavorable economicconditions across the thecountry specially in ourProvince due to natural

disastrous, BOK totaldeposits shows 17 percent growth whileadvances shows 59 percent While total assets ofBOK registered growth of18 per cent and nowBank's total assets are Rs46Billions.

Mir Javed HashatExecutive Director in hisaddress said that profes-sionalism is a key to suc-cess and presently infinancial sector the com-petition required that weshould be services orient-ed financial institution inorder to achieve thedesired goals. He alsoadvised the BranchManagers that they shouldpass on Head Officeinstruction to their respec-tive staff as it is always ateam effort to achieve thetargets.-PR

BoK pre-tax profithits Rs408mn

KARACHI: Multi-awardwinning Pakistani popartists Strings and AtifAslam have thrown theirweight behind the fast-growing Azme Alishaninitiative by donating theirlatest hit song to the patri-otic movement at a specialpress conference inKarachi today.

The song "Ab KhudKuch Karna Parey Ga"(We need to do somethingfor ourselves) - a Stringscollaboration with theinternational renownedand popular vocalist Atif

Aslam - was launched tocritical acclaim in July, itsinspirational lyrics strik-ing a chord with the youthin particular. However,many people responded byasking what they couldpractically do to make adifference. The artists'have found positivity inAzme Alishan and itsactivities seen over theyear.

"Azme Alishan is allabout bringing peopletogether and encouragingthem to commit to build-ing a better future for

Pakistan" said BilalMaqsood of the Stringsband. "Since the campaignlaunched in March we'veseen it make a real differ-ence by giving a voice tothe silent majority and bytaking action to genuinelymake life better for peoplein our nation" said FaisalKapadya of Strings.

"As a proud Pakistani, Iwould like to see morepositive things bringingall Pakistanis together asone nation - to makePakistan better", said thepop star Atif Aslam.-PR

Strings, Atif join hands

with Azme Alishan

ISLAMABAD: Cabinet'sMinisterial Committeemeeting constituted bythe Federal Cabinet forexamining the mattersconcerning the SharePurchase Agreement ofP a k i s t a nTe l e c o m m u n i c a t i o nCompany Limited(PTCL) with Etisalat andauction of 3G Spectrumand LDI licenses was heldhere on Tuesday.

Senator Waqar AhmedKhan Federal Minister for

Privatisation was the con-vener of the Committee.The Ministry ofInformation Technologydeliberated on the issuesof 3G Spectrum and LDIlicenses and discussed thematter pertaining toPTCL's real estate issue.

The Committeeobserved that the PTCLtransaction was still openand the governmentintended to close thetransaction amicablywhile resolving the issue

pertaining to outstandingamount of $ 800 million.

The Committee wasinformed that the GoP hasused best endeavors toassist PTCL to settle prop-erty issue. The Presidentand the Prime Ministerhave already directed thePrivatisation Commission(PC) to amicably resolvethe issue at the earliest,Senator Waqar AhmedKhan Federal Minister forPrivatisation informed themeeting.-PR

NA body debates overPTCL property issues

Staff Correspondent

KARACHI: KarachiCustoms AgentsAssociation (KCAA) onTuesday said decision towind up Pakistan CustomComputerised System(PaCCS) is not in thenational interest as itwould damage revenuecollection and impedetrade.

Closure of the first trueinitiative at e-governancein the country will beunfortunate. It will pushPakistan back into StoneAge, said President,KCAA, Saifullah Khan ina statement issued heretoday.

He said that wholeworld is pushing comput-erisation while we arereverting to obsolete sys-tems and manual proce-

dures."Customs does not have

the capacity to cope withthe ever-increasing loadof trade therefore there isno point in closingPaCCS," he said.

He said that reverting tomanual procedures wouldsupport corrupt elementswhile country will sufferfrom reduced collections.Claim of reforming taxadministration should bepracticed to bail out coun-try from shackles ofpoverty, he demanded.

How can officials con-cerned send a state-of-the-art system packingwhen there is no alterna-tive available, he ques-tioned.

Khan said that majorityof the stakeholdersincludsing that Customsagents were very satisfied

with the performance ofPaCCS, the first end-to-end automated solutionfor Customs in the world.

Senior Vice President,KCAA, Qamar Alam saidthat manual, non-trans-parent and discretionaryprocesses are still intacthindering reforms.

"We were satisfied withPaCCS," he said addingthat development of coun-try is impossible withoutautomated processesrequiring no human con-tact.

A system in which thefiles can be lost, stolen orsimply disappear is notencouraging. We preferautomated machines tostaff that works withoutfear or favour, he saidadding that it should beintroduced in other partsof the country.

KCAA demandsPaCCS to sustain

Jamil Siddiqui

KARACHI: Abolition ofzero rating facility onvalue added textile sectorthrough the ReformedSales Tax pretext willopen the flood gates ofcorruption and will beopposed tooth and nail atevery forum by MQM.

This warning was givenby the Chairman Standingcommittee on Finance ofSenate & Senator AhmedAli while speaking duringa meeting with the repre-sentatives of Value AddedTextile Associations heldat PHMA House onTuesday.

" By abolishing the zerorated facility to the valueadded textile sector the

huge capital of textileexporters will be stuck upwith FBR for at least 3months from the cycle ofprocurement of Yarn up toit boarding the ship forexports which severelyhamper the free marketaccess granted by theEuropean Union besidesdue to the frequent pricespiral of electricity, Gasand raw material coupledwith very high mark uprates of commercial bankwill ultimately result inmassive closure of valueadded textile sector andgenerate unemploymentat mass scale, hence thisendavour is totally reject-ed by the value added tex-tile industry," he said.

He said that it is pity

that Dr Hafeez Shaikh istaking unilateral deci-sions without taking stakeholders into confidencewhich is regretted.

Earlier ChairmanCouncil Of TextileAssociations ZubairMotiwalla sad thatdespite the fact that ValueAdded Textile Sector isfully documented andthrough the Sales Tax tobe collected worth Rs.70B from the TextileExporters with a pretextthat it would be refundedupon the export is a rub-bish idea as due to a verycumbersome procedureand rampant corruption itis merely a far cry whiledue to shortage of capitaland liquidity banks will

be reluctant to extendloans to the textileexporters urged to refrainfrom abolishing the zerorated Sales tax exemp-tion.

On this occasionCoordinator PHMAJawed Bilwani, Centralchairman PHMA RanaMushtaq Ahmed,Chairman PAKSEA RafiqGodil and others alsoshoed resentment andconcern against the moveand said that PHMA willhold a meeting after 1stOctober to draw up astrategy against theannouncement of suchnew announcement andshowing strong resent-ment will opt for protestsacross the country.

MQM opposesabolition of zerorating on textile

KARACHI: StandardChartered Bank (SCB)launched an Islamic bank-ing awareness campaignunder its Global IslamicBrand 'Saadiq', said ahandout issued here onTuesday.

Standard Chartered wasthe first international bankin Pakistan to receive anIslamic Banking licenseand to open IslamicBanking branches acrossthe country. The Bank inPakistan has 15 dedicatedIslamic banking branchesand window based opera-tions in 147 branchesspread across 41 cities, 200Standard Chartered ATMsand 19 Cash/ChequeDeposit Machines (CDMs)and access to more than2000 ATMS across the

country via 1-Link.Saadiq, which means

'truthful', is StandardChartered's identity for ourglobal Islamic Bankingbusiness. Under the Saadiqbrand, Standard Charteredcontinues to offer a rangeof Islamic Banking servic-es in both wholesale andconsumer banking with theguidance and advice of ourGlobal Shariah Board.

Standard Charteredoffers Shariah compliantfinancial solutions to itsvalued customers. Saadiqcomprises a team of quali-fied professionals whodesign and structureIslamic financial solutionsand ensure that they are inline with Shariah princi-ples on Islamic bankingand finance.-PR

SCB launchesIslamic banking

campaign

WEDNESDAY

Time Programmes

8:00 Pakistan Aaj Raat

(Rpt)

9:00 News

9:15 Pehla Sauda

10:00 News

10:15 Bazaar

11:00 News

11:05 Ghar Ka Kharch

12:00 News

12:15 Bara ka Para

13:00 News

15:15 Power Lunch

14:00 News

14:30 Mang Raha Hay

Pakistan

15:05 Akhri Sauda

15:30 Agri Business

16:05 Agri Business

16:30 PM Bazaar (Rpt)

17:05 Ghar Ka Kharch

18:15 Karobari Dunya

19:00 News

19:05 Awam Ki Awaz

(Rpt)

20:00 News

20:05 Islamabad Say

21:00 Pakistan Aaj Raat

22:00 News

22:05 Doosra Pehlu

23:00 News

23:15 Karobari Dunya

PMI holdsdisaster

managementseminar

KARACHI: ProjectManagement Institute(PMI) organises a 'MasterTrainer Workshop' on"Project ManagementSkills for Post-DisasterManagement" in collabora-tion with Project AidAustralia, PMI EducationalFoundation (PMIEF) andFPCCI CSR committee atFPCCI auditorium here.

Expressing their views onthe occasion Australianexperts of post disasterrecovery and rehabilitationsaid that timely relief andcomprehensive rehabilita-tion of the affected peoplecoordination amongst all thestakeholders is a highly crit-ical requirement and suchcoordination requires con-crete project & programmanagement skills com-bined with real disaster man-agement experience.-PR

CPC holdscosmetics

mootKARACHI: ConceptFertility Centre organised aPresentation on LatestInnovation in CosmeticMedicine by AprilJorgensen at ConceptFertility Center Karachi. Itwas an EducationalProgram for Doctors andProfessionals.

April Jorgensen isDirector of the AustralianAcademy of CosmeticDermal Science (AACDS)Dr Kiran Shahid fromPerth Australian also gavethe history & success ofConcept Fertility Centre(CPC) and its future plan tointroduce more AustralianHealth expertise and tech-nology in Pakistan.-PR

TCS hostssymposiumKARACHI: TCS held aseminar a seminar titled"Immigration to USA &Canada" under the auspicesof Octara. The event waschaired by Jordi Villanovaof Mercan Capital.

The key benefits gainedby the participants of thisseminar included learninghow to match their qualifi-cations with the relevantimmigration requirementsas well as being able tomaximize their currentskills in order to qualifyfor immigration.

The seminar targeted peo-ple between the ages of 25-49 considering immigra-tion. The purpose of organ-izing such a session was toeducate attendees on a largescale as well as answer theirqueries relevant to immi-gration. The participantshad the opportunity to learnabout the EB-5 Visa and theUS Green Card InvestorProgram for immigration tothe USA.-PR

Parekhelected

PHMA headStaff Correspondent

KARACHI: In the annualmeeting of CentralExecutive Committee ofPakistan Hosiery manu-facturers & ExportersAssociation (PHMA) atPHMA House SaleemParekh has been unani-mously elected as CentralChairman for the period of2010-2011.

In a hand out issued byPHMA sent to TheFinancial Daily JunaidMakda was elected asChairman PHMASouthern Zone, Irwan ZBawany as Senior ViceChairman, ShabbirBilwani as Vice chairmanwhere as at the AnnualGeneral meeting ofNorthern Zone ChaudhrySalamat Ali was elected asChairman while FaisalMehmood Shaikh as ViceChairman.

TameerBank takespart in UN

ForumKARACHI: Around 70per cent of the unbankedin Pakistan will be able toaccess socio economicservices throughEasypaisa by 2015, Thiswas stated by NadeemHussain, Founder,President and CEO ofTameer Bank, whilechairing the discussionon Financial Inclusion, atthe United NationsPrivate Sector Forum onM i l l e n n i u mDevelopment Goals(MDG's), recently.

He said that more than2.7 billion people in theworld have no access toany formal financialservices and if the finan-cial inclusion goals are tobe achieved, then thesolution has to be trans-formational not transi-tional.

He outlined howTameer Bank has revolu-tionised banking inPakistan with the launchof mobile banking withEasypaisa, which has sofar successfully complet-ed 7 million transactions.During the forum he sub-mitted 5 year commit-ments and a socio eco-nomic development plan,for accelerating theestablishment of MDG'sthrough Tameer Bank.

The forum was organ-ized at the UN HeadQuarters in New York, bySecretary-General Ban KiMoon.-PR

KARACHI: Strings and Atif Aslam donate their inspirational song “Ab KhudKuch Karna Parey Ga” to patriotic movement Azme Alishan.-Photo by S Imran Ali

KARACHI: WorldCall Shake hands with Gigabyte for USF project. CEO WorldCall Telecom Limited Babar Ali Syed and Asad Sibtain CEO ICL International

Pvt Ltd are signing the contract Director Coporate FinanceWorldCall, AmirMahmood Director Information Technology Worldcall Muhammad Naved &Country Manager (Sales & Marketing XCONNECT) authorized distributor of

Gigabyte products Tauseef Ahmed khan are seen in the picture.-PR

KARACHI: Dr Zulfiqar A Bhutto, Dr Abdul Gaffar Billo and Dr Imran Khan ofTrust for Vaccines & Immunization can be seen at Typhoid Fever Awareness

Session along withcollaborative partners’representatives (InternationalVaccines Institute-South korea, Local Town Goverment, Ministry of Health,Government of Sindh and Minitry of Education-Government of Sindh).-PR

KARACHI: Chairman Senate committee for Finance, Senator Ahmed Ali along with

Chairman Council of Textile associations Zubair Motiwalla addressing the representa-

tives of Value Added Textile Sector at PHMA House on Tuesday. -Photo by Jamil Siddiqui

MUMBAI: The Indian rupeeretreated from four-and-half-month highs on Tuesday,weighed by the dollar's gainsversus majors and weakdomestic equities, but tradersexpect the local unit to resumerally on robust capital inflows.

The partially convertiblerupee closed at 45.15/16 perdollar, 0.3 per cent weaker than45.01/02 at close on Monday,when it had touched 44.99, itshighest level since May 13.The unit moved in a band of45.05 to 45.2850 during theday.

"Rupee was marginallyweaker at open with mild loss-es in shares. Later there wassome rumour of credit agenciesdowngrading Spain, whichhurt the euro and rupee.However, good data fromEurope again helped stablisethings," said N.S.S. Mani,chief foreign exchange traderwith State Bank of Travancore.

The euro's recovery versusthe dollar, helped lift the rupeefrom its day's low of 45.2850.

Foreign funds have moved$5.1 billion into shares this

month, taking their net invest-ment so far in 2010 to nearly$18 billion. The inflows hadlifted the rupee 1.3 per cent lastweek, its best rally in threemonths.

One-month offshore non-deliverable forward contractswere quoted at 45.31, weakerthan the onshore spot rate.

In the currency futures mar-ket, the most traded near-month dollar-rupee contractson the National StockExchange, MCX-SX andUnited Stock Exchangeclosed at 45.40, 45.3975 and45.4050 respectively, withthe total traded volume on thethree exchanges at $8.5 bil-lion. -Reuters

Indian rupee retreats;share losses weigh

3Wednesday, September 29, 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 28/09/2010

A USD GBP CAD EUR JPY

O/N 0.22500 0.54875 1.04500 0.36625 SN 0.10500

1WK 0.25025 0.55078 1.06167 0.47250 0.11750

2WK 0.25181 0.55563 1.09250 0.51250 0.12625

1MO 0.25625 0.56844 1.12500 0.57688 0.13875

2MO 0.27297 0.62281 1.18167 0.67813 0.17188

3MO 0.28938 0.73188 1.24833 0.82875 0.21688

4MO 0.34281 0.81734 1.30583 0.91813 0.30875

5MO 0.40625 0.92250 1.36083 1.01125 0.36750

6MO 0.46250 1.02500 1.43250 1.11350 0.42750

7MO 0.51281 1.10094 1.50083 1.16188 0.48313

8MO 0.56325 1.18094 1.58883 1.20875 0.53125

9MO 0.61266 1.26313 1.66250 1.26250 0.58063

10MO 0.66469 1.33625 1.73667 1.30975 0.60750

11MO 0.71781 1.40500 1.84083 1.35913 0.63188

12MO 0.77850 1.47063 1.93667 1.40375 0.66000

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

U.S.A. 86.15 85.95 85.76U.K. 136.35 136.03 135.72EURO 115.99 115.72 115.46CANADA 83.71 83.52 83.30SWITZERLAND 87.52 87.32 87.09AUSTRALIA 82.71 82.52 82.30SWEDEN 12.59 12.56 12.53JAPAN 1.02 1.02 1.02NORWAY 14.61 14.57 14.53SINGAPORE 65.16 65.01 64.83DENMARK 15.57 15.53 15.49SAUDI ARABIA 22.98 22.92 22.86HONG KONG 11.10 11.08 11.05CHINA 12.87 12.84 12.81KUWAIT 300.12 299.43 298.64MALAYSIA 27.88 27.82 27.74NEW ZEALAND 63.28 63.13 62.96QATAR 23.68 23.63 23.57U.A.E. 23.45 23.40 23.34KR WON 0.08 0.07 0.07THAILAND 2.82 2.81 2.80

London Inter Bank Offered Rates (LIBOR)

Name Bid Ask High Low

EUR-USD 1.3545 1.3548 1.3550 1.3382

EUR-GBP 0.8565 0.8501 0.8572 0.8467

EUR-CHF 1.3192 1.3257 1.3295 1.3164

EUR-JPY 113.53 113.41 113.61 112.67

USD-CHF 0.9751 0.9853 0.9879 0.9737

USD-CAD 1.0322 1.0293 1.0363 1.0282

GBP-USD 1.5812 1.5828 1.5897 1.5719

GBP-JPY 132.56 133.42 133.79 131.94

AUD-USD 0.9644 0.9647 0.9648 0.9562

EUR-CAD 1.3986 1.3990 1.3992 1.3836

CHF-JPY 85.92 85.98 86.03 85.22

Gold 1304.23 1304.68 1306.98 1282.28

Silver 21.53 21.55 21.60 21.07

As per 22.00 PST

Time Source Events Forecast Previous

2:45 NZD Trade Balance -365M -186M

4:50 JPY Tankan Manufacturing Index 7 1

4:50 JPY Tankan Non-Manufacturing Index -2 -5

7:30 CNY HSBC Manufacturing PMI 51.9

13:30 GBP Net Lending to Individuals m/m 0.5B 0.3B

14:30 CHF KOF Economic Barometer 2.12 2.18

17:30 CAD RMPI m/m 0.6% 1.8%

17:30 CAD IPPI m/m 0.3% 0.1%

19:30 USD Crude Oil Inventories -0.4M 1.0M

Source Events Actual Forecast Previous

EUR GfK German Consumer Climate 4.9 4.3 4.3

EUR German Prelim CPI m/m -0.1% -0.2% 0.0%

EUR French Consumer Spending m/m -1.6% -0.1% 2.7%

EUR French Consumer Spending m/m 2.7% 0.5% -1.5%

GBP Current Account -7.4B -9.6B -11.3B

GBP Final GDP q/q 1.2% 1.2% 1.2%

GBP CBI Realized Sales 49 27 35

USD S&P/CS Composite-20 HPI y/y 3.2% 3.1% 4.2%

USD CB Consumer Confidence 48.5 52.5 53.2

Previous Day

Top Economic Events

Central Bank Next Meeting Last Change Current

Interest Rate

Bank of Canada Oct 19 2010 Sep 08 2010 1%

Bank of England Oct 07 2010 Mar 05 2009 0.50%

European Central Bank Oct 07 2010 May 07 2009 1%

Federal Reserve Nov 03 2010 Dec 16 2008 0.25%

Swiss National Bank Dec 16 2010 Mar 12 2009 0.25%

The Reserve Bank of Australia n/a May 04 2010 4.50%

Bank of Japan n/a Dec 19 2008 0.10%

Major Central Banks Overview

Division of National Bank of Pakistan (NBP)KARACHI, September 28,2010 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 11.40 11.90 11.60 12.10 12.00 12.50 12.05 12.30 12.10 12.35 12.15 12.65 12.20 12.70 12.30 12.80

ABLN 11.50 12.00 11.85 12.35 12.15 12.65 12.55 12.80 12.70 12.95 12.80 13.30 12.95 13.45 13.00 13.50

JSBL 11.40 11.90 11.75 12.25 12.25 12.75 12.75 13.00 12.85 13.10 12.90 13.40 12.90 13.40 13.00 13.50

ASPK 11.30 11.80 11.60 12.10 12.10 12.60 12.55 12.80 12.70 12.95 12.75 13.25 12.85 13.35 13.00 13.50

CIPK 11.20 11.70 11.50 12.00 12.00 12.50 12.60 12.85 12.70 12.95 12.85 13.35 13.00 13.50 13.15 13.65

DBPK 11.30 11.80 11.50 12.00 12.10 12.60 12.45 12.70 12.60 12.85 12.70 13.20 12.75 13.25 12.85 13.35

FBPK 11.25 11.75 11.70 12.20 12.10 12.60 12.60 12.85 12.75 13.00 12.75 13.25 12.75 13.25 12.95 13.45

FLAH 11.25 11.75 11.60 12.10 12.15 12.65 12.55 12.80 12.70 12.95 12.75 13.25 12.85 13.35 12.95 13.45

HBPK 11.10 11.60 11.60 12.10 12.10 12.60 12.55 12.80 12.70 12.95 12.75 13.25 12.85 13.35 12.95 13.45

HKBP 11.20 11.70 11.60 12.10 12.15 12.65 12.60 12.85 12.70 12.95 12.75 13.25 12.80 13.30 12.90 13.40

NIPK 11.50 12.00 11.85 12.35 12.55 13.05 12.85 13.10 12.95 13.20 13.05 13.55 13.15 13.65 13.20 13.70

HMBP 11.25 11.75 11.75 12.25 12.25 12.75 12.65 12.90 12.80 13.05 12.85 13.35 12.90 13.40 13.00 13.50

SAMB 11.30 11.80 11.60 12.10 12.20 12.70 12.65 12.90 12.85 13.10 12.90 13.40 12.95 13.45 13.05 13.55

MCBK 11.50 12.00 11.75 12.25 12.25 12.75 12.40 12.65 12.55 12.80 12.60 13.10 12.70 13.20 12.95 13.45

NBPK 11.50 12.00 11.90 12.40 12.10 12.60 12.60 12.85 12.75 13.00 12.80 13.30 12.85 13.35 13.00 13.50

SCPK 11.00 11.50 11.40 11.90 12.15 12.65 12.50 12.75 12.65 12.90 12.75 13.25 12.85 13.35 12.95 13.45

UBPL 11.25 11.75 11.50 12.00 12.20 12.70 12.65 12.90 12.75 13.00 12.75 13.25 12.85 13.35 13.00 13.50

AVE 11.31 11.81 11.64 12.14 12.15 12.65 12.58 12.83 12.72 12.97 12.78 13.28 12.85 13.35 12.98 13.48

Karachi Inter Bank Offered Rates (KIBOR)

Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)28/09/2010

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

1 week 0.99 0.84 0.86 0.98 0.95 0.70 -0.74 -0.941 month 0.78 0.92 0.84 0.94 0.93 0.53 -0.62 -0.733 months 0.15 0.80 0.65 0.65 0.35 0.46 -0.55 0.156 months 0.45 0.78 0.90 0.68 0.06 0.18 -0.79 0.091 year 0.43 0.93 0.91 0.93 0.71 0.48 0.17 -0.432 years -0.05 0.81 0.27 0.77 0.62 -0.01 0.09 -0.14

Currencies CorrelationEUR/JPY

CMKA BMA INVSR GSL ICSL JSCM AvgRate

0-7days 11.40 11.50 11.25 11.60 11.60 11.50 11.48

8-15dys 11.70 11.75 11.70 11.80 11.90 11.75 11.77

16-30dys 12.20 11.90 12.28 12.25 12.00 12.30 12.16

31-60dys 12.60 12.70 12.55 12.70 12.50 12.65 12.62

61-90dys 12.70 12.60 12.65 12.75 12.65 12.70 12.68

91-120dys 12.80 12.70 12.75 12.85 12.75 12.80 12.78

121-180dys 12.85 12.80 12.91 12.90 12.82 12.85 12.86

181-270dys 12.90 12.90 12.93 12.95 12.90 12.90 12.91

271-365dys 12.95 12.96 12.97 13.05 12.95 12.96 12.97

2-- years 13.30 13.28 13.35 13.30 13.35 13.35 13.32

3-- years 13.40 13.40 13.40 13.40 13.40 13.44 13.41

4-- years 13.45 13.45 13.45 13.44 13.45 13.45 13.45

5-- years 13.50 13.45 13.50 13.47 13.50 13.50 13.49

6-- years 13.50 13.50 13.52 13.48 13.55 13.52 13.51

7-- years 13.55 13.55 13.53 13.49 13.52 13.55 13.53

8-- years 13.60 13.60 13.54 13.50 13.52 13.54 13.55

9-- years 13.65 13.60 13.55 13.55 13.55 13.55 13.58

10--years 13.65 13.60 13.58 13.65 13.58 13.58 13.61

15--years 13.80 13.90 13.75 13.90 13.70 13.75 13.80

20--years 13.95 14.00 13.85 14.10 13.80 13.85 13.93

Revaluation RatesTreasury Bills / PIBs / FIBs Holding Applicable for September 28, 2010

NEW YORK: The dollarslumped on Tuesday withprospects growing for addition-al monetary policy easing asUS economic data, includingconsumer confidence,remained weak.

The euro surged to a fresh,five-month high against thegreenback, smashing a keyresistance level and option bar-riers on its way up, a signal offurther gains in the single euro-zone currency. The yen alsofirmed, pushing the dollar tobelow 84 yen, its weakest sinceJapan intervened in the foreignexchange market two weeksago to halt its currency's rise.

The Federal Reserve is likelypreparing a fresh round ofquantitative easing measures toannounce at the end of its Nov.2-3 meeting, hedge fund advi-sor Medley Global Advisorssaid in a report on Tuesday, amarket source told Reuters.

The Fed is also weighing a

more open-ended, smaller-scale bond buying program, theWall Street Journal reported.

"The trend is still dollar-neg-ative. Some kind of quantita-tive easing is probably comingup," said Kaz Shirai, a forexinterbank trader at Union Bank

of California in Los Angeles."There's also been talk on

Wall Street that $1 trillion maybe needed, and that's still a lotof money. That's pushing 10-year yields down, which helpsdollar sellers."

Shirai also said the resultingrecovery in stocks has broughtout more risk-takers, with theeuro and currencies such as the

Australian dollar benefiting."We're making a new high onthe euro," he said, helped bysome option-related buying.

The euro earlier broke a well-flagged resistance at $1.3511,the 50-per cent Fibonacciretracement of its fall from

$1.5145 last November to itsJune low around $1.1876.

The euro rose as high as$1.3577, according to electronictrading platform EBS, taking outbarriers at $1.3525. It was last at$1.3575, up 1.0 per cent. Gainsin the euro accelerated after aweaker-than-expected US con-sumer confidence reading, itslowest level since February.

Analysts said gains ineuro/sterling had also helpedthe euro advance against thedollar. The euro surged againststerling after Bank of Englandpolicymaker Adam Posen saidthe British central bank shouldstart pumping more money intothe economy.

The euro rose to around85.76 pence against sterling, up0.9 per cent.

Against the yen, the green-back hit a low of 83.81 yen,according to electronic tradingplatform EBS. The dollar lasttraded at 83.91 yen, down 0.4per cent on the day.

With dollar/yen trading nearthe lows, investors are on alertabout possible intervention byJapan to stem the yen's strength,although Michael Woolfolk,senior currency strategist atBNY Mellon in New York, saidthe pair needs to go lower inorder for Japanese authorities tostep in. -Reuters

US dollar slumps as talkof monetary easing weighs

SHANGHAI: The yuan endedup slightly versus the dollar onTuesday after China's centralbank set a slightly strongermid-point as the dollar hov-ered near eight-month lowsagainst a basket of currencies.

But the market was turningincreasingly mixed over howmuch Beijing will let its cur-rency appreciate in the face ofrising US-Sino tensions,potentially limiting the yuan'supside for now.

The US House ofRepresentatives is expected tovote on a bill this week thatwould let the United Statesapply duties on goods fromcountries with undervaluedcurrencies.

Before trading started onTuesday, the People's Bank ofChina fixed the yuan's dailymid-point versus the dollar at6.7051, up modestly fromMonday's 6.7098, when itunexpectedly lowered its fix-ing after nine sessions ofstronger mid-points.

Spot yuan finished at 6.6906against the dollar fromMonday's close of 6.6923.

Beijing may allow the yuanto trade within a small rangefor now after allowing it to riseabout 2 per cent since thedepegging in late-June, traderssaid.

Yi Xianrong, an economist atthe Chinese Academy ofSocial Sciences, a top govern-ment think tank said onMonday that China shouldkeep the yuan stable and notgive in to US pressure becausea rapid rise in the value of thecurrency would harm the econ-omy.

Yuan non-deliverable for-wards rose across the curve,with the benchmark one-yeardollar/yuan non-deliverableforwards last traded at 6.5770versus Monday's close of6.5610.

That implied yuan apprecia-tion of 1.95 per cent in a year'stime, down from Monday's2.27 per cent. -Reuters

Yuan up in cautioustrade, upside limited

Swiss franc

up vs euro, dlrZURICH: The Swiss francgained against the euro and thedollar on Tuesday, as subduedequity markets and renewed con-cerns about debts in Ireland andPortugal piqued interest in thetraditionally safe haven franc.

The franc has appreciatedmore than 10 per cent againstthe euro this year, in part due toconcerns about sovereign debtsin southern European states.The franc touched a record highof 1.2763 on Sept. 8, but hassince eased against the euro.

Underscoring that the euro-zone's fiscal concerns were farfrom over, on Monday creditagency Moody's slashed somedebt ratings on Anglo IrishBank, while in a report on thePortuguese economy, theOECD warned its high sover-eign debt spreads could putrecovery at risk.

The franc rose 0.3 per centagainst the euro compared tothe New York close, trading at1.3207 per euro at 0629 GMT.The franc rose 0.3 per centagainst the dollar to 0.9826 perdollar. -Reuters

LONDON: Sterling fell onTuesday after hitting a seven-week high against the dollar asdovish remarks by Bank ofEngland policymaker AdamPosen wiped out gains madeafter firmer UK retail sales andcurrent account data.

Posen said the central bankshould start pumping moremoney into the economy inorder to prevent Britain falling

into the kind of slump Japan didin the 1990s.

The remarks helped push thepound to the day's lows of$1.5718 on selling led by short-term players, traders said. By1512 GMT, sterling was at$1.5787, down 0.2 per cent onthe day. "Posen's commentswere quite dovish, and notexpected. It adds some proba-bility of more QE and somedownside risk to sterling," saidGiulia Comotti, fx strategist atBarclays Capital.

"But there are no signs yet ofothers supporting his views, so

a lot more has to happen beforewe see more QE."

BoE policymaker AndrewSentance said in commentspublished on Tuesday there wasno need for the central bank torestart quantitative easing.Sentance has voted for an inter-est rate hike for four monthsrunning.

The pound was also support-ed by a broad dollar fall on

speculation the US FederalReserve would add more liquid-ity to the banking system at itsNovember meeting.

Earlier, sterling hit $1.5896, itshighest level since Aug. 10, afterUK retail sales came in muchhigher than expected, accordingto data from the Confederation ofBritish Industry. The euro firmedbroadly, pushing it up 1 per centagainst the pound in late trade tohit 85.92 pence, its highest sinceMay, and above the 200-daymoving average of 85.89 pence,which it has not traded abovesince April. -Reuters

Sterling falls as Posendemands more easing

SEOUL: Most Asian curren-cies held their ground onTuesday in reaction to a reportthat the Federal Reserve wasconsidering a smaller bondbuying scheme than its previ-ous asset purchase plan.

Weaker US and Asian shares,as well as a broadly firm dollarcaused investors to book prof-its on riskier currencies, butbrighter economic outlook forAsia kept supported most ofthe region's currencies, ana-lysts said.

Earlier, the AsianDevelopment Bank said Asiaand the Pacific would growthis year at the fastest clip

since 2007, but growth wouldmoderate in 2011.

The won turned higheragainst the dollar as exporters'demand for end-month settle-ments made investors clear dol-lar-long positions, though theyremained cautious over possi-ble further intervention by theforeign exchange authorities.

The won ended domestictrade up 0.2 per cent at 1,146.3per dollar after easing to as faras 1,150.3. "Without interven-tion, the won is likely to keeprising," said a local bank dealer.

On Monday, dealers said theforeign exchange authoritieswere spotted buying dollars to

defend the 1,150 won level. Thai baht moved near a 13-

year high of 30.56 per dollar,with the market wary of centralbank intervention if it strength-ened further.

"We have not seen any signyet of the Bank of Thailandcoming in but it will very like-ly do so if the baht headstoward the 30.50 resistancewhich I don't think will bebreached today," a Bangkok-based trader said.

The baht has gained 9.1 percent against the dollar thisyear, the third-best Asian per-former after the ringgit andyen. -Reuters

Asian currencies

Mostly mixed on Fed’smilder easing report

SYDNEY/WELLINGTON: The Australian dol-lar ran into profit-taking on Tuesday but remainedwithin striking distance of levels last seen in the1980s as excitement over a possible domestic raterise next week kept it well supported.

The Australian dollar took a dip to $0.9567from an offshore peak of $0.9645, due in part tosoft Asian stocks and a late lurch on Euro-zonedebt woes. The trend remains bullish for a test ofresistance at $0.9851, a top hit in 2008 and a levellast seen in 1982 before it was floated.

Aside from some banks spotted buying the cur-rency to hedge and adjust their portfolios beforethe end of the month and fiscal year, there was nomissing the underlying buoyant mood.

ANZ, which became the latest bank to predict theAussie dollar could hit parity, or one-to-one, againstthe dollar, said it could clinch the milestone in thenext six months. "We expect the Australian dollar tomark a short-term peak at around $0.9850 beforeconsolidating in the mid 90s," ANZ said.

But it too noted the Aussie dollar's stellar 7.6per cent surge this month was also tighteningmonetary conditions.

Latest market pricing showed investors saw a64 per cent chance of a rate rise next week, andanother 25-basis-point rise in the following 12months. The cash curve was at its flattest in twoyears with the spread between 10- and three-yearyields at 16 basis points.

The NZ dollar was a shade softer at $0.7315,compared with $0.7344 in late Monday trade, butstill not far from an eight-month high of $0.7418hit last week. Support was seen from $0.7320,with resistance at the high of $0.7418.

The kiwi has gained about 5 per cent since thestart of September, but was unable to match theAussie's performance, as the patchy NZ recoverywas seen keeping rates on hold into 2011.

The kiwi sat steady around 0.5453 euros, afterlosing ground in the past week, while recoupingsome losses to 61.83 yen. -Reuters

Aussie underpinned byrates; yield curve flattens

Taiwan dlrweakens oncbank move

TAIPEI: The Taiwan dollarweakened on Tuesday, edgingaway from a near five-monthclosing high the previous day,as last-minute intervention byTaiwan's central bank erasedearly gains fuelled by risinglocal stocks.

The Taiwan dollar opened atT$31.480 against the US dollarand rose to an intraday high ofT$31.376 before pulling backto T$31.500 at the close. TheTaiwan dollar finished atT$31.470 on Monday.

Taiwan's central bank hasbeen seen intervening in latetrade recently to counter theimpact of a stronger Taiwandollar on exporters.

Investors have favouredgrowth-linked Asian forex mar-kets such as Taiwan's for mostof September because of strongfundamentals and upbeat datafrom across the region, curren-cy strategists say.

Solid economic data or earn-ings from the United States,Taiwan's No.2 export market,would support the local curren-cy as investors favour growth-linked assets. More signs ofweakness in the US economycould pressure the local forexmarket. -Reuters

Won turns higher on exporters; no intervention spotted

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.

Loose the noose around

economy’s neckWhile the government is plunging deeper

into executive-judiciary rift and ministry offinance has no clue whatsoever about intro-duction of reformed GST from 1st ofOctober, the Policy Board of State Bank ofPakistan will have to come up with the rightdecision regarding any change in the prevail-ing discount rate. Analysts seem clearlydivided into two groups: one recommendingreduction and the other forecasting furtherhike in the policy rate. Both the groups havetheir own rationalisation and now it will betest of the new governor SBP. Will he also betowed away by those having little grey matteror use his own judgment in making a difficultdecision? It is not a cliché but realisation ofabsurdity prevailing at the highest level.

Before making any decision it is necessaryto examine rise and fall in the inflation in thecountry during the last couple of months butone point in clear that inflation is on thedecline. Lately prices of virtually every com-modity skyrocketed because of failure of thegovernment to check profiteering during theholy month of Ramadan and then the delugewashing away fields and standing crops.However, prices are on the down and maystabilise at much lower levels once supplyconstraints are removed.

At times elected government seems to befighting for its survival and political uncer-tainty at its peak, the responsibility lied withtechnocrats to take the right decision now. Itis also the test of the autonomy of the centralbank and the newly appointed governor. Thequestion is: will he also be influenced bythose short-sighted ones who consider inter-est rate is the only tool to contain inflation?The governor must understand that Pakistansuffers from a cost-pushed inflation. If pricesof POL are increased in a bid to mobilisemore petroleum development levy, the elec-tricity and gas tariffs are also jacked up in thename of recovery of full cost and no one triesto remove the impediments shoving the coun-try deeper into economic problems, whichmakes higher inflation inevitable.

Pakistan has witnessed policy rate rising ashigh as 15 per cent in 2008. Having toucheda bottom of 12.5 per cent, the rate is onceagain on the rise, currently at 13 per cent. Anyfurther increase in the discount rate will pushup the cost of doing business but will alsoraise the cost of borrowing for the govern-ment. In the prevailing scenario, it is unlikelythat the SBP will dare to bring the discountrate down. While hike in rate seems mostprobable it must also not be forgotten that thedecision will mar the economic revivalprocess.

Inflation can only be brought down by opti-mising the cost of doing business, the rest ofthe theories are misleading.


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

Head office

111-C, Jami Commercial Street 11, Phase VII, DHA KarachiTelephone: 92-21-5311893-6 Fax: 92-21-5388428

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Telephone: 92-42-6675595 Fax: 92-42-6664349

Email Address: [email protected]

The Financial Daily InternationalVol 4, Issue 56

F Z KhanAccording to a report in a

section of press (September24), Pakistan navy chiefwants the Gwadar Port dealwith Port Authority Singapore(PAS) cancelled. The demandwas very timely and from aperson whose recommenda-tion matters a lot as far assecurity of the country is con-cerned. Reports had it that theMusharraf-Shaukat Aziz gov-ernment turned against theChief Justice Ch Iftikhar, and

decided to remove him fromhis post when the CJ wasabout to take a suo motoaction against a secretly madedeal with the PAS. Earlier theCJ had already taken suo motonotice of the Steel Mills saleand this time the bigwigs didnot want to give him a chance.

News also made rounds thatAziz who had in the past beenliving in Singapore anddeveloped relations with thePAS authorities allegedlystruck a deal exempting PAS

from paying taxes for 20years, and huge commissionwent into his accounts in for-eign banks. With this,Pakistani government at thattime had displayed the heightof moral bankruptcy by refus-ing the Chinese bid to oper-ate the port who had actuallybuilt the port and had the firstright to run its affairs for atleast next two decades.

It is noteworthy that PAS isreportedly an American com-pany. This reminds us of a

repeatedly reported conversa-tion between the thenChairman PPP and PrimeMinister of Pakistan ZulifkarAli Bhutto and the then USsecretary of state HenryKissinger. As mentioned byZAB in one of his books, ZABoffered Kissinger Gwadar,which the latter rejected onthe plea that the US did notneed it. But the visionary ZABinsisted that America wouldneed it in next five, 10 or 20years to use it as a corridor to

Afghanistan and Central Asia.Kissinger ignored it and thediscussion ended but todayAmericans need it the most.

Some top diplomats of thecountry narrated the sameconversation before a US offi-cials and asked as to why did-n’t Americans build it ifthey needed it the most, thereply came, "why spend USmoney, labour and time, letChina build it, Pakistaniswould definitely hand over tous."

The Gwadar Port Conspiracy

US President BarackObama is facing a seriesof departures that will

reshape his national securityteam, altering the chemistry of agroup which may be remem-bered for its divisions over theAfghan war.

White House national securityadviser Jim Jones is expected tostep down later this year.Defense Secretary Robert Gates,a holdover from the Bushadministration, has signaled hisintention to resign sometime in2011, when Admiral MikeMullen, the top US military offi-cer, is also expected to retire.

That would leave Obama withthree top national security jobsto fill -- a daunting task for afirst-term president moving tofinish a troop drawdown in Iraqnext year and start one inAfghanistan.

Discussions are under wayover how to minimize disrup-tions but a senior Obama admin-istration official played down therisk of major turbulence.

"You're going to see continuityeven amid change and that canalleviate those concerns," theofficial said, speaking on condi-tion of anonymity.

Still, disruptions may be exac-erbated by the departure of keyWhite House aides. SeniorObama adviser David Axelrod

will leave sometime in 2011 towork on Obama's re-electioncampaign. White House Chief ofStaff Rahm Emanuel willannounce as early as Fridaywhether he will leave to run forChicago mayor.

David Rothkopf, author of"Running the World," a bookabout the National SecurityCouncil, said the White Houseshould take a "holistic" approachto the changes.

"They ought to use it as a wayof saying they are hitting thereset button. It ought not to be adhoc," Rothkopf said.

Officials said ties forgedamong lower-level members ofthe national security team wouldhelp minimize disruptions.

"In so far as there may beturnover ahead, underneath thatthere will be an enormousamount of consistency in termsof the working relationships,"the senior official said.

Staff changes are commonnear the two-year mark of a pres-idential term but Obama is grap-pling with many at once, a con-sequence of staff burnout in anadministration that had to con-tend with two wars and an eco-nomic crisis.

The top tier of Obama's eco-nomic team is also seeing bigchanges. Senior White Houseeconomic adviser Larry

Summers plans to leave by theend of the year. Obama hasalready had to replace PeterOrszag as budget chief andChristina Romer as chair of theCouncil of Economic Advisers.

NEW CHEMISTRY?Many staff changes will take

place in the aftermath of theNov. 2 congressional electionswhere Obama's Democratscould face big losses.

Obama could use the changesto mark a fresh start.

Critics have accused him oftrying to escape division over theAfghan war through a middle-of-the road strategy and theyquestion its chances for success.They point to Obama's decisionto give the military some addi-tional troops but saddle it with aJuly 2011 deadline to start with-drawing them.

That narrative has been rein-forced by a new book byWashington Post journalist BobWoodward highlighting theintense sparring during lastyear's strategy review.

But some say Obama has ben-efited from spirited debateamong his advisers -- a so-called"Team of Rivals" which includesSecretary of State HillaryClinton and Vice President JoeBiden, who both vied withObama in the 2008 White Houserace.

Clinton's rapport with Gateshas bolstered her clout within theadministration. The two are themost influential members ofObama's Cabinet. BeyondClinton, the only core playersexpected to stay in place are CIADirector Leon Panetta andBiden.

"What's really at stake is thedynamic within the NationalSecurity Council and the ques-tion is: Will it be as creative?Will it be as balanced?,"Rothkopf said. "They should tryto identify the openings and trycasting these people against eachand seeing what looks like thebest possible mix."FIRST FEMALE DEFENSE

SECRETARY?Gates, who openly longs for

retirement, has warned againstwaiting too long to identify hisreplacement. Heightened politi-cal tension in the run-up to the2012 presidential election couldmake for a difficult confirmationprocess.

Possible replacements toGates include Michele Flournoy,undersecretary of defense forpolicy, who would become thefirst female defense chief.Democratic Senator Jack Reed,an Army veteran, is another pos-sibility along with Chuck Hagel,a former Republican senator anda Vietnam war veteran.

The senior administration offi-cial said decisions about whowould take the post go "beyondpolitics."

"These have not been deci-sions that have been guided bypast political affiliations. It's ateam that the president puttogether based on what hethought he needed in each posi-tion," the official said.

Jones could be replaced by hisdeputy, Tom Donilon. But Gateswas quoted in Woodward's newbook as saying that Donilonwould be a "disaster" in the job.Other names include GeneralJames Cartwright, vice chairmanof the Joint Chiefs of Staff,White House counter-terrorismadviser John Brennan andDeputy Secretary of State JamesSteinberg.

Mullen is expected to retireonce he completes his secondterm as chairman of the JointChiefs of Staff on Oct. 1 nextyear. General David Petraeus,currently commanding the warin Afghanistan, would seem tobe a natural fit for the job but itis unclear whether Obamawould want to pull him from thefield after just over a year as thetop US commander inAfghanistan. Mullen could stayfor a third term but that would beunexpected and highly unusual.-Reuters

US Watchmen in Shake-up

Iran has limited capacity toretaliate in kind to an appar-ent cyber attack that infected

computers at its sole nuclearpower plant, analysts say, butsome worry it could seek to hitback by other means.

Security experts say theybelieve the release of theStuxnet computer worm mayhave been a state-backed attackon Iran's nuclear program, mostlikely originating in the UnitedStates or Israel. But they say thetruth may never be known.

Little information is availableon how much damage, if any,Iran's nuclear and wider infra-structure has suffered fromStuxnet computer virus -- andTehran will probably nevershare the full details. Officialssaid on Sunday the worm hadhit staff computers at theBushehr nuclear power plantbut had not affected major sys-tems there.

Some analysts believe Iranmay be suffering wider sabotageaimed at slowing down itsnuclear ambitions, and point tounexplained technical problemsthat have cut the number of

working centrifuges in its urani-um enrichment program.

In the short term, intelligenceexperts believe Tehran's prioritywill be trying to identify thesource of the attack and examin-ing how the worm was uploadedonto its systems. "The Iranianinternal security and counterin-telligence departments will needto nail down theculprits first, thenwork out how toturn the tables,"said Fred Burton,a former UScounterintell i-gence expert whois now vice presi-dent of politicalrisk consultancyStratfor.

But findingreliable evidenceidentifying whichcountry or groupwas responsiblemight well provei m p o s s i b l e ,increasing theprobability of a more unofficialand deniable reaction.

Some analysts suggest Iran

might like to retaliate with acyber attack against Israel or theWest -- although there are ques-tion marks over its capability todo so.

"I don't think we can expectmuch in the way of retaliatorycyber attacks," said regionalanalyst Jessica Ashooh. "TheIranians simply don't have the

technical capacity to do any-thing similar to properly pro-tected systems -- as evidenced

by the very hard time they arehaving controlling and quaran-tining this attack."

"DEADLY GAME?"Nevertheless, experts say Iran

has made improving its cyberespionage capability a priority -- and will probably aim to growthese resources further in theyears to come.

The risk, someworry, is that Iranmight be tempted toeither intensify its ownnuclear program ortarget the West's ownnuclear installations inreturn.

"How prepared arewe all for this andcould this set inmotion a deadly gamethat catalyses a nuclearprogram no oneintended to engagein?" said Mark Fitt,managing director ofN49 Intelligence, afirm that advises busi-nesses in the Middle

East.In terms of a more conven-

tional response, Iran could

potentially act through proxiessuch as Hezbollah in Lebanonand Hamas in Gaza, as well asinsurgents in Iraq andAfghanistan.

"They can... use networks inAfghanistan and the Gulf tostrike back using unconvention-al "stealth tactics' and asymmet-ric methods," said Fitt.

Oil markets in particularwould prove very sensitive toany suggestion Iran might retal-iate in any way against shippingthrough the Persian Gulf andStraits of Hormuz, either direct-ly or through militant groups.

A Japanese supertanker wassuperficially damaged this yearby what some security expertssaid was a suicide bomber, andany similar event would raisealarm.

Whatever happens, analystssay the Stuxnet attack is an earlyinsight into the form state con-flict may take in the 21st centu-ry.

"It's by no means a one-off -- Ithink we'll see much more ofthis," said Ian Bremmer, presi-dent of political risk consultan-cy Eurasia Group. -Reuters

Iran’s Cyber Revenge?

Adam Cox

Did the Nobel prize helptrigger the worst finan-cial crisis since the

Great Depression?Nassim Taleb, who shot to

fame with his ideas about riskin the book "The Black Swan,"believes the economics awardand the theories it celebratesdeserve their share of blame.

"I want to remove the harmfrom these economic models.And the Nobel is not helping.They should be held partlyresponsible, if not largelyresponsible, for the crisis,"Taleb told Reuters by tele-phone.

The first of the Nobelawards will be announced nextMonday, with the economicsprize due a week later on Oct11.

According to Taleb, there area number of mistaken ideasabout forecasting and measur-ing risk, which all contributeto events like the 2008 globalcrisis. The Nobel prize, hesays, has given them a stampof approval, allowing them to

propagate.Taleb is a former trader who

took advantage of the mispric-

ing of derivatives to make hisfortune in the years before thecrisis. He published "TheBlack Swan" in 2007 and wenton to make millions more dur-ing the upheaval.

He rattles off a list of Nobelprize winners who make hisblood boil. They include:Harry Markowitz, WilliamSharpe, Robert Merton, MyronScholes, Robert Engle, FrancoModigliani and Merton Miller-- a virtual "Who's Who" ofthe economic world.

Merton and Scholes, forinstance, were recognized for

their work in valuing deriva-tives. Modigliani and Millerare known for a theory which

some have argued promotesfinancing by debt.

Taleb attacks their works forhow they are constructed andwhat they lead to. "There is noworld in which these ideas canwork mathematically," he said.

Forecasting methods, whichhe discusses in detail in hisbook, create a false sense ofsecurity or, worse, send peoplein the wrong direction.Universities then compoundthe problem by teaching theseNobel-approved ideas asorthodoxy.

His conversation is peppered

with metaphors. "If I give youa map of Sparta when you're inJohannesburg, you will defi-nitely have a problem," hesays of the tools used in mod-ern finance.

Taleb said he has met withthe King of Sweden and sug-gested he do something aboutthe economics prize, whichwas an addition in the 1960s tothe roster of prizes awardedsince 1901 for science, litera-ture and peace.

"HE CRASHED THEPLANE"

But if he is unable to makeheadway in Stockholm, doesTaleb believe his new influ-ence can help him change thepractices of important policymakers? He will be the first tosay that his blunt, uncompro-mising manner make thathighly unlikely.

He says he walked out of ameeting that includedTreasury Secretary TimothyGeithner and other luminariesand wouldn't feel comfortableshaking their hands.

Federal Reserve GovernorBen Bernanke he calls "a true

charlatan," arguing his idea ofa "Great Moderation" madethe world more dangerousbecause it masked underlyingrisks.

"He got us here. He crashedthe plane," Taleb said. "I say itliterally, he doesn't knowwhat's going on."

In Europe, Taleb's ideas havefound more favor. He spenttime with British PrimeMinister David Cameron andsaid the new leader's policiesare visibly influenced by "TheBlack Swan."

Asked if he would accept aNobel prize himself if selected,Taleb is uncharacteristicallyhesitant. People might think hehad sold out, he worries. Buthe concludes: "If it would helpsociety that I got somethinglike that, I probably would."

For now, Taleb is content towrite books and try to advancehis ideas. He says he has givenup trading, but has a clear pur-pose for all the profits hemade. "I'm using the moneynow to finance the destructionof the economic establish-ment." -Reuters

Nobel-Prized CrisisNassim Taleb, who shot to

fame with his ideas about riskin the book "The Black Swan,"believes the economics awardand the theories it celebratesdeserve their share of blame

“

Security experts saythey believe the release of

the Stuxnet computerworm may have been astate-backed attack onIran's nuclear program,

most likely originating inthe United States or Israel.But they say the truth may

never be known.

“

FERTILISER000 tonnesUrea Offtake (Jan to July 10) 3,565Urea Offtake (July 10) 580Urea Price (Rs/50 kg) 879DAP Offtake (Jan to July 09) 374DAP Offtake (July 10) 49DAP Price (Rs/50 kg) 2,626

AUTOMOBILE ASSEMBLERPAK SUZUKI MOTORUnitsProduction (July 09 to June 10) 71,998

Sales (July 09 to June 10) 73,993

Production (July 10) 7,509

Sales (July 10) 4,503

INDUS MOTOR COProduction (July 09 to June 10) 50,557




HONDA ATLAS CARProduction (July 09 to June 10) 13,500




DEWAN FAROOQ MOTORSProduction (July 09 to June 10)1,218


Production (July 10) 41

Sales (July 10) 40

BANKING SECTORScheduled bank (Rs in mn)Deposit (August 20,10) 4,595,176

Advances (August 20,10) 3,304,533

Investments (August 20,10) 1,788,671

Spread (July 2010) 7.51%

OIL MARKETING CO(000 tons)MS (Jul 09 to June 10) 1,933

MS (July 10) 188

Kerosene (Jul 09 to June 10) 164

Kerosene (July 10) 15

JP (Jul 09 to June 10) 1,377

JP (July 10) 129

HSD (Jul 09 to June 10) 7,435

HSD (July 10) 664

LDO (Jul 09 to June 10) 75

LDO (July 10) 7

Fuel Oil (Jul 09 to June 10) 9,259

Fuel Oil (July 10) 869

Others (Jul 09 to June 10) 13

Others (July 10) 1

PRICES (Ex-Refinery) RsMS (1 Sep 10) 40.85

MS (1 Aug 10) 41.22

MS % Chg -0.90%

Kerosene (1 Sep 10) 47.14

Kerosene (1 Aug 10) 46.55

Kerosene % Chg 1.27%

JP-1 (1 Sep 10) 47.37

JP-1 (1 Aug 10) 46.78

JP-1 % Chg 1.26%

HSD (1 Sep 10) 50.61

HSD (1 Aug 10) 49.63

HSD % Chg 1.97%

LDO (1 Sep 10) 46.37

LDO (1 Aug 10) 45.29

LDO % Chg 2.38%

Fuel Oil (1 Sep 10) 39,932

Fuel Oil (1 Aug 10) 39,723

Sector Updates

Symbol Close Vol (mn)LOTPTA 8.75 10.07 BAFL 8.07 8.18 TRG 4.23 7.87 THCCL 19.49 5.92 HUBC 33.03 3.43

Symbol Close ChangeULEVER 4,028.55 38.55 DREL 578.00 27.00 BATA 499.74 19.28 FZTM 346.53 14.63 SIEM 1,136.31 11.32

Symbol Close ChangeWYETH 948.00 -31.54PECO 303.41 -15.94IDYM 237.95 -12.52COLG 695.00 -10SITC 110.40 -5.41

Plus 211Minus 161Unchanged 19

Top 5 Volume Leaders

Major Losers

Major Gainers

KSE-100 Index

LSE-25 Index

ISE-10 Index

Active Issues

Poor US data weigh on Europeshares; banks slip

Jakarta hits record high, others lacklustre

Wednesday, September 29, 2010 5

Dhiyan

If the interest rate goes up today, the pressure will mount up on the marketin the coming days however outlook is not much bearish as the market isattractive as compared to regional ones. Therefore we would see someimproved foreign interest and positive performance once political situationstabilises. Improvement in the law and order situation, unchanged interestrate and reduction in utility prices would support the economy and marketboth. Investors are advised to invest in valued stocks after proper analysislike in POL, PPTA etc. They should book profits if market opens on a pos-itive note today.

Khalid Waheed, CEO Hum Securities

Faran Rizvi, Invisor SecuritiesWe are seeing continuation of bullish trend if market which mightclose above 10,037 points. However if there is a further delay inlaunching Margin Trading System (MTS) and interest rates are jackedup today market might face mighty headwinds. We recommendtraders to sell and order stop loss if market trades above 10,045 points.They are advised to sell oil and banking stocks if market closes abovethis level. Market might be negative today therefore investors are rec-ommended to adopt 'sell on strength' strategy.

SELL ON STRENGTH

Opening 9,936.79

Closing 9,981.07

Change 44.28

% Change 0.45

Turnover (mn) 86.74

Opening 3,099.09 Closing 3,110.30 Change 11.21% Change 0.36Turnover (mn) 4.09

Opening 2,541.25

Closing 2,547.62

Change 6.37

% Change 0.25

Turnover (mn) 0.09

HONG KONG/SHANGHAI:

Hong Kong and Shanghai

stocks fell on Tuesday as a

mild selloff in large caps drove

the Hang Seng down and

weakness in financials and

poor debut of Ningbo Port

weakened China's key stock

index.

The benchmark Hang Seng,

which is poised to post its

best monthly gain since July

2009, fell 1 percent to

22,109.95 led by local prop-

erty developers and index

heavyweights.

A four-week rally, supported

by recovering turnover, had

taken the index well into over-

bought territory although

Tuesday's drop pushed its rela-

tive strength index back below

the threshold 70 level.

The next resistance for the

index is at its 2010 peak,

around 23,100, the level it

touched in January.

However, a flurry of share

and convertible bond place-

ments in Hong Kong and a

spate of initial public offerings

could dampen further gains,

analysts at Julius Baer said in a

note.

China Unicom shares, the top

loser amongst large caps, fell

4.3 percent after the mobile

provider said it had sold $1.8

billion in convertible bonds, a

move likely to dilute value for

existing shareholders.

"Investors are probably con-

cerned about why Unicom is

issuing convertible bonds

rather than straightforward

debt," said Paul Wuh, an ana-

lyst at Samsung Securities in

Hong Kong.

Ruinian International Ltd

slumped 8.3 percent after the

company said Turrence Ltd,

Templeton Private Equity and

other shareholders were selling

100 million shares at a dis-

count to the Monday closing

price.

Activity on the primary mar-

ket in Hong Kong has also

picked up considerably with

about 20 companies looking to

raise more than $21 billion

having listed this month or

planning a listing in October to

take advantage of improved

market conditions.

That includes the initial pub-

lic offering of AIA Group, the

Asian unit of AIG, which began

pre-marketing for its offering

which could raise as much as

$15 billion.

SHANGHAI SLIPS

The Shanghai Composite

Index fell 0.6 percent to

2,620.75. Analysts said the 60-

day moving average at 2,560

should provide strong support

ahead of the week-long

National Day holiday starting

on Friday.

The sluggish market took its

toll on shares of Ningbo Port

which closed 3.5 percent

below their listing price. The

company raised $1.1 billion in

the country's sixth-biggest IPO

this year..

Analysts said weak overseas

markets and concerns about

global economic growth

weighed on financials and

resources plays.

"Financials and banks are

heavy weights on the index so

at a time of uncertainty when

they are under pressure, the

broader index is unable to

gain," Nanjing Securities' Wen

Lijun said.

"Market confidence is still

lacking ahead of our national

day holiday, where we will

face more uncertainty," said

Wen.

Jiangxi Copper fell 6.7 per-

cent, Coal miner Shan Xi Guo

Yang New Energy slipped 3.1

percent, Lizhou Iron & Steel

fell 4.2 per cent.

Financials sagged with China

CITIC Bank Corp down 2 per

cent, while Industrial Bank fell

2.6 per cent. Agricultural Bank

of China slid 0.8 per cent.

Bucking the broader trend,

Chalco jumped by its 10 per

cent daily limit after its par-

ent said it would take a

majority stake in rare earths

company.-Reuters

HK, Shanghai shares on down

Nawaz Ali

KARACHI: Bullish activitiescontinued at the Karachi StockExchange on Tuesday due tobuying on expectations of nochange in the interest rate andon adjournment of NRO casesby the apex court however itfailed to sustain the psycholog-ical level of 10,000 points dueto profit booking at higher lev-els.

The benchmark KSE 100-index gained 44 point to closeat 9,981 points, KSE 30-indexincreased by 65 points to closeat 9,704 points and KSE All-shares Index grew by 30 pointsto close at 6,972 points.

According to Ahsan Mehanti,Director Arif HabibInvestments the positive activi-ty persisted riding result seasonalong with the strong hopesthat SBP would not give thediscount rate an upward swingtoday (Wednesday).

Mehanti added that renewedinstitutional & foreign interestin blue chip oil & gas, fertiliser

& banking stocks, expectationsof an early resolution of gov-ernment-judiciary disputelured the bulls into the marketthat broke off even the tethersthat rising political uncertaintyhad lassoed them with.

The day started 20 points upand from that point onwardsbulls remained in chargethroughout the session. Buyingremained the order of the dayas discount rate was seen hold-ing status quo to be announcedtoday (Wednesday). Secondly,investor sentiments alsoimproved on adjournment ofNRO case hearings by theSupreme Court. Thereforeindex breached 10,000 markand just 32 minutes after theopening bells touched an intra-day high of 10,029 points (+ive92 points). Though index man-aged to stay in green zone allday long but some profit takingat higher levels pared gains andit failed to sustain 10,000 level.

Furqan Punjani, analyst atTopline Securities said that the

See # 17 Page 11

Policy rate status-quoexpectation

anchors KSE

TOKYO: Japan's Nikkei aver-age fell 1.1 per cent onTuesday, dropping as the dead-line passed for investors toreceive dividends on Tokyostocks for the financial firsthalf-year and as the yen heldnear its highest in almost twoweeks.

The benchmark Nikkei shed107.38 points to 9,495.76, ofwhich about 63 points waslikely due to the "ex-dividend

effect", analysts said.Monday was the last day for

investors to buy many Japanesestocks and still get dividendson them for the April-September half-year.

One analyst said selling ofNikkei futures related to posi-tion adjustments after the divi-dend deadline passed also like-ly contributed to the fall.

The broader Topix shed 0.8per cent to 842.65.-Reuters

Nikkei ducks asdividends dodge

BANGALORE: Weak globalmarkets and investor profitbooking, after the BSE Sensexsurged 11.9 per cent this monthon robust foreign fund inflows,dragged the benchmark down0.06 per cent on Tuesday snap-ping a two-session rally.

Brisk profit sales were seenin metal counters, which hadrallied the most in the previoussession, dealers said.

The 30-share BSE indexeased 12.5 points to close at20,104.86, with half of its com-ponents closing in the red. Ithad risen as much as 0.2 percent to 20,157.51 points inearly trade.

The benchmark index, whichseesawed in early trade, took adefinite turn southwards afterEuropean markets turned redon persistent worries over thebanking sector in the peripher-al euro zone countries.

The market was likely toremain volatile leading up tothe expiry of derivatives onThursday as investors adjusttheir positions, dealers said.

"This is just investors liqui-dating their positions ahead ofthe expiry," said S.P. Tulsian,an independent investmentconsultant. "I expect the mar-

ket to turn positive in a day ortwo."

Betting on the strength of theIndian economy, which isexpected to grow 8.5 per centthis fiscal, overseas investorshave pumped in $5.1 billion intoIndian shares this month alone,taking net investment so far in2010 to $18 billion and liftingthe index about 15 per cent.

The fund inflows top lastyear's record $17.5 billion thathelped push the benchmarkindex up 81 per cent.

"Foreign investors who wantto make money on their invest-ments will have to come toIndia as the country will con-tinue to show strong growth,"said DD Sharma, senior vicepresident of research at broker-age Anand Rathi.

But, the investment consult-ant Tulsian expects the bench-mark index to correct by about1,000 points in October, due toa lack of fresh positive triggers,and as he expects earnings forthe September quarter to bemuted.

Aluminium maker HindalcoIndustries which scaled a 32-month peak in the previous ses-sion, and non-ferrous metals

See # 16 Page 11

Sensex snaps 2-daygains on profit sales

US stocks mid-day

Wall St ticksup as weakdata points

to Fed moveNEW YORK: US stocksedged higher on Tuesday afterweak consumer confidence fig-ures, with investors saying thedata bolsters expectations theFed will pump more moneyinto the economy, which wouldsupport equities.

The S&P 500 has risen 9 percent so far in September, mak-ing it one of the best months forthe index in 20 years.

"Currently the bullish case(for stocks) is a 'win-win,'" saidJoseph Battipaglia, marketstrategist at Stifel Nicolaus inYardley, Pennsylvania.

"If the economy is good,that's good for stocks. If theeconomy is bad, it's good forstocks because the Fed is goingto quantitatively ease."

Although he said the bullishcase is "common knowledge,"Battipaglia said he did not sub-scribe to it.

US Treasury debt prices alsorose as the weaker-than expect-ed data added to expectationsthat the Federal Reserve willgive the economy more support.

See # 15 Page 11

Miners giveFTSE awarm

shoulderLONDON: Britain's top shareindex closed slightly higher onTuesday as stronger miningstocks offset falls from banksstill dogged by investor con-cerns over sovereign debt.

The FTSE 100 closed 5.02points, or 0.1 per cent, higher at5,578.44 in skittish trading,with the index having dipped aslow as 5,506.07.

Miners were in demand,boosted by firmer copper as thedollar fell after unexpectedlyweak consumer confidencedata from the United States.

Randgold Resources wasamong the top blue-chip risers,up 2.2 per cent, as gold hit arecord high.

Concerns about the debt situ-ation in peripheral euro zonecountries kept investors wary,but these fears were offset bydata showing Britain's recoveryis on track and retail sales werestronger than forecast.

Standard & Poor's warned itmay cut Ireland's credit rating ifthe country poured more than35 billion euros into Anglo IrishBank.

Risk-sensitive banks exerteddownward pressure on theindex, with the sector off 0.5per cent.

"The economic data acrossthe western world is so contra-dictory still," Jim Wood-Smith,head of research at Williams deBroe, said.

"There's not enough bad newsto persuade the bulls that thedouble-dip is going to come,and there's not enough goodnews to persuade the bears that2011 is going to be any better,so we're stuck in limbo at themoment."

Britain's economy grew at itsfastest pace in nine years in thesecond quarter of 2010 andfirst-quarter growth wasrevised slightly higher, theOffice for National Statisticssaid.

And British retail sales rosemuch more than expected -- attheir fastest pace in over sixyears -- in September, a survey

See # 14 Page 11

NINGBO: Ningbo Port's Chairman Li Linghong speaks during a ceremony celebrating thecompany's listing on the Shanghai stock exchange at a hotel.-Reuters

ANNOUNCEMENTS

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

Shahtaj Textile Yearly 45%(D) 107.795 11.16

Maple Leaf Cement Yearly - -2,583.955 -7.08

Ist.Dawood Bank Yearly - 377.676 6.03

Wyeth Pak Ltd. 3rd Qtr - 9.274 6.52

Fateh Industries Yearly - -31.498 -15.75

South East Asian stocks

Wednesday, September 29, 20106

Volume 86,738,176

Value 2,900,123,899

Trades 44,151

Advanced 211

Declined 161

Unchanged 19

Total 391

Current 6,972.09

High 7,004.12

Low 6,941.99

Change h30.10

Current 9,981.07

High 10,029.65

Low 9,936.79

Change h44.28

Current 9,704.72

High 9,739.29

Low 9,638.93

Change h65.79

Market KSE 100 Index All Share Index KSE 30 Index

Current 15,717.32

High 15,757.18

Low 15,607.68

Change h109.64

KMI 30 IndexSymbolsAlert ! Unusual Movements

Technical AnalysisFundamental Highlights

As on Jun 30, 2009

Hira Textile Mills Limited

HIRAT closed up 0.12 at 4.01. Volume was 308 per cent above aver-

age (trending) and Bollinger Bands were 2 per cent narrower than nor-

mal. The company's profit after taxation stood at Rs150.04 million

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

months of fiscal year (9MFY10).

HIRAT is currently 6.7 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 volume flowing into and out of HIRAT at a relatively

equal pace. Trend forecasting oscillators are currently bullish on HIRAT.

RSI (14-day) 53.39 Total Assets (Rs in mn) 3,223.46

MA (10-day) 4.14 Total Equity (Rs in mn) 1,063.41

MA (100-day) 3.72 Revenue (Rs in mn) 2,524.73

MA (200-day) 3.75 Interest Expense 341.03

1st Support 3.85 Profit after Taxation 1.88

2nd Support 3.65 EPS 09 (Rs) 0.026

1st Resistance 4.15 Book value / share (Rs) 14.86

2nd Resistance 4.25 PE 10 E (x) 1.43

Pivot 3.95 PBV (x) 0.27


As on Jun 30, 2009

CHBL closed down -0.27 at 3.08. Volume was 71 per cent above aver-

age and Bollinger Bands were 47 per cent narrower than normal. The

company's loss after taxation stood at Rs695.821 million which trans-

lates into a Loss Per Share of Rs6.05 for the nine months of fiscal year

(9MFY10).

CHBL is currently 26.0 per cent below its 200-day moving average and

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

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

cators reflect volume flowing into and out of CHBL at a relatively equal

pace. Trend forecasting oscillators are currently bullish on CHBL.




MA (200-day) 4.16 Interest Expense 1,487.71

1st Support 2.81 Loss after Taxation (96.66)

2nd Support 2.56 EPS 09 (Rs) (0.841)


2nd Resistance 3.94 PE 10 E (x) -

Pivot 3.25 PBV (x) 0.14

Chenab Limited


As on Jun 30, 2009

SSGC closed up 1.20 at 28.74. Volume was 538 per cent above average

(trending) and Bollinger Bands were 175 per cent wider than normal. The

company's loss after taxation stood at Rs306.494 million which translates into

a Loss Per Share of Rs0.46 for the nine months of fiscal year (9MFY10).

SSGC is currently 59.7 per cent above its 200-day moving average and is

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

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

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

oscillators are currently bullish on SSGC. Momentum oscillator is current-

ly indicating that SSGC is currently in an overbought condition.




MA (200-day) 18.00 Interest Expense 4,409.79





Pivot 28.75 PBV (x) 1.99

Sui Southern Gas Company Limited


As on Jun 30, 2009

TRG closed up 0.06 at 4.23. Volume was 183 per cent above average (trend-

ing) and Bollinger Bands were 28 per cent wider than normal. The company's

loss after taxation stood at Rs511.212 million which translates into a Loss Per

Share of Rs1.56 for the nine months of fiscal year (9MFY10).

TRG is currently 9.3 per cent above its 200-day moving average and is

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


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

oscillators are currently bullish on TRG.



MA (100-day) 4.20 Revenue (Rs in mn) 28.92

MA (200-day) 3.89 Interest Expense 0.10





Pivot 4.30 PBV (x) 0.65

TRG Pakistan Limited

OIL AND GAS

Performance of SR Oil and Gas Index

Open High Low Close Change % Change

1,233.59 1,247.16 1,231.31 1,236.76 3.17 0.26

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

5,282,615 - - 65,194.15 mn 999,196.65 mn 1,238.51

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

10.71 3.96 37.01 68.56 6.40 1,226.06

Attock Petroleum 576 5.96 326.83 334.10 327.99 330.14 3.31 336569 334.10 281.00 250 - 100 -

Attock Refinery 853 9.19 81.66 83.25 81.80 81.95 0.29 485942 93.60 73.47 - - - -

BYCO Petroleum 3921 - 10.30 10.58 10.30 10.33 0.03 412226 13.05 9.62 - - - -

Mari Gas Company 735 14.86 108.07 111.97 107.00 109.64 1.57 140764 138.45 106.00 32.17 100B 31 -

National Refinery 800 6.00 197.00 201.00 195.50 196.94 -0.06 60562 207.00 183.25 125 - - -

Oil & Gas Development XD 43009 9.93 144.07 144.83 143.50 143.89 -0.18 498284 153.00 133.00 82.5 - 55 -

Pak PetroleumXDXB 11950 5.48 173.05 176.30 173.31 174.95 1.90 1076980 214.10 168.70 130 20B 90 20B

Pak Oilfields 2365 6.93 233.85 236.98 234.30 234.83 0.98 1804014 240.01 209.99 180 - 80 -

Pak Refinery Limited 350 - 59.50 62.44 59.00 59.60 0.10 8820 82.00 48.26 - - - -

P.S.O XD 1715 4.53 267.23 270.40 267.00 267.84 0.61 865591 289.45 233.10 50 - 80 -

Shell Gas LPG 226 13.52 31.00 32.00 30.00 30.01 -0.99 1606 40.10 27.32 - - - -

Shell Pakistan XD 685 9.85 192.96 194.00 191.00 192.12 -0.84 3483 244.00 188.00 330 - 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


914.10 924.61 912.17 918.53 4.43 0.48


5,041,577 - - 47,070.70 mn 113,415.43 mn 918.53


5.40 0.47 8.64 16.68 3.09 904.74

Ali Asghar Textile 222 - 1.00 1.50 1.40 1.40 0.40 1000 2.21 0.40 - - - -

Amtex Limited 2415 4.57 17.08 17.30 16.90 17.09 0.01 589951 20.45 13.05 - - 30 -

Artistic Denim 840 5.80 19.20 19.98 19.00 19.89 0.69 2001 21.59 17.55 20 - - -

Azam Textile 133 0.52 2.07 2.25 1.90 2.22 0.15 38000 2.90 1.35 - - - -

Azgard Nine 4493 263.00 10.45 10.73 10.47 10.52 0.07 834627 13.40 8.55 - - - -

Bannu Woolen 76 - 9.10 9.80 9.11 9.79 0.69 7206 10.50 7.50 - - - -

Blessed Tex Mills 64 0.72 44.98 47.22 47.22 47.22 2.24 5698 49.40 38.85 7.5 - 50 -

Chenab Limited 1150 - 3.35 3.69 3.00 3.08 -0.27 186863 5.01 2.93 - - - -

Colgate Palm 316 14.93 705.00 724.90 695.00 695.00-10.00 364 770.00 544.00 115 15B - -

Colony Mills Ltd 2442 2.18 2.50 2.99 2.50 2.60 0.10 4600 5.00 2.23 - - - -

Crescent Jute 238 - 1.03 1.15 0.90 0.91 -0.12 106 2.25 0.48 - - - -

D S Ind Ltd 600 - 1.64 1.70 1.54 1.64 0.00 7516 2.65 1.45 - - - -

Din Textile 185 1.35 27.55 28.00 26.18 26.20 -1.35 1229 32.30 24.00 - - 20 10B

Ellcot Spinning 110 1.64 24.18 24.50 23.25 23.99 -0.19 6163 25.45 19.95 7.5 - - -

Fazal Textile 62 3.43 331.90 348.00 315.32 346.53 14.63 123 410.00 305.00 15 - 100 -

Gadoon Textile 234 1.16 41.24 43.30 43.30 43.30 2.06 1799 44.50 33.66 - - 70 -

Ghani Value Glass 75 7.40 34.90 34.80 33.16 33.50 -1.40 5387 38.64 26.00 8 400R 25 -

Ghazi Fabrics 326 1.19 3.10 4.10 4.00 4.10 1.00 11617 4.10 1.11 - - 10 -

Gillette Pakistan 192 34.14 66.00 69.30 64.05 69.30 3.30 6035 71.00 57.50 - - - -

H M Ismail 120 - 0.60 1.00 0.27 0.62 0.02 48000 1.29 0.27 - - - -

Hira Textile Mills Ltd. 716 1.43 3.89 4.05 3.75 4.01 0.12 244006 4.61 2.52 - - - -

Ibrahim Fibres 3105 3.27 35.99 35.70 35.50 35.50 -0.49 2900 41.00 33.66 - - - -

Idrees Textile 180 2.46 4.43 4.90 4.26 4.30 -0.13 42486 4.90 2.55 - - 10 -

Indus Dyeing 181 3.15 250.47 239.23 237.95 237.95-12.52 205 269.50 185.38 15 - - -

Kohinoor Ind 303 - 1.42 1.55 1.41 1.44 0.02 66807 2.00 1.10 - - - -

Kohinoor Mills 509 - 3.49 2.75 2.75 2.75 -0.74 819 3.99 1.60 - - - -

Kohinoor Textile 1455 3.54 5.45 6.10 5.40 5.70 0.25 10497 6.30 4.00 - - - -

Mehmood Textile 150 2.48 62.50 65.62 60.00 64.00 1.50 502 74.50 46.55 4050.2257B - -

Mian Textile 221 - 0.36 0.69 0.42 0.46 0.10 3003 1.40 0.01 - - - -

Mohd Farooq 189 - 0.97 1.00 1.00 1.00 0.03 999 1.82 0.35 - - - -

Nagina Cotton 187 1.83 15.95 16.70 14.95 15.75 -0.20 15100 16.70 11.30 - - - -

Nishat (Chunian) 1586 3.03 16.41 16.60 16.32 16.38 -0.03 488422 19.49 14.64 - 50R - -

Nishat Mills 3516 5.55 46.85 47.45 46.90 47.19 0.34 1620148 53.14 40.81 20 - 25 45R

Premium Textile 62 1.35 29.00 29.50 27.55 29.44 0.44 9828 29.50 22.77 7.5 - - -

Ravi Textile 250 3.95 1.43 1.60 1.47 1.54 0.11 380182 4.79 1.38 - - - -

Reliance Cotton 103 2.50 22.40 23.00 23.00 23.00 0.60 1000 23.00 18.15 - - - -

Reliance Weaving 308 1.35 10.60 11.10 10.50 10.98 0.38 25951 11.10 6.91 - - - -

Rupali Poly 341 5.76 35.17 35.15 35.15 35.15 -0.02 1000 36.40 31.35 40 - 40 -

Saif Textile 264 - 2.20 2.98 2.89 2.90 0.70 825 4.64 2.01 - - - -

Salfi Textile 33 0.24 22.60 23.73 22.30 22.30 -0.30 2601 27.15 17.10 - - 25 -

Sally Textile 88 0.32 3.61 3.94 3.51 3.93 0.32 1822 4.98 2.65 - - - -

Salman Noman 40 0.47 2.00 1.30 1.30 1.30 -0.70 500 2.95 1.30 - - - -

Samin Textile 134 21.00 5.13 6.13 5.99 6.09 0.96 202 8.40 5.02 - - - 100R

Sana IndSPOT 55 5.38 35.89 36.74 35.90 36.05 0.16 18665 38.00 27.25 35 - 60 -

Saritow Spinning 133 0.49 2.40 2.50 2.00 2.13 -0.27 2499 2.80 1.01 - - - -

Service Ind 120 4.77 184.00 187.00 183.00 185.15 1.15 1686 236.61 176.50 200 - - -

Shahpur Textile 140 1.38 0.97 1.10 0.77 0.99 0.02 2765 2.26 0.25 - - - -

Shahtaj Textile 97 1.65 17.50 18.50 17.10 18.38 0.88 127287 21.50 14.75 20 - 45 -

Shield Corp 39 9.49 51.40 53.96 52.00 53.91 2.51 389 59.99 48.10 - 30B 10 -

Thal Limited 256 4.11 108.74 110.24 107.00 109.67 0.93 87671 114.99 93.50 20 20B 80 20B

Treet Corp 418 0.52 39.21 41.17 39.31 41.17 1.96 119586 49.49 37.20 - - - -

Tri-Star Poly 215 - 0.51 0.51 0.51 0.51 0.00 500 1.36 0.30 4 - - -

Zephyr Textile Ltd 594 - 1.91 2.25 1.76 2.08 0.17 1461 4.99 1.50 - - - -

Zil Limited 53 6.93 41.45 41.00 39.85 40.48 -0.97 568 46.12 33.00 40 10B 35 -



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

HOUSEHOLD GOODS

Performance of SR Household Goods Index


1,034.37 1,038.88 998.02 1,025.75 -8.62 -0.83


180,389 - - 3,763.71 mn 5,405.90 mn 1,041.08


3.66 0.39 10.64 6.27 1.71 1,011.35

AL-Abid Silk 96 1.12 28.67 28.01 28.00 28.00 -0.67 660 32.00 27.50 7.5 - - -

Nakshbandi Ind 1176 21.22 15.60 15.50 14.60 15.49 -0.11 101 16.45 10.00 - 57R - -

Pak Elektron 1174 2.89 13.66 14.00 13.50 13.54 -0.12 153033 15.95 11.41 - 10B - 10B

Singer Pak 341 17.13 19.13 18.40 18.14 18.16 -0.97 440 24.25 17.04 - 10B - -

Tariq Glass Ind XD 231 2.90 17.60 18.10 17.50 17.81 0.21 26153 19.12 13.50 - - 17.5 -



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

FOOD PRODUCERS

Performance of SR Food Producers Index


1,441.67 1,462.46 1,427.08 1,450.52 8.85 0.61


122,611 - - 11,335.33 mn 184,872.71 mn 1,450.52


31.42 9.52 30.30 30.57 0.97 1,435.68

Abdullah Shah Ghazi Sugar 793 17.27 7.98 8.98 7.00 8.98 1.00 33474 9.25 1.12 - - - -

AL-Noor Sugar 186 4.34 42.80 42.70 42.00 42.70 -0.10 5001 47.35 36.64 40 - - -

Chashma Sugar 287 0.79 10.23 9.80 9.76 9.77 -0.46 6000 11.40 8.00 - - - -

Dewan Sugar 365 - 1.59 1.45 1.35 1.45 -0.14 30424 2.98 1.12 - - - -

Faran Sugar 217 3.13 19.47 19.38 18.47 19.37 -0.10 322 23.50 14.75 17.5 - - -

Habib Sugar 600 6.08 29.35 29.75 29.20 29.50 0.15 18455 30.44 22.50 35 25B - -

Habib-ADM Ltd 200 4.51 15.86 16.10 15.70 16.04 0.18 2515 16.98 13.00 40 - 40 -

Hussein Sugar 121 - 12.31 13.25 11.31 12.20 -0.11 1053 13.25 4.22 - - - -

J D W Sugar 490 2.18 64.51 65.10 65.10 65.10 0.59 1004 67.90 60.10 40 - 0 12.5R

Mehran Sugar 143 2.96 52.69 52.85 50.26 52.84 0.15 2903 58.74 48.50 35 30B 25 10B

Mirza Sugar 141 0.30 5.00 4.80 4.80 4.80 -0.20 2000 5.70 3.55 - - - -

National Foods 414 22.02 45.80 46.80 45.75 46.02 0.22 8746 65.29 41.35 - 25B 12 -

Nestle Pakistan XD 453 21.29 1839.60 1885.00 1832.00 1849.90 10.30 418 1937.22 1550.00 600 - 200 -

Noon Sugar 165 - 11.89 12.50 11.67 12.50 0.61 2001 14.35 10.00 50 10B - -

Shahmurad Sugar 211 15.93 10.85 10.99 10.95 10.99 0.14 1000 11.00 7.40 15 - - -

Shakarganj Mills 695 - 3.93 3.85 3.21 3.48 -0.45 1196 5.16 3.02 - - - -

Tandlianwala 1177 271.82 28.78 30.21 27.50 29.90 1.12 4378 35.50 20.44 - - - -

Thal Industries 150 10.72 70.00 73.50 73.00 73.00 3.00 992 73.50 58.00 20 - - -

UniLever Pakistan XD 665 22.56 3990.00 4030.00 3955.01 4028.55 38.55 686 4200.00 3710.00 458 - 178 -



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

AUTOMOBILE AND PARTS

Performance of SR Automobile and Parts Index


1,046.93 1,073.89 1,034.14 1,046.80 -0.13 -0.01


94,266 - - 6,768.53 mn 37,836.33 mn 1,065.19


3.85 0.98 25.35 20.42 5.31 1,043.84

Agriautos Ind 144 5.11 70.40 70.90 69.27 70.00 -0.40 23546 78.39 63.01 40 - 90 -

Atlas BatteryXDXB 101 5.11 134.53 136.00 135.00 135.50 0.97 2250 209.00 131.00 100 20B 100 20B

Atlas Engineering Ltd 247 11.64 17.00 17.00 16.99 17.00 0.00 5042 19.80 15.90 - 100R - -

Atlas Honda 626 6.74 101.50 98.00 96.50 96.85 -4.65 539 127.99 92.00 80 30B - -

Baluchistan Wheels Limited133 4.63 30.50 31.75 28.98 29.04 -1.46 172 33.47 28.25 15 - 25 -

Dewan Motors 890 - 1.28 1.46 1.31 1.44 0.16 13003 2.24 1.16 - - - -

General Tyre XD 598 6.44 23.39 23.50 23.49 23.49 0.10 2500 28.80 21.71 - - 20 -

Ghandhara Nissan 450 - 4.69 4.90 4.17 4.50 -0.19 7351 6.60 4.15 - - - -

Ghani Automobile Ind 200 3.36 4.25 4.30 4.00 4.00 -0.25 150 5.70 3.55 - - - -

Honda Atlas Cars 1428 - 11.00 10.81 10.50 10.81 -0.19 3349 14.50 10.05 - - - -

Indus Motors XD 786 4.98 216.50 227.30 216.60 218.23 1.73 27558 287.00 212.29 100 - 150 -

Pak Suzuki 823 8.97 72.00 72.50 70.20 72.18 0.18 320 89.99 70.20 5 - - -

Sazgar Engineering 125 6.49 25.32 25.60 24.90 24.97 -0.35 8436 27.85 23.91 - 20B 10 20B



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

INDUSTRIAL ENGINEERING

Performance of SR Industrial Engineering Index


1,435.12 1,444.45 1,426.92 1,431.11 -4.01 -0.28


179,362 - - 1,336.62 mn 31,609.85 mn 1,435.12


8.94 3.40 38.02 131.49 14.71 1,427.80

AL-Ghazi Tractor XD 215 5.16 218.64 227.45 217.00 217.09 -1.55 25966 227.45 198.00 400 - 150 -

Bolan Casting 95 5.74 48.22 50.61 49.50 49.72 1.50 20977 50.61 35.25 - 20B 25 10B

Dewan Auto Engineering 214 - 0.52 0.75 0.50 0.50 -0.02 60001 0.98 0.36 - - - -

Ghandhara Ind 213 2.28 14.42 14.80 14.32 14.50 0.08 16907 20.24 13.79 - - - -

KSB Pumps 132 7.93 83.70 81.00 79.52 79.59 -4.11 1770 91.00 65.73 35 - - -

Millat TractorsSPOT 293 7.47 579.76 587.00 580.52 582.50 2.74 53730 597.90 476.00 450 25B 650 25B



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

GENERAL INDUSTRIALS

Performance of SR General Industrials Index


878.71 906.19 861.89 887.03 8.31 0.95


52,449 - - 3,043.31 mn 33,138.10 mn 893.30


2.54 1.12 43.91 15.55 6.12 876.66

Cherat Papersack 92 4.52 46.85 48.00 47.00 47.46 0.61 13947 51.05 33.00 - - 20 25B

ECOPACK Ltd 230 - 1.84 1.85 1.72 1.79 -0.05 6000 2.89 1.72 - - - -

Ghani Glass 970 6.14 60.00 61.99 59.51 60.00 0.00 3916 61.99 54.65 30 10B 25 10B

Merit Pack 47 - 14.00 14.90 14.80 14.80 0.80 200 20.70 11.81 - - - -

Packages Ltd 844 15.45 100.50 102.00 100.00 101.99 1.49 14956 125.96 98.00 32.5 - - -

Siemens Engineering 82 10.13 1124.99 1181.23 1068.75 1136.31 11.32 1172 1299.75 981.00 900 - 300 -

Tri-Pack Films 300 8.08 99.40 101.25 100.00 100.67 1.27 12257 105.00 91.00 100 - - -



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

CONSTRUCTION AND MATERIALS

Performance of SR Construction and Materials Index


909.12 928.39 896.91 910.13 1.00 0.11


10,991,596 - - 54,792.74 mn 68,262.56 mn 911.80


7.73 0.55 7.10 19.04 2.46 900.98

Al-Abbas Cement 1828 - 3.43 3.69 3.17 3.25 -0.18 62782 4.69 2.82 - - - -

Attock Cement 866 4.68 66.46 67.00 65.75 66.05 -0.41 172471 72.40 63.00 50 20B 17.5 -

Berger Paints 182 - 16.26 16.90 16.25 16.50 0.24 3104 20.00 15.42 - - - 122R

Cherat Cement 956 - 10.31 11.10 10.30 11.10 0.79 312 12.50 8.90 - - - -

Dadabhoy Cement 982 12.31 1.60 1.70 1.51 1.60 0.00 12007 2.74 1.30 - - - -

Dewan Cement 3574 - 1.45 1.52 1.45 1.49 0.04 46607 2.20 1.30 - - - -

DG Khan Cement Ltd 3651 34.11 24.14 24.66 24.16 24.56 0.42 2345795 28.74 23.02 - 20R - 20R

Fauji Cement 6933 11.83 4.78 4.87 4.65 4.73 -0.05 609415 5.50 4.50 - - - -

Flying Cement Ltd 1760 - 1.85 1.98 1.85 1.94 0.09 67564 2.37 1.75 - - - -

Gharibwal Cement 2319 - 2.95 3.73 2.96 3.29 0.34 63317 7.50 2.11 - - - -

Javedan Cement 581 - 61.00 63.90 59.00 61.00 0.00 676 66.10 56.05 - 200R - -

Kohat Cement 1288 - 6.06 6.19 6.06 6.15 0.09 13727 7.38 5.70 - - - -

Lafarge Pakistan Cmt 13126 - 2.81 2.91 2.80 2.84 0.03 266494 3.53 2.60 - - - -

Lucky Cement 3234 6.24 69.20 70.14 69.11 69.50 0.30 1212038 73.88 61.29 40 - 40 -

Maple Leaf Cement 3723 - 3.07 3.15 2.95 2.98 -0.09 211750 3.84 2.88 - - - -

Mustehkam Cement 417 - 11.00 11.00 11.00 11.00 0.00 15553 13.50 10.26 - 177R - -

Pioneer Cement 2228 - 8.14 8.10 7.85 7.90 -0.24 11710 8.47 6.30 - - - -

Safe Mix Concrete 200 - 6.40 7.38 6.00 6.66 0.26 2515 9.47 5.50 - - - -

Shabbir Tiles 361 - 9.99 10.98 8.99 9.00 -0.99 5919 12.23 8.10 - - - -

Thatta Cement 798 - 19.67 19.70 19.00 19.49 -0.18 5916789 21.80 17.74 - - - -



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

INDUSTRIAL METALS AND MINING

Performance of SR Industrial Metals and Mining Index


957.68 974.34 952.87 966.65 8.97 0.94


94,639 - - 3,596.11 mn 9,212.28 mn 972.56


2.99 0.99 33.10 30.91 10.35 957.68

Crescent Steel XD 565 3.35 24.35 24.70 24.20 24.70 0.35 8901 31.73 23.75 - - 30 -

Dost Steels Ltd 675 - 1.96 2.05 1.96 2.05 0.09 14437 3.20 1.65 - - - -

Huffaz Pipe 555 6.61 14.83 15.83 15.11 15.80 0.97 29484 16.00 13.00 - 30B - -

International Ind 1199 4.67 47.99 48.30 47.56 47.99 0.00 18765 70.71 47.50 - - 40 20B

Siddiqsons Tin 785 18.39 8.98 9.40 9.00 9.01 0.03 23052 11.25 8.20 10 - 7.5 -



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

FORESTRY AND PAPER

Performance of SR Forestry & Paper Index


1,176.97 1,197.01 1,173.13 1,177.58 0.61 0.05


28,333 - - 1,186.83 mn 3,276.70 mn 1,182.83


6.25 0.47 7.47 25.28 4.04 1,151.61

Century Paper 707 - 19.84 20.39 19.60 19.74 -0.10 24904 22.70 15.80 - 425R - -

Pak Paper ProductSPOT 38 6.32 60.15 61.50 60.13 60.71 0.56 2768 62.85 42.10 20 - 2533.33B

Security Paper 411 4.73 39.85 40.13 40.00 40.00 0.15 661 50.40 38.10 50 - 50 -



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

CHEMICALS

Performance of SR Chemicals Index


1,134.54 1,157.15 1,134.45 1,149.48 14.93 1.32


13,588,963 - - 52,251.88 mn 261,537.64 mn 1,149.48


7.12 2.49 35.00 48.81 6.86 1,125.67

Agritech Limited 3924 - 22.76 23.75 23.38 23.61 0.85 1599 27.79 21.15 - - - -

Bawany Air 68 1.27 12.55 12.50 11.60 12.48 -0.07 2511 16.78 10.06 - - - -

Biafo Ind 200 6.72 36.00 37.79 36.25 37.75 1.75 1600 39.20 31.64 40 - 45 -

BOC (Pak) XD 250 9.63 75.60 76.50 75.60 75.70 0.10 3300 82.50 66.90 90 - 15 -

Clariant Pak 273 5.66 158.54 160.89 157.81 160.89 2.35 310 174.00 146.00 125 - - -

Dawood Hercules 1203 7.79 166.20 173.40 167.00 168.99 2.79 571 185.88 155.38 40 10B 20 -

Descon Chemical 1996 - 2.10 2.35 2.05 2.11 0.01 22192 3.15 1.78 - - - -

Descon Oxychem Ltd. 1020 - 4.40 4.60 4.40 4.50 0.10 105818 5.45 3.20 - - - -

Dewan Salman 3663 - 1.33 1.49 1.37 1.38 0.05 231160 2.21 1.30 - - - -

Engro Corp. Ltd XD 3277 9.19 174.99 179.84 174.90 179.29 4.30 1308623 194.59 165.60 6010B 40R 20 -

Engro Polymer 6635 - 11.94 12.18 12.00 12.03 0.09 89307 12.75 9.57 - 27.5R - -

Fatima Fertilizer 22000 - 10.94 11.14 10.90 10.93 -0.01 124693 12.46 9.02 - - - -

Fauji Fertilizer 6785 7.23 105.17 106.50 105.32 106.27 1.10 435299 113.39 102.75 131.5 10B 75 -

Fauji Fert. Bin Qasim 9341 6.93 26.86 27.40 26.90 27.24 0.38 739998 30.65 25.84 40 - 5 -

Ghani Gases Ltd 725 - 10.60 11.24 10.61 11.03 0.43 467382 11.45 7.41 - - - -

ICI Pakistan XD 1388 7.21 119.25 122.35 119.76 121.02 1.77 96125 128.30 109.50 80 - 55 -

Lotte Pakistan 15142 3.04 8.87 9.04 8.72 8.75 -0.12 10072324 9.09 6.75 5 - - -

Nimir Ind Chemical 1106 73.50 1.48 1.47 1.42 1.47 -0.01 14326 1.81 1.16 - - - -

Shaffi Chemical 120 1.36 2.69 2.85 2.65 2.85 0.16 2005 3.80 2.00 - - - -

Sitara Chem Ind 204 4.87 115.81 112.10 110.03 110.40 -5.41 1603 138.00 110.03 75 - 25 5B

Sitara Peroxide 551 - 8.38 8.40 8.11 8.17 -0.21 15016 11.09 7.70 - - - -



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

PHARMA AND BIO TECH

Performance of SR Pharma and Bio Tech Index


816.67 824.25 808.31 819.54 2.87 0.35


87,605 - - 3,904.20 mn 27,609.02 mn 823.20


6.42 1.43 22.31 44.54 6.94 814.24

Abbott (Lab) 979 7.72 89.10 88.75 88.00 88.06 -1.04 2528 95.50 77.00 120 - 20 -

Ferozsons (Lab) 208 6.76 102.93 103.99 100.60 103.00 0.07 1120 124.00 96.00 10 20B - 20B

GlaxoSmithKline 1707 12.25 66.75 68.00 66.50 67.89 1.14 8802 83.77 65.00 50 - - -

Highnoon (Lab) 165 6.41 23.65 24.30 22.60 23.60 -0.05 798 25.79 22.10 25 - - -

IBL HealthCare Ltd 200 15.78 6.83 7.80 7.00 7.10 0.27 41002 8.66 6.10 - - - -

Searle Pak 306 5.80 61.73 62.95 62.00 62.64 0.91 33314 64.05 53.36 15 15B - -



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

INDUSTRIAL TRANSPORTATION

Performance of SR Industrial Transportation Index


690.69 700.43 677.08 680.74 -9.95 -1.44


3,681 - - 3,242.17 mn 12,467.86 mn 701.95


5.53 1.41 25.53 11.08 2.00 680.74

Pak Int Cont.Terminal XD 1092 8.10 67.25 68.50 66.00 66.00 -1.25 2235 87.86 64.62 - 20B 40 -

PNSC 1321 5.18 38.00 38.00 37.05 37.95 -0.05 1446 41.74 34.50 30 - 15 -



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

BOOK CLOSURES

Eye Television Network # 29-Sep 5-Oct - - 30-SepKohinoor Power # 29-Sep 5-Oct - - 29-SepPak Int Cont Terminal 29-Sep 6-Oct 25(F) 21-Sep 6-OctPak Int Cont Terminal (Pref) 29-Sep 6-Oct 10(F) 21-Sep -Adamjee Insurance 30-Sep 6-Oct 10(I) 22-Sep -Shifa Int Hospitals 1-Oct 7-Oct 15(F) - 7-OctSana Industries 2-Oct 9-Oct 60 - 9-OctMillat Tractors 4-Oct 15-Oct 350(F),25(B) - 15-OctAtlas Engineering 5-Oct 11-Oct - - 11-OctDescon Chemicals 6-Oct 12-Oct - - 12-OctDescon Oxychem 7-Oct 13-Oct - - 13-OctPak National Shipping Corp 7-Oct 14-Oct 15 - 14-OctAmtex Ltd 8-Oct 15-Oct 30 30-Sep 15-OctJS Global Capital 8-Oct 14-Oct 50 - 14-OctOtsuka Pakistan 8-Oct 14-Oct - - 14-OctMerit Packaging 9-Oct 15-Oct - - 15-OctAl-Meezan Mutual Fund 11-Oct 19-Oct 8.5(F) - -Habib ADM 11-Oct 20-Oct 40 - 20-OctMeezan Balanced Fund 11-Oct 19-Oct 5.5(F) - -Cherat Cement 12-Oct 26-Oct - - 26-OctClover Pakistan 12-Oct 18-Oct 15(F) - 18-OctGatron (Industries) 12-Oct 18-Oct 20 - 18-OctIsmail Industries 12-Oct 19-Oct 17.5 - 18-OctCherat Papersack 13-Oct 27-Oct 20,20(B) - 27-Oct

INDICATIONS

# Extraordinary General Meeting

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

OTHER SECTORS

Pakistan CablesXD 55.12 57.87 56.6 57.2 2.08 2262TRG Pakistan Ltd. 4.17 4.45 4.17 4.23 0.06 7871937Murree Brewery 87.99 88.5 86.52 87.15 -0.84 2428Grays of Cambridge 57.25 60 57.25 57.26 0.01 330Lakson Tobacco 253.65 266.33 243.25 257.58 3.93 7072Pak Tobacco 109.96 110.7 109.01 110.49 0.53 2110P.I.A.C.(A) 2.1 2.19 2.05 2.07 -0.03 93805AKD Capital 40.8 42.84 39.5 42.84 2.04 12563Pace (Pak) Ltd. 2.54 2.69 2.54 2.63 0.09 269218Netsol Technol. 17.98 18.49 18 18.18 0.2 292642

Symbols Open High Low Close Change Vol

Wednesday, September 29, 20107

Technical Analysis Leverage Position

KSE 100 INDEX

Technical Outlook

KSE 100 INDEX closed up 44.28 points at 9,981.07. Volume was 14 per

cent above average and Bollinger Bands were 32 per cent narrower

than normal. As far as resistance level is concern, the market will see

major 1st resistance level at 10,028.20 and 2nd resistance level at

10,075.35, while Index will continue to find its 1st support level at

9,935.35 and 2nd support level at 9,889.65.

KSE 100 INDEX is currently 0.8 per cent above its 200-day moving

average and is displaying an upward trend. Volatility is low as compared

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

cators reflect volume flowing into and out of INDEX at a relatively equal

pace. Trend forecasting oscillators are currently bullish on INDEX.

RSI (14-day) 54.19 Support 1 9,935.35

MA (5-day) 9,928.11 Support 2 9,889.65

MA (10-day) 9,981.33 Resistance 1 10,028.20

MA (100-day) 9,879.55 Resistance 2 10,075.35

MA (200-day) 9,909.42 Pivot 9,982.50


Bank Al-Falah Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

BAFL closed up 0.17 at 8.07. Volume was 537 per cent above average

(trending) and Bollinger Bands were 58 per cent narrower than normal.

BAFL is currently 26.2 per cent below its 200-day moving average and is

displaying a downward 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 BAFL (mildly bullish). Trend forecasting oscilla-

tors are currently bearish on BAFL.

*Arif Habib Ltd 14 Buy

AKD Securities Ltd 12.47 Buy

TFD Research 14.01 Positive

RSI (14-day) 46.38 Free Float Shares (mn) 674.58

MA (10-day) 8.02 Free Float Rs (mn) 5,443.85

MA (100-day) 9.05 ** NOI Rs (mn) N/A

MA (200-day) 10.93 Mean 8.07

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


Hub Power Co Ltd


Technical Outlook

HUBC closed up 0.04 at 33.03. Volume was 96 per cent above average

and Bollinger Bands were 90 per cent wider than normal.

HUBC is currently 1.8 per cent below its 200-day moving average and is

displaying a downward trend. Volatility is high as compared to the average

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

flowing into and out of HUBC at a relatively equal pace . Trend forecasting

oscillators are currently bearish on HUBC.


AKD Securities Ltd 46 Buy




MA (100-day) 34.01 ** NOI Rs (mn) N/A

MA (200-day) 33.62 Mean 33.06



Pakistan Telecommunication Co Ltd


Technical Outlook

PTC closed up 0.07 at 18.96. Volume was 20 per cent above average and

Bollinger Bands were 22 per cent narrower than normal.

PTC is currently 2.8 per cent below its 200-day moving average and is dis-

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

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

flowing into and out of PTC at a relatively equal pace. Trend forecasting

oscillators are currently bullish on PTC.





MA (100-day) 18.99 ** NOI Rs (mn) 5.94

MA (200-day) 19.52 Mean 18.98



National Bank of Pakistan


Technical Outlook

NBP closed up 0.04 at 63.36. Volume was 14 per cent above average and


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

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

average volatility over the last 10 trading sessions. Volume indicators

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

ing oscillators are currently bullish on NBP.


AKD Securities Ltd 64.64 Neutral




MA (100-day) 65.89 ** NOI Rs (mn) 28.91

MA (200-day) 73.01 Mean 63.43



Dera Ghazi Khan Cement Co Ltd


Technical Outlook

DGKC closed up 0.42 at 24.56. Volume was 16 per cent below average

and Bollinger Bands were 25 per cent narrower than normal.

DGKC is currently 11.1 per cent below its 200-day moving average and is



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

Trend forecasting oscillators are currently bullish on DGKC.






MA (100-day) 25.05 ** NOI Rs (mn) 19.18

MA (200-day) 27.64 Mean 24.38



Pakistan Oilfields Ltd


Technical Outlook

POL closed up 0.98 at 234.83. Volume was 56 per cent above average

and Bollinger Bands were 10 per cent wider than normal.

POL is currently 1.7 per cent above its 200-day moving average and is dis-

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

average volatility over the last 10 trading sessions. Volume indicators

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

oscillators are currently bullish on POL.






MA (100-day) 224.49 ** NOI Rs (mn) 178.47

MA (200-day) 230.80 Mean 234.00



Nishat Mills Ltd


Technical Outlook

NML closed up 0.34 at 47.19. Volume was 29 per cent below average and


NML is currently 12.3 per cent below its 200-day moving average and is



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

forecasting oscillators are currently bullish on NML.






MA (100-day) 46.83 ** NOI Rs (mn) 16.80

MA (200-day) 53.84 Mean 47.09


EQUITY INVESTMENT INSTRUMENTS

Performance of SR Equity Investment Instruments Index


1,017.60 1,036.79 1,004.26 1,017.88 0.28 0.03


2,870,648 - - 29,771.58 mn 17,358.96 mn 1,029.92


6.93 0.28 4.09 104.19 26.42 1,005.00

Allied Rental 600 3.26 15.75 15.10 14.75 15.10 -0.65 499 17.00 12.50 15 - 22.5 -

AL-Meezan Mutual F. 1375 2.66 6.99 6.90 6.90 6.90 -0.09 1358 7.25 6.35 - - 18.5 -

B R R Guardian Mod. 780 - 1.20 1.34 1.30 1.30 0.10 10010 2.43 0.90 - - - -

Crescent St Modaraba 200 1.67 0.50 0.53 0.35 0.45 -0.05 264178 0.90 0.16 - - - -

Elite Cap Modaraba 113 3.13 2.10 2.88 2.22 2.22 0.12 314 3.59 1.60 4.5 - - -

Equity Modaraba 524 7.85 1.15 1.18 1.00 1.02 -0.13 2510 1.68 0.76 - - - -

First Capital Mutual F. 300 3.23 2.89 3.80 2.90 3.00 0.11 38004 3.80 0.99 - - - -

First Dawood Mutual F. 581 - 1.79 1.78 1.55 1.78 -0.01 148105 2.09 1.21 - - - -

Golden Arrow 760 3.95 3.60 3.68 3.60 3.63 0.03 50451 3.74 2.32 - - 17 -

H B L Modaraba 397 5.32 5.60 6.25 5.75 6.01 0.41 917197 6.50 4.80 5 - 11 -

Habib Modaraba 1008 4.44 5.93 6.00 5.90 5.91 -0.02 65114 7.49 5.56 20 - 21 -

JS Growth Fund 3180 40.00 3.20 3.25 3.20 3.20 0.00 9683 4.39 2.70 - - 5 -

JS Value Fund 1186 - 2.99 3.29 2.95 3.00 0.01 13018 3.98 2.31 10 - 10 -

KASB Modaraba 283 2.52 1.65 1.75 1.51 1.51 -0.14 15250 2.44 0.52 - - 2.8 -

Meezan Balanced F. 1200 2.91 6.04 6.02 6.00 6.02 -0.02 7000 7.49 6.00 - - 15.5 -

NAMCO Balanced F. 1000 2.85 3.24 3.25 2.31 2.85 -0.39 20596 3.70 2.25 5 - 15 -

Nat Bank Modaraba 250 7.04 7.25 7.95 7.44 7.60 0.35 31000 8.45 6.10 - - - -

Pak Prem Fund XD 1698 3.64 7.45 7.65 7.45 7.64 0.19 242329 9.86 7.00 - - 18.6 -

Pak Strat Fund 3000 5.38 6.79 6.90 6.80 6.89 0.10 490844 8.10 6.01 - - 11.53 -

Paramount Mod. XD 59 2.90 7.99 8.00 7.90 7.90 -0.09 6249 8.68 6.55 15 - - -

PICIC Energy Fund 1000 2.52 4.69 4.80 4.60 4.74 0.05 10599 6.49 4.00 - - 5 -

PICIC Growth Fund 2835 2.25 8.30 8.40 8.10 8.19 -0.11 66351 10.55 7.60 - - 20 -

PICIC Inv Fund XD 2841 1.82 3.63 3.90 3.56 3.60 -0.03 384414 5.00 3.50 - - 10 -

Prud Modaraba 1st XD 872 2.13 0.80 0.85 0.79 0.81 0.01 12050 1.20 0.70 - - 3 -

Punjab Modaraba 340 - 1.00 1.00 0.95 1.00 0.00 18000 2.00 0.57 - - - -

Stand Chart Mod. XD 454 4.77 8.39 8.63 8.30 8.40 0.01 38370 10.99 7.75 16.5 - 17 -

Trust Modaraba 298 4.01 2.24 3.17 3.17 3.17 0.93 110 3.50 1.00 - - 5 -

U D L Modaraba 264 2.39 6.00 6.00 5.56 6.00 0.00 2010 6.00 5.00 10 - - -

UNICAP Modaraba 136 - 0.10 0.24 0.24 0.24 0.14 5000 0.35 0.05 - - - -



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

FINANCIAL SERVICES

Performance of SR Financial Services Index


355.64 366.89 350.24 355.84 0.19 0.05


7,984,379 - - 30,336.44 mn 26,186.71 mn 359.11


0.45 0.17 37.22 4.60 10.22 349.67

AMZ Ventures 225 - 0.59 0.69 0.51 0.60 0.01 113629 1.19 0.42 - - - -

Arif Habib Invest. XB 360 6.71 14.30 14.79 13.75 14.36 0.06 28743 20.99 13.75 - - - 20B

Arif Habib Limited XB 450 6.75 27.00 27.75 27.00 27.08 0.08 32067 50.12 26.11 15 25B - 20B

Arif Habib Securities 3750 2.27 23.19 23.59 22.92 22.99 -0.20 2163937 35.65 21.76 - - 30 -

Dawood Cap Mang. XB 150 7.32 1.30 1.59 1.21 1.39 0.09 3219 3.30 0.50 - - - -

Dawood Equities 250 - 2.27 2.19 1.80 1.87 -0.40 25504 3.36 1.55 - - - -

Escorts Bank 441 - 2.90 2.95 2.30 2.30 -0.60 502 3.20 2.01 - - - -

Grays Leasing 215 - 1.71 2.68 1.30 1.30 -0.41 102 4.00 0.32 - - - -

IGI Investment Bank 2121 - 1.74 1.85 1.51 1.70 -0.04 14475 2.98 1.17 - - - -

Invest Bank 2849 - 0.57 0.68 0.55 0.55 -0.02 64029 1.23 0.50 - - - -

Ist Cap Securities 2878 - 3.39 3.48 3.06 3.43 0.04 2602 5.90 2.54 - 10B - -

Ist Dawood Bank 626 0.37 2.38 2.84 2.13 2.21 -0.17 2503617 2.84 1.17 - - - -

Jah Siddiq Co 7633 14.29 9.72 10.10 9.82 9.86 0.14 2649789 15.47 9.36 -243.778B 10 -

JOV and CO 508 - 2.57 2.70 2.56 2.60 0.03 159721 6.48 2.55 - - - -

JS Global Cap 500 - 35.21 36.49 34.30 34.74 -0.47 39438 42.40 33.33 150 - - -

JS Investment 1000 12.91 5.70 5.97 5.74 5.81 0.11 50031 8.65 5.40 - - - -

KASB Securities 1000 - 3.89 4.37 3.71 4.20 0.31 32776 5.49 3.20 - - - -

Orix Leasing 821 3.68 4.90 5.00 4.65 4.67 -0.23 3743 5.95 3.66 - - - -

Pervez Ahmed Sec 775 - 1.40 1.49 1.35 1.41 0.01 84305 2.89 1.35 -231.08R - -

Saudi Pak Leasing 452 - 0.68 0.70 0.68 0.70 0.02 4100 1.83 0.15 - - - -

Sec Inv Bank 514 - 2.75 2.25 2.12 2.25 -0.50 300 3.80 1.37 - - - -

Stand Chart Leasing 978 4.64 2.19 2.29 2.03 2.04 -0.15 7717 3.89 1.41 - - - -



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

LIFE INSURANCE

Performance of SR Life Insurance Index


822.94 835.01 815.27 824.93 2.00 0.24


31,893 - - 2,290.72 mn 8,751.77 mn 824.93


85.23 3.28 3.85 355.53 4.17 815.25

East West Life 455 - 2.80 2.45 2.05 2.45 -0.35 16000 3.15 2.05 - 10R - 10R

EFU Life Assurance XB 850 32.07 59.01 60.25 59.00 59.00 -0.01 4388 84.99 51.25 5513.33B - -

New Jub Life Insurance 627 53.38 42.37 42.99 42.00 42.70 0.33 11500 46.00 34.50 10 - - -



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

BANKS

Performance of SR Banks Index


929.94 948.91 925.29 936.24 6.30 0.68


16,545,790 - - 257,548.02 mn 578,688.27 mn 936.24


6.70 0.90 13.45 34.35 5.13 920.82

Allied Bank Limited 7821 5.49 51.88 52.00 50.56 50.80 -1.08 18437 59.70 48.51 40 10B 20 -Askari Bank 6427 6.00 14.70 15.09 14.40 14.53 -0.17 110406 17.46 13.99 - 20B - -Atlas Bank 5001 - 1.70 1.83 1.60 1.70 0.00 14759 3.00 1.52 - - - -Bank Alfalah 13492 10.76 7.90 8.44 7.87 8.07 0.17 8177169 10.25 7.32 8 - - -Bank AL-Habib 7322 6.66 30.98 31.00 30.75 30.90 -0.08 21990 34.00 29.10 20 20B - -Bank Of Khyber 5004 3.10 3.00 3.15 3.03 3.10 0.10 65908 4.75 2.50 - - - -Bank Of Punjab 5288 - 8.29 8.49 8.22 8.28 -0.01 840305 11.24 7.35 - - - -BankIslami Pak 5280 - 3.16 3.25 3.04 3.20 0.04 12890 3.90 2.31 - - - -Faysal Bank 6091 3.11 13.58 13.70 13.50 13.50 -0.08 5590 15.95 12.75 - - - -Habib Bank Ltd 10019 6.14 94.03 97.00 94.49 95.43 1.40 130195 109.10 92.00 60 10B - -Habib Metropolitan Bank 8732 5.62 19.07 19.30 18.10 19.00 -0.07 39760 23.75 18.10 10 16B - -JS Bank Ltd 6128 - 2.39 2.45 2.31 2.44 0.05 108012 3.00 2.00 - - - 66RKASB Bank Ltd 9509 - 2.45 2.48 2.25 2.44 -0.01 14748 4.05 2.03 - 26B - -MCB Bank Ltd 7602 8.82 186.82 190.50 187.50 189.03 2.21 1091169 214.99 180.40 110 10B 55 -Meezan Bank 6983 7.27 15.00 15.00 14.56 14.97 -0.03 10586 16.50 13.80 - 5B - -Mybank Ltd 5304 - 2.07 2.17 2.06 2.10 0.03 7811 3.28 1.62 - - - -National Bank 13455 5.32 63.32 64.25 62.80 63.36 0.04 2414193 73.89 60.51 75 25B - -Network Mic Bank 300 - 1.00 1.20 1.18 1.19 0.19 215 2.48 0.26 - - - -NIB Bank 40437 - 2.56 2.64 2.57 2.60 0.04 245342 3.50 2.42 - - - -Royal Bank Ltd 17180 - 6.24 6.99 6.20 6.46 0.22 24646 13.40 5.65 - - - -Samba Bank 14335 - 1.86 1.95 1.74 1.76 -0.10 22258 2.90 1.55 - - -63.46RSilkbank Ltd 26716 12.32 2.67 2.75 2.65 2.71 0.04 2206465 3.30 2.15 - - - -Soneri Bank 6023 - 5.51 5.92 5.32 5.67 0.16 67231 8.34 5.01 - - - -Stand Chart Bank 38716 8.69 6.46 6.49 6.00 6.08 -0.38 63056 8.50 6.00 - - - -Summit Bank Ltd 5000 - 2.34 2.49 2.33 2.47 0.13 55392 4.38 2.30 - - - -United Bank Ltd 12242 6.06 51.03 51.85 51.06 51.53 0.50 832649 60.20 49.90 25 10B 10 -



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

NON LIFE INSURANCE

Performance of SR Non Life Insurance Index


624.97 634.07 618.06 626.35 1.38 0.22


267,391 - - 11,111.34 mn 40,800.16 mn 626.82


10.26 0.53 5.20 79.54 7.75 618.82

Adamjee InsuranceSPOT 1237 12.33 67.52 68.39 67.15 67.81 0.29 76143 89.90 64.00 30 10B 10 -



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

GAS WATER AND MULTIUTILITIES

Performance of SR Gas Water and Multiutilities Index


1,590.46 1,657.05 1,630.50 1,642.57 52.11 3.28


2,173,908 - - 12,202.80 mn 36,569.90 mn 1,642.57


12.23 1.39 11.41 66.79 5.46 1,479.70

Sui North Gas 5491 18.51 31.00 31.90 31.20 31.47 0.47 623359 31.90 25.00 - - - -Sui South Gas 6712 - 27.54 28.91 28.55 28.74 1.20 1550549 28.91 16.00 - - - -



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

ELECTRICITY

Performance of SR Electricity Index


1,133.31 1,153.97 1,128.87 1,141.20 7.89 0.70


6,505,951 - - 95,369.29 mn 96,751.34 mn 1,150.21


12.41 1.16 9.35 104.13 8.39 1,132.01

Genertech 198 - 0.81 0.99 0.60 0.72 -0.09 46385 1.53 0.51 - - - -Hub Power XD 11572 6.12 32.99 33.45 32.77 33.03 0.04 3426346 37.24 31.59 33.5 - 50 -Japan Power 1560 - 1.32 1.50 1.41 1.48 0.16 48001 2.38 0.70 - - - -KESC 7932 - 1.98 2.08 1.96 2.06 0.08 493440 2.63 1.92 - 31R - 7.8RKohinoor Power 126 3.06 5.35 5.70 5.25 5.50 0.15 255 7.00 3.90 - - - -Kot Addu Power 8803 7.20 41.02 41.87 41.16 41.64 0.62 197724 44.85 39.51 64.5 - 50 -Nishat Chunian Power Ltd3673 - 10.73 10.80 10.54 10.75 0.02 676621 10.90 8.60 - - - -Nishat Power Ltd 3541 81.71 11.30 11.60 11.30 11.44 0.14 1469173 11.85 9.25 - - - -Sitara Energy Ltd 191 3.61 21.60 21.50 21.01 21.50 -0.10 4501 23.48 20.00 20 - - -Southern Electric 1367 5.87 2.30 2.42 2.25 2.29 -0.01 112000 3.21 2.21 - - - -Tri-star Power XD 150 - 0.80 1.00 0.71 0.89 0.09 31503 1.69 0.33 3 - - -



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

FIXED LINE TELECOMMUNICATION

Performance of SR Fixed Line Telecommunication Index


1,101.12 1,120.89 1,097.93 1,104.91 3.79 0.34


4,100,104 - - 50,077.79 mn 77,858.38 mn 1,104.91


6.09 0.78 12.84 62.56 10.28 1,073.74

Pakistan Telecomm Co A 37740 9.03 18.89 19.20 18.86 18.96 0.07 2520540 20.22 17.20 15 - 17.5 -Telecard 3000 - 2.24 2.30 2.15 2.21 -0.03 479082 3.18 1.80 - - - -WorldCall Tele 8606 - 2.46 2.58 2.47 2.50 0.04 1100482 3.30 2.30 - - - -Wateen Telecom Ltd 6175 - 3.92 4.20 3.90 4.19 0.27 1280442 6.38 3.80 - - - -



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

Ask Gen Insurance 204 5.60 9.80 9.85 9.85 9.85 0.05 800 11.95 8.45 - - - -

Central Insurance XB 279 5.12 49.53 51.00 48.61 49.48 -0.05 2790 64.90 47.37 20 25B 10 10B

Crescent Star Insurance 121 - 5.00 4.50 4.00 4.00 -1.00 1724 7.90 3.11 - - - -

EFU General Insurance XB1250 30.52 38.17 39.50 38.25 38.45 0.28 1639 55.20 35.52 40 8.7B - -

IGI Insurance 718 12.96 73.47 73.40 71.51 73.33 -0.14 104 79.10 66.02 35 - 10 20B

Pak Reinsurance 3000 - 13.30 13.60 13.31 13.38 0.08 82497 19.40 12.50 30 - - -

PICIC Ins Ltd 350 48.75 2.42 2.25 1.90 1.95 -0.47 186 4.16 1.66 - - - -

Premier Insurance 303 4.94 9.35 9.49 8.50 9.49 0.14 601 10.60 8.11 20 15B - -

Reliance Insurance XB 252 4.45 6.50 7.25 6.50 6.50 0.00 2002 7.25 6.00 - - - -

Shaheen Insurance 200 - 11.51 12.50 12.49 12.50 0.99 97128 16.49 11.51 -14.28B - -

Silver Star Insurance 253 1.65 7.33 7.45 6.63 6.63 -0.70 1503 10.00 6.00 - 20B - -

UPTO 100 VOLUME

CENI 10.82 10.99 10.90 10.90 0.08 100

COTT 1.92 1.50 1.50 1.50 -0.42 100

BWCL 27.42 26.25 26.25 26.25 -1.17 99

JKSM 6.16 6.90 5.16 6.71 0.55 98

UVIC 3.65 2.70 2.70 2.70 -0.95 90

ATIL 28.68 29.40 28.10 28.10 -0.58 64

BATA 480.46 504.00 499.74 499.74 19.28 55

UDPL 15.85 15.94 15.90 15.90 0.05 55

NCLNCP 21.38 21.85 20.32 21.56 0.18 53

QUET 36.08 34.28 34.28 34.28 -1.80 51

EMCO 3.57 3.89 3.42 3.42 -0.15 51

EXIDE 140.02 140.02 140.02 140.02 0.00 50

WYETH 979.54 948.00 940.00 948.00 -31.54 41

FNEL 9.71 9.90 8.71 9.90 0.19 31

ELCM 4.80 5.80 5.80 5.80 1.00 26

FFLM 1.40 2.24 1.39 1.39 -0.01 25

NJICL 56.18 55.99 53.62 55.99 -0.19 20

ICL 23.00 22.05 22.05 22.05 -0.95 20

SHFA 36.45 37.00 34.65 34.79 -1.66 19

CWSM 1.24 1.30 1.25 1.30 0.06 15

HADC 0.96 1.05 0.72 0.95 -0.01 13

DATM 0.67 0.65 0.05 0.53 -0.14 11

BAFS 48.93 48.93 46.50 48.93 0.00 11

SZTM 4.25 5.25 5.25 5.25 1.00 10

ISTM 4.80 4.98 4.98 4.98 0.18 10

SANSM 13.90 13.90 13.90 13.90 0.00 10

PECO 319.35 303.41 303.41 303.41 -15.94 10

NOPK 24.79 25.75 23.62 25.75 0.96 10

BILF 0.99 1.05 1.05 1.05 0.06 7

FIMM 64.00 64.50 64.00 64.00 0.00 6

MQTM 8.85 9.00 7.85 8.25 -0.60 6

MWMP 1.75 1.74 1.21 1.74 -0.01 6

ALICO 19.50 19.50 18.95 18.95 -0.55 5

MUKT 0.58 0.74 0.27 0.40 -0.18 5

DLL 41.75 40.90 40.90 40.90 -0.85 5

FECTC 5.03 5.65 5.65 5.65 0.62 5

LMSM 3.05 4.00 2.05 2.05 -1.00 4

GATI 39.54 41.51 39.50 39.50 -0.04 4

KOHS 6.40 6.39 6.00 6.00 -0.40 3

SGMLPS 3.71 4.71 2.71 3.21 -0.50 3

PTEC 2.68 2.68 1.80 1.80 -0.88 3

UPFL 1039.97 1050.00 1045.00 1045.00 5.03 3

FCONM 1.34 1.99 1.89 1.89 0.55 2

BCML 15.75 16.75 16.75 16.75 1.00 2

YOUW 1.08 1.20 1.19 1.19 0.11 2

BUXL 14.22 14.89 14.24 14.24 0.02 2

FRCL 3.40 4.00 3.49 3.49 0.09 2

TSMF 1.99 2.00 1.79 1.79 -0.20 1

FANM 3.44 3.39 3.39 3.39 -0.05 1

IFSL 8.43 8.42 8.15 8.15 -0.28 1

KOHTM 1.05 1.47 1.47 1.47 0.42 1

PRWM 18.44 18.44 18.44 18.44 0.00 1

HUSI 9.50 9.90 9.89 9.89 0.39 1

INKL 9.95 9.99 9.99 9.99 0.04 1

ADAMS 11.75 11.30 11.30 11.30 -0.45 1

FECS 34.99 36.20 35.00 35.00 0.01 1

MLCFPS 6.46 6.49 6.49 6.49 0.03 1

KOHE 24.99 25.89 25.44 25.44 0.45 1

SGPL 0.43 0.35 0.35 0.35 -0.08 1

PGCL 21.58 22.07 22.07 22.07 0.49 1

ISIL 72.90 72.85 72.85 72.85 -0.05 1

SHEZ 102.50 104.44 104.44 104.44 1.94 1

AKGL 4.20 3.50 3.25 3.50 -0.70 1

ARPAK 5.94 5.00 5.00 5.00 -0.94 1

MACFL 3.25 3.49 3.00 3.00 -0.25 1

DIIL 17.40 17.50 17.50 17.50 0.10 1

DREL 551.00 578.00 578.00 578.00 27.00 1

PHDL 57.85 60.74 60.74 60.74 2.89 1


FUTURE CONTRACTS

POL-OCT 234.42 237.75 234.75 236.32 1.90 740000

DGKC-OCT 24.27 24.75 24.27 24.67 0.40 478000

NBP-OCT 63.50 64.29 63.00 63.51 0.01 321500

ENGRO-OCT 174.89 179.10 175.00 178.51 3.62 198500

MCB-OCT 186.80 189.90 187.88 188.63 1.83 172500

PSO-OCT 266.21 268.90 267.05 267.29 1.08 133500

NML-OCT 44.92 45.34 44.75 45.04 0.12 133000

ANL-OCT 10.47 10.68 10.50 10.51 0.04 128000

PPL-OCT 172.56 176.00 173.00 174.79 2.23 98000

LUCK-OCT 66.11 66.82 65.50 66.40 0.29 41000

PTC-OCT 19.05 19.15 19.00 19.00 -0.05 30000

AICL-OCT 66.65 67.48 66.56 67.48 0.83 5500

OGDC-OCT 143.64 144.25 142.90 142.90 -0.74 3500


ZERO VOLUME

AABS 90.00 89.90 89.90 89.90 -0.10 0.00

BFMOD 3.75 3.80 3.80 3.80 0.05 0.00

BROT 0.30 0.31 0.31 0.31 0.01 0.00

CFL 16.50 15.50 15.50 15.50 -1.00 0.00

CSUML 3.79 3.70 3.70 3.70 -0.09 0.00

DFSM 3.01 3.10 3.10 3.10 0.09 0.00

DYNO 11.75 11.50 11.50 11.50 -0.25 0.00

ETNL 21.00 20.99 20.99 20.99 -0.01 0.00

FASM 27.56 28.93 28.93 28.93 1.37 0.00

HINO 122.00 120.00 120.00 120.00 -2.00 0.00

HWQS 22.00 21.95 21.95 21.95 -0.05 0.00

JOPP 11.40 11.39 11.39 11.39 -0.01 0.00

KHTC 18.00 17.00 17.00 17.00 -1.00 0.00

LPGL 7.25 7.51 7.51 7.51 0.26 0.00

MDTL 59.90 58.00 58.00 58.00 -1.90 0.00

MIRKS 60.44 60.00 60.00 60.00 -0.44 0.00

MODAM 1.12 0.99 0.99 0.99 -0.13 0.00

MOON 12.00 11.85 11.85 11.85 -0.15 0.00

PAKD 116.00 115.00 115.00 115.00 -1.00 0.00

PASM 8.29 8.14 8.14 8.14 -0.15 0.00

PICTPS 10.00 9.90 9.90 9.90 -0.10 0.00

QUICE 2.11 2.21 2.21 2.21 0.10 0.00


Al-Abbas Cement 42.19 3.05 2.85 3.55 3.90 3.35

Allied Bank Limited 40.29 50.25 49.70 51.70 52.55 51.10

Attock Cement 42.92 65.55 65.00 66.80 67.50 66.25

Arif Habib Limited 31.64 26.80 26.55 27.55 28.05 27.30

Arif Habib Securities 40.72 22.75 22.50 23.40 23.85 23.15

Adamjee Insurance 39.46 67.15 66.55 68.40 69.00 67.80

Askari Bank 45.33 14.25 14.00 14.95 15.35 14.65

Azgard Nine 53.26 10.40 10.30 10.65 10.85 10.55

Attock Petroleum 63.44 327.40 324.65 333.50 336.85 330.75

Attock Refinery 49.16 81.40 80.90 82.85 83.80 82.35

Bank Al-Falah 46.38 7.80 7.55 8.40 8.70 8.15

BankIslami Pak 52.48 3.05 2.95 3.30 3.35 3.15

Bank.Of.Punjab 46.18 8.15 8.05 8.45 8.60 8.35

Dewan Cement 46.80 1.45 1.40 1.55 1.60 1.50

D.G.K.Cement 45.92 24.25 23.95 24.75 24.95 24.45

Dewan Salman 38.35 1.35 1.30 1.45 1.55 1.40

Dost Steels Ltd 43.43 1.95 1.90 2.05 2.10 2.00

EFU General Insurance 41.97 37.95 37.50 39.20 40.00 38.75

EFU Life Assurance 41.10 58.60 58.15 59.85 60.65 59.40

Engro Chemical 55.83 176.20 173.05 181.10 182.95 178.00

Faysal Bank 45.15 13.45 13.35 13.65 13.75 13.55

Fauji Cement 39.49 4.65 4.55 4.85 4.95 4.75

Fauji Fert Bin 43.60 26.95 26.70 27.45 27.70 27.20

Fauji Fertilizer 52.78 105.55 104.85 106.75 107.20 106.05

Habib Bank Ltd 45.87 94.30 93.15 96.80 98.15 95.65

Hub Power 34.40 32.70 32.40 33.40 33.75 33.10

ICI Pakistan 52.26 119.75 118.45 122.30 123.65 121.05

Indus Motors 37.65 214.10 210.00 224.80 231.40 220.70

J.O.V.and CO 24.80 2.55 2.50 2.70 2.75 2.60

Japan Power 46.89 1.40 1.35 1.50 1.55 1.45

JS Bank Ltd 57.70 2.35 2.25 2.50 2.55 2.40

Jah Siddiq Co 44.21 9.75 9.65 10.05 10.20 9.95

Kot Addu Power 50.23 41.25 40.85 41.95 42.25 41.55

K.E.S.C 48.02 2.00 1.90 2.10 2.15 2.05

Lucky Cement 52.27 69.00 68.55 70.05 70.60 69.60

MCB Bank Ltd 49.45 187.50 186.00 190.50 192.00 189.00

Maple Leaf Cement 41.16 2.90 2.85 3.10 3.25 3.05

National Bank 43.98 62.70 62.00 64.15 64.90 63.45

Nishat (Chunian) 49.91 16.25 16.15 16.55 16.70 16.45

Netsol Technologies 35.20 17.95 17.75 18.45 18.70 18.20

NIB Bank 42.31 2.55 2.50 2.65 2.70 2.60

Nimir Ind.Chemical 50.54 1.40 1.35 1.50 1.55 1.45

Nishat Mills 55.37 46.90 46.65 47.45 47.75 47.20

Oil & Gas Dev. XD 48.76 143.30 142.75 144.65 145.40 144.05

PACE (Pakistan) Ltd. 47.43 2.55 2.45 2.70 2.75 2.60

Pervez Ahmed Sec 35.56 1.35 1.30 1.50 1.55 1.40

P.I.A.C.(A) 41.14 2.00 1.95 2.15 2.25 2.10

Pioneer Cement 53.46 7.80 7.70 8.05 8.20 7.95

Pak Oilfields 60.93 233.75 232.70 236.45 238.05 235.35

Pak Petroleum 29.36 173.40 171.85 176.40 177.85 174.85

Pak Suzuki 32.78 70.75 69.35 73.05 73.95 71.65

P.S.O. XD 57.77 266.40 265.00 269.80 271.80 268.40

P.T.C.L.A 54.66 18.80 18.65 19.15 19.35 19.00

Shell Pakistan 35.22 190.75 189.35 193.75 195.35 192.35

Sui North Gas 74.69 31.15 30.80 31.85 32.20 31.50

Sitara Peroxide 37.31 8.05 7.95 8.35 8.50 8.25

Sui South Gas 84.26 28.55 28.35 28.90 29.10 28.75

Telecard 47.59 2.15 2.05 2.30 2.35 2.20

TRG Pakistan 65.38 4.10 4.00 4.40 4.55 4.30

United Bank Ltd 37.65 51.10 50.70 51.90 52.25 51.50

WorldCall Tele 47.55 2.45 2.40 2.55 2.65 2.50

Company RSI 1st 2nd 1st 2nd Pivot

(14-day) Support Resistance

TECHNICAL LEVELS

Aruj Garment Accessories Ltd 29-Sep 11:00

Attock Petroleum Ltd 29-Sep 1:30

Attock Refinery Ltd 29-Sep 2:15

Capital Assets Leasing Corp Ltd 29-Sep 10:30

Dadex Eternit Ltd 29-Sep 11:00

Ellcot Spinning Mills Ltd 29-Sep 12:30

First Credit and Investment Bank Ltd 29-Sep 3:00

Johnson & Phillips (Pakistan) Ltd 29-Sep 11:30

Karam Ceramics Ltd 29-Sep 10:00

Kohinoor Energy Ltd 29-Sep 12:00

Kohinoor Textile Mills Ltd 29-Sep 11:00

Leather Up Limited 29-Sep 4:00

Nagina Cotton Mills Ltd 29-Sep 1:00

National Refinery Ltd 29-Sep 12:30

Premium Textile Mills Ltd 29-Sep 11:00

Prosperity Weaving Mills Ltd 29-Sep 12:00

Quality Textile Mills Ltd 29-Sep 10:00

Shezan International Ltd 29-Sep 11:30

The Climax Engineering Co Ltd 29-Sep 3:00

Apollo Textile Mills Ltd 30-Sep 4:00

BOARD MEETINGS

Company Date Time

Wednesday, September 29, 2010 8

ISLAMABAD: Teachers ofuniversities would observe"Teachers Salam Day" as ablack day if announced grantfor the universities is notreleased within a week.

This was stated byPresident of Federation of AllPakistan UniversitiesAcademic Staff Association(FAPUASA) Prof Dr SaeedAkhtar Maher while talkingto APP.

He said, "If the announcedamount for the universities isnot released till Oct 4, all theuniversities would observeOct 5 as a black day and willarrange a sit-in on Shahrah-e-Dastoor."

He said the association willcontinue to work for therights of teachers and defendsovereignty of the universi-ties.

The struggle will continue

for achieving quality educa-tion and addressing the prob-lems being faced by theteachers community.

He also welcomed Rs. 6billion grant announced bythe Prime Minister for 50 percent salaries and 15 per centmedical allowance.

However, he urged theHEC management for theimplementation of theaccepted demands as early aspossible.

He also demanded forincreasing of HEC grant toRs. 30 billion.

He said the universities willnot increase fee of the stu-dents as this step will closedoors of education on theunder privileged class.

The President also criti-cized the stoppage of all thedevelopment and science andtechnology projects. -APP

Lecturersto markOct 5 as

Black Day

Varsities okayed grant release hits snags

KARACHI: The Board ofSecondary EducationKarachi (BSEK) will notifythe result of SSC Part I(Class IX) AnnualExamination 2010 ofScience Group next month.

This was stated by theController of Examinationsof the BSEK, KaleemAsghar Kirmani, onMonday.

He said that the endeav-

ours of the BSEK are tomake the process of theresult quite transparent andthat the staff of the Boardhas been successful in thisrespect also.

Meanwhile, the BSEK onMonday announced theresult of SSC Part I AnnualExamination 2010 of gen-eral Group for the regularand private candidates. -APP

BSEK to notify SSC

Part I exam result in Oct

RawalpindiBISE Inter

part-I resulton October 4

RAWALPINDI: RawalpindiBoard of Intermediate andSecondary Education(RBISE), will announce theresult of Higher SecondarySchool Certificate (HSSC)part-I annual examinations -2010 on Monday(October 4) at10:00 am.

As per details, the results ofFA and F.Sc part-I annual exam-inations will be declared onOctober 4. While the submis-sion of forms and fee for supplyexam of intermediate has beenextended. The new dates for feesubmission of forms for SupplyExam is October 11 with singlefee and Oct. 18 with double feeand with triple fee is 22 Oct.The admissions form can besubmitted in all prescribed ITCentres according to OnlineSystem. -Online

VC IslamiaUniversity

pays visit tofaculty of EduB A H A W A L P U R : V i c eChancellor (VC) of the IslamiaUniversity of Bahawalpur(IUB), Professor Dr.Muhammad Mukhtar Tuesdayvisited the academic depart-ments of faculty of educationincluding department of SocialWork, Applied Psychology,Physical Education and SportsScience, Education Training andEducation located in Baghdad-ul-Jadeed campus.

According to spokesman ofthe University Shahzad Ahmad,VC met chairmen and facultymembers of all respectivedepartments and discussed theirongoing academic and researchactivities.

He also discovered the prob-lems faced by the academicstaff and gave special directivesto solve the problems immedi-ately.

The VC also viewed educa-tional activities in classroomsand held detailed conversationwith students about their semes-ter related matters and activities.-APP

Date for Intersupplementaryexam extended

LAHORE: Board ofIntermediate and SecondaryEducation (BISE) Lahore hasextended the last date for sub-miting admission forms toregister for Inter-Supplementary exam 2010 tillOctober 10.

Talking to APP on Tuesday,a spokesman of BISE said thatthe step has been taken tofacilitate the students in sub-mitting the admission formsthrough new registrationmethod.

He said that some studentswere not familiar with thenew process of submitting theforms under recently imple-mented registration method.Many students were unable tosubmit their admission formswithin the stipulated period,he added.

Due to long rows of candi-dates, many were unbale toget the examination formseven after several days. -APP

Supplementarymatric exam inBahawalpur rescheduled

BAHAWALPUR: BahawalpurBoard of Intermediate andSecondary Education (BISE)has rescheduled the dates ofsupplementary exams ofMatriculation and intermediate.

According to the sources ofBISE, supplementary exams ofSSC will start from Oct 7 andintermediate from November 4.

Revised date sheets will beissued soon while roll numberslips have been released. -APP

LAHORE: Students of Government Modern Girls Primary School in Bhogiwal shouting slogans as they weremotivated to stage a demonstration in support of their demands, on Mall Road. -Online

KARACHI: Advisor to ChiefMinister Sindh onInformation Jameel AhmedSoomro has said that illiteracyis a darkness and knowledgeis the source of light and with-out acquiring education nonation can make progress.

This he said while talking toa delegation of teachers of aprivate university at his officehere.

The delegation was com-prised of Prof. AbdulHameed, Prof. Syed Ali RazaNaqvi, Prof. MuhammadMushtaq Kalata, Prof. MuftiAmmar, Prof. Abdul Wasyand Prof. Sanaullah.

Jameel Soomro said that nosensible person could denythe importance of educationand only those nations couldmake progress who wereahead in the field of educa-

tion. Jameel Ahmed Soomro said

that present democratic gov-ernment would accomplishthe dreams of ShaheedMohtarma Benazir Bhutto forthe promotion of educationand the president Asif AliZardari has made all possibleefforts for achieving thedesired targets in the filed ofeducation.

He added that it was beingtried to promote education inrural and urban areas of Sindhand specially rural womenwere being provided educa-tion because without women'sparticipation society can notmake progress.

Jameel Ahmed Soomro saidthat the worst flood of the his-tory had affected all the sec-tions of the society and thou-sands educational institutions

had been destroyed or seizedby the water and millions ofchildren were deprived oftheir formal education.

The provincial Advisoradvised to the teachers to findout ome time to teach thechildren who were living inrelief camps.

Jameel Ahmed Soomro saidthat certain elements weredoing propaganda against thegovernment, however theywould never succeed in theirulterior motives and the gov-ernment would complete itstenure.

He said that the governmentwould complete all the proj-ects initiated for the welfareof the people.

On this occasion the teach-ers assured their cooperationto the Provincial Advisor onInformation.-APP

Advisor to CM dubsilliteracy as darkness

Punjab eduboards mull

new policy toarrest cheating

RAWALPINDI: A new poli-cy is being finalized by eightboards of Punjab, includingRawalpindi, Lahore, Multanand Faisalabad to make theexamination system moretransparent.

According to to the newsystem, the examination staffof entire hall would bechanged forthwith in case ofany complaint receivedagainst them.

Talking to APP, ChairmanBoard of Intermediate andSecondary Education (BISE)Rawalpindi Chaudhary AbdulHafeez said a post of addition-al superintendent has alsobeen suggested. And thechanging of entire examina-tion staff after every threedays has also been contem-plated to make the examina-tion system more transparent.

He said the new policywould be implemented fromthe year 2011-12 after gettingthe approval of Punjab BoardCommittee of Chairmen. Incase of second complaint theentire staff of examination hallwould be black-listed fromtaking exam in future, headded. -APP

Supplementary

HSSC exams

under FBISE

from Oct 5thISLAMABAD: The HigherSecondary School Certificate(HSSC) SupplementaryExamination 2010 of FederalBoard of Intermediate andSecondary Education(FBISE) will be held fromOct 5.

The Roll Number Slips ofthe candidates appearing inthe said examination havebeen dispatched at theaddresses given in admissionforms.

The candidates, who havenot received the roll numberslips should immediatelycontact the officers of theboard.

The contact numbers areDirector One Window0519250612, Controller ofExaminations (Conduct)9250606, Deputy Controllerof Examinations (HSSCConduct) 0519250619,Assistant Controller ofExamination (HSSCConduct) 0519250641,Assistant Secretary OneWindow Cell 0519250651. -APP

ISLAMABAD: Islamabad

College of Arts and Science

(ICAS) held a seminar on

Tuesday on admissions and

education prospects as well

as financial aid policies at the

renowned Ivy League Yale

College.

Dr Amin Abdul Malik

Gonzalez, Associate

Director, Undergraduate

Admissions, Yale College,

was the resource person on

the occasion, said a news

release issued here.

Dr Gonzalez was brought

in by Mr. Zahid Shaffiq who

is the Chairman of the Yale

Alumni's School Committee.

Dr Gonzalez has been in

education sector for 15 years,

being involved with college

counseling, teaching and

coaching alongside college

admissions. Dr. Gonzalez is

responsible for applications

for the Middle East, North

Africa, India, and Pakistan.

The event organized at

ICAS was coordinated by

Flora Mahmood, Guidance

Counselor and Ms. Iram

Naqvi, Senior Principal.

Mrs. Nusrat Tahir, Director,

ICAS was also present on the

occasion. The event was

attended by O and A levels

students from ICAS, along-

side students from

Beaconhouse Rawalpindi,

Beaconhouse Margalla

Campus, Beaconhouse Girl's

Branch, Headstart, Frobels,

and Saint Mary's Institute.

Introducing the students to

a plethora of views and ideas

towards undergraduate

admissions at Yale, Dr

Gonzalez gave an idea of

what studying in the USA

means and the many hurdles

that would be faced but the

many bounties that lay in

wait.

He also met with the top-

tier applicants from good

schools, who are interested

and qualified in applying to

Ivy League institutions. -

APP

ICAS holds moot onadmission prospects

LAHORE: Board ofIntermediate and SecondaryEducation (BISE) Lahorewill conduct Matric supple-mentary exam 2010 fromOctober 7.

Talking to APP on Tuesday,a spokesman of BISE said

that date sheet had beenissued and roll number slipswere being despatched. Hefurther said that in case any-one doesnot get the roll num-ber slip the student must con-tact the board managementby Oct 5. -APP

Matric supplementaryexam from Oct 7 in Lhr

B A H A W A L P U R :

University of EngineeringCollege (UEC) of the IslamiaUniversity of Bahawalpur(IUB) will get the status offull fledged University with-in a period of two years.

This was stated by the ViceChancellor (VC), ProfessorDr Muhammad Mukhtarwhile addressing to thePrincipal EngineeringCollege, Jan MuhammadKeerio, faculty members andstudents during his visit ofEngineering College here onMonday.

According to spokesman ofthe University ShahzadAhmad, the VC said thatEngineering University wasa dire need of not onlyBahawalpur but of SouthernPunjab as a whole.

He expressed hope thatsoon the college will developinto an international levelEngineering University.

He advised to initiate pro-grams including CivilEngineering, TextileEngineering and otherdepartments in the Collegeto facilitate the students byproviding quality educa-tion.

The VC also advised, thestudents to demonstrate dis-cipline and direct theirefforts towards their educa-tion. He said they shouldfeel pride in being Pakistaniinstead of being calledPunjabi, Saraiki or Sindhi.

Earlier, the VC was warm-ly welcomed by the studentsof Engineering College. -APP

UEC Bahawalpur

to get varsity

before long

ATTOCK: ManagingDirector Danish SchoolSystem (DSS) Yousaf Kamalsaid on Monday DSS projectwould introduce an even edu-cation system in the provincebesides help removing the dis-crimination between upperand lower strata of society inacquiring quality education.

These views were expressedby him during his surprisevisit to the proposed site forDSS at Jand.

District CoordinationOfficer (DCO) Shakeel

Ahmad, District RevenueOfficer (DRO) Ikram UllahKhan Niazi, Deputy DistrictOfficer Revenue (DDRO)Jand Rabwaz Minhas andFocal Person DSS WaqarAhmad were accompanyinghim.

Yousaf Kamal said DanishSchool System would bringradical changes in educationsystem of the province andwould facilitate the poors tohave quality education fortheir children, who were thefuture of the country.

The DCO briefed theManaging Director about lat-est development regarding theproject.

Shakeel Ahmad furtherapprised the MD that ShaheenInternational Company hadgot tender for the constructionof the school and had givenassurance that the projectwould be completed withinstipulated period of ninemonths.

The MD DSS highly appre-ciated the efforts of the DCOand DMO in this regard. -APP

DSS to introduce equitableeducation system: MD

LONDON: Copper rose onTuesday as the dollar fell afterdata from the world's largesteconomy, the United States,showed consumer confidence inSeptember fell to its lowest levelsince February.

Benchmark copper on theLondon Metal Exchange wasuntraded at the close, but its lastbid was $7,951 a tonne fromMonday's close at $7,910,reversing earlier losses.

The metal used in power andconstruction last week touched$7,990 a tonne, its highest sinceApril 15.

The dollar slid against the euroafter data showing US single-family home prices fell in July.The euro jumped to a five-monthhigh after data showedSeptember consumer confidencein the United States, the world'slargest economy, ebbed to itslowest levels since February.

Copper prices are up more

than 30 per cent since early June

on expectations of stronger eco-nomic and demand growth.

Stocks of copper in LMEwarehouses at 375,275 tonnesare down more than 30 per centsince the middle of Februaryand the lowest since lastNovember.

Traders are also watchinglarge holdings of LME stockwarrants and cash contracts onaluminium alloy, primary alu-minium, copper and nickel.

Three-month aluminiumended at $2,309 a tonne from$2,293 at the close on Monday,zinc at $2,215 from $2,207 andlead at $2,281 from $2,269.

Tin traded at $24,000 from$23,650 and nickel traded at$23,175 from $23,050 onMonday. -Reuters

Copper strengthensas dollar retreats


POLYPROPYLENE(PP) LINEAR LOW (LL)

Cash & Settlement 1240 1120

October (3rd Wednesday) 1240 1110

November (3rd Wednesday) 1240 1120

LONDON METAL EXCHANGE (PLASTIC)

LME Official Prices, US$ per tonne for September 27 2010

LME Official Prices, US$ per tonne for September 27 2010

ALUMINIUM ALUMINIUM COPPER LEAD NICKEL TIN ZINC NASAAC

ALLOY

Cash buyer 2240 2281 7921 2250 23170 23825 2194 2205

Cash seller 2250 2281.5 7922 2251 23175 23850 2195 2210

3-months buyer 2200 2315 7935 2280.5 23150 23840 2224 2230

3-months seller 2210 2316 7940 2281 23155 23845 2224.5 2240

15-months buyer 2150 2390 7855 2292 22500 23325 2280 2230

15-months seller 2160 2395 7865 2297 22600 23375 2285 2240

27-months buyer 2150 2450 7605 2272 21500 2273 2280

27-months seller 2160 2455 7615 2277 21600 2278 2290

LONDON METAL EXCHANGE (METALS)

LONDON: Gold hit a newrecord high on Tuesday as aweaker than forecast US con-sumer confidence reading boost-ed the metal's safe haven appealand sent the dollar to fresh five-month lows versus the euro.

Silver edged back near a 30-year high, while platinum andpalladium ticked higher.

Spot gold rose to $1,307.70 anounce, its highestever level. It trad-ed at $1,307.00 at1530 GMT versus$1,296.05 late inNew York onMonday.

US gold futuresfor Decemberdelivery rose to a record$1,309.20 an ounce, and latertraded up $9.70 to $1,308.50 anounce. The Conference Boardsaid earlier a deteriorating labourmarket and business conditionsdrove its index of consumer atti-tudes to 48.5 in September, itslowest level since February.

Data earlier this sessionshowed US single family homeprices dipped in July while the

Richmond Fed's compositemanufacturing index sank inSeptember. The dollar hit freshfive-month lows versus theeuro after the confidence data,making dollar-priced goldcheaper for European investors.

Investor attention will nowturn to manufacturing purchasingmanager indexes for a number ofkey economies and a US core

inflation reading due on Friday.Gold is poised to benefit if the

data fails to allay fears over thehealth of the global economy,especially given new concernsover Ireland's debt and freshspeculation that Spain may bedowngraded by Moody's.

"I expect gold will make newhighs during the final quarter ofthis year, driven by the threat ofquantitative easing and more

demand from the jewelleryindustry," said QuantitativeCommodity Research analystPeter Fertig. In industry news,the average forecast of dele-gates polled at the end ofLondon Bullion MarketAssociation annual conferencesaid gold prices are likely tostand at $1,450 an ounce in ayear's time.

Silver roseto $21.65, itshighest pointin threedecades. Itlater traded at$21.62 anounce versus$21.38 late in

New York on Monday.The London Metal Exchange

and LCH.Clearnet said onTuesday they aim to introducea clearing service for over-the-counter trading in silver nextyear, following the launch oftheir gold clearing service inNovember. Platinum was at$1,635 versus $1,627.35 whilepalladium was at $556.50 ver-sus $548.68. -Reuters

Gold hits fresh record asUS confidence shrinks

Europeanvegetableoil prices

ROTTERDAM: The follow-ing were the Tuesday'sRotterdam vegetable oil price'sat 21:00.

SOYOIL: EU degummedeuro tonne fob exmillNov10/Jan11 819.00+7.00,Feb11/Apr11 824.00+7.00,May11/Jul11 827.00.

RAPEOIL: Dutch/EU eurotonne fob exmill Nov10/Jan11795.00+0.00, Feb11/Apr11800.00+0.00, May11/Jul11805.00-5.00.

SUNOIL: EU dlrs tonneextank six ports optionNov10/Dec10 1190.00+5.00,Jan11/Mar11 1190.00+5.00,Apr11/Jun11 1180.00+0.00.

LINOIL: Any origin dlrstonne extank RotterdamOct10/Nov10 1325.00.

CRUDE PALM OIL:Sumatra/Malaysia slrs optiondlrs tonne cif R'dam Sep10940.00+0.00, Oct10940.00+0.00, Nov10/Dec10932.50-2.50, Jan11/Mar11925.00-5.00.

PALMOIL: RBD dlrs tonnecif Rotterdam Nov10/Dec10967.50.

PALMOIL: RBD dlrs tonnefob Malaysia Nov10/Dec10920.00+2.50.

PALM OLEIN: RBD dlrstonne fob MalaysiaNov10/Dec10 930.00+2.50,Jan11/Mar11 925.00+0.00,Apr11/Jun11 927.50+0.00.

PALM STEARIN: Dlrs tonnefob Malaysia Oct10 905.00,Nov10 900.00.

PALM FATTY ACID DIS-TILLATE: Dlrs tonne fobMalaysia Oct10 720.00+10.00.

COCONUT OIL: Phil/Indondlrs tonne cif RotterdamSep10/Oct10 1400.00+0.00,Oct10/Nov10 1385.00-15.00,Nov10/Dec10 1385.00-15.00,Dec10/Jan11 1380.00-20.00.

PALMKERNEL OIL:Mal/Indon dlrs tonne cifRotterdam Sep10/Oct101355.00-5.00, Oct10/Nov101345.00-15.00, Nov10/Dec101340.00-20.00, Dec10/Jan111340.00-20.00.

CASTOROIL: Any origindlrs tonne extank RotterdamOct10/Nov10 2100.00+0.00. -Reuters

National Commodity Exchange Ltd Trading SummaryDate Commodity Contract Price Open High Low Close Traded Volume Previous Current Open Interest

Date Quotation in lots Settlement Settlement in Lots

Price Price

28-Sep-2010 CRUDE100 NO10 US$ Per Barrel 76.92 77.10 75.55 75.81 151 76.24 75.81 62

28-Sep-2010 CRUDE100 DE10 US$ Per Barrel 78.00 78.00 76.62 76.95 54 77.24 76.95 13

28-Sep-2010 CRUDE100 JA11 US$ Per Barrel 78.60 78.60 77.93 77.93 - 78.09 77.93 -

28-Sep-2010 SILVER - SL500 NO10 US$ Per Troy Ounce 21.48 21.48 21.20 21.20 - 21.31 21.20 -

28-Sep-2010 SILVER - SL500 DE10 US$ Per Troy Ounce 21.53 21.53 21.14 21.21 24 21.33 21.21 31

28-Sep-2010 GOLD 01oz OC10 US$ Per Troy Ounce 1295.00 1298.00 1284.50 1287.90 648 1293.20 1287.90 67

28-Sep-2010 GOLD 01oz NO10 US$ Per Troy Ounce 1298.60 1299.00 1283.50 1288.00 982 1294.00 1288.00 1,596

28-Sep-2010 GOLD 01oz DE10 US$ Per Troy Ounce 1300.00 1300.00 1284.00 1288.10 890 1294.90 1288.10 861

28-Sep-2010 GOLD 100oz OC10 US$ Per Troy Ounce 1297.50 1298.00 1287.40 1287.90 7 1293.20 1287.90 2

28-Sep-2010 GOLD 100oz NO10 US$ Per Troy Ounce 1298.90 1298.90 1288.00 1288.00 - 1294.00 1288.00 -

28-Sep-2010 GOLD 100oz DE10 US$ Per Troy Ounce 1298.30 1299.80 1287.20 1288.00 60 1294.90 1288.10 6

28-Sep-2010 GOLD OC10 Per 10 grms 35902.00 36018.00 35550.00 35759.00 15 35887.00 35759.00 47

28-Sep-2010 GOLD NO10 Per 10 grms 36027.00 36027.00 35768.00 35768.00 - 35896.00 35768.00 -

28-Sep-2010 GOLD DE10 Per 10 grms 36041.00 36041.00 35782.00 35782.00 - 35910.00 35782.00 -

28-Sep-2010 Kilo GOLD OC10 Per 10 grms 35681.00 35990.00 35681.00 35731.00 1 35860.00 35731.00 2

28-Sep-2010 Tola Gold50 OC10 Per Tola 41978.00 41978.00 41676.00 41676.00 - 41826.00 41676.00 -

28-Sep-2010 Tola Gold100 OC10 Per Tola 41978.00 41978.00 41676.00 41676.00 - 41826.00 41676.00 -

28-Sep-2010 Mini Gold 1-Aug Per 10 grms 37076.00 37076.00 36803.00 36803.00 - 36932.00 36803.00 -





28-Sep-2010 TT Gold 1-Sep Per Tola 41873.00 42534.00 41873.00 42216.00 1 42367.00 42216.00 1

28-Sep-2010 IRRI6W 30SE10 Per 100 kg 2402.00 2402.00 3127.00 3127.00 - 3153.00 3127.00 -

28-Sep-2010 Rice IRRI - 6 OC10 Per 100 kg 3169.00 3169.00 3143.00 3143.00 - 3169.00 3143.00 -

28-Sep-2010 RBD Palm Olein OC10 Per Maund 4205.00 4205.00 4204.00 4204.00 - 4205.00 4204.00 -

28-Sep-2010 KIBOR3M 10-Sep Per Rs. 100 87.14 87.15 87.14 87.15 - 87.14 87.15 -

28-Sep-2010 KIBOR3M 10-Dec Per Rs. 100 86.84 86.86 86.84 86.86 - 86.84 86.86 -

Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day

Tokyo rubberinches

down from5-mth high

TOKYO: Tokyo rubberfutures fell 0.8 per cent onTuesday after hitting a five-month high the previous dayas investors moved to takeprofits following declines inthe prices of Japanese equities,oil and other commodities.

The key Tokyo CommodityExchange rubber contract forMarch delivery settled down2.6 yen, or 0.8 per cent, at308.5 yen per kg.

Oil fell towards $76 onTuesday ahead of US reportsexpected to show fuel stock-piles rose in the world's topoil-consuming nation lastweek.

The dollar was hemmed in atight range against the yen,drawing marginal supportfrom the Nikkei businessdaily's report that the Bank ofJapan may further ease policyat its Oct. 4-5 meeting if itjudges growth to be underthreat.

Toyota said on Tuesday itsglobal output rose 11.4 percent in August from a year ear-lier to 566,778 vehicles.Turkey's Renault Mais generalmanager said Turkey's 2011automotive sales would reachabove 700,000 units. -Reuters

RAFAH - PALESTINE: Palestinians began the annual harvest of olives, a staple for many local

farmers that also use them to make oil. -Agencies

NEW YORK: Cotton futuressurged by their daily limit tosettle at a new 15-year peak onMonday due to mill and specu-lative fund buying, with marketsources expecting a test ofrecord highs set in 1995 incoming weeks.

The initial boostcame from mill buyingby top consumerChina, which returnedto the market after thecountry's five-day mid-autumnholidays, brokers said.

Investment, hedge and long-only funds then stepped in, withmany believing cotton futurescould break the all-time high setin 1995 at $1.172 per lb.

ICE Futures US keyDecember cotton contract roseby its 4.00 cent limit to close at$1.0393 per lb, with the day'slow at $1.0075.

That marked the loftiest fin-ish for the second position cot-

ton contract since 1995, andthe second time since the cur-rent rally began in mid-Julythat cotton closed over $1/lb.

Volume stood at 24,828 lots at1842 GMT, nearly two-thirdshigher than the 30-day average

of 15,027 lots, preliminaryThomson Reuters data showed.Data from ICE Futures USshowed open interest in cottonfutures at 236,866 lots as ofFriday, up slightly from the pre-vious tally of 235,919 lots.

The market also gained sup-port from news that India maydelay exports by two weeks tomid-October because of dwin-dling stockpiles and poorarrivals of new-crop cotton. -Reuters

NY cotton finisheslimit-up at 15-yr high

KUALA LUMPUR: Globalvegetable oil markets edgedhigher on Tuesday as investorsbet on strong holiday demandfrom China and India.

Concerns that erratic weatherwill curb production of soy-beans in South America andChina as well as Canadiancanola are also underpinningagriculture markets.

Malaysian palm oil ended up0.2 per cent but below a near16-month high reached onMonday while US Octobersoyoil inched up during Asianhours, just below a two-yeartop hit the previous day.

China's most-active May2011 palm olein futures fell 0.3per cent and May 2011 soy-bean oil gained 0.7 per cent.

"After the oilseeds confer-

ence, investors believed thedemand of vegetable oils willstay at high side," said a traderin a foreign brokerage inMalaysia, referring to theGloboil conference over theweekend in India.

Cargo surveyors reported upto 17 per cent jump in Sept. 1-25 Malaysian palm oil exportscompared to a month ago, driv-en by Asian and Europeandemand.

There are concerns of tightgrains and oilseed suppliesnext year. Traders are expect-ing lower soy acreage in theUS in the next season, dryweather ahead of planting inSouth America and still lack-lustre palm oil production inIndonesia and Malaysia. -Reuters

Palm oil gains on Asiandemand outlooks

NEW YORK: Oil prices turnedpositive in choppy trading onTuesday, lifted by a slumpingdollar that offset the effect ofslumping consumer confidenceand still bulging inventories.

The euro jumped to a freshfive-month high versus the dol-lar and the dollar index fell to itslowest level since February as

the gloomy consumer viewweighed on the greenback.Pressuring the dollar and signal-ing a still struggling economicrecovery, US consumer confi-dence sagged in September to itslowest levels since February,amid deteriorating labor marketand business conditions, a reportfrom industry group theConference Board said onTuesday.

US crude for November deliv-ery rose 21 cents, or 0.27 percent, to $76.73 per barrel by1628 GMT, having traded from$75.53 to $77.12, remaininginside Monday's trading range of$75.52 to $77.17.

ICE Brent November crude

rose 80 cents, or 1.02 per cent, to$79.37 a barrel.

Total distillate stocks wereexpected to have risen 300,000barrels in the week to Sept. 24,with gasoline stocks up 700,000barrels, as demand stayed rela-tively weak, a preliminaryReuters analyst survey onMonday showed.

Crude oil stockpiles were fore-cast to have fallen 400,000 bar-rels on lower imports as season-al refinery maintenance sloweddemand, the survey showed.

High crude stocks at the keyCushing, Oklahoma, hub, deliv-ery point for US West TexasIntermediate benchmark crude,has helped put European bench-mark Brent at an atypical premi-um to crude futures, still morethan $2 a barrel on Tuesday.

Industry inventory statisticsfrom the American PetroleumInstitute are due on Tuesday at2030 GMT, followed by govern-ment data from the US EnergyInformation Administration onWednesday. -Reuters

Oil edges up aheadof data as $ slumps

Shanghai copper

edges downCopper prices declined slightly

on Tuesday in Shanghai and

London, weighed down by a mod-

est rebound in the dollar and luke-

warm interest ahead of a week-

long holiday in China.

Benchmark third-month copper

futures contract on the Shanghai

Futures Exchange closed down

0.4 per cent to 60,370 yuan while

aluminium reached 16,020 yuan,

its highest since early May, before

ending down 0.3 per cent to

15,885 yuan a tonne.

Raw sugar hits

7-mth high,

coffee risesLONDON: Raw sugar futurestouched a fresh seven-monthhigh on Tuesday, supported bytight supplies in Latin America,while arabica coffee futuresinched up and cocoa eased.

Adverse weather in key pro-ducers such as Brazil, CentralAmerica, India, Russia andAustralia, and expectations oftightening global supplies intothe first half of 2011, are driv-ing sugar futures higher,Jonathan Kingsman, managingdirector of Lausanne-basedconsultancy Kingsman SA said.

Central America was strug-gling to recover from thisweekend's Tropical StormMatthew, the latest storm to hitthe region, leaving sugar cropsflooded.

ICE October raw sugarfutures traded up 0.02 cent or0.08 per cent at 26.11 cents a lbat 1434 GMT after setting aseven-month high for the frontmonth of 26.55 cents.

ICE March was down 0.22cent to 24.76 cents a lb at 1406GMT. London December whitesugar traded down $9.00 or 1.4per cent at $635.10 per tonne.

Liffe November robusta cof-fee traded up $13 or 0.8 percent at $1,749 per tonne inmodest volume of 3,477 lots.

Arabica coffee was also high-er as dealers said roasterslooked to Central Americancoffees to replace high qualityColombian coffee in theirblends.

ICE March arabica coffeefutures were up 2.10 cent or 1.1per cent at $1.8595 a lb.

Cocoa prices eased as dealerseyed the coming West Africancrop, which officially starts onOctober 1. ICE Decembercocoa traded down $31 or 1.1per cent at $2,808 per tonne.Liffe December cocoa tradeddown 5 pounds at 1,895 poundsa tonne. -Reuters

BD tea prices

rise at weekly

auctionDHAKA: The average price ofBangladeshi teas rose 1.12 percent to 197.53 taka ($2.82) perkg at the weekly auction onTuesday, brokers said.

Nearly 1.8 million kg weresold at the sale, leaving only1.48 per cent of the offer to becarried back.

Bangladeshi buyers includingexporters mainly to theCommonwealth of IndependentStates and Pakistan participatedin the auction, which was held inthe country's lone auction centrein the main port city ofChittagong. "Strong competitionamong buyers moved prices inthe sellers' favour," said an exec-utive of the National BrokersLimited, the largest tea-brokingfirm in the country.

Different grades were soldbetween 170 taka and 235 takaper kg in the auction. The nextauction will be held on Tuesday,Oct. 5, with some 1.83 million kgon offer. -Reuters

NY cotton early-tradeICE futures US key December cotton contract

climbed 1.92 cents to trade at $1.0585 per lb at

1423 GMT. Volume stood at 9,135 lots, against

the 30-day average of 16,035 lots.

US consumer confidence lowest since February


US Ryder Cup captain Corey Pavin holdsthe Ryder Cup as he poses with his team

Clarke gearsup for India

challengeCHANDIGARH: Australiavice-captain Michael Clarke ishopeful his team will be able tocounter India's bowling attackin home conditions in a two-Test series starting on Friday.

The hosts' attack has beenstrengthened with the return ofleft-arm paceman Zaheer Khan,who was forced to miss a recentthree-Test series in Sri Lankadue to an injury.

"Zaheer and (paceman)Ishant Sharma are two verygood bowlers of reverse swing.It can be very tough to combatat times and we have experi-enced that in the past," Clarketold reporters in Chandigarh onTuesday.

"But we've been training andbatting against reverse swingand against spin too. Hopefully,come Friday, we'll be able to dowell."

Harbhajan Singh leads India'sspin attack, having alreadygiven a good account of himselfagainst the Australians with 79wickets in 14 Tests.

The off-spinner rose to famein 2001 when he took 32 wick-ets in three Tests against SteveWaugh's Australians to lead hisside to a stunning 2-1 seriesvictory at home.-APP

Action assuredagainst guilty

playersISLAMABAD: Minister forSports Ijaz Jakhrani Tuesdayassured National Assembly ofaction against the players foundguilty of match fixing.

"There are allegations ofmatch fixing against four play-ers. But action shall be takenagainst the guilty after theinquiry is completed," he saidin response to a motion underrule 259.

The motion was moved byShireen Arshad, Marvi Memon,Bushra Rehman, TahiraAurangzeb, Fakhar-un-Nisaand Imrana Saeed.

"Pakistanis love cricket. Suchacts has hurt their sentiments.But, we cannot establish any-one as guilty since investiga-tion is completed," he added.

He informed the House thatScotland Yard police raidedrooms of four players in thehotel including Salman Butt,Muhammad Amir, MuhammadAsif and Kamran Akmal andtook away their mobile phonesand laptop.

The government immediatelyinvolved Pakistan's HighCommission in UK and theofficials fully defended thecountry and the team and keptme and the Prime Ministerinformed, he added.

Jakhrani agreed with themovers to restructure PakistanCricket Board but said, "chang-ing faces cannot improve. Weshall have to change the sys-tem."-APP

TOKYO: Japan's Kimiko DateKrumm celebrated her 40thbirthday by beating DanielaHantuchova to reach the PanPacific Open third round onTuesday.

The former world numberfour won 2-6 6-0 4-0 after herSlovakian opponent retiredwith a shoulder injury.

"It's a miracle I was able tostand up after yesterday'smatch," Date Krumm, whostunned defending championMaria Sharapova in the open-ing round, told reporters.

Second seed Vera Zvonarevaoverpowered Italian SaraErrani 6-3 6-3 to underline hertitle credentials at the $2 mil-lion tournament.

"I always believe if I play mybest tennis I can beat anyone,"said the Russian, who reachedthis year's Wimbledon and U.S.Open finals. "I can't wait forwhat's next."

Top seed Caroline Wozniackiof Denmark crushed HungarianGreta Arn 6-1 6-3 but fourthseed Samantha Stosur ofAustralia was eliminated 7-5 6-3 by Germany's Julia Goergesand Russian SvetlanaKuznetsova also lost.

The 10th seed went down 6-37-5 to German Andrea Petkovicin another upset but 11th-seed-ed Frenchwoman MarionBartoli avoided a potentialbanana skin by crushing SerbAna Ivanovic 6-2 6-1.-Reuters

Date marks 40thbirthday with win

KARACHI: Pakistan CricketBoard (PCB) chairman IjazButt arrived in London onTuesday to consult his legaladvisers about replying toEnglish demands that he apol-ogise over allegations aboutmatch-fixing.

Butt would also meetScotland Yard officials to dis-cuss the spot-fixing accusa-tions against three Pakistanplayers which overshadowedthe team's recent tour, officialsources in the PCB said onMonday.

Butt and PCB legal adviserTafazzul Rizvi would attendmeetings in London this week,the sources said.

"They will meet with thelegal firm they have hired inLondon to finalise the reply tobe sent to the English players

and the England and WalesCricket Board (ECB)," onesource said.

England's players, throughthe ECB, have demanded anapology from Butt after he tolda television station he hadheard from bookmakers thatEnglish players were involvedin fixing matches.

The ECB threatened legalaction unless Butt apologised.

Butt's comments came afterthe International CricketCouncil (ICC) said it waslaunching an inquiry intoPakistan's scoring pattern inthe third one-day internationalagainst England at the Oval.

Pakistan's test captainSalman Butt and his teammates Mohammad Amir andMohammad Asif had alreadybeen suspended after an inves-

tigation into a newspaperreport that they had arrangedfor no-balls to be deliberatelydelivered during the fourth testat Lord's in late August.

The PCB source said Buttand Rizvi would meet Britishpolice to find out what washappening.

"The PCB wants to know theprogress Scotland Yard hasmade in its investigations intothe allegations. They want aclear picture of whether theplayers are going to be chargedor not," the source said.

"The PCB wants to know ifthere is a possibility that thesuspension on the trio can belifted."

Pakistan are due to playSouth Africa in a full series inthe United Arab Emirates start-ing on Oct. 26.-Reuters

Butt returns to Londonto consult lawyers

LONDON: England will with-draw its candidature to host the2022 World Cup if, as expected,the United States withdraws itsbid for the 2018 event, DavidDein, the international presidentof England's bid, said Tuesday.

Such a move would formalisethe continental and politicalgroupings to stage the twoWorld Cups with the battle for2018 being fought out betweenEuropean countries and 2022 acontest between the UnitedStates and four rival Asian bid-ders.

At present, England, Russia,the United States and joint bidsfrom Spain/Portugal andNetherlands/Belgium are bid-ding for 2018 -- but they arealso, technically at least, in therace for 2022.

Qatar, South Korea, Japan

and Australia are concentratingon 2022 -- but if the US pullsout of the 2018 race, none of theEuropeans would bid for 2022as one continent cannot hostsuccessive finals.

Dein told a media briefing incentral London, he expects theUS to pull out of the 2018 fightsoon.

"Michel Platini (the UEFApresident) believes that 2018should come to Europe and webelieve that is our strongest case.

"We are sure it won't be longbefore the United States willwithdraw from 2018 leavingthemselves a run on 2022.

"We are not really interestedin 2022, consequently we willalmost certainly withdraw from2022, leaving us with aEuropean battle."

The United States hinted last

month that they would almostcertainly withdraw their 2018candidature.

Platini said last month he wasdetermined to bring the WorldCup back to Europe in 2018 fol-lowing the last European WorldCup in Germany in 2006 andthere now seems little doubtthat this will happen.

Dein added: "Of courseMichel Platini has a vote, I don'tknow how he is going to vote,all I know is that he wants thefinals to be in Europe."

FIFA, world soccer's govern-ing body, will decide whichnations will host the 2018 and2022 finals in Zurich onDecember 2 and the biddingnations are gearing themselvesup to secure the votes of the 24men on the executive commit-tee.-Reuters

England to pull outof 2022 WC race

NEW DELHI: Trained mon-keys are being deployed byorganisers of theCommonwealth Games to pre-vent wild animals infestingsporting venues in Delhi.

The highly intelligent pri-mates have been patrolling sta-diums and accommodationblocks to scare off otherwildlife including wild mon-keys, dogs and even snakes.

Handlers from miles aroundthe Indian capital have beendrafted in to patrol the athletes'village as the final preparationsare made for the games.

Some teams threatened toboycott the competition aftercomplaining that the accom-modation was inhabitable andoverrun with animals.

One shocked South Africancompetitor even discovered a

deadly cobra snake in hisroom.

Heavy monsoon rains havecaused flooding near theGames Village causing manysnakes to seek refuge.

Commonwealth Gamesorganisers have also been par-ticularly concerned by thearrival of packs of wild mon-keys which have been creatinga nuisance around the venuesby stealing food and attackinghumans.

Langur Monkeys are notedfor their intelligence but alsotheir aggression and are highlyeffective in deterring other ani-mals from taking up residence.

The Commonwealth Gamesare due to get under way at theweekend and will be officiallyopened by the Prince ofWales.-Online

Monkeys guardathletes at CWG

NEW DELHI: Hundreds ofathletes arrived in New Delhifor the Commonwealth Gameson Tuesday as India scrambledto ensure a court ruling due thisweek over ownership of a dis-puted religious site did notspark Hindu-Muslim violence.

The Interior Ministry issued asecurity advisory for all states togo on high alert ahead of the rul-ing on September 30, televisionchannels reported, with fears thehigh-profile CommonwealthGames could magnify anyinstances of violence.

Several top athletes havepulled out of theCommonwealth Games, anevent held every four years formainly former British colonies,because of health and securityconcerns.

The government is already

reeling from a scandal-hitGames, which has revealedshoddy construction and dirtyaccommodation.

An attack on foreign touristsby suspected militants a weekago in New Delhi rattled ath-letes and organisers.

England and Canada teamofficials told Reuters they hadadvised their athletes not to gooutside the Games Village,where some 8,000 athletes andteam members will stay duringthe multi-sports event.

Interior Minister PalaniappanChidambaram held security dis-cussions with senior officials onhow to ready for the potentiallyexplosive court ruling onSeptember 30.

The Supreme Court onTuesday cleared the way for alower court to decide on the

ownership of the religious sitewhere the razing of a mosque in1992 sparked religious riotingthat killed some 2,000 people.

Hindus and Muslims havequarrelled for over a centuryover the history of the Babrimosque in Ayodhya, a townin the north Indian state ofUttar Pradesh.

Hindus claim the mosquestands on the birthplace of theirgod-king Rama, and was builtafter the destruction of a Hindutemple by a Muslim invader inthe 16th century.

The Babri mosque case is oneof the biggest security chal-lenges in India this year, alongwith a Maoist insurgency and aKashmiri separatist rebellion,Prime Minister ManmohanSingh has said.

Political analysts say it is

unlikely there will be a repeatof the mass riots and killings of1992 but there could be spo-radic religious violence.

"The timing is a problem. Isuspect that'll be on the judges'minds and of politicians also,"said Ajai Sahni, head of theDelhi-based Institute forConflict Management.

RACE AGAINST TIMEMore teams arrived for the

Games on Tuesday, includingmembers of the NewZealand, South African andAustralian teams.

Authorities are rushing toready accommodation and ven-ues for 8,000 athletes and offi-cials for the October 3 opening.Several teams were temporarilyput up in luxury hotels.

Delhi Chief Minister SheilaDikshit again extended on

Tuesday the deadline to readythe Games Village, due tohouse thousands of athletes andteam members.

"We are all going to finisheverything by tomorrow or theday after," Dikshit toldreporters.

India had long pledged theCommonwealth Games wouldrival the successful 2008Beijing Summer Olympics.

But the chaos surroundingthe event, in which 71 nationsare taking part, has been amajor embarrassment for thegovernment and exposes howfar India still needs to go topull off major projects thathelped make China an eco-nomic powerhouse.

National teams, governmentsand domestic critics have chid-ed India for its handling of what

the world's largest democracyhad hoped would be its comingout on the world stage.

Many athletes have pulledout, mainly citing a denguefever epidemic and security.Several teams postponed theirarrivals pending evidence thatvenues and accommodationwere adequate.

Images of dirty apartments,stray dogs, beggars living byvenues and workers urinatingin public have proved embar-rassing.

New Zealand chef de missionDave Currie said the accommo-dation was not five star, "but it'sclean and tidy."

Further trouble was caused bythe collapse of a footbridge nearthe main stadium.

BLAME GAMESingh and his Congress

party-led government havebeen accused of failing togive the Games the due atten-tion expected of a large inter-national event.

Only when the first serioussigns of trouble at the Gamesbecame public a month ago didSingh take personal charge.

NDTV broadcast reportedthe Games would be a touristdisaster. Tour operators arenow expecting 10,000 visitors,down from a government esti-mate of 100,000.

The Commonwealth Games,first held in Hamilton, Canada,in 1930, are the most wellknown -- and sometimes theonly known -- activity of theCommonwealth, according toa survey released in March bythe Royal CommonwealthSociety.-Reuters

New security threat looms as athletes arrives

KARACHI: On the opening ceremoney of Feroz BegumQaumi women Netball Championship 2010, Chief GuestSecretary Sindh Sports Shoaib Ahmed Siddiqui, UsamaQadri, Secretary General Mudassir Arain,Aijazul Haq,

Saleem Paracha, Arshad Siddiqui, Maqbool Ahmed andother players are present.-PR

Pan Pacific Open

TOKYO: Hantuchova of Slovakia returns the ball to Date Krumm of Japan during the

Pan Pacific Open tennis tournament.-Reuters

Barca waryof last year’s

mistakeKAZAN: Lionel Messi couldreturn for Barcelona inWednesday's ChampionsLeague match at Rubin Kazanwith the Spanish championsdetermined not to repeat lastyear's costly mistake of takingthe Russian side too lightly.

Rubin drew 0-0 at home andthen stunned Pep Guardiola'soutfit 2-1 at the Nou Camp inthe group stage last season.

"Last year they taught us athing or two. You have to win thethree points on the field of play,"Barca sports director AndoniZubizarreta told the club's web-site before the Group D match.

"Rubin surprised us beatingus at home and this had aneffect on the group standings.(In the away leg) the weatherconditions and the way theyplayed made it very complicat-ed for us.

"This time we go with onegame under our belts and at atime of year when the weatheris a little milder."

They are also lifted by newsthat Messi, whose ankle injuryfrom a week ago has been amajor talking point in Spain, hadbeen included in the squad. Eventhough he has not been passed fityet by the club's medical staff, heis expected to play a part.

In the Argentina forward'sabsence Barca have notched uptwo more league victories andhave now won four games onthe trot, including a 5-1 maul-ing of Panathinaikos two weeksago, since their surprise slip-upat home to promoted Herculesin La Liga.

Messi's return will also bewelcomed by Rubin coachKurban Berdyev, who had beendisappointed earlier in the weekthat he would not be playing.

"You always want to testyourself against the best," hetold local media. "I would real-ly like to see him play. I'm surethousands of Rubin fans wouldsay the same thing."-Reuters

Sports rightsurged for

Palestinianplayers

KARACHI: Participation of thePalestinian players in interna-tional events should be ensuredsaid manager of Diya WomenFootball Club, Raees Khan."Players are the ambassadors ofpeace and there should be no banon their movement," he said.

Referring to the meetingbetween the head of thePalestine Football Federationand the European Union chief inSwitzerland in which great con-cerns were shown on the ban ofthe Palestinian players in inter-national events from Israel.Raees urged sports organisationsof other nations to take notice ofthe Israeli action and suspend itsmembership.-PR


International & Continuation

ROME:Consumer sentiment inGermany and Italy brightenedand French consumer spendingrose during the summer, datashowed on Tuesday, suggestingthe recovery in core euro zonestates may hold up better thanexpected in the second half.

Morale among shoppers inEurope's largest economy,Germany, is expected to risegoing into October to its highestlevel since May 2008, backedby hopes the recovery will boostincomes, according to the GfKconsumer morale indicator.

Italian consumer sentimentalso surged more sharply thanexpected in September to reachits highest level in five months,as shoppers became more opti-mistic about their personalfinances, the ISAE researchinstitute said.

French data offered a moremixed picture, as shopperstook advantage of summersales to push spending up astronger than expected 2.7 percent in July, but held back onpurchases in August.

"This is fairly volatile data but

it confirms the picture we've hadof a gradual reinforcement ofconsumption in the euro area,"said Paolo Mameli, an analystwith Intesa Sanpaolo.

"First exports picked up,then investments by business-es and now we see signs ofspending picking up. But itwill be very gradual, with con-sumption expected to recoverlargely in 2011."

Germany, France and Italytogether account for at least twothirds of economic output in theeuro currency area.-Reuters

Core euro zone consumersbuoy economic outlook

NEW YORK: US consumerconfidence fell to its lowestlevel since February inSeptember, underscoring lin-gering worries about thestrength of the economicrecovery, while home pricesdipped in July.

The Conference Board'sindex of consumer attitudesfell to 48.5 in Septemberfrom a revised 53.2 inAugust, pressured by a weaklabor market and businessconditions.

The report also showedinflation expectations easedslightly. Consumers' one yearinflation expectations edgeddown to 4.9 per cent from 5.0per cent the previous month.

"With unemployment at a26 year high, confidenceamong consumers remainweak, this decline in senti-ment will give the Fed astronger reason to increasestimulus in November," saidKathy Lien, director of cur-rency research at GFT inNew York.

The Federal Reserve saidlast week it was prepared toput more money into theeconomy, if needed, to stimu-late the recovery and avoiddeflation.

In the home prices report,the S&P/Case Shiller com-posite index of 20 metropoli-tan areas declined 0.1 percent in July from June on aseasonally adjusted basis, as

expected in a Reuters poll.US stocks extended

declines following the confi-dence data, while 30-yearTreasury bond prices rosemore than a point. The USdollar fell against majorcurrencies.

Last Friday the ThomsonReuters/University ofMichigan's preliminarySeptember reading on USconsumer sentiment lastFriday was worse thanexpected and at the weakestlevel in more than a year.

But in overseas data onTuesday, consumer sentimentin Germany and Italyimproved and French con-sumer spending rose duringthe summer.

Separately, a US BusinessRound table survey found thenumber of CEOs who expecttheir companies' sales andUS head count to rise overthe six months declined inSeptember.

The group's CEOEconomic Outlook Indexdeclined to 86 from 94.6 inthe third quarter, butremained well above the 50mark, which separates fore-casts of growth from expec-tations of decline.

President Barack Obama,who is travelling across theUnited States this week to tryto drum up voter enthusiasmahead of the November UScongressional elections,

signed a $30 billion smallbusiness lending bill into lawon Monday.

Analysts have said the mid-term elections could result inthe Republicans wrestingcontrol of Congress from theDemocratic Party.

The July dip in US homeprices in the S&P/CaseShiller index followed a 0.2per cent June rise, which wasrevised down from a 0.3 percent increase.

S&P, which publishes theindexes, also said homeprices in the 20 cities indexrose 3.2 per cent from July2009, a slower annual pacethan the 4.2 per centincreased in June.

Data last week showed newhome building rose in Augustand sales of previouslyowned houses crawled off a13-year low.

Analysts have been watch-ing for signs of stability inthe housing market afterdeclines seen with the end ofa tax credit for home buyersin April.

"People are still waiting toget a set of numbers that hasabsolutely none of the gov-ernment incentive in it forhome buyers. From what Iwas able to gather, we are acouple of months away fromthat," said Peter Jankovskis,co-chief investment officer atOakbrook Investments LLCin Lisle, Illinois.-Reuters

US confidencelowest since Feb;home prices slip

CONTINUATIONindependence to Discos (Distribution Companies) and improve-

ment in management efficiency, the fuel mix should also bealtered to provide more gas to the energy sector in order to lowerthe cost of electricity. He further directed that the provincesshould also be taken on board regarding the Energy Reform Planafter its approval by the Cabinet.

He also emphasised that the people be apprised of the factsthrough interaction to explain the logic of the reforms. The meet-ing was attended by the Finance Minister, Minister for Water andPower and other members of the economic team. -APP

Continued from page 12No #1

The meeting also discussed the security situation of the regionwith special reference to Afghanistan. The Minister said thatPakistan wanted to see peace and stability in Afghanistan becausea stable and peaceful Afghanistan was in the economic and secu-rity interest of the entire region.

Vice Admiral Shahin Sultanov informed the Minister that hiscountry highly valued its ties with Pakistan and keen to expandand promote with it military and economic relations.

He also briefed the Minister about his meetings held with theMilitary leadership of Pakistan and termed them as highly fruitful,saying these meeting would help to boost the military cooperationbetween the two countries.

He informed that the political leadership of Azerbaijan fullysupported Pakistan's stance on Kashmir issue. He also thankedPakistan for offering scholarships and training courses to the mil-itary personnel of the Azerbaijan.-Online


implement the package and the Prime Minister is personally mon-itoring the implementation process. "We have also received inputfrom members of upper house. Construction of two cantonmentshas been stopped and more measures are underway in this regard."

Abdul Qadir Baloch had sought information about the imple-mentation of the package and alleged that recruitment process waswrought with corruption.

He said no further action was taken on it except giving jobs topeople in education department where also even the courts havefound out irregularities. Usman Advocate also mentioned irregu-larities in appointments. -APP


She further said that two major parties are allied in the provin-cial cabinet then why they have been failed to cope the terrorismbid in the provincial metropolis.

Nighat Parveen said that the government is responsible for theprotection of masses. No other legislator participated in the debateand then passed the resolution unanimously. -Online


Khawaja Muhammad Yusuf chief Executive Officer NationalProductivity Organization (NPO) said that fisheries sector in Pakistanhas great potential in export sector and to make this sector moreactive and reliable in international market, 1000 fishermen would begiven training by the international trainers so that they can be helpfulin this sector. The TRTA II Programme has three components. Thefirst component aims at building capacity within Ministry ofCommerce to formulate trade policies and to proactively participatein trade negotiations by enhancing active engagement of the privatesector in these processes. The ITC will implement this Component.

The second component aims at strengthening the quality andconformity assessment infrastructure and services with focus onselected export supply chains (fisheries, horticulture and selectedindustrial products) to meet international standards and compli-ance requirements. The UNIDO will implement thiscomponent.Furthermore, Pakistan called for initiating work on cre-ating a free trade area for the benefit of member states of EconomicCooperation Organization (ECO) to promote regional prosperity.

"The ECO region is endowed with tremendous resources andpotential.It is imperative to leverage this potential for the better-ment of our peoples," Foreign Minister Shah Mehmood Qureshitold the 10-member organisation's ministerial meeting on the side-lines of the UN General Assembly session. ECO members are:Iran, Pakistan, Turkey, Afghanistan, Azerbaijan, Kazakhstan,Kyrgyz Republic, Tajikistan, Turkmenistan and Republic ofUzbekistan. Qureshi said the ECO Trade Agreement (ECOTA)could play an important role in ensuring deeper economic cooper-


Senior Officials' Meeting on 14 October, would also carry for-ward the work being done on Energy, Malakand DevelopmentStrategy, Institution-capacity Building and Public-PrivatePartnership.It was agreed that the FoDP, which was established inSeptember 2008, should continue to have a long-term perspectiveof Pakistan's socio-economic development. In this regard, FoDPpartners reiterated their continued support to Pakistan.

FoDP partners also welcomed Egypt as a new member of thegroup. -Agencies


The region's shifting economies now reflect a "middle-income, cap-ital-abundant Asia," signalling the need to rejig policies that workedwhen the region was "low income and capital scarce," the report said.

"It's time to improve Asia's long-term productive capacity," Leeadded. Trade with the West would continue to be a major econom-ic driver, but countries should diversify their export base andfocus on inter-regional trade, the report said, amid worries abouta faltering recovery in industrialised nations.

A changing labour market would require better educated workers,while urban congestion and environmental problems threatened tocurb developing Asia's growth, the report said. Lee acknowledgedthere were some "striking differences" in the quality of regionalinfrastructure development, especially between East and South Asia.

East Asia -- including Hong Kong, China, South Korea, andTaiwan -- is forecast to lead the region with an 8.6 per cent rise ingross domestic product in 2010, up from the bank's earlier 8.3 percent forecast, the report said. Southeast Asian economies willgrow 7.4 per cent in 2010, from an earlier 5.1 per cent estimate,as countries including Thailand, Malaysia and Vietnam see anupswing in their exports, the bank said.

India will lead South Asia's 7.8 per cent GDP increase this year,the bank said, from its previous 7.4 per cent forecast. Central Asia,including Kazakhstan and Azerbaijan, will see 5.1 per cent growthcompared with the earlier 4.7 per cent estimate. Pacific islandnations are seen growing 4.3 per cent in 2010, outpacing a 3.7 percent rise forecast earlier, the report said.-Agencies


ation and integration among member countries.Pakistan, he said, supported the launch of ECO Truck Caravan

from Islamabad to Istanbul. "We should build upon the two initia-tives fill in the connectivity vacuum." The foreign ministerthanked the ECO for its donation for the relief of flood-affectedpeople in Pakistan.-Agencies

Chief Justice told Syed Iqbal Haider, counsel for SBP, that theywould check SBP's authority and examine the circulars whilekeeping in view Article 25 of the Constitution. He observed thatthe SBP policy appeared as an open ended with everybodyexplaining it to his or her own interests.

Justice Tariq Parvez remarked that the section 33 B did not giveyou a blanket power. At the outset of proceedings, Abdul HafeezPirzada, appearing as amicus curiae, stated that few days back areport was presented by the finance minister before a NationalAssembly committee showing another amount of Rs50 billionloans written off during last two years. He said they were awarethat the Apex Court was already seized with the matter but anoth-er huge amount was written off by the private banks.

He said these banks were making tremendous profits but were notpaying taxes to the government. An SBP official apprised the courtthat the names of beneficiaries who got their loans written off duringlast two years from the private banks had been included in the listsalready submitted with the Court. He said the banks decided the loanissues on their own under the mechanism and regulations of SBP.

Chief Justice said that prima facie, it could be observed aftergoing through the judgment that these had stationary value. Butthe verdict did not deal with the constitutionality of the issue, headded. Pirzada stood up and cited CLD 2009 case of SHC. He saidthe said judgment had dealt with the constitutionality of the mat-ter and declared it discriminatory.

He said the people who got their loans written off were againbenefitted from the facility. The Chief Justice observed that thecitation would have direct bearing upon the case. The hearingwould resume on Wednesday (today). -Agencies


some changing is expected.Reforms in tax system, he said, were aimed at to increase the tax


discoveries, he stated. However, extensive exploration work and risk investments are required toidentify these mineralization centers. -Agencies


global trend. Justice Tassadduq Hussain Jillani remarked that the powers were given to a parliamen-tary committee which would not be elected by the parliamentarians.He said the proposed procedurefor judges' appointment diminished powers of the president, the prime minister and the chief justice.

The Chief Justice told Salman that in the constitution there was nothing redundant even a commaand full stop had meanings. He said they would have to realise the ground realities.He observed thatmaturity was in the offing as evident from reading out newspapers.Justice Khalil-ur RehmanRamday remarked that the judiciary was separated and detached from the executive in Pakistan butnow latter's role was being enhanced while in the United Kingdom, executive's role had been min-imised in appointment of judges' issue.The hearing was adjourned till Wednesday.-APP


DAP sales remained at 50k tonnes compared to 205k tonnes in August 2009. However, DAP off-take witnessed an increase of 3.4 per cent MoM compared with 48.53k tonnes of July, 2010. Totalfertiliser offtake also reduced 54.7 per cent to 416k tonnes in August 2010 against 919k tonnes wit-nessed in last year same period. Average retail prices of urea were recorded at Rs862 per bag, show-ing a drop of 1.9 per cent MoM against price of Rs879 per bag recorded in July 2010. Likewise,average retail price of DAP during August stood at Rs2597 per bag compared with Rs2626 per bagduring July 2010, a decline of 1.1 per cent in MoM.

On the other hand, cumulative offtake of urea decreased 7.6 per cent to 3.86 million tonnes in8MCY10 compared to 4.19 million tonnes in 8MCY09. While DAP sales down 53.2 per cent at425k tonnes versus 907k tonnes in 8MCY09 mainly due to higher average prices.


to GDP ratio as promised with international institutions as well as to bring transparency in the exist-ing system.No additional burden would be put on the people who are already paying the tax addingthat honest tax payers would be encouraged. -APP

China,Russia wantIMF reformdeal beforeG20 summit

BEIJING: China and Russiawant to reach agreement onreform of the InternationalMonetary Fund before G20leaders meet in South Korea inNovember, according to a jointstatement issued on Tuesday.

The statement, signed byChinese President Hu Jintaoand visiting Russian PresidentDmitry Medvedev, was pub-lished by the official Xinhuanews agency.

The Group of 20 majoreconomies agreed in Pittsburgha year ago on the principle of ashift in voting power at the IMFin favour of fast-growingemerging economies.

Finalising a deal, which hasrun into fierce resistance fromsmaller European countries thatwould see their influencediminished, will be a majoritem on the agenda at the nextsummit in Seoul on Nov. 11-12.

"The G20 should ensure thatthe IMF quota reform goals setat the Pittsburgh Summit arecompleted before the SeoulSummit," the statement said.

Each of the IMF's 186 mem-ber countries is assigned aquota, or subscription, thatbroadly determines its votingpower, its financial contribu-tion to the IMF and how muchit can borrow from the Fund.

China is set to overtakeindustrial powers Germany,France and Britain to becomethe IMF's second or third most-powerful member under plansbeing discussed to give emerg-ing nations greater influence.-Reuters

He also offered Fateha for slain MQM leader, Dr Imran Farooq and condoled with his family. He saidthe name of Dr Imran Farooq will always be remembered in the party history. Altaf appealed to the peo-ple to support his party to save Pakistan and to establish a corruption-free system in the country.

He paid tribute to members of minorities for participating in the rally against conviction of DrAafia.Furthermore, Muttahida Qaumi Movement (MQM) on Tuesday following the call by partyChief Altaf Hussain staged protest demonstrations against the sentence to Dr Aafia by US court, hereat the Lahore Press Club.The participants led by MNAs from MQM Wasim Akhtar, Dr MuhammedEhsan and zonal heads carrying placards and banners attended the demonstration. They were chant-ing slogans against America, its allies and the verdict by the court.

The speakers addressing the protesters strongly criticised the verdict against Dr Aafia and termedit an example of injustice against an innocent Muslim woman.They demanded of the government toutilise all resources to get release the Dr Aafia Siddiqui from US detention. MQM leaders also urgedthe whole nation to rise on the call of MQM Chief Altaf Hussain and forge unity to reject this ver-dict and to increase pressure on the US government to get release of Dr Aafia.


by the Confederation of British Industry showed.The Bank of England should start pumping moremoney into the economy in order to prevent Britain falling into the same kind of slump Japan did inthe 1990s, Monetary Policy Committee member Adam Posen said.Sticking with financials, hedgefund firm Man Group was a heavy loser, shedding 2.4 per cent to top the blue-chip fallers' list afterit said clients had pulled out assets for an eighth straight quarter.

But among mid-caps British mortgage provider Paragon gained 3.6 per cent after it said it willresume lending to buy-to-let landlords after securing fresh funds.Elsewhere, TUI Travel fell 1.3 percent after an update from midcap rival Thomas Cook in which it said it was looking to cut costs andstreamline its operations amid continuing uncertainty over economic conditions.Thomas Cookdropped 6.3 per cent. Software company Sage Group was the top gainer, adding 5.1 per cent, withtraders citing bid interest from SAP AG.-Reuters


But the rally in bonds could be a bubble, Byron Wien, the vice chairman of Blackstone AdvisoryPartners, told Reuters Insider. He sees stocks moving higher, with little chance of another recession.

The Dow Jones industrial average gained 38.49 points, or 0.36 per cent, to 10,850.53. TheStandard & Poor's 500 Index rose 3.21 points, or 0.28 per cent, to 1,145.36. The Nasdaq CompositeIndex edged up 3.17 points, or 0.13 per cent, to 2,372.95. Walgreen Co the biggest US drugstorechain, reported higher-than-expected quarterly earnings, helped by strong prescription drug sales. Itsshares jumped 11.2 per cent to $33.76. Continuing the spurt of recent M&A activity, EndoPharmaceuticals Holdings Inc will buy private generics maker Qualitest Pharmaceuticals for about$1.2 billion, marking its second deal in as many months. Representatives from Apple and Hewlett-Packard declined to comment, and analysts quickly dismissed the rumor. Apple shares slid 2.1 percent to $285.13 and HP rose 0.8 per cent to $41.58.-Reuters


producer Sterlite Industries, a unit of London-listed Vedanta Resources, both ended down 0.7 percent. However, Tata Steel the world's seventh-largest maker of the alloy, was up about 1 per cent.

Index heavyweight Reliance Industries Ltd was down 1.1 per cent as dealers did not see a positivetrigger for the shares. Profit booking was seen in select financials stocks, which have been ridingon a robust loan demand outlook in the world's second-fastest growing major economy.

Top private sector lender ICICI Bank and mortgage lender Housing Development Finance Corp shed 0.4per cent and 2 per cent respectively. But, top lender State Bank of India and No. 2 private sector lenderHDFC Bank bucked the trend, gaining 0.3 and 0.5 per cent, respectively. Mahindra & Mahindra ended2.5 per cent higher at 711.80 rupees after India's top utility maker said it would raise prices of its vehiclesby 3,000-8000 rupees ($67-$178), effective Oct. 1, due to higher input costs and new emission norms.

Reliance Communications , which rose nearly 3 per cent intra-day ahead of the company's share-holder meeting, eased to close 0.4 per cent higher after its chairman Anil Ambani said India's No. 2mobile carrier was in talks with investors for a stake sale in its tower unit. Export-dependant tech-nology firms that reap most of their revenue from the United States were beaten down.

Sector leader Tata Consultancy and Infosys Technologies closed down 0.7 per cent and 0.3 percent respectively, while Wipro lost 0.7 per cent. In the broader market, losers led gainers in the ratioof 1.2-to-1 on a volume of 571.5 million shares. The 50-share NSE index was down 0.1 per cent at6,029.5 points. Elsewhere, the FTSEurofirst 300 index of top European shares was down 0.1 percent by 1124 GMT while the MSCI's measure of Asian markets other than Japan fell 0.4 per cent.

Lanco Infratech rose as much as 2.2 per cent after a senior official told the Reuters IndiaInvestment Summit the company would consider an initial public offering for its power business,which is expanding to meet rising demand in Asia's third largest economy.

* The shares ended 1.5 per cent higher at 69.45 rupees. * Shares in Mercator Lines closed 4.6 per cent higher at 57.95 rupees after the shipping firm said its

board would meet on Sept. 30 to consider fundraising via equity or would meet on Sept. 30 to consid-er fundraising via equity or warrants convertible into equity on preferential basis to founders or others.

* Shares of GEI Industrial Systems, which rose nearly 6 per cent after the heat exchange equipment makerwon contracts worth 1.35 billion rupees, gave up some gains to close 1.7 per cent higher at 184.20 rupees.

* Venus Remedies Ltd gained more than 6 per cent after the drugmaker said it received Thai gov-ernment's licence for supply of anti-cancer drug Docetaxel. The contract is valid for one year and isexpected to generate business of more than 100 million rupees for the company. The stock closed4.2 per cent up at 318 rupees.-Reuters


adjournment of hearing in NRO case helped revive sentiments at local bourses as investors see itas a coolant for the political temperature in the short run. Moreover the likely implementation ofreformed GST from next month would be a step in the right direction as it will help in getting themuch awaited IMF tranche, said Punjabi, adding this would played a key role in improving shareprices, he added. Foreign investors' interest seemed a little souped-up as according to NCCPL therewas a net foreign buying of $2.31 million on Tuesday. On the local side; mutual funds and otherorganisations net-bought shares worth $1.4 and $0.89 million respectively while individual investorsand companies net-sold $3.51 and $1.02 million worth of shares respectively.

Investor participation too remained impressive throughout the session as 86.7 million sharestraded in the overall market --17.7 million shares more as compared to a turnover of 69 mil-lion a day earlier. Out of total 391 active issues; 211 advanced and 161 declined while 19issues remained unchanged.


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ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani chairing a meeting of Pepco restructuring at PM House on Tuesday. -APP

ISLAMABAD: PrimeMinister Syed Yousuf RazaGilani said Tuesday that bring-ing less-developed areas ofFata at par with developedregions of the country was pri-ority of the Pakistan PeoplesParty government.

Talking to a group of MNAsfrom Federally AdministeredTribal Areas (FATA) here athis chamber in ParliamentHouse, Gilani said the govern-ment had allocated substantialdevelopment funds for thispurpose.

He, however, noted that dueto devastating floods, the gov-ernment had to curtail PublicSector DevelopmentProgramme (PSDP) to divertlarge chunk of funds for therehabilitation and reconstruc-tion of the flood-affectedareas.

He said after the completionof the relief and rescue opera-tion, the government wouldreview allocations, and Fatadevelopment projects wouldbe given priority.

Prime Minister appreciatedthe role of Fata parliamentari-ans for the support of demo-cratic process in the country.

MNAs thanked the PrimeMinister for his keen interestin the uplift of Fata to bringthe region at par with otherareas.

Minister for EnvironmentHameedullah Jan Afridi,Minister for Zakat and UsharNoor-ul-Haq Qadri, AbdulRazaq MNA, Bilal RahmanMNA, Shaukatullah MNA and

Jawad Hussain MNA werepresent in the meeting.

Meanwhile talking toSikandar Mehmood, represen-tative of Arabian SeaEnterprises and owner ofSheraton Hotel, Ch AbdulMajeed, the President PakistanPeoples Party Azad Kashmirand Shamshad Bachani, MNAwho called on him separatelyat his chamber in theParliament House, PM appreci-ated the gesture and the spiritof the local and foreign organi-sations to help distressed peo-ple in the flood-hit areas.

He said the generous contri-butions enabled the govern-ment of Pakistan to handle thefirst phase of relief and rescuesuccessfully. He expressed thehope that same spirit will con-tinue for the upcoming phasesof reconstruction and rehabili-tation.

Chaudhry Majeed presenteda cheque of Rs1.4 million forPrime Minister Flood ReliefFund and also apprised him ofthe efforts of the PPP AzadKashmir office-bearers for therelief of flood affected peo-ple.-Agencies

Fata uplift topspriority: Gilani

Local, foreign donors hailed for helping flood victims

ISLAMABAD: Pakistan will be pro-vided support in building the neces-sary capacity to address trade-relatedissues, thereby fostering its integrationinto the world economy and contribut-ing to poverty alleviation.

This was said by Jan DE Kok Head ofEuropean Union delegation to Pakistanin a workshop held by the Ministry ofCommerce in cooperation with theEuropean Union (EU) here on Tuesday.

Jan Kok said that the EuropeanCommission has approved funding of 9.5million euros with United Nation

Industrial Development Organization(UNIDO) of 500,000 euro for the secondphase of the Trade Related TechnicalAssistance (TRTA II) programme.

Jeon Sebastien Rowre, advisor onLegal Aspects of Trade said that thegovernment officers of trade andcommerce group would be impartednecessary training about trade poli-cy by the international intuitionsand for this purpose there would bearranged some 2 to 3 weeks shortcourses for them.

See # 5 Page 11

EU to help Pakistanbuild trade capacity

HONG KONG: Asia's developingeconomies should make long-termgrowth their top priority, the AsianDevelopment Bank said Tuesday asit lifted its 2010 growth forecast forthe region.

The economies would expand 8.2per cent in 2010, up from the bank's7.5 per cent forecast earlier this year,as the trade-driven region "recoveredfrom the global (financial) crisis withremarkable speed and vigour," theADB said in its twice-yearly eco-nomic forecast.

Growth would slow to 7.3 per centin 2011, while inflation wouldremain within the central banks'"comfort zones" of an average 4.1per cent this year and 3.9 per cent in2011, the report said.

"Developing Asia's recovery seemsto have taken a firm hold," ADBchief economist Jong-Wha Lee told apress briefing in Hong KongTuesday.

"But we should not be complacent.There are still a lot of challenges tolong-term, sustained growth."

The latest forecast remained belowthe region's record 9.6 per centexpansion in 2007.

Asia's developing economies stilllag far behind industrial economiesin per capita income and the regionremains home to two-thirds of theworld's poor, Lee said.

Officials would also have to focuson efforts to "broaden and deepen"their financial markets and tightenregulatory enforcement, Lee added.

The Manila-based bank's reportlooked at 44 jurisdictions stretchingfrom the former Soviet states ofCentral Asia to some Pacificislands, but excluded developedcountries such as Japan, Australiaand New Zealand.

See # 7 Page 11

ADB promotes Asiagrowth outlook 2010

ISLAMABAD: Minister forLaw, Justice and ParliamentaryAffairs Dr Babar AwanTuesday brushed aside thenotion of neglecting theBalochistan people.

Responding to points oforder by Abdul Qadir Balochand Usman Advocate, DrBabar Awan said that the gov-ernment was sincerely movingforward on the implementationof Aghaz-e-Huqooq-e-Balochistan Package.

The minister said," compar-ing today's situation with thepast is injustice. Earlier therewas a war-like situation andsome patriotic leaders werealso killed who had voted forthe creation of Pakistan. Now

the situation has improved andthe President had apologised tothe Baloch people to applybalm to their wounds.”

"NFC Award, Aghaz-e-Huqooq-e-Balochistan andfinancial autonomy under the18th amendment speak loudlyof our government's commit-ment to address the problemsof Balochistan," he said.

“We promoted the policy ofnational reconciliation. Weengaged into dialogue withaggrieved parties and otherstakeholders," he added. "It is asincere beginning and we shalltake it forward.”

He said a Commission likebody has been constituted to

See # 3 Page 11

Govt pursuingB’stan plan:

Awan

ISLAMABAD: Pakistan MuslimLeague-Nawaz (PML-N) has rejectedtwo names proposed by Prime MinisterSyed Yousuf Raza Gilani for theappointment of Chairman NAB as theyare said to be controversial.

Chaudhry Nisar Ali Khan leader ofthe opposition told journalists that hewrote a letter to Prime Minister SyedYousuf Raza Gilani in which he statedthat PML-N has rejected the two nameswhich were proposed by PM forappointment of Chairman NAB as theywere controversial.

He said that first name is of a retired

justice but according to PML-N he isnot suitable for the post, while secondname is also of a retired justice but hehad been elected twice on PPP ticket.

Nisar said that PML-N does not wantany political personality to be appointedon the post of chairman NAB.

It has been written in the letter that par-ties should be taken into confidence toconsult over noncontroversial names forappointment of chairman NAB, he said.

He said that PML-N also suggestedthat Accountability CommissionChairman should be in-servicejudge.-Online

‘N’ shoots downGilani’s proposals

Vice Adm Sultanovmeets Ahed Mukthar

Pakistan,Azerbaijan

to up mily tiesRAWALPINDI: Pakistan andAzerbaijan agreed to enhanceand expand the scope of coop-eration in military fields. Bothcountries have underlined theneed for promoting closer col-laboration and enhanced inter-action between the armedforces of the two countries.

This was discussed at a meet-ing between Federal Ministerfor Defence, Chaudhry AhmedMukhtar, and the visitingCommander of AzerbaijanNavy, Vice Admiral ShahinSultanov, who called on him inMinistry of Defence onTuesday.

The meeting exchangedviews on a number of subjectsincluding bilateral defencecooperation, Pakistan's anti-ter-ror efforts, the rehabilitation offlood victims and the securityenvironment of the region.

The Minister briefed theCommander of AzerbaijanNavy about the sacrifices andgains made by the securityforces of Pakistan against thewar on terror.

He said that the social andeconomic and infrastructure ofPakistan suffered a lot at thehands of terrorists and therecent devastating floods fur-ther increased the economicdifficulties of the country.

He said that the world com-munity needed to understandPakistan's security and eco-nomic challenges and stand byit at this difficult time by assist-ing it in its efforts of economicdevelopment and the recon-struction and rehabilitationprocess in the wake of destruc-tive floods.

See # 2 Page 11

NA passesresolution

condemningKhi killings

ISLAMABAD: The NationalAssembly Tuesday passed aunanimous resolution againstthe elimination of target killingfrom the cosmopolitan city ofKarachi.

PML-N MNA, ShireenArshad taking part in debate inthe House for ending targetkilling from the Karachi, askedthe government to reveal thefacts in this regard as half of thecabinet and president alsobelong to Sindh province.

See # 4 Page 11

Ayodhyaverdict

tomorrowLUCKNOW: An Indian highcourt will deliver its verdict onThursday on a religious disputeresponsible for some of thebloodiest sectarian violencesince independence, a courtofficial said Tuesday.

"The final ruling in theAyodhya case will made onSeptember 30 at 3:30 pm," theofficial told reporters at theseat of the Allahabad HighCourt in the northern city ofLucknow. -Agencies

PM nods energysector reforms

ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani Tuesdayapproved in principle the reforms in the energy sector in order toimprove its performance and establish it on a sustainable base.

The country, he said, cannot afford to allow public sectorenterprises to keep bleeding.

Prime Minister accorded the approval in principle during aspecial meeting held here in the Prime Minister House to exam-ine the proposed power sector reforms.

Earlier, the Deputy Chairman of the Planning Commissionexplained the salient features of the proposed reforms and theirpossible impact. The presentation was prepared after broad con-sultation with energy experts, concerned ministries, businessgroups as well as donor agencies' experts.

It was recognised that the energy sector reforms are of centralimportance for the revival of economy and for maintaining fiscaldiscipline. It was observed that if a comprehensive reform planis not pursued, the burden of Pepco subsidies may surpass Rs225billion during the financial year 2010-11, which would be greaterthan the budget of the entire civilian government. The PrimeMinister directed that besides structural reforms, such as un-bundling of Pepco, See # 1 Page 11

3rd ministerialmoot of FoDPon October 15

ISLAMABAD: A meeting ofthe Friends of DemocraticPakistan (FoDP) was held atthe Foreign Office Tuesday toreview preparations for thethird Ministerial Meeting to beheld in Brussels on 15 October2010.

The meting was chaired byAdditional Foreign Secretary/Spokesman, Abdul Basit.

The meeting discussed indetail the agenda for theMinisterial which would,among other things, include thesituation arising out of therecent massive floods inPakistan and plans for earlyrecovery rehabilitation andreconstruction.

The Brussels Ministerial,which will be preceded by a

See # 6 Page 11

Names of two NAB chair probables

The Financial Daily Epaper 29-09-2010

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