International

Pak voices worry over nuclear bias See on Page 12

Rangers wave red flag in Khi See on Page 12

Regulators carve into bank profits See on Page 12

*Crude Oil (brent)$/bbl 90.94

*Crude Oil (WTI)$/bbl 88.08

*Cotton $/lb 145.30

*Gold $/ozs 1,394.90

*Silver $/ozs 29.46

Malaysian Palm $ 1,172

GOLD (NCEL) PKR 38,763

KHI Cotton 40Kg PKR 9,752

Yearly(Jul, 2010 up to 13-Dec-2010)

Monthly(Nov, 2010 up to-13-Dec-2010)

Daily (13-Dec-2010)

Total Portfolio Invest (26 Nov-2010)

195.7933.061.022632

19.513.660.460.17

-21.95-1.45-0.40

SCRA(U.S $ in million)

Portfolio Investment

FIPI (14-Dec-2010)

Local Companies (14-Dec-2010)

Banks / DFI (14-Dec-2010)

Mutual Funds (14-Dec-2010)

NBFC (14-Dec-2010)

Local Investors (14-Dec-2010)

Other Organization (14-Dec-2010)

(U.S $ in million)

NCCPL

GDR update

Commodities

Forex Reserves (4-Dec-10)

Inflation CPI% (Jul 10-Nov 10)

Exports (Jul 10-Oct 10)

Imports (Jul 10-Oct 10)

Trade Balance (Jul 10-Oct 10)

Current A/C (Jul 10- Oct 10)

Remittances (Jul 10 - Nov 10)

Foreign Invest (Jul 10-Nov 10)

Revenue (Jul 10-Nov 10)

Foreign Debt (Sep 10)

Domestic Debt (Oct 10)

Repatriated Profit (Jul- Oct 10)

LSM Growth (Sep 10)

GDP Growth FY10EPer Capita Income FY10Population

$16.39bn14.44%$7.17bn

$12.25bn$(5.08)bn$(533)mn

$4.43bn$746mn

Rs 495bn$58.41bn

Rs 5234.9bn$203.80mn

-2.58%4.10%$1,051

171.31mn

Economic Indicators

SymbolsMCB (1 GDR= 2 Shares)

OGDC (1 GDR= 10 Shares)

UBL (1 GDR= 4 Shares)

LUCK (1 GDR= 4 Shares)

HUBC (1 GDR= 25 Shares)

$.Price2.6022.562.001.7010.71

PKR/Shares

111.41193.3442.8536.4236.71

T-Bills (3 Mths)T-Bills (6 Mths)T-Bills (12 Mths)Discount RateKibor (1 Mth)Kibor (3 Mths)Kibor (6 Mths)Kibor ( 9 Mths)Kibor (1Yr)P.I.B ( 3 Yrs)P.I.B (5 Yrs)P.I.B (10 Yrs)P.I.B (15 Yrs)P.I.B (20 Yrs)P.I.B (30 Yrs)

01-Dec-2010

01-Dec-2010

01-Dec-2010

29-Nov-2010

14-Dec-2010

14-Dec-2010

14-Dec-2010

14-Dec-2010

14-Dec-2010

14-Dec-2010

14-Dec-2010

14-Dec-2010

14-Dec-2010

14-Dec-2010

14-Dec-2010

13.16%13.39%13.67%14.00%13.09%13.40%13.60%13.95%14.10%14.16%14.24%14.27%14.56%14.73%14.91%

Money Market Update

Symbols Buy (Rs) Sell (Rs)

Australian $ 83.90 84.90 Canadian $ 84.35 85.45 Danish Krone 15.10 15.20 Euro 112.90 114.90 Hong Kong $ 10.90 11.00 Japanese Yen 1.013 1.038 Saudi Riyal 22.75 23.00 Singapore $ 65.00 66.00 Swedish Korona 12.10 12.20 Swiss Franc 86.75 86.85 U.A.E Dirham 23.35 23.55 UK Pound 134.90 136.90 US $ 85.80 86.00

Open Mkt Currency Rates

Symbols Buying Selling

TT Clean TT & OD

Australian $ 85.22 85.42 Canadian $ 84.91 85.11 Danish Krone 15.38 15.41 Euro 114.62 114.89 Hong Kong $ 11.01 11.03 Japanese Yen 1.026 1.028 Saudi Riyal 22.82 22.88 Singapore $ 65.69 65.85 Swedish Korona 12.55 12.57 Swiss Franc 88.37 88.58 U.A.E Dirham 23.31 23.36 UK Pound 135.80 136.11 US $ 85.70 85.89

Inter-Bank Currency Rates

Subscribe now

Tel: 92-21-5311893-6Fax: 92-21-5388428 Email: editor@ thefinancialdaily.com

www.thefinancialdaily.com

CITIES MAX-TEMP MIN

ISLAMABAD 21°C 2°C KARACHI 29°C 10°C LAHORE 21°C 5°C FAISALABAD 23°C 5°C QUETTA 20°C -6°C RAWALPINDI 21°C 3°C

Weather Forecast

Index Close Change

KSE 100 11,672.64 75.95Nikkei 225 10,316.77 22.88Hang Seng 23,431.19 113.58Sensex 30 19,799.19 107.41ADX 2,727.86 17.03SSE COMP. 2,927.08 4.13FTSE 100 5,879.00 18.25*Dow Jones 11,485.13 56.57

Global Indices

PM calls for actionagainst corruption

See on Page 12

Karachi, Wednesday, December 15, 2010, Muharram-ul-Haram 8, Price Rs12 Pages 12

Special Correspondent/Agencies

ISLAMABAD: The JamiatUlema-e-Islam (JUI-F) hasparted its way with the coali-tion federal government inprotest against sacking of itsminister Azam Swati from theCabinet by Prime MinisterSyed Yousuf Raza Gilani.

PM Gilani Tuesday sackedMinisters for Religious AffairsHamid Saeed Kazmi andMinister for Science andTechnology Azam Swati fromtheir offices.

Though PM House statementdid not mention any reasons, itis believed that Kazmi wasfired as serious allegations ofcorruption in the Hajj this yearwere leveled against him,while there seem to be no rea-son why Swati was sacked,

other than he entered verbalbout with minister of ReligiousAffairs Hamid Kazmi, blaminghim for corruption in Hajjoperations.

JUI-F chief Maulana Fazl-urRehman told reporters that hisparty decided to quit the

alliance with PPP-led govern-ment after PM Gilani sackedJUI-F minister Swati.

"We were cooperating withthe government under recon-ciliation policy, but now it'simpossible for us to stay incoalition after Gilani's one-

sided decision to sack AzamSwati," he told reporters.

"We are saying goodbye tothe government" Fazlannounced after chairing anemergency meeting of Majlis-e-Shura (advisory council) ofthe party.

JUI-F chief said party willfollow the same policy in theNational Assembly as it adopt-ed in the Senate in relation toRGST.

He said their decision wasfinal and they would not rejointhe government.

He, however, mentioned thathis faction will not leave par-liamentary committees, on thegrounds that the bodies belongto the National Assembly.

JUI-F's Maulana Shirani willremain the chairman of Islamic

See # 8 Page 11

Fazl no more with govt PM sacks Swati, Kazmi over verbal boutl Kazmi put on ECL as evidences found l FIA proposes to freeze Kazmi's accounts

l Khursheed Shah gets Ministry of Religious Affairs with additional charge of Labour & Manpower

l Shahabuddin receives Defence Production portfolio with additional charge of Health Ministry

l Sardar Assef Ahmed Ali given IT Ministry with additional charge of Minister for Education

Sacked Sacked Religious Ministry IT Ministry Defence Ministry

Staff Reporter

KARACHI: Pakistan's finan-cial system size, in terms ofassets, increased to Rs9.2 tril-lion by end-June 2010 showinga robust growth of 20 per centfrom December 2008 level ofRs7.71 trillion, says StateBank's Financial StabilityReview 2009-10, which wasreleased here on Tuesday.

The Report, which presents

an assessment of financial sta-bility for 2009 (CY09) and thefirst half of 2010 (1HCY10), isbased on the theme of "Role ofGovernment in the FinancialSector" and assesses the gov-ernment's developmental rolein enhancing the financialdevelopment in the country.

The Report said that stabilityof the financial system is large-ly derived from the pre-domi-nant position of the banking

sector, as other components ofthe financial system continueto grow at a more gradual pace.

"Domestic banking sectorassets constitute 73.2 per centof total financial systemassets", the Report added.

It said the bank deposits,which have a key contributionin maintaining financial stabil-ity, grew by 13.5 per cent inCY09, and 8.2 per cent in1HCY10, bringing the total

deposit of the banking systemto Rs5.1 trillion by end-JuneCY10.

"This bodes well for enhanc-ing prospects of financial sta-bility, especially keeping inview the slowdown in depositsgrowth in CY08," the Reportadded.

The deposit growth is largelydriven by the growth in homeremittances of 23.9 per cent (inUSD terms), gradual economic

recovery, and the substantialincrease in government bor-rowing, a portion of whichflows back into the bankingsystem in the form of deposits,it added.

The Report opined thathealthy deposit growth isindicative of banks' resilienceto the competition from theNational Savings Schemes(NSS), which generally offer ahigher rate of return than bank

deposits.It said that the pace of deteri-

oration in the quality ofadvances slowed down consid-erably as in CY09 NonPerforming Loans (NPLs)increased by 24.2 per cent toRs432 billion and further by6.4 per cent to Rs460 billion byend-June CY10. 'Going for-ward, NPLs remain a keycause of concern for the

See # 16 Page 11

Pak fiscal system size grows to Rs9.2tnState Bank's Financial Stability Review 2009-10

WASHINGTON/ ISLAMABAD:Richard Holbrooke, the diplo-mat who brokered the accordthat ended the war in Bosniaand served as US special repre-sentative for Afghanistan andPakistan, died on Mondaynight.

Holbrooke, 69, whose gov-ernment career spanned nearlyfive decades and ranged fromjunior diplomat in southVietnam, to US ambassador toGermany and at the UnitedNations, died after surgery torepair a tear in his aorta.

He fell ill on Friday during ameeting with Secretary of StateHillary Clinton and was takento a hospital, where he under-went hours of extensive sur-gery to try to save his life.

"Michelle and I are deeplysaddened by the passing ofRichard Holbrooke, a truegiant of American foreign poli-cy who has made Americastronger, safer, and morerespected," President Barack

See # 10 Page 11

Diplomacy giantHolbrooke dies

World leaders pay tributeLONDON: British Petroleumsaid it had agreed to sell a port-folio of oil and gas assets inPakistan to Hong Kong-listedUnited Energy Group for $775million as it raises cash to payfor the Gulf of Mexico oil spill.

BP said Tuesday that theplanned disposal of itsupstream assets in Pakistanbrought to $21.8 billion, theamount that the company hasraised, or agreed sales on, inrecent months.

The $775 million value ofthe disposal was higher thanthe $690 million analysts esti-mated the assets were worth inJuly.

BP said it expects the costs ofthe Gulf oil spill -- the UnitedStates worst ever -- to hit $40

billion and said it would sellassets worth $25-$30 billionby the end of 2011 to pay for it.

Most recently it raised $7 bil-lion through the sale of itsstake in Argentina-based PanAmerican Energy to China'sCNOOC.

United Energy Group, whichhas oil and gas interests inChina and Indonesia and alsooperates in the oilfield servicessector, beat off competitionfrom Pakistan's Oil and GasDevelopment Co (OGDCL)which said earlier in Decemberit was bidding for the assetsalongside partner PakistanPetroleum.

The cash sale included nineproducing and exploration

See # 15 Page 11

BP sells Pakistanassets for $775mn

Regulationsfor market

makers

OKed ISLAMABAD: The Securitiesand Exchange Commission ofPakistan (SECP), in line withinternational best practices, andto promote liquidity in the capi-tal market, has approved theregulations for market makersfor the Karachi Stock Exchange.

The market makers play animportant role in the capitalmarket by promoting liquidityin relatively less liquid securi-ties by buying and sellingthese securities in return for abid spread.

The regulations broadlycover qualification criteria tobecome a market maker, quali-fication criteria for productseligible for market making,enforcement actions and

See # 13 Page 11

SOEssell-off

starts fromJanuary 2011

ISLAMABAD: Government isplanning to divest minoritystakes or offer equity linkedinstrument such as convertiblebonds to bring in foreign firmsto provide management expert-ise necessary to raise the valueof the State Owned Entities(SOEs) before offering biggerstakes.

Senator Waqar AhmedFederal Minister forPrivatisation said in an inter-view with a foreign newsagency, says a messagereceived from London, here onTuesday.

He said that the program wasexpected to launch fromJanuary 2011 with 5 to 6 enti-ties to be offered during the

See # 9 Page 11

Ahmed Siddique

KARACHI: Capital markets inPakistan witnessed a biggest netinflow of the year-2010 Tuesdayas the offshore investors invest-ed $19.51 million on a singleday as per the National ClearingCompany of Pakistan Limited(NCCPL) data.

As per the sources, foreign-ers bought Unilever Pakistan's400 thousand shares at Rs4350

per share from NBFC in offmarket.

Overall, foreign investorsbought shares worth $22.54million and sold $3.02 million,resulting in net buying of$19.51 million.

Most of the net-buying weremade by foreign corporate with$19.75 million while foreignindividual and overseasPakistani net sold worth of

See # 14 Page 11

KSE sees biggestsingle-day inflow

Offshorers invest $19.51m

2-day closure per week

CNG dealersto move courtKARACHI: An emergencymeeting of CNG DealersAssociation (CDA) on Tuesdaydecided to approach the courtagainst the decision of SuiSouthern Gas Company(SSGC) to shut down gas sup-plies to CNG filling stationstwice a week.

The meeting presided over bythe chairman CDA Abdul Sami

See # 12 Page 11

Assange outon bail fromLondon jail

LONDON: WikiLeaks founderJulian Assange, arrested inBritain on Swedish allegationsof sex crimes, was freed on bailby a British court Tuesday.

Judge Howard Riddle grantedhim bail with conditions untilanother hearing on January 11.

The 39-year-old Australian,whose website has provoked

See # 11 Page 11

Ghulam Raza Rajani

KARACHI: Net foreigninvestment inflow in the coun-try dropped 28.4 per cent to$745.8 million in first fivemonths of fiscal year 2011compared with $1.04 billion insame period last year, as perthe State Bank of Pakistan.

Out of total foreign invest-ment, foreign direct investment

(FDI) depicted a decline of21.5 per cent to $573.3 millionin 5MFY11 as compared to$730.4 million in 5MFY10.

TFD analyst highlighted thatdue to not having ideal climateof investment, owing to poorlaw & order, lack of infrastruc-ture, power shortages, depre-cating Pak currency and politi-cal uncertainty, Pakistan has

See # 17 Page 11

5M net FIs fall28pc to $746mn

Pak lost its best friend, say President, PM

2 Wednesday, December 15, 2010

TV PROGRAMMES

WEDNESDAY

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

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

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

Jasmeen23:00 News23:30 24

I S L A M A B A D :

Government of Japanand the United NationsChildren's Fund(UNICEF) Tuesdaysigned an agreementwhereby Japan wouldprovide further funds of395 million Yen equiva-lent to US$ 4.68 millionto continue its supportto the National PolioEradication Program.Funds provided by theJapan would be used toprocure oral polio vac-cine during 2011.

The Federal Ministerfor Health, MakhdoomShahabuddin was pres-ent on the occasion towitness the ceremonywhile His Excellency,Chihiro Atsumi,Ambassador of Japan toPakistan and DanielToole, RegionalDirector for South Asiaand SpecialRepresentative forPakistan FloodResponse, UNICEFPakistan, signed theExchange Notes. Mr.Takatoshi Nishikata,Chief Representative,Japan InternationalCooperation Agency(JICA) and Daniel Toolesigned the GrantAgreement for therelease of funds for thesaid purpose.

The Government ofJapan has supported thePolio EradicationProgram in Pakistansince 1996. Total contri-bution made so far by

the Government ofJapan comes up to$86.86 million, a sumwhich is a significantcontribution towardsreducing the number ofpolio cases in Pakistan.For the past 14 years,Japan's support has beeninstrumental in ensuringthat sufficient quantitiesof vaccine are in placeand to ensure a sus-tained cold chain to pro-tect the potency of thevaccine.

JICA has also beeninvolved in UNICEF,along with other part-ners, continues to pro-

vide technical assis-tance to the Governmentof Pakistan to supportpolio eradication activi-ties. Since the programwas launched in 1994,the number of cases hasbeen reduced from morethan 30,000 in 1994down to 126 in 2010.Global experts havereinforced thatPakistan's polio pro-gram is the strongestever and that polio canbe eradicated if there iscommitment at all lev-els to overcome theremaining operationalchallenges.-PPI

Japan fuels $4.68mnfor Pak polio drive

KARACHI: InternationalOrganisation for MigrationIOM says its emergencymedical program launchedin September to help restorePakistan's flood-damagedhealthcare system will beextended and expandedthrough May 2011 thanksto $350,000 from Canadaand $500,000 in new fund-ing from UN-administeredPakistan EmergencyResponse Fund.

New activities, starting inJanuary 2011, will includerefurbishment of four flood-damaged health clinics inSindh and Punjabprovinces. IOM will alsosupport government in

enhancing existing healthcenters for telemedicine andteleradiology. Centers areessential for doctors inremote areas who need toconsult specialists.

"We have treated total of45,026 patients since clinicsopened in early September.This includes consultationsby our medical mobileteams, who bring basichealth care to flood victimsin hard-to-reach areas," saysIOM Migration HealthPrograms Manager Dr.Zeljko Pavlovic.

Pavlovic said with onsetof winter in south ofPakistan, acute respiratoryinfections are the most

prevalent illnesses. "Manyflood victims in the worstaffected provinces of Sindhand Punjab had their homesruined and lost their liveli-hoods."

IOM's four clinics inSindh & Punjab are run bya total of 20 health care pro-fessionals, including 8 doc-tors. In Sindh, where morethan estimated 800,000houses were eitherdestroyed or damaged byfloods, some areas remainunderwater, making hospi-tal access impossible.Where possible, IOM oper-ates ambulances to trans-port emergency patients tohospitals.-PPI

IOM treats over 45k victims

KARACHI: Advisor toSindh Chief Minister MsSharmila Farooqui hastaken the notice of thekidnapping of a girlKajal from Bakhshapur,Kashmore and another12-year-old girl Faaizafrom Saddar police sta-tion, Karachi.

Taking notice ofreports on a local TVchannel, she directedrelevant DPOs and TPOsto present her detailedreports of the incidentsand ensure arrest of theculprits with immediateeffect.

Sharmila said torture

on children, their kid-napping and other inci-dents are defaming thecountry at an interna-tional level. The advisorsaid these inhuman andbarbaric incidents arethe challenge for thedemocratic governmentand stigma on the socie-ty. The advisor said thechildren are the preciousasset of the country,which will turn into newgeneration in the futureand run the reigns of thecountry.

Sharmila said the chil-dren are the future of thecountry, so the parents

along with the societyalso need to protect themand provide healthyatmosphere to them.Sharmila Farooqui saidwe will have to devise acomprehensive planningand make joint efforts toend torture and violenceon children.

She said the govern-ment is taking effectivesteps to provide betterfuture to the childrenand people. Variousprojects in this connec-tion are underway acrossthe province which willensure solution to theirproblems, she said.-PPI

Steps afoot to betterchild future: Sharmila

KARACHI: Samsung Electronics hasbuilt of a modern school at LadhaykeVillage in District Kasur, to serve a vastrural area and uplift the standard of edu-cation. This school, constructed in col-laboration with SOS Rural SupportProgramme (SOS RSP), was inauguratedby the Samsung Pakistan's SeniorManager, In Jee Lee.

"Samsung Grammar School" for girls,has been built and furnished with gener-ous funds provided by Samsung. It willbe operated by the SOS RSP to provide ahigh standard of education to the region.The opening ceremony was a colourfulevent, graced by In Jae Lee, who sharedthe joy of creating this educationalopportunity for the rural population.Students gave an interesting performanceand a large number of media representa-

tives were also present.Samsung Pakistan's Managing

Director, Heeh Chang Yee said,"Samsung has an elaborate Social-devel-opment and CSR commitment, whereby,we are making efforts to foster moderneducation in underdeveloped regions. Wesupport well established welfare organi-zations like "SOS Villages" to providequality education, thus accelerating thesocial, educational and financial progressof the whole region".

Rabiya Siddiqui, PR ManagerSamsung said; "It is a pleasure to see thata great brand of electronics - Samsung isplaying a big role in developing schoolsin the rural areas. The talented studentsof Kasur region will now study in a mod-ern environment and be ready to face thechallenges of life. -PR

Samsung, SOS buildschool in rural area

Staff Reporter

KARACHI: National University ofScience & Technology (NUST-BusinessSchool) won 3rd Local InvestmentResearch Challenge hosted by CFAPakistan, held in Karachi. Seven leadingbusiness schools of the country partici-pated in the competition.

After winning in local challenge,NUST has advanced to the RegionalInvestment Research Challenge whichwill be held in Bali, Indonesia. NUSTwill compete with teams from mainlandChina, Hong Kong, Taiwan, thePhilippines, Indonesia, India, Korea,Japan, New Zealand, Sri Lanka andSingapore. The winner of regional com-petition in Bali will advance to the GlobalInvestment Research Challenge atOmaha, Nebraska USA.

Power is a major issue that Pakistan andthe world is facing at the moment. Withthis background, Hub Power Companywas selected as a case study for this year's

IRC so that the students could get a viewabout Power Sector.

The Global Investment ResearchChallenge (GIRC) by CFA institute is aunique opportunity for university stu-dents to get practical experience in equityresearch and company analysis. This yearover 2000 students are competing from500 universities across the world in theChallenge.

Muhammad Jawaid Iqbal, CFA, presi-dent of CFA Pakistan, stated: "This com-petition is a prime example of how wework with our university partners to nur-ture the next generation of investmentprofessionals. I would like to record myappreciation for my fellow board mem-bers and society volunteers who havejointly contributed to CFA Pakistanbecoming one of the leading societiesglobally."

Vince Harris, Chief Executive Officer,Hub Power Company, graced the occa-sion as Chief Guest and shared his posi-tive views on power sector of the country.

NUST wins CFA challenge

WEDNESDAY

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

(Rpt)14:00 News15:02 Akhri Sauda15:30 Aap Ka Paisa

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

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

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

(Rpt)0:00 News

Superbrands receivesindustry’s

kudosKAEACHI: SuperbrandsPakistan has recently beenendorsed by two of the lead-ing industry associationsnamely the MarketingAssociation of Pakistan andthe Advertising Associationof Pakistan.

President, MarketingAssociation of Pakistan(MAP), Masood Hashmiwelcomed Superbrands ini-tiative and termed it a cata-lyst for healthy competitionin the branding arena.

Shahnoor Ahmed,President, AdvertisingAssociation of Pakistan(AAP), also expressed hispositive thoughts and con-firmed support for theSuperbrands Program onbehalf of AAP. Superbrandsis the world's independentarbiter on branding. Over thepast 15 years, Superbrandshas produced hundreds ofhigh quality publications thathave served and promotedthe greatest brands.-PR

Visa tosecure

paymentcard data

KARACHI: Visa Inclaunched a global effort toreduce unnecessary storageof sensitive card informa-tion in merchant paymentsystems. Understanding thesignificant commitment bymerchants to secure thepayment system and to pro-tect sensitive cardholderinformation from crimi-nals, Visa is clarifyingexisting operating regula-tions to ensure that acquir-ers and issuers allow mer-chants to present a truncat-ed, disguised or maskedcard number on a transac-tion receipt for dispute res-olution in place of the full16-digit card number, saida handout issued here.

"Visa's priority is protect-ing cardholders and theintegrity of the electronicpayments system," saidEduardo Perez, Head ofGlobal Payment SystemSecurity, Visa Inc. "Byreducing the amount ofvulnerable data in mer-chant systems that must beprotected from compro-mise, merchants can seegreater security as well asmore streamlined compli-ance needs."

Visa and the NationalRetail Federation (NRF)agree that merchantsshould not be obligated bytheir acquiring banks tostore card numbers for thepurpose of satisfying cardretrieval requests.-PR

Khi citygovt hands

overmachineryto Rangers

KARACHI: AdministratorKarachi Fazalur Rehmanhas said that in view of pastexperiments, the city gov-ernment Karachi has hand-ed over 20 tankers, 20 firetenders, 15 ambulances andstreetlights repairing vehi-cles with officers and staffof essential services toRangers by 11thMuharram, so that theycould use these resources inany emergency situation.

This he said whileaddressing a press confer-ence at DCO camp office.He said that the city gov-ernment has handed overits resources to Rangers sothat command and controlsystem remain at one place.The administrator said thatthe city government hasalso established EmergencyCommand and ControlCentre at Civic Centre andDCO Camp Office in viewof Muharram-ul-Harram.

The administrator saidthe Control Room in CivicCenter and DCO cam officehave also been handed overto Rangers for Muharram-ul-Harram where seniorofficers will be deputed.More than 80 surveillancecameras will be used forthorough monitoring of thecity.-PPI

Qaimoffers

fateha forM A Zuberi KARACHI: ChiefMinister Sindh Syed QaimAli Shah has condoled withsons of senior journalist MA Zuberi on the demise oftheir father, on Tuesday attheir house in Clifton.

CM prayed for thedeparted soul. He said M AZuberi (late) had played apivotal role for promotingdemocracy and media free-dom. He said that the voidleft in the field of journal-ism after his sad demisecould not be easily filled.

Advisor of CM SindhRashid Rabbani,Mohammad Siddqui AbuBhai, special assistant WaqarMehdi and press secretaryAllah Bachayo Memon werealso present.-PPI

KARACHI: LCCI conducted moot on RGST whichwas presided over by President Sheikh M Arshad.

Vice President Sohail Azhar, Ex-President Sheikh MAsif, Mian Anjum Nisar and Zafar Iqbal are also

present on the occasion.-Staff Photo

KARACHI: President Pakistan Association of PhotoJournalists Mujeebur Rehman addressing duringcondolence meeting in memory of M A Zubairi

organized by CPNE.-APP

KARACHI: Member of National Assembly Shiekhud Din cutting the ribbon to inaugurate a filtration

plant at Buffer Zone Sector.-Online

KARACHI: Sindh Chief Minister Syed Qaim Ali Shah offering Fateha on sad demise ofM A Zuberi with his sons at thier residence.-APP

ISLAMABAD: Takatoshi Nishikata, ChiefRepresentative, Japan International Cooperation

Agency (JICA) and Daniel Toole exchanging documents after signing agreement for the

release of funds as Japan provide $4.68 million to continue its support to the National Polio

Eradication programme in Pakistan.-APP

KARACHI: Salim Azhar, Director Human Resources,Indus Motor Company receiving Corporate Excellence

Award of Management Association of Pakistan(MAP) from Chief Guest Dr Ishrat Husain, Director,

Institute of Business Administration. Indus wasgiven this award in the category of Automobiles and

Allied Sector.-Staff Photo

Medicalcamps set

up forAzadaraan

KARARCHI: On thedirective of Sindh Ministerfor Health Dr SagheerAhmed the Health depart-ment Sindh has assignedduties to medical officersto supervise the medicalcamps set up for theAzadaraan & the proces-sions of the Muharram-Ul-Haram from 15th to 18thDecember.

It is also pertinent to men-tion here that MinisterHealth Dr Sagheer Ahmedand Secretary Health SyedHashim Raza Zaidi will alsovisit various hospitals duringAshura-e-Muharram.

All the above officers havebeen directed by MinisterHealth to ensure their avail-ability during the assigneddays, without fail.-PPI

Minister takes notice of kidnapping

LCCI rejectRGST levy

Staff Correspondent

LAHORE: The trade andindustry of Lahore hasunanimously and categori-cally rejected the govern-ment's intention to imposeReformed General SalesTax (RGST) in its existingformat and formed a com-mittee to identify lacunaein it and later on initiatetalks with the government.

The meeting was chairedby the LCCI ActingPresident SheikhMohammad Arshad. LCCIVice President SohailAzhar, former PresidentsSheikh Mohammad Asif,Mian Anjum Nisar,Mohammad Ali Mian,Zafar Iqbal Chaudhry,Acting President Anjuman-e-Tajiran Pakistan KhalidPervaiz, Secretary GeneralAbdul Razzaq BabbarPresident Anjuman-e-Tajiran Badami BaghWaqar Ahmad Mian,Chairman Anjuman-e-Tajiran Ferozepur RoadMehboob Sirki, PresidentAll Pakistan LeatherImporters AssociationTariq Masood Chaudhry,Representatives ofAnjuman-e-Tajiran HallRoad, Chairman AllPakistan Sewing MachineAssociation GhulamSarwar Hajveri and repre-sentative of PaperMerchants AssociationKhamis Saeed Butt.

MUMBAI: The Indian rupeeended near one-week highs onTuesday, tracking positivestocks and gains in the euroagainst the dollar.

However, dollar inflowswere subdued as foreigninvestors remained on the side-lines with the year-endapproaching, limiting upside tothe Indian unit.

"There is overall lack ofinterest in the market. Notmuch inflows are there now,"said Ashtosh Raina, head offorex trade at HDFC Bank.

The partially convertiblerupee ended at 44.945/955 perdollar, close to the day's highof 44.94, its strongest sinceDec. 8, and above 45.125/135at close on Monday.

Raina expects the rupee tomove in a 44.30-45.70 band forthe rest of 2010.

Foreign funds had dumped anet $842.75 million worth ofshares last week and soldanother $52.5 million onMonday. However, total for-eign fund inflows so far in2010 still stand at $28.4 bil-lion, on top of the $17.5 billionpurchased last year.

Dealers will also watch for

the Federal Reserve's statementdue at 1915 GMT.

The one-year forward premi-um ended at 241.25 points, lit-tle changed from the previous241.75 points, while the one-month forward ended at 27.25points from Monday's 28.75points. One-month offshorenon-deliverable forward con-tracts ended at 45.15, weakerthan the onshore spot rate.

In the currency futures mar-ket, the most traded near-month dollar-rupee contractson the National StockExchange closed at 45.0875and on the MCX-SX andUnited Stock Exchange closedat 45.0825, with the total trad-ed volume on the threeexchanges at a moderate $4.3billion. -Reuters

Indian rupee near 1-wkhigh, dlr inflows low

3Wednesday, December 15, 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 14/12/2010A USD GBP CAD EUR JPY

O/N 0.23750 0.55500 0.98167 0.48625 SN 0.100001WK 0.25344 0.56313 1.02167 0.59375 0.107502WK 0.25625 0.56813 1.05167 0.63125 0.111251MO 0.26063 0.58125 1.09833 0.75000 0.128502MO 0.28063 0.63688 1.15000 0.83875 0.150003MO 0.30188 0.74750 1.23083 0.95313 0.184134MO 0.34750 0.83000 1.30000 1.02688 0.242885MO 0.40375 0.93750 1.36500 1.10875 0.301256MO 0.45619 1.04438 1.44000 1.19375 0.347507MO 0.51125 1.12188 1.50500 1.24250 0.400008MO 0.56438 1.20438 1.58083 1.29375 0.446889MO 0.61500 1.28750 1.65000 1.34500 0.49063

10MO 0.66625 1.36500 1.72083 1.39625 0.5168811MO 0.72188 1.43250 1.80333 1.44250 0.5387512MO 0.78375 1.50000 1.89000 1.48500 0.56813

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

U.S.A. 85.80 85.60 85.42U.K. 136.11 135.80 135.49EURO 114.89 114.62 114.35CANADA 85.11 84.91 84.68SWITZERLAND 88.58 88.37 88.14AUSTRALIA 85.42 85.22 84.99SWEDEN 12.57 12.55 12.51JAPAN 1.03 1.03 1.02NORWAY 14.50 14.47 14.43SINGAPORE 65.85 65.69 65.52DENMARK 15.41 15.38 15.34SAUDI ARABIA 22.88 22.82 22.76HONG KONG 11.03 11.01 10.98CHINA 12.89 12.86 12.83KUWAIT 305.18 304.46 303.66MALAYSIA 27.42 27.35 27.28NEW ZEALAND 64.32 64.17 64.01QATAR 23.56 23.51 23.45U.A.E. 23.36 23.31 23.24KR WON 0.08 0.08 0.07THAILAND 2.86 2.85 2.84

London Inter Bank Offered Rates (LIBOR)

Name Bid Ask High Low

EUR-USD 1.3375 1.3377 1.3500 1.3367

USD-CHF 0.9626 0.9629 0.9688 0.9597

GBP-USD 1.5750 1.5754 1.5908 1.5739

USD-CAD 1.0078 1.0081 1.0108 1.0052

AUD-USD 1.0060 1.0066 1.0078 1.0024

EUR-JPY 111.7600 111.8100 112.2000 111.5900

EUR-GBP 0.8485 0.8489 0.8507 0.8434

EUR-CHF 1.2882 1.2885 1.3002 1.2869

GBP-JPY 131.6600 131.7200 132.6400 131.3300

CHF-JPY 86.7500 86.8100 86.8000 86.0900

CAD-CHF 0.9553 0.9560 0.9620 0.9515

Gold 1398.3500 1399.1500 1408.4400 1392.6400

Silver 29.6000 29.6800 29.9500 29.2400

As per 22.00 PST

Time Source Events Forecast Previous

0:15 USD Federal Funds Rate <0.25% <0.25%4:50 JPY Tankan Manufacturing Index 4 814:30 GBP Claimant Count Change -2.9K -3.7K14:30 GBP Average Earnings Index 3m/y 2.2% 2.0%16:00 GBP CBI Realized Sales 38 4318:30 USD Core CPI m/m 0.1% 0.0%18:30 USD CPI m/m 0.2% 0.2%18:30 USD Empire State Manufacturing Index 4.7 -11.119:00 USD TIC Long-Term Purchases 82.3B 81.0B19:15 USD Capacity Utilization Rate 75.1% 74.8%19:15 USD Industrial Production m/m 0.4% 0.0%

Source Events Actual Forecast Previous

GBP CPI y/y 3.3% 3.1% 3.2%GBP Core CPI y/y 2.7% 2.6% 2.7%EUR German ZEW Economic Sentiment 4.3 3.8 1.8EUR Industrial Production m/m 0.7% 1.4% -0.7% EUR ZEW Economic Sentiment 15.5 10.3 13.8CAD Leading Index m/m 0.3% 0.4% 0.3% USD Core Retail Sales m/m 1.2% 0.7% 0.8%

Previous Day

Top Economic Events

Central Bank Next Meeting Last Change Current

Interest Rate

Bank of England Jan 13 2011 Mar 05 2009 0.50%

Bank of Japan Dec 21 2010 Dec 19 2008 0.10%

European Central Bank Jan 13 2011 May 07 2009 1%

Federal Reserve Dec 14 2010 Dec 16 2008 0.25%

Swiss National Bank Dec 16 2010 Mar 12 2009 0.25%

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

Bank of Canada n/a Sep 08 2010 1%

Major Central Banks Overview

Division of National Bank of Pakistan (NBP)KARACHI, December 14,2010 Treasury Management Division of National Bankof Pakistan (NBP) Monday issued the following Exchange rates:

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

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

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

ABLN 1175 12.25 12.25 12.75 12.60 13.10 13.15 13.40 1340 13.65 13.45 13.95 13.60 14.10 13.70 14.20

JSBL 1200 12.50 12.35 12.85 12.75 13.25 13.30 13.55 1345 13.70 1345 13.95 13.70 14.20 14.00 14.50

ASPK 1170 12.20 12.10 12.60 12.60 13.10 13.10 13.35 1335 13.60 1345 13.95 13.60 14.10 13.70 14.20

C I P K 1185 12.35 11.95 12.45 12.30 12.80 13.10 13.35 1335 13.60 1345 13.95 13.60 14.10 13.70 14.20

DBPK 1180 12.30 12.05 12.55 12.50 13.00 12.95 13.20 1320 13.45 1335 13.85 13.40 13.90 13.60 14.10

FBPK 1155 12.05 12.05 12.55 12.60 13.10 13.25 13.50 1340 13.65 1350 14.00 13.70 14.20 13.85 14.35

FLAH 1185 12.35 12.15 12.65 12.60 13.10 13.20 13.45 1335 13.60 1345 13.95 13.60 14.10 13.70 14.20

HBPK 1165 12.15 12.15 12.65 12.65 13.15 13.15 13.40 1335 13.60 1345 13.95 13.60 14.10 13.70 14.20

HKBP 1160 12.10 11.80 12.30 12.55 13.05 13.10 13.35 1330 13.55 1340 13.90 13.60 14.10 13.65 14.15

N I PK 1175 12.25 12.50 13.00 12.90 13.40 13.35 13.60 1350 13.75 1360 14.10 13.65 14.15 13.70 14.20

HMBP 1180 12.30 12.00 12.50 12.80 13.30 13.25 13.50 1335 13.60 1350 14.00 13.60 14.10 13.70 14.20

SAMB 1185 12.35 12.25 12.75 12.65 13.15 13.20 13.45 1340 13.65 1345 13.95 13.60 14.10 13.75 14.25

MCBK 1190 12.40 12.30 12.80 12.50 13.00 13.15 13.40 1330 13.55 1340 13.90 13.50 14.00 13.75 14.25

NBPK 1175 12.25 12.00 12.50 12.60 13.10 13.10 13.35 1325 13.50 1340 13.90 13.60 14.10 13.70 14.20

SCPK 1165 12.15 12.10 12.60 12.50 13.00 13.00 13.25 1325 13.50 1345 13.95 13.50 14.00 13.70 14.20

U B P L 1165 12.15 12.00 12.50 12.55 13.05 13.10 13.35 1330 13.55 1345 13.95 13.60 14.10 13.70 14.20

AVE 1176 12.26 12.11 12.61 12.59 13.09 13.15 13.40 1335 13.60 1345 13.95 13.60 14.10 13.71 14.21

Karachi Inter Bank Offered Rates (KIBOR)

Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)14/12/2010

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

1 week -0.82 -0.45 -0.91 -0.92 0.74 -0.96 0.92 0.551 month 0.41 0.91 0.74 0.92 0.84 0.84 0.29 -0.033 months 0.32 0.61 0.66 0.74 0.57 0.22 -0.05 -0.596 months 0.48 0.66 0.70 0.67 0.49 0.54 -0.60 -0.351 year -0.05 0.89 0.81 0.71 0.31 -0.12 0.03 0.092 years -0.24 0.88 0.54 0.73 0.44 -0.20 0.28 0.10

Currencies CorrelationEUR/JPY

KASB BMA ELXIR GSL ICSL JSCM AvgRate

0-7days 12.50 11.80 12.00 12.00 11.80 11.90 12.00

8-15dys 12.70 12.40 12.45 12.50 12.50 12.35 12.48

16-30dys 12.90 12.70 12.75 12.70 12.75 12.70 12.75

31-60dys 12.95 12.95 12.90 12.95 12.90 12.85 12.92

61-90dys 13.12 13.13 13.15 13.15 13.10 13.12 13.13

91-120dys 13.30 13.25 13.22 13.20 13.15 13.20 13.22

121-180dys 13.35 13.32 13.32 13.38 13.30 13.35 13.34

181-270dys 13.50 13.45 13.50 13.52 13.45 13.50 13.49

271-365dys 13.67 13.65 13.65 13.68 13.65 13.65 13.66

2-- years 13.95 14.00 13.85 13.90 13.90 13.85 13.91

3-- years 14.05 14.22 14.17 14.26 14.15 14.10 14.16

4-- years 14.10 14.25 14.22 14.28 14.20 14.10 14.19

5-- years 14.15 14.27 14.25 14.30 14.25 14.20 14.24

6-- years 14.15 14.30 14.25 14.32 14.30 14.22 14.26

7-- years 14.20 14.38 14.32 14.34 14.35 14.24 14.31

8-- years 14.20 14.05 14.15 14.25 13.95 14.16 14.13

9-- years 14.22 14.05 14.06 14.10 14.20 14.14 14.13

10--years 14.25 14.25 14.29 14.35 14.25 14.25 14.27

15--years 14.60 14.55 14.50 14.60 14.55 14.55 14.56

20--years 14.70 14.60 14.70 14.90 14.75 14.70 14.73

Revaluation RatesTreasury Bills / PIBs / FIBs Holding Applicable for December 14, 2010

NEW YORK: The euro hit a three-week high against the dollar onTuesday but gave up gains as US bondyields edged higher and investorssquared positions ahead of the lastFederal Reserve meeting of the year.

After long-dated US yields rose fol-lowing President Barack Obama's deallast week to extend US tax cuts for allearners, traders said the market willwatch closely for any sign the Fedcould speed up or alter a $600 billionbond-buying program designed to pushlong-term interest rates lower.

"The Fed could be interestingdepending on how vocal they are ineither committing to the full amountnow that they've got additional fiscalstimulus or whether they feel they haveto step on the gas to get rates backdown," said Brian Dolan, chief strate-gist at Forex.com in Bedminster, NewJersey.

Dolan said the euro, which began

the week at $1.32 and hit a three-week high near $1.35 overnight,could rally further if it closes above$1.3450, witha move to$1.37 possible.

But traderssaid thatwould likelyrequire the Fedto sound ana g g r e s s i v enote on its eas-ing program.Markets expect the Fed to reaffirm itscurrent policy when it ends its meet-ing at around at 1915 GMT whileacknowledging improved economicdata.

The euro was last changing hands at$1.3385, unchanged on the day. Earlier,it hit a three-week high of $1.3498 afterbreaking $1.3475, the 38.2 per centretracement of its November decline,

The Australian dollar hit a one-monthhigh above parity with the greenbackas oil prices rose but eased to $0.9970,

while the dollar was unchanged at83.45 yen.

Traders also said year-end position-ing and low trading volume as exagger-ating some price swings.

Data Tuesday showed US retail salesrose by more than expected inNovember, suggesting US growth isgaining traction.

The tax cut deal, agreed to last week

by President Barack Obama and con-gressional Republicans, has promptedeconomists to upgrade their US growthforecasts, but it also pushed up bondyields for fear it will swell the USdeficit.

The dollar rose with yields last weekbut fell on Monday when Moody'swarned the tax cuts could move it astep closer to cutting the US triple-Acredit rating.

Some strategists said fear of immi-nent US inflation and higher long-termrates was premature.

The euro also hit a three-week highagainst the yen, shrugging off theweaker-than-forecast current condi-tions element of the German ZEW sur-vey.

But it fell after the S&P rating agencysaid Belgium's sovereign debt could bedowngraded within six months,reminding investors of contagion risksfrom the euro-zone crisis. -Reuters

Euro retreats after hitting3-week high; Fed on tap

SHANGHAI: China's yuanclosed up against the dollar onTuesday after the People'sBank of China set a highermid-point in the wake of anearly 1 per cent drop in theUS dollar index, partly on con-cerns over a US tax cut deal.

Dealers said the central bankmay let the dollar's performanceguide the Chinese currency'smovements in the near term, butwould confine trade to a smallrange as it wants to controlheavy money inflows betting onyuan appreciation and the coun-try's bullish asset markets.

Spot yuan closed at 6.6551versus the dollar, rising fromMonday's close of 6.6670. Ithas risen 2.57 per cent sincethe PBOC announced a depeg-ging in mid-June.

Before trade began, thePBOC set the day's mid-pointat 6.6531, which was higherthan Monday's 6.6630. Themid-point is a level from whichthe yuan may rise or fall 0.5per cent against the dollar on agiven day.

The yuan has largely

remained stable from mid-November when the currencyhit its highest level since itslandmark revaluation in July2005.

"Now is year-end. It seemsthe central bank has no inten-tion of raising the yuan, so weare just doing some business tocater to our clients," said adealer at a Chinese bank inShanghai.

Dealers said the yuan maynot appreciate in the near termas China seeks to prevent hotmoney flows into the country,but expectations of an interestrate hike continued to linger.

China is facing political pres-sure from the United States, astwo US senators on Mondaylaunched a last-ditch effort topass legislation to pressureChina to raise the value of itscurrency. Offshore, one-yearNDFs were at 6.4880 bid lateon Tuesday, from Monday'sclose of 6.4930, with impliedyuan appreciation in a year'stime rising slightly to 2.54 percent from 2.47 per cent onMonday. -Reuters

Yuan ends higherafter strong mid-point

LONDON: Sterling slippedfrom three-week highs againstthe dollar on Tuesday asinvestors cashed in profits afterUK inflation came in higherthan expected and the green-back got a boost from strongUS data.

US retail sales and producerprices rose slightly more thanforecast in November, imply-ing faster economic growth.

Earlier in the session, sellingby a UK clearer in thepound/Australian dollar crosspushed sterling lower acrossthe board, though thin tradingvolumes exaggerated priceswings, market participantssaid. Sterling was last down0.57 per cent at $1.5766 afterrising above $1.59, its highestsince Nov. 23, shortly after theNovember inflation figures,which reinforced a view theBank of England was unlikelyto print more money to addstimulus to the economy.

"The markets were takingprofit off that (high)," saidGeoffrey Yu, currency strate-gist at UBS. "There's alwayslarge flows at this time of year,which given thinning marketsahead of the holiday break,tend to lead to whippy priceaction," said Paul Robson, cur-rency strategist at RBS.

"The overshooting CPI infla-tion, other things being equal,

you'd expect that to be positivefor sterling."

Sterling also fell against thesingle currency, with the eurolast up 0.5 per cent at 84.84pence, breaking through stopsaround 84.80 pence.

Commerzbank analysts saidin a note the single currencycould next target its 200-daymoving average at about 85.23.

Adrian Schmidt, currencystrategist at Lloyds TSB, saidsterling's rally against the dol-lar was coming to a close. -Reuters

Stg slips from 3-wkhighs against dollar

SEOUL: The Taiwan dollar andthe South Korean won led gainsin most Asian currencies onTuesday, helped by foreigninvestors' appetite for riskierassets and broad weakness in theUS dollar.

Trading was thin, however,with year-end approaching andtraders also awaiting a USFederal Reserve policy meetinglater in the day.

"Asian currencies reflected asoft dollar today, but there wasnot much thing to play on, espe-cially before the Fed. InDecember, all Asian currenciesare seen in a tight range," aKuala Lumpur-based dealersaid.

Still, Asian currencies are

expected to appreciate furthernext year as brighter economicprospects in the region outlookand loose policies in majoreconomies will keep attractingforeign investors, analysts anddealers said.

The Taiwan dollar hit itsstrongest level in more than 13years against the US dollar inmorning trade.

The Taiwan dollar jumped asmuch as 2.3 per cent to 29.904from its previous domestic closeof 30.600, the strongest sinceOct 1997. Dealers said the gainsreflected the increasing riskappetite of foreign investorsafter the US dollar slippedagainst the euro overnight.

Westpac said momentum was

still firmly on the side of theTaiwan dollar and not onlyagainst the dollar but also on keycrosses such as Taiwandollar/Indonesian rupiah, whichhas been on a strong uptrendsince mid September.

The won rose as foreigninvestors continued to buy SouthKorean shares, but it failed tostrengthen past 1,140 per dollar.

Importers such as energy com-panies bought dollars for settle-ments while exporters were notactive, caping the won's gains.

Foreign investors bought a net545.0 billion won ($476 million)worth of stocks on the mainexchange, helping the bench-mark KOSPI hit a 37-monthclosing high. -Reuters

Asian currencies

Taiwan dlr, won up onforeigner's appetite, weak USD

WELLINGTON/SYDNEY: The New Zealanddollar was slammed lower against the US dollarand hit a decade low against its Aussie neighbouron Tuesday as shockingly weak retail data furtherdoused the chances of rate rises before the middleof next year.

In contrast, the Aussie almost hit a month highfollowing a surge in commodities and improvedrisk appetite and could flirt with parity again.

The kiwi was testing support around $0.7490after sliding half a cent from $0.7550 after datashowed a 2.6 per cent fall in retail sales in October.

"The retail numbers knocked the stuffing out ofthe currency and it's been licking its wounds eversince," said BNZ currency strategist Mike Jones.

Some analysts questioned the integrity of thedata, given the wild swing from September's gainof 1.7 per cent which was seen as consumers rush-ing to beat a rise in sales tax. A lift in house salesand prices in November after several months ofdecline did little to relieve the gloom.

The weak outlook for New Zealand was further

emphasised by the government's half year econom-ic and fiscal update, which trimmed growth fore-casts. A rise in the projected deficit meant moreborrowing in the near term because of weakdomestic activity.

The outlook for steady rates in NZ contrasts witha gradual tightening bias by the Reserve Bank ofAustralia (RBA), particularly after stunninglystrong jobs figures out last week.

The kiwi fell to a 10-year low against the Aussieof NZ$1.3284. Going into the offshore session andahead of the Federal Reserve's final statement forthe year, the kiwi is seen supported around $0.7440with $0.7560 to cap any rise.

The Aussie hovered around $0.9950, aftertouching $0.9985 in offshore trading, the highestsince it last reached $1 on Nov. 12. Support isseen from $0.9834 with resistance beginningfrom the Nov. 12 high of $1.005. The marketignored Australian data which showed a 13.2 percent drop in dwelling unit starts for Q3, whichwas seen as old news. -Reuters

NZ dollar licking its wounds,at decade low on Aussie

Swiss francrises on

debt woesZURICH: The Swiss franc onTuesday clung to most of thesharp gains made in the previoussession as concerns about spi-ralling government debt in indus-trialised countries promptedinvestors to pile more money intothe safe haven currency.

The franc got additional sup-port from the Swiss govern-ment's slightly more optimisticoutlook for the economy.

The State Secretariat forEconomic Affairs still predictsa significant slowdown of thebrisk recovery as the strongfranc is hitting exports. But itraised its 2011 forecast to 1.5per cent from 1.2 per cent pre-dicted in September.

The franc was little changedagainst the euro compared tothe New York close, trading at1.2989 per euro at 0747 GMT,with the euro stuck below thekey 1.30- mark.

The franc was up 0.2 per centagainst the dollar at 0.9655 perdollar, after the Swissie hadgained over 1.5 per cent onMonday. "The dollar-franc couldbe head back towards 0.9500, butmaybe not ahead of the SNB onThursday," Nyman said, refer-ring to the Swiss National Bank'spolicy assessment. -Reuters

Seen rising on economic fundamentals, fund inflows

Australian dollar breaks parity with greenback

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.

RememberHolbrooke Richard Holbrooke a longtime US diplomat who

played a major role in ending Vietnam war sign-ing of Dayton peace accords that ended the war inBosnia in1995was hoping to end Afghan conflictbut died this Monday leaving his mission unac-complished.

Over the four decades he emerged as a toweringone-of-a-kind person who helped defineAmerican national security strategy. His death islikely to have a profound impact on the adminis-tration's efforts to restore peace in war riddenAfghanistan. He never eyed only military gainsrather development assistance and diplomatic ini-tiatives with the governments in Kabul andIslamabad.

US President Barack Obama's words describeHolbrooke the best, he said, "a true giant ofAmerican foreign policy who has made Americastronger, safer, and more respected. He was atruly unique figure who will be remembered forhis tireless diplomacy, love of country, and pur-suit of peace."

His most prominent role was as a presidentialwartime problem solver, for which he spent hisenergy unwaveringly. He had a flair for diplomat-ic improvisation and his hard-charging style notonly yielded dramatic breakthroughs but also gen-erated bitterness and enmity, even among histeammates.

Holbrooke made the most significant achieve-ment in 1995 when he brokered a deal among bit-ter rivals to end three years of bloody sectarianwar in the former Yugoslavia in which nearly100,000 people were killed.

He took the dispute not as a principled ideologuebut as a pragmatic mediator who kept his gazeconstantly on what was possible. Some criticisedhim for interacting closely with the then-presidentof Yugoslavia, Slobodan Milosevic. ButHolbrooke described the negotiations as unbe-lievably difficult. He had been a fierce critic ofthe international community calling it "the great-est collective failure of the West since the 1930s."

The success eluded him in Afghanistan but hismission was far broader than just working on apeace deal: He was charged with revamping theentire civilian assistance effort, a critical compo-nent of the overall US counterinsurgency strategy.Although, he was optimistic about progress, hewas often frustrated with President Hamid Karzaiand his administration, as well as with many offi-cials in the US government.

Despite the many parallels between Afghanistanand Vietnam, Holbrooke remained convinced thattwo conflicts were not analogous and that a com-bination of the right strategy and resources wouldbe required to end war in Afghanistan.

According to former president George Bush hewas the most persistent advocate he had ever runinto. And former secretary of state HenryKissinger once said, "If Richard calls you andasks you for something, just say yes. If you sayno, you'll eventually get to yes, but the journeywill be very painful."

His words must be remembered by all. He hadsaid, "We fought bravely under very difficult con-ditions. But success was not achievable. Thosewho advocated more escalation or somethingcalled 'staying the course' were advocating some-thing that would have led only to a greater andmore costly disaster afterwards."

4Wednesday, December 15, 2010

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

Editor: Shakil H. Jafri

Executive Editor: Manzar Naqvi

Honorary Advisory Board

Haseeb Khan, FCA

Asim Abbas Ashary, CPA

Akhtar M. Zaidi, FCA

Dr. A. Hadi Shahid, FCA

Muhammad Arif

S. Muneer Hussain Rizvi

Khurram Shehzad, CFA

Prof. Zakaria Sajid (KU)

Zahid Bukhari SVP HBL (retd)

Ismat Sabir

Head office

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

URL: www.thefinancialdaily.comEmail Address: editor@thefinancialdaily.com

Lahore office

24- Peshawar Block, Fortress Stadium, Lahore

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

Email Address: editor@thefinancialdaily.com

The Financial Daily InternationalVol 4, Issue 126

Javed Akhtar

The Sino-Pakistan relationshippresents a model for friendlyrelations between two opposing

ideological settings and markedly dif-ferent economic systems during andafter the Cold War in bipolar, multi-polar, and uni-polar world.

While commenting on decades' oldSino-Pak diplomatic ties, diplomaticsources said here Tuesday, it wasbecause of this close fraternal under-standing that bilateral relations werepromoted between the two countriesirrespective of domestic politicalregime changes and issues ever sincePakistan recognised the PeoplesRepublic of China on January 4, 1950.

Pakistan was the first country that hadrecognised the PRC as the sole legiti-mate 'government' of the people ofChina by dismissing the possibility ofaccording this status to the Republic ofChina, known as Taiwan or Formosaunder General Chiang Kaishek.

Pakistan's One-China policy wasbased on unforeseeable wisdom. Asdiplomatic relations were establishedbetween the two countries on May 12,1951, high level lateral exchangesbecame a regular feature of mutual con-tact between the two countries. Inrecent times, especially by the 1990s,there has occurred a much strongermomentum for high level exchanges.

By the same token, President Asif AliZardari visited China six times duringthe last couple of years to renovate thehistorical ties, laying greater focus onthe economic partnership. Besidesbilateral level, both countries have beenenhancing cooperation through multi-lateral forms; namely the ShanghaiCooperation Organization (SCO) andthe ASEAN-Regional Forum (ARF).

The relationship has been describedby Hu Jintao as "higher than the moun-

tains and deeper than oceans".Favourable relations with China havebeen a pillar of Pakistan's foreign poli-cy.

China strongly supported Pakistan'sopposition to Soviet Union involve-ment in Afghanistan and was perceivedby Pakistan as a regional counterweightto India. China and Pakistan also sharea close military relation, with Chinasupplying a range of modern arma-ments to the Pakistani defence forces.

China supports Pakistan's stance onKashmir while Pakistan supports Chinaon the issues of Xinjiang, Tibet, and

Taiwan. Lately, military cooperationhas deepened with joint projects pro-ducing armaments ranging from fighterjets to guided missile frigates.

Chinese cooperation with Pakistanhas reached high economic points withsubstantial investment from China inPakistani infrastructural expansion,including the noted project in thePakistani deep water port in Gwadar.Both countries have an ongoing freetrade agreement.

Pakistan has served as China's mainbridge between Muslim countries.Pakistan had earlier played a leadingrole in bridging the communication gapbetween China and the West, throughHenry Kissinger's secret visit before the1972 Nixon visit to China.

The long-standing ties of friendshipbetween the two countries are under-pinned by mutual trust and confidence.

A close identity of views and mutualityof interest remain the hallmark of bilat-eral ties. Pakistan has always supportedChina on all issues of importance to thelatter, especially those related to thequestion of China's sovereignty e.g.Taiwan, Xinjiang, and Tibet and othersensitive issues such as human rights.

The Chinese leadership has alwaysappreciated Pakistan's steadfast supporton issues of their concern. They are alsogenerous in acknowledging the signifi-cant role of Pakistan in the early 1970s,which enabled China to break its isola-tion from the West and the US, when

Henry Kissinger secretly visitedBeijing. Pakistan also helped Chinabecome a member for the UnitedNations and has also been instrumentalin providing excellent relations ofChina with the Muslim world.

Chinese leaders have also supportedPakistan through thick and thin. TheKashmir issue has always been support-ed, while in 2008 during Pakistan-Indian tensions, it promised unlimitedfinancial and military aid. China hasbeen a steady source of military equip-ment to the Pakistani Army and also hashelped Pakistan to set-up mass weaponsproduction factories and also has giventechnology assistance and modernizedfacilities.

In the last 20 years, the countries areinvolved in the joint venture of severalprojects to enhance military andweaponry systems, which includes JF-

17 Thunder fighter aircraft, K-8Karakorum advance training aircraft,space technology, AWACS, Al-Khalidtank, Babur cruise missile. The armieshave a schedule for organizing jointmilitary exercises.

China is the largest investor in theGwadar Deep Sea Port, which is strate-gically located at the mouth of the Straitof Hormuz. China has offered toPakistan military aid in order to fightagainst the terrorist activities on their(Pakistan's) soil. Beijing will furthercooperate with Islamabad in dealingfirmly with terrorists.

After the aid the Islamic Republic ofPakistan will also purchase militaryequipment from China to fight terror towhich China have agreed. This willstrengthen cooperation between twoArmed Forces.

In the 1990s, China designed and sup-plied the heavy water Khusab reactor,which plays a key role in Pakistan'sproduction of plutonium. A subsidiaryof the China National NuclearCorporation also contributed inPakistan's efforts to expand its uraniumenrichment capabilities by providing5,000 custom made ring magnets,which are a key component of the bear-ings that facilitate the high-speed rota-tion of centrifuges.

China also provided technical andmaterial support in the completion ofthe Chasma Nuclear Power Reactor andplutonium reprocessing facility, whichwas built in the mid 1990s.

China has also launched Pakistan'sfirst satellite to orbit in 1990 becausePakistan had no Spaceport. However,Pakistan does have a space program.Pakistan's Space and UpperAtmosphere Research Commission(SUPARCO) is Pakistan's nationalspace agency and was established in1961.

APP feature service

Pak China Friendship

Canola could reach anotherrecord acreage in 2011, likelymeaning tighter rotations on

some fields. If we are to sustain canolayields on these acres at profitable lev-els, growers will have to pay moreattention to disease management par-ticularly blackleg.

Good returns from canola comparedto other crops have encouraged manygrowers to tighten their canola rota-tions. This will encourage the build upof blackleg inoculum and could selectfor blackleg races that are more virulentagainst current canola resistance genes.

"Genetic resistance is not permanent.It is at risk of being lost if better man-agement practices are not adopted,"says Derwyn Hammond, CanolaCouncil of Canada agronomy special-ist. "No one would like to return to asituation where resistant varieties areunavailable and blackleg can wipe outcrops, but that could happen if selec-tion pressure from tight rotations out-paces breeding efforts."

For long-term sustainability, growingcanola one year in four on a field is stillthe best practice. Even where diseaseissues are less severe and geneticresistance is still working reasonablywell, trends in yield and economicreturns suggest canola should not begrown more often than one year inthree. "When growers feel they musttighten rotations, we encourage them touse blackleg management tools andknowledge to make the best of thatdecision," Hammond says.

Here are the tools:Grow varieties with disease resist-

ance. At a minimum, growers on tightrotations should choose varieties withan "R" or "MR" rating for blackleg. Arotation study conducted atAgriculture and Agri-Food Canada

(AAFC) centres in Melfort and Scott,Saskatchewan from 2000-06 foundthat blackleg severity with canola intwo-year and three-year rotationsdropped significantly when growingan "R" rated hybrid compared to a sus-ceptible variety.

Rotate varieties. Many genes areresponsible for blackleg resistance incanola and at least 16 described viru-lent blackleg races are currently foundon the Prairies. Growers don't knowwhich varieties have which resistancegenes, but rotating varieties will likelybring a mix of resistance genes to thefield over time, Hammond says. Thisreduces the risk of selecting for black-leg races that can overcome geneticresistance in any one variety. Q2, forexample, went from an "R" ratingwhen it was originally launched to an"MS" or "S" rating in some areas todaybecause it only has one gene for black-leg resistance. Blackleg races haveovercome that resistance gene in manyregions.

Scout for disease. Look for blacklegearly in the season and just prior tocrop maturity. Infection prior to thefour-leaf stage can result in seriousyield loss, but blackleg can be difficultto identify on such small plants.

Blackleg infection may occur oncotyledons, leaves, stems and pods.Leaf lesions are dirty white, round toirregularly shaped, and usually dottedwith numerous small, black pycnidia(pepper-like spore-producing struc-tures.) Stem lesions may be up to sev-eral inches in length, and are usuallywhite or grey with a dark border.Numerous pycnidia form in the centreof the lesion. Lesions or cankers at thebase of the stem may appear as a gen-eral blackening, with stem tissue con-stricted or pinched at the soil surface.

These basal cankers are what causesignificant yield loss. They are easy tosee late in the season, which is whyscouting just prior to crop maturity isrecommended. By observing the level ofdamage at this stage, growers can decideon a rotation and blackleg managementplan for that field in following years.

Control volunteers. Canola volun-teers and related weed species such aswild mustard can host blackleg and othercanola diseases in non canola years. Ifnot controlled, these volunteers andweeds act as a disease bridge, reducingthe effectiveness of rotation and varietyresistance for disease management.

Use certified seed. With certifiedseed, each canola plant should have thesame genes and be equally resistant.With bin run seed from hybrids, thissecond generation seed may not haveinherited the same mix of resistancegenes. Seed treatments can controlseed-borne blackleg infection, but donot protect seedlings and plants fromlater infection.

Weigh the benefit of fungicide. Tilt,Quadris and Headline are registered tocontrol blackleg. They only have pro-tectant activity and little or no eradi-cant activity, so ideally fungicidesshould be applied before blacklegsymptoms are present. This requiressome anticipation of the disease, so itprobably won't be a common practiceuntil variety resistance starts to breakdown on certain fields and those grow-ers come to expect an economic lossfrom blackleg on a regular basis.

In the AAFC rotation study fromMelfort and Scott, generally there waslittle or no reduction in blackleg sever-ity or improved yield when applying afungicide on "R" rated varieties. Forthe susceptible variety (Westar), fungi-cide did reduce disease severity and

provided a 14% yield increase, onaverage.Additional factors in blackleg man-agement

Consider your climateBlackleg incidence and severity tend

to be higher in regions that are humidand warm with frequent rain showers.Therefore tight rotations in areas withconditions conducive to disease devel-opment will tend to be less sustainable,from a blackleg management perspec-tive, than tight rotations in area that areless humid with lower rainfall.

Blackleg spreads by windWhile most blackleg infection comes

from canola residue within the samefield, blackleg ascospores can be dis-persed by wind. Blackleg spores do notcarry as far as sclerotinia spores, butcanola growing in fields that havenever had canola can still be infectedfrom infested fields immediately adja-cent. In that case, infection tends to behighest in canola plants closest to thisinfested field.

No solid benefit from tillage orburning

A recently published study fromAAFC in Melfort, Saskatchewan,looked at tillage and burning to managedisease. Neither measure worked toreduce blackleg severity in canola."Differences in disease severity amongtillage treatments were minimal," thereport concluded. As for burning, thereport uses these words to explain thelack of consistent results: "It may bethat when the crop residue is burnt, thefire quickly consumes the easilyignitable residue but does not burn uni-formly over the field or is not hotenough to destroy ... the thick woodybasal canola stalks of previous cropsthat harbour the blackleg pathogen."

Courtesy: Canola Council Canada

Blackleg back on the radar

US banking regulatorsmeet on Tuesday to takethe first steps toward

implementing higher capitalrequirements set out in theDodd-Frank financial overhaullaw.

The Federal Deposit InsuranceCorp (FDIC) board will consid-er a proposal on how to set min-imum capital requirements forbanks under a provision in thenew law that was added by Sen.Susan Collins of Maine with thestrong backing of FDICChairman Sheila Bair.

Many lawmakers and regula-tors came out of the 2007-2009financial crisis arguing banksdid not hold enough high qualitycapital to deal with the shock tofinancial system and this con-tributed to the government hav-ing to bail them out.

Banks have voluntarily beenbuilding capital levels in theaftermath of the crisis so it isunclear how many would haveto bolster their capital.

The proposed rules, part of abusy week by regulators towardimplementing Dodd-Frank, mayserve mostly to stop capital lev-els getting too low in the future.

Collins' provision would set a"floor" for capital and leveragerequirements.

Bank holding companieswould have to meet the sameminimum requirements thatgovern their banking units thatare insured and regulated by theFDIC. In the past, capitalrequirements for holding com-panies have been less stringentthan those for insured depositaryinstitutions.

These minimum requirements

would also apply to any non-bank institutions that the govern-ment deems to be important tothe financial system and there-fore subject to supervision bythe Federal Reserve.

The rule being consideredTuesday will be the first step inputting the Collins amendmentinto practice and it will be joint-ly issued by the FDIC, the Officeof the Comptroller of theCurrency and the Fed.

Bair said earlier this year shewas concerned bank holdingcompanies were relying on theirinsured depository institutions asa source of capital strength whenthe opposite should have beenthe case.

"If, in the future, bank holdingcompanies are to becomesources of financial stability forinsured banks, then they cannot

operate under consolidated capi-tal requirements that are numeri-cally lower and qualitatively lessstringent than those applying toinsured banks," she said in aMay 7 letter supporting Collins'proposal.

A question surrounding theCollins amendment is how itwill mesh with the new interna-tional capital standards, knownas Basel III, which wereendorsed in November by lead-ers from the Group of 20 devel-oped and emerging nations.

The details of that agreementare still being hammered out andUS regulators have yet to con-sider how to implement it.

MF Global financial servicesanalyst Jaret Seiberg said therule being considered by theFDIC on Tuesday will likelyseek to establish a standard

based on the existing Basel I andBasel II agreements.

"This matters because the pro-posal may actually require banksto operate separate capital sys-tems indefinitely, which is acompliance cost as well as a dis-traction," Seiberg wrote in aresearch note.

Regulators have until January2012 to issue final rules imple-menting all aspects of theCollins amendment.

Also on Tuesday, the FDICwill consider a proposal on howmarket risk surrounding suchthings as securitized productsshould impact capital standards.

The board is also scheduled tovote on a final rule setting amuch higher long-term target forthe minimum level of its insur-ance fund as well as its budgetfor the upcoming year.-Reuters

Bank regulators to tacklecapital standards

A model of friendly relations between two different ideological states

The relationship has been describedby Hu Jintao as "higher than the

mountains and deeper than oceans".Favourable relations with China have

been a pillar of Pakistan's foreign policy.“

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

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

Sales (July 10 to Nov 10) 32,092

Production (Nov 10) 7,087

Sales (Nov 10) 6,813

INDUS MOTOR COProduction (July 10 to Nov 10) 20,987Sales (July 10 to Nov 10) 20,375Production (Nov 10) 3,974Sales (Nov 10) 3,753

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

Sales (July 10 to Nov 10) 6,247

Production (Nov 10) 1,145

Sales (Nov 10) 1,075

DEWAN FAROOQ MOTORSProduction (July 10 to Nov 10) 186Sales (July 10 to Nov 10) 70Production (Nov 10) 0Sales (Nov 10) 0

BANKING SECTORScheduled bank (Rs in mn)Deposit (December 3,10) 4,824,464Advances (December 3,10) 3,050,639Investments (December 3,10) 1,916,917Spread (October 10) 7.49%

OIL MARKETING CO(000 tons)MS (Jul 10 to Nov 10) 932MS (Nov 10) 186Kerosene (Jul 10 to Nov 10) 66Kerosene (Nov 10) 12JP (Jul 10 to Nov 10) 589JP (Nov 10) 124HSD (Jul 10 to Nov 10) 2,792HSD (Nov 10) 612LDO (Jul 10 to Nov 10)) 26LDO (Nov 10) 4Fuel Oil (Jul 10 to Nov 10) 3,641Fuel Oil (Nov 10) 572Others (Jul 10 to Nov 10) 3Others (Nov 10) 1

PRICES (Ex-Refinery) RsMS (1 Dec 10) 45.15 MS (1 Nov 10) 44.53 MS % Chg 1.39%Kerosene (1 Dec 10) 52.04 Kerosene (1 Nov 10) 51.25 Kerosene % Chg 1.54%JP-1 (1 Dec 10) 52.27 JP-1 (1 Nov 10) 51.48 JP-1 % Chg 1.53%HSD (1 Dec 10) 55.20 HSD (1 Nov 10) 54.24 HSD % Chg 1.77%LDO (1 Dec 10) 50.52 LDO (1 Nov 10) 49.51 LDO % Chg 2.04%Fuel Oil (1 Dec 10) 43,019 Fuel Oil (1 Nov 10) 42,046

Sector Updates

Symbol Close Vol (mn)LOTPTA 13.40 12.95 JSCL 11.82 11.63 NICL 2.14 7.51 NBP 71.32 6.87 DSFL 3.19 6.83

Symbol Close ChangeULEVER 4,262.54 192.55 RMPL 2,080.00 75.00 SIEM 1,334.54 45.27 BATA 661.72 31.36 NESTLE 2,450.57 25.05

Symbol Close ChangeUPFL 1,057.22 -32.77WYETH 1,085.00 -15PECO 275.00 -7EXIDE 181.01 -5.84MFFL 72.40 -3.6

Plus 211Minus 186Unchanged 18

Top 5 Volume Leaders

Major Losers

Major Gainers

KSE-100 Index

LSE-25 Index

ISE-10 Index

Active Issues

Wednesday, December 15, 2010 5

Dhiyan

Bull-run will continue as long as foreigners are on the buying sidetherefore index can touch 12,200 points level in the short-term.However, market may also witness small technical corrections.Investors are advised to go for those companies that are likely to postgood corporate results at the end of December. Banking, fertiliserstocks and dividend-yielders are also the pick-me-ups of the day.Market would be dull today as Moharram holidays are almost here.

Naeem Rafi, CEO Rafi Securities

Faran Rizvi, Technical Analyst Invisor SecuritiesMarket is trading near its major resistance trend-line and we areforeseeing some range-bound activities in days to come with indexmoving between 11,755 and 11,613 points. Therefore we recom-mend day-traders to book profits in overbought scripts and buy thosestocks which haven't performed in the recent rally like banking. Westill suggest buying with stop loss. Market would be lacklustertoday.

NOTHING SPECIAL FOR TODAY

Opening 11,596.69 Closing 11,672.64 Change 75.95% Change 0.65Turnover (mn) 142.33

Opening 3,618.00 Closing 3,629.81 Change 11.81% Change 0.33Turnover (mn) 7.23

Opening 2,915.31 Closing 2,925.72 Change 10.41% Change 0.36Turnover (mn) 0.35

Energy shares pushManila up; others flat

South East Asian stocks

Europe shares edge up onrecovery hopes; FOMC eyed

Nawaz Ali

KARACHI: On TuesdayKarachi Stock Exchange(KSE) ended higher due tobuying by the offshoreinvestors mainly in energy andbanking stocks.

The benchmark KSE 100-Index gained 75 points - 0.65per cent- to close at 11,672points.

KSE 30-Index rose by 67points and KSE All ShareIndex grew by 47 points toclose at 11,215 and 8,119

points respectively."Foreign fund managers

remained highly active in thelocal bourse", said SamarIqbal, equity dealer at ToplineSecurities.

According to NCCPL dataforeigners net-bought sharesworth $19.51 million onTuesday including an off-mar-ket net-buy of Unilever sharesfor $19.3 million.

Local investors participatedless as they preferred to bookprofits on high levels ahead oflong weekend, Samar added.

Bulls were there since thestart of the session as marketopened with a gain of 12points. Positive numbers thenkept on increasing as investorscontinued to take positionsmainly in oil, banking and fer-tiliser stocks especially inMansha group stocks on hopesof good corporate results.Turnover, however, was led by2nd tier stocks as according toan expert investors went afterthose scrips which underper-formed in the recent rally.

Therefore index crossed

10,700 points levels andtouched the highest level ofthe day at 11,719 points (+ve122 points). However,investors --mainly from thelocal front-- booked profits athigher levels ahead of a longweekend which reduced theindex gains and it closed theday below 10,700 points.

It should be noted that theexchange will remain closedon Thursday and Friday onaccount of Ashura.

Volumes, however, remainedon the lower side as 142.3 mil-

lion shares traded during theday which is 39.8 millionshares less as compared to aturnover of 182.1 millionshares a day earlier.

Lotte Pakistan stood as thevolume leader with 12.95 mil-lion shares followed byJehangir Siddiqui with 11.63million shares and Nimir IndChemical with 7.51 millionshares.

Out of total 415 active issues211 advanced and 186declined while 18 remainedunchanged.

Offshore bulls add toonshore gains at KSE

US stocks late-morning

Wall Streetup on retailsales; Best

Buy weighsNEW YORK: US stocks roseon Tuesday as strongNovember retail sales boostedoptimism about consumerspending, even though weaksales from electronics bell-wether Best Buy showed somespecialty retailers could bestruggling.

Best Buy Co Inc, a top elec-tronics retailer, lost 14 per cent,denting the lift from the posi-tive consumer spending data.While major stock indexeswere up, the S&P retail indexdropped 0.45 per cent.

Sales at US retailers rosemore than expected inNovember, up for a fifthstraight month and pointing to ahealthier economy. Consumerspending accounts for roughlytwo-thirds of the US economy.

The jump in retail sales is,"from a general perspective,indicative of an economy that isbeginning to recover somestrength," said Janna Sampson,co-chief investment officer atOakBrook Investments LLC inLisle, Illinois.

The Dow Jones industrialaverage gained 61.53 points, or0.54 per cent, to 11,490.09. TheStandard & Poor's 500 rose4.26 points, or 0.34 per cent, to1,244.72. The NasdaqComposite added 8.84 points,or 0.34 per cent, to 2,633.75.

The Federal Reserve's mone-tary policy committee meetslater Tuesday, and the group'sstatement is expected to leaveinterest rates unchanged andevaluate the central bank'srecent massive bond-buyingprogram to support the econo-my.

The Fed may revise its eco-nomic outlook to reflectstronger growth after the WhiteHouse and congressionalRepublicans agreed to extendtax breaks and provide a pay-roll tax cut, effectively deliver-ing fresh stimulus.

See # 18 Page 11

LONDON: Gains in energystocks offset falling miners,leaving Britain's top share indexalmost level on Tuesday, withBP the top riser on vague mar-ket talk of bid interest fromRoyal Dutch Shell.

By 1156 GMT the FTSE 100was 1.15 points higher at5,861.90 in light trade, after ris-ing 0.8 per cent on Monday toits highest close since Nov. 9."We saw some good gains yes-terday but investors seem con-tent with the index hoveringnear its year-high (5,902.11)and little in the way of driversto push us on today," JimmyYates, head of equities at CMCMarkets, said.

BP rose 2.3 per cent, withtraders citing talk of potentialbid interest from Royal DutchShell. Both companies chosenot to comment. The oil majorwas also helped by a bullishnote from Credit Suisse, whichraised its forecasts for oil pricesin 2011 and reiterated that BP isits top pick in the sector.

BP said it had agreed to sell aportfolio of oil and gas assets in

Pakistan for $775 million, high-er than analyst estimates, as itraises cash to pay for the Gulfof Mexico oil spill.

Energy shares were the mainsupport on London's blue-chipindex, aided by a rise in crudeprices that was sparked by dataon Monday highlightingChina's continued growth.Bunzl climbed 1.4 per cent afterNumis raised the stock to "buy"from "add", after the packagingdistributor reported full-yearresults.

Traders kept money on thesidelines ahead of a US FederalReserve Open Market Committeeannouncement. Analysts expectthe Fed to remain in a holdingpattern as officials evaluate therecent launch of a second roundof quantitative easing.

"Any indication that there isgoing to be more caution fromthe Fed could send a little wavethrough equity markets, but Ithink this is unlikely and every-body's hoping there will be noshocks between now and nextweek," said Giles Watts, head ofequities at City Index.-Reuters

Rising energystocks lift FTSE

HONG KONG/SHANGHAI:Hong Kong and Shanghaistocks edged higher onTuesday, helped by energycounters although lightturnover suggested that fundshad begun closing their booksfor the year and inflation inChina kept investors cautiousheading into 2011.

The Shanghai CompositeIndex ended up 0.14 per cent at2,927.08. The benchmark hadsurged on Monday afterChina's central bank skippedan expected interest rate rise,opting instead to furtherincrease bank reserve require-ments, aiming to rein in infla-tion that hit a 28-month high inNovember.

Hong Kong's Hang SengIndex rose 0.49 per cent toclose at 23,431.19, with energystocks tracking commodityprices higher on the back of aweaker US dollar, and renewedoptimism over the global econ-omy. Shanghai's key stockindex rose 0.1 per cent.

"While there was short-termclarity after the rise in reserverequirements, investors are onguard against further tighten-ing measures," said GuotaiJunan Securities analyst XuYinhui in Shanghai.

China's key money marketrate, the main barometer ofshort-term liquidity supply,jumped early on Tuesday, sug-gesting banks were reluctant tolend in anticipation of anotherrise in reserve requirements.

Economists polled byReuters forecast that Chinawould raise rates before theend of 2010 and twice again in2011 as part of a campaign tocontrol inflation.

At the same, concern overhot money inflows was expect-ed to limit aggressive rateincrease.

"If there were no externalfactors, China would definitelyhave to increase interest ratesas quickly as possible," saidChen Dongqi, a

See # 19 Page 11

HK, China shares up;turnover remains low

Tradingin 29 cos

stays frozen KARACHI: The Karachi StockExchange (KSE) has extendedthe suspension period of 29 com-panies for another 60 days (effec-tive from December 14, 2010) onthe directives of Security andExchange Commission ofPakistan (SECP).

According to KSE, the actionhas been taken to protect theinterest of trade and public.

They are First InterfundModaraba, Rashid Textile MillsLtd, Siftaq international Ltd, IttiTextiles Ltd, Fazal VegetableGhee Ltd, Pak Ghee Industries,Sadoon Textiles Mills,Extraction Ltd, Valika WoolenMills, Medi Glass Ltd,Universal Oil & VegetableGhee Mills Ltd, MineralGrinding Mills, AbsonIndustries, Hala Spinning Mills,Saif Nadeem Kawasaki Motors,Prudential Stocks Fund, QualitySteel Works, English Leasing,First Dadabhoy Modaraba,Sunshine Cotton Mills, TaxilaEngineering, QayyumSpinning, Hakkim TextileMills, Suraj Ghee Industries,McDonald Layton & Co,Hallmark Insurance, IttefaqInsurance Prudential Discount& Guarantee House andKashmir Polytex Ltd.-APP

TOKYO: Japan's Nikkei aver-age edged up 0.2 per centTuesday, posting a seven-month closing high for a sec-ond day as upbeat Chinese eco-nomic data encouraged buyingof commodity stocks and con-struction equipment makers.

Buying by overseasinvestors, who picked upstocks in the brokerage sector,also fuelled the rise.

Foreign funds have beenaggressively buying laggingTokyo shares, pushing theNikkei up more than 12 percent over the past six weeks.

"We're still seeing foreignbuying and it will probably lastfor another few weeks," saidTsuyoshi Kawata, a seniorstrategist at Nikko CordialSecurities, adding that volumemay fall a bit around Christmaswhen foreign investors willlikely be away for the holidays.

He said the Nikkei may con-tinue its gains, but resistancewould keep it pegged at around10,500 by the end of the year.

Analysts believe the govern-ment is poised to cut Japan's cor-porate tax rate by 5 per centagepoints as demanded by businessleaders to achieve its growthstrategy, and such a move couldhelp boost the competitivenessof Japanese companies.

"We respect Prime MinisterKan's decision to reduce theeffective corporate tax rate by5 per cent amid a severe fiscalsituation. We see this as thefirst step in the government'sgrowth strategy that aims toreduce the effective corporatetax rate to those of other devel-oped nations," HiromasaYonekura, chairman of busi-ness lobby Nippon Keidanren,said in a statement.

See # 20 Page 11

Nikkei at 7-mth topas China data helps

MUMBAI: Sensex overcamechoppy early trade and notchedgains for a third day onTuesday, after inflation easedas expected and reinforcedhopes for steady interest rateswhen the central bank reviewspolicy this week.

Volume was, however, rela-tively light underlininginvestor caution ahead of theyear end when foreign fundslock in gains.

Lenders such as marketleader State Bank of India andrival ICICI Bank were amongthose that climbed after thewholesale price index rose an

annual 7.48 per cent inNovember -- the lowest rise ina year.

"The headline number is inline with expectation and reaf-firms that RBI will adopt await and watch stance on Dec.16," said Anubhuti Sahay,economist at StandardChartered Bank in Mumbai,referring to the Reserve Bankof India.

Top motorcycle maker HeroHonda bucked the trend andskidded 3.3 per cent on con-cerns royalty payments to thefirm's Japanese collaboratormay rise sharply.

The Economic Times report-ed on Tuesday the founder ofHero Group, the Munjal fami-ly, is set to buy Honda Motor's26 per cent stake in joint ven-ture for about $1 billion -- orhalf the current market value.

Traders said any deal struckat a deep discount ran the riskof a possible hefty increase inroyalty payments as HeroHonda would continue to usethe Japanese company's tech-nology even after the break upof the joint venture.

The 30-share BSE indexended up 0.55 per cent

See # 21 Page 11

Indian sharesrise for 3rd day

VHMEL to buymore intoPioneerCement

KARACHI: Vision HoldingMiddle East Ltd (VHMEL), acompany incorporated in BritishVirgin Islands has announced toacquire 57.773 million shares or25.93 per cent stake of PioneerCement Ltd.

According to a notice issued toKSE on Tuesday, the PioneerCement said that the FoundationSecurities, local agent of VHMELhas sent an offer letter to the com-pany on December 13, 2010.

It may be noted that VHMELhad already purchased 49.084 mil-lion shares --Rs10 each-- or 22.03per cent shares of the issued capi-tal of Pioneer Cement at Rs 22 pershare on June 18, 2009.-APP

ANNOUNCEMENTS

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

Khyber Tobacco Yearly - 36.323 30.22

Wednesday, December 15, 20106

Volume 142,326,401

Value 4,393,178,343

Trades 69,458

Advanced 211

Declined 186

Unchanged 18

Total 415

Current 8,119.09

High 8,149.82

Low 8,071.95

Change h47.14

Current 11,672.64

High 11,719.50

Low 11,596.69

Change h75.95

Current 11,215.99

High 11,268.48

Low 11,148.40

Change h67.59

Market KSE 100 Index All Share Index KSE 30 Index

Current 18,357.18

High 18,439.62

Low 18,316.83

Change h40.35

KMI 30 IndexSymbolsAlert ! Unusual Movements

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

EcoPack Limited

ECOP closed up 0.25 at 2.88. Volume was 3,989 per cent above aver-

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

The company's loss after taxation stood at Rs17.193 million which

translates into a Loss Per Share of Rs0.75 for the 1st quarter of current

fiscal year (1QFY11).

ECOP is currently 6.5 per cent above its 200-day moving average and

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

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

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

oscillators are currently bullish on ECOP.

RSI (14-day) 69.32 Total Assets (Rs in mn) 1,676.73

MA (10-day) 2.42 Total Equity (Rs in mn) 180.46

MA (100-day) 2.20 Revenue (Rs in mn) 1,742.07

MA (200-day) 2.70 Interest Expense 138.59

1st Support 2.62 Loss after Taxation (18.39)

2nd Support 2.36 EPS 10 (Rs) (0.80)

1st Resistance 3.16 Book value / share (Rs) 7.85

2nd Resistance 3.44 PE 11 E (x) -

Pivot 2.90 PBV (x) 0.37

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

IGIBL closed up 0.11 at 2.71. Volume was 1,372 per cent above aver-

age (trending) and Bollinger Bands were 53 per cent narrower than nor-

mal. The company's profit after taxation stood at Rs8.928 million which

translates into an Earning Per Share of Rs0.04 for the 1st quarter of

current fiscal year (1QFY11).

IGIBL is currently 14.6 per cent above its 200-day moving average and

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

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

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

forecasting oscillators are currently bullish on IGIBL.

RSI (14-day) 63.19 Total Assets (Rs in mn) 8,260.69

MA (10-day) 2.60 Total Equity (Rs in mn) 1,669.86

MA (100-day) 2.10 Revenue (Rs in mn) 844.20

MA (200-day) 2.36 Interest Expense 667.45

1st Support 2.60 Loss after Taxation (199.37)

2nd Support 2.50 EPS 10 (Rs) (0.94)

1st Resistance 2.80 Book value / share (Rs) 7.87

2nd Resistance 2.90 PE 11 E (x) 16.94

Pivot 2.70 PBV (x) 0.34

IGI Investment Bank Ltd

Technical AnalysisFundamental Highlights

As on Dec 31, 2009

JSBL closed down -0.07 at 2.56. Volume was 471 per cent above aver-

age (trending) and Bollinger Bands were 11 per cent narrower than nor-

mal. The company's loss after taxation stood at Rs404.872 million

which translates into a Loss Per Share of Rs0.66 for the nine months of

current calendar year (9MCY10).

JSBL is currently 14.0 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 moderate flows of volume out of JSBL (mildly bearish). Trend

forecasting oscillators are currently bearish on JSBL.

RSI (14-day) 44.50 Total Assets (Rs in mn) 32,894.92

MA (10-day) 2.63 Total Equity (Rs in mn) 5,654.56

MA (100-day) 2.52 Revenue (Rs in mn) 2,527.30

MA (200-day) 2.98 Interest Expense 1,806.71

1st Support 2.50 Loss after Taxation (594.94)

2nd Support 2.37 EPS 09 (Rs) (0.98)

1st Resistance 2.73 Book value / share (Rs) 9.23

2nd Resistance 2.83 PE 10 E (x) -

Pivot 2.60 PBV (x) 0.28

JS Bank Limited

Technical AnalysisFundamental Highlights

As on Jun 30, 2009

IDSM closed down -0.25 at 6.00. Volume was 3,335 per cent aboveaverage (trending) and Bollinger Bands were 180 per cent wider thannormal. The company's profit after taxation stood at Rs29.202 millionwhich translates into an Earning Per Share of Rs2.94 for the 1st quar-ter of current fiscal year (1QFY11)IDSM is currently 119.5 per cent above its 200-day moving average andis displaying an upward trend. Volatility is relatively normal as comparedto the average volatility over the last 10 trading sessions. Volume indi-cators reflect volume flowing into and out of IDSM at a relatively equalpace. Trend forecasting oscillators are currently bullish on IDSM.Momentum oscillator is currently indicating that IDSM is currently in anoverbought condition.

RSI (14-day) 70.64 Total Assets (Rs in mn) 740.24

MA (10-day) 5.22 Total Equity (Rs in mn) 28.60

MA (100-day) 3.69 Revenue (Rs in mn) 1,111.39

MA (200-day) 3.17 Interest Expense 71.79

1st Support 5.70 Loss after Taxation (45.32)

2nd Support 5.35 EPS 09 (Rs) (4.569)

1st Resistance 6.70 Book value / share (Rs) 2.88

2nd Resistance 7.35 PE 10 E (x) 0.51

Pivot 6.35 PBV (x) 2.08

Ideal Spinning Mills Limited

OIL AND GAS

Performance of SR Oil and Gas Index

Open High Low Close Change % Change

1,496.16 1,515.04 1,490.21 1,500.12 3.96 0.26Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High

4,813,834 - - 65,194.15 mn 1,165,984.16 mn 1,511.75 P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low

10.96 3.57 32.54 55.94 5.10 1,496.16

Attock Petroleum 691 5.64 324.88 327.49 325.30 325.86 0.98 126074 374.20 287.99 250 - 300 20Attock Refinery 853 6.74 121.61 122.59 120.00 120.16 -1.45 1005933 137.20 78.51 - - - -BYCO Petroleum 3921 - 11.21 11.40 11.20 11.28 0.07 348734 12.49 10.00 - - - -Mari Gas Company 735 16.20 119.51 119.98 119.50 119.53 0.02 18841 128.90 106.00 32.17 100B 31 -National Refinery 800 3.82 259.31 263.00 256.65 258.01 -1.30 133922 275.40 189.08 125 - 200 -Oil & Gas Development XD 43009 11.26 165.72 168.45 164.77 166.36 0.64 947773 170.99 142.05 82.5 - 55 -Pak Petroleum 11950 8.47 207.28 209.45 207.28 208.27 0.99 465806 214.10 168.70 130 20B 90 20BPak Oilfields 2365 6.80 288.17 290.55 287.21 288.04 -0.13 1496511 293.80 230.05 180 - 255 -Pak Refinery Limited 350 - 102.23 103.65 101.05 101.99 -0.24 86877 106.34 55.00 - - - -PSO 1715 4.81 283.54 285.18 283.01 284.07 0.53 514868 292.15 258.00 50 - 80 -Shell Gas LPG 226 - 35.90 37.30 36.85 37.01 1.11 6285 40.28 29.05 - - - -Shell Pakistan 685 10.28 199.76 202.80 199.00 200.40 0.64 29785 204.40 182.05 330 - 40 -

Paid up Last 60 days 2009 2010

Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR

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

PERSONAL GOODS

Performance of SR Personal Goods Index

Open High Low Close Change % Change

986.40 999.43 980.28 991.67 5.27 0.53Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High

10,988,850 - - 47,070.70 mn 131,639.03 mn 991.67 P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low

7.04 0.61 8.64 16.68 2.37 976.23

Amtex Limited XD 2415 9.91 4.29 4.64 4.25 4.36 0.07 514016 18.30 4.25 - - 30 -Artistic Denim 840 6.34 22.66 23.00 22.50 22.84 0.18 242 24.05 18.50 20 - 20 -Azgard Nine 4493 - 9.96 10.43 10.00 10.23 0.27 5098001 12.32 9.70 - - - -Babri Cotton 33 0.34 9.10 8.25 8.10 8.25 -0.85 800 18.75 8.10 - - - 15BBannu Woolen XD 76 0.47 13.69 13.70 13.30 13.31 -0.38 2922 14.50 8.60 - - 20 -Bata (Pak) 76 5.49 630.36 661.87 629.25 661.72 31.36 5429 747.48 436.00 120 - - -Bilal Fibres 141 0.51 1.49 1.88 1.50 1.88 0.39 101 2.80 0.55 - - - -Chakwal Spinning 400 0.48 1.25 1.30 1.10 1.10 -0.15 107 2.59 0.56 - - 5 -Chenab Limited 1150 - 3.16 3.33 3.08 3.11 -0.05 70964 3.95 3.00 - - - -Colgate Palm 316 34.54 901.52 930.00 907.00 920.17 18.65 628 930.00 640.01 115 15B - -Colony Mills Ltd 2442 4.14 2.63 2.70 2.55 2.65 0.02 16001 3.33 2.26 - - - -Crescent Jute 238 - 0.84 0.94 0.74 0.83 -0.01 51506 1.49 0.16 - - - -Crescent Textile 492 3.94 20.00 20.50 19.05 20.50 0.50 1041 23.90 17.89 - - 15 -D S Ind Ltd 600 - 1.97 2.01 1.90 1.91 -0.06 82256 2.37 1.44 - - - -Data Textile 99 - 0.32 0.49 0.33 0.45 0.13 4300 0.90 0.02 - - - -Dawood Lawrencepur 514 49.84 42.02 43.00 40.50 42.36 0.34 8282 44.50 36.10 - - 5 -Dewan Khalid Textile 57 0.19 2.40 2.50 2.50 2.50 0.10 488 3.75 0.26 - - - -Dewan Mushtaq Textile 34 0.18 6.44 7.44 5.45 6.00 -0.44 594 7.44 1.80 - - - -Din Textile 204 0.54 25.50 25.15 25.15 25.15 -0.35 120 30.90 20.80 - - 20 10BEllcot Spinning 110 0.60 19.65 20.50 19.90 19.91 0.26 5714 25.45 17.21 7.5 - 35 -Gadoon Textile XD 234 0.61 55.54 56.85 56.00 56.10 0.56 3598 56.85 34.65 - - 70 -Gul Ahmed Textile 635 3.70 25.70 26.25 24.81 25.78 0.08 16260 26.25 19.99 5 - 12.5 -Gulshan Spinning 222 0.95 7.02 7.80 7.00 7.80 0.78 162 10.30 5.51 - 10B 10 20BHira Textile Mills Ltd. 716 0.77 4.03 4.20 4.06 4.10 0.07 55988 4.88 3.35 - - 10 -Ibrahim Fibres 3105 2.99 37.77 38.95 37.65 38.00 0.23 5195 40.77 34.05 - - 20 -ICC Textile 100 - 2.15 2.05 1.55 1.56 -0.59 9580 2.70 0.30 - - - -Ideal Spinning 99 0.51 6.25 7.00 6.00 6.00 -0.25 1458782 7.29 2.02 - - - -Idrees Textile 180 3.39 3.16 3.29 2.92 3.12 -0.04 2500 5.35 2.60 - - 10 -Indus Dyeing 181 2.98 324.20 339.97 309.01 333.49 9.29 452 339.97 209.03 15 - - -J K Spinning 184 1.05 6.20 7.00 5.31 6.88 0.68 112 9.50 4.05 - - 20 5BKhurshid Spinning 132 - 1.00 2.00 1.40 2.00 1.00 18000 2.00 1.00 - - - -Kohat Textile 208 0.74 1.45 1.40 1.40 1.40 -0.05 1000 1.50 0.46 - - - -Kohinoor Ind 303 - 1.85 1.98 1.71 1.74 -0.11 40082 2.00 1.01 - - - -Kohinoor Mills 509 - 2.70 2.98 2.05 2.94 0.24 176 3.73 1.52 - - - -Kohinoor Textile 1455 3.81 5.64 5.69 5.30 5.34 -0.30 5146 6.30 4.51 - - - -Leather Up 60 2.38 1.78 2.34 2.00 2.00 0.22 2005 3.00 1.10 - - - -Masood Textile 600 2.06 20.00 19.98 19.02 19.50 -0.50 4962 22.59 18.01 15 - 15 100RMohd Farooq 189 - 1.02 1.39 1.05 1.05 0.03 1070 2.08 0.35 - - - -Mukhtar Textile 145 - 0.61 0.66 0.51 0.51 -0.10 38007 0.95 0.14 - - - -Nishat (Chunian) 1596 1.80 21.55 21.94 21.63 21.71 0.16 548447 25.14 15.66 - 50R 15 -Nishat Mills 3516 5.13 59.85 60.90 59.51 59.74 -0.11 2141568 63.18 45.81 20 - 25 45ROlympia Textile 108 - 2.00 2.45 2.00 2.00 0.00 500 2.45 2.00 - - - -Pak Synthetic 560 2.95 9.51 9.88 8.62 8.73 -0.78 411687 10.20 5.16 12.5 - - -Paramount Spinning 174 0.76 10.50 10.50 10.35 10.35 -0.15 3844 11.25 7.00 - 10B 10 10BQuality Textile 160 0.78 13.24 13.25 13.05 13.05 -0.19 501 13.25 7.51 - - 15 -Ravi Textile 250 - 1.74 1.84 1.60 1.63 -0.11 88443 2.30 1.29 - - - -Rupali Poly 341 4.59 37.00 37.25 35.26 36.53 -0.47 284 38.10 31.25 40 - 40 -Saif Textile 264 0.32 4.55 4.74 4.00 4.04 -0.51 58012 6.85 2.01 - - - -Salfi Textile 33 0.29 62.70 63.00 62.65 62.65 -0.05 200 68.90 22.30 - - 25 -Sally Textile 88 0.20 4.39 4.40 4.01 4.03 -0.36 8165 6.20 3.36 - - 10 -Samin Textile 134 5.01 6.42 6.45 6.01 6.01 -0.41 118094 8.69 5.02 - - - 100RSana Ind 55 3.34 44.50 44.99 42.72 44.00 -0.50 1506 44.99 27.50 35 - 60 -Sapphire Fibre 197 1.22 124.68 130.91 126.50 130.91 6.23 307 130.91 94.05 - - 15 -Saritow Spinning 133 0.38 2.50 2.30 2.30 2.30 -0.20 500 2.99 1.10 - - - -Service Ind 120 8.32 245.59 247.80 242.90 243.02 -2.57 2370 276.50 169.00 200 - - -Shahtaj Textile 97 - 18.32 18.69 17.50 18.69 0.37 4576 21.90 15.61 20 - 45 -Shahzad Textile 180 0.36 7.00 6.00 6.00 6.00 -1.00 125 9.48 3.25 - - 5 -Sunrays Textile 69 0.59 39.83 38.01 38.01 38.01 -1.82 900 39.84 30.03 10 - - -Suraj Cotton 180 0.77 35.00 34.51 33.25 34.45 -0.55 10274 37.50 29.00 15 - 50 -Thal Limited 307 4.47 106.08 106.00 104.50 104.50 -1.58 16588 112.80 86.50 20 20B 80 20BTreet Corp 418 9.03 56.77 58.00 56.51 56.70 -0.07 37572 60.50 37.25 - - - -Tri-Star Poly 215 - 1.00 1.17 1.00 1.09 0.09 101 1.50 0.26 4 - - -Yousuf Weaving 400 0.59 1.70 1.85 1.60 1.70 0.00 5256 2.00 0.86 - - - -Zephyr Textile Ltd 594 5.57 3.75 4.25 3.70 4.23 0.48 2102 4.90 1.50 - - - -

Paid up Last 60 days 2009 2010

Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR

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

HOUSEHOLD GOODS

Performance of SR Household Goods Index

Open High Low Close Change % Change

1,088.37 1,097.80 1,080.10 1,089.74 1.37 0.13Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High

375,290 - - 3,763.71 mn 5,111.66 mn 1,089.74 P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low

2.08 0.22 10.64 6.27 3.02 1,082.43

Diamond Ind 90 - 9.02 9.00 8.70 8.70 -0.32 501 19.39 7.55 - - - -Gauhar Engineering Ltd 22 - 0.50 0.75 0.70 0.74 0.24 4500 0.75 0.15 - - - -Hussain Industries 106 - 9.45 9.50 8.45 9.44 -0.01 505 11.49 8.45 - - - -Pak Elektron 1174 3.42 13.42 13.65 13.30 13.56 0.14 117384 15.43 12.90 - 10B - 10BTariq Glass Ind 231 2.44 20.69 21.40 20.15 20.37 -0.32 252400 21.40 15.90 - - 17.5 -

Paid up Last 60 days 2009 2010

Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR

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

FOOD PRODUCERS

Performance of SR Food Producers Index

Open High Low Close Change % Change

1,641.09 1,696.29 1,606.98 1,680.99 39.90 2.43Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High

449,347 - - 11,335.33 mn 226,616.43 mn 1,680.99 P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low

36.71 11.12 30.30 30.57 0.83 1,603.56

Adam Sugar 58 0.88 16.50 16.75 16.50 16.57 0.07 200 16.90 11.15 10 - - -AL-Noor Sugar 186 5.03 50.00 49.90 48.55 49.48 -0.52 1091 53.00 39.25 40 - - -Bawany Sugar 87 - 5.74 6.73 5.50 6.25 0.51 6093 6.73 0.85 - - - -Chashma Sugar 287 1.05 12.50 12.98 12.25 12.98 0.48 700 15.47 8.50 - - - -Clover Pakistan 94 12.01 73.91 75.00 72.00 73.53 -0.38 1823 77.14 35.17 - - 15 -Colony Sugar Mills 990 - 4.87 5.70 5.19 5.35 0.48 1102 5.70 2.54 - - - -Crescent Sugar 214 11.32 6.23 6.50 6.00 6.00 -0.23 570 6.65 5.00 - - - -Dewan Sugar 365 - 4.64 4.60 3.64 3.68 -0.96 231785 5.59 1.11 - - - -Faran Sugar 217 3.17 20.50 21.10 19.60 19.60 -0.90 215 21.50 16.01 17.5 - - -Habib Sugar 600 7.18 34.30 34.95 34.30 34.82 0.52 55779 36.00 27.15 35 25B - -J D W Sugar 490 2.81 86.12 85.99 83.02 84.00 -2.12 2102 89.89 63.99 40 - 0 12.5RKohinoor Sugar 109 - 3.66 4.50 4.20 4.20 0.54 201 8.50 2.61 - - - -Mehran Sugar 143 3.47 58.82 59.95 58.50 58.67 -0.15 10780 68.49 48.50 35 30B 35 20BMirpurkhas SugarSPOT 70 5.64 67.54 67.98 67.30 67.63 0.09 6448 68.22 53.64 25 10B 15 20BMirza Sugar 141 0.60 6.24 6.35 5.77 5.90 -0.34 59634 7.18 4.20 - - 10 -Mithchells Fruit 50 8.80 76.00 79.00 72.40 72.40 -3.60 221 79.00 61.50 20 - - -Mubarik Daries 28 - 2.00 3.00 3.00 3.00 1.00 500 3.00 2.00 - - - -National Foods 414 17.76 45.61 47.89 46.10 47.61 2.00 8803 56.80 39.01 - 25B 12 -Noon Pakistan 48 3.39 23.01 23.80 23.70 23.70 0.69 130 27.30 17.51 - 10B 12 -Pangrio Sugar 109 0.86 6.15 6.72 5.88 5.90 -0.25 18347 6.99 4.00 - - 10 -Premier Sugar 38 8.95 49.40 51.50 47.10 48.78 -0.62 124 53.81 32.50 30 - - -Punjab Oil XD 38 3.37 43.19 44.90 44.90 44.90 1.71 500 44.90 34.00 15 25B 15 28RShahmurad Sugar 211 16.68 11.63 11.94 11.50 11.51 -0.12 2634 13.50 9.80 15 - - -Shakarganj Mills 695 - 6.20 6.41 6.04 6.21 0.01 27315 7.88 3.21 - - - -UniLever Pakistan 665 19.90 4069.99 4273.48 3990.00 4262.54 192.55 11619 4345.00 3775.00 458 - 178 -Wazir Ali 80 - 8.49 8.00 8.00 8.00 -0.49 270 8.49 4.75 - - - -

Paid up Last 60 days 2009 2010

Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR

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

AUTOMOBILE AND PARTS

Performance of SR Automobile and Parts Index

Open High Low Close Change % Change

1,148.21 1,155.54 1,129.85 1,138.90 -9.31 -0.81Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High

985,408 - - 6,768.53 mn 41,727.92 mn 1,178.41 P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low

4.17 1.06 25.35 20.42 4.89 1,138.90

Agriautos Ind 144 5.46 72.01 72.06 72.02 72.06 0.05 600 73.00 65.75 40 - 90 -Atlas Battery 101 4.78 161.75 161.97 159.61 160.01 -1.74 1555 185.00 131.00 100 20B 100 20BAtlas Engineering Ltd 247 15.18 17.00 17.00 17.00 17.00 0.00 200 19.88 15.00 - 100R - -Atlas Honda 626 8.48 112.97 118.00 112.00 117.00 4.03 7904 122.51 92.50 80 30B - -Dewan Motors 890 - 2.35 2.54 2.05 2.08 -0.27 836752 2.87 1.20 - - - -General Tyre 598 18.97 22.50 22.00 22.00 22.00 -0.50 500 26.70 21.00 - - 20 -Ghandhara Nissan 450 3.23 4.60 4.89 4.62 4.65 0.05 26020 6.09 4.03 - - - -Ghani Automobile Ind 200 6.75 4.47 4.95 4.30 4.32 -0.15 507 5.75 3.55 - - - -Honda Atlas Cars 1428 - 11.27 11.45 10.93 11.10 -0.17 29553 13.40 9.65 - - - -Indus Motors 786 5.70 250.83 252.00 248.10 249.88 -0.95 34970 282.45 215.99 100 - 150 -Pak Suzuki 823 10.66 69.50 69.00 66.75 66.94 -2.56 45804 78.00 66.75 5 - - -Sazgar Engineering 150 3.64 19.10 19.70 18.80 19.50 0.40 1006 27.58 17.92 - 20B 10 20B

Paid up Last 60 days 2009 2010

Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR

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

INDUSTRIAL ENGINEERING

Performance of SR Industrial Engineering Index

Open High Low Close Change % Change

1,543.36 1,556.18 1,532.30 1,539.68 -3.68 -0.24Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High

226,845 - - 1,336.62 mn 32,503.43 mn 1,552.22 P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low

8.29 3.15 38.02 131.49 15.87 1,539.68

Ados Pak 66 1.03 15.82 16.80 16.00 16.01 0.19 1568 21.48 14.12 20 - - -AL-Ghazi Tractor 215 5.27 219.90 222.00 218.10 220.00 0.10 2578 227.45 200.00 400 - 150 -Bolan Casting 104 - 43.51 44.00 44.00 44.00 0.49 402 51.99 41.50 - 20B 25 10BDewan Auto Engineering 214 - 1.92 1.95 1.35 1.41 -0.51 178827 2.40 0.21 - - - -Ghandhara Ind 213 10.44 11.15 11.56 11.15 11.27 0.12 22004 18.80 10.55 - - - -Hinopak Motor 124 - 135.00 135.00 132.50 135.00 0.00 1142 147.89 110.05 17.15 - - -KSB Pumps 132 7.90 65.98 68.50 65.20 66.00 0.02 3540 88.00 65.20 35 - - -Millat Tractors XB 366 6.45 493.33 495.50 492.25 493.22 -0.11 16274 595.99 390.00 450 25B 650 25BPak Engineering 57 763.89 282.00 289.80 269.00 275.00 -7.00 510 324.80 254.64 125 - 100 -

Paid up Last 60 days 2009 2010

Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR

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

GENERAL INDUSTRIALS

Performance of SR General Industrials Index

Open High Low Close Change % Change

954.62 995.02 949.35 985.51 30.89 3.24Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High

3,676,747 - - 3,043.31 mn 36,674.97 mn 985.51 P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low

2.72 1.19 43.91 15.55 5.71 949.78

Cherat Papersack 115 2.78 76.60 80.43 77.00 78.11 1.51 68499 83.23 34.00 - - 20 25BECOPACK Ltd 230 - 2.63 3.18 2.64 2.88 0.25 2311273 3.18 1.70 - - - -Ghani Glass 1067 4.42 47.78 48.49 47.80 48.10 0.32 46065 61.99 45.30 30 10B 25 10BMACPAC Films 389 - 3.07 4.05 2.85 3.41 0.34 647000 4.05 1.60 - - - -Merit Pack 47 64.58 24.60 25.83 25.01 25.83 1.23 79323 25.83 13.01 - - - -Packages Ltd 844 57.52 106.83 112.17 106.00 112.17 5.34 469794 112.17 98.00 32.5 - - -Siemens EngineeringSPOT 82 11.01 1289.27 1353.73 1280.00 1334.54 45.27 1962 1381.00 1068.75 900 - 900 -Tri-Pack Films 300 8.25 112.01 114.00 111.25 113.05 1.04 52831 115.00 97.00 100 - - -

Paid up Last 60 days 2009 2010

Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR

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

CONSTRUCTION AND MATERIALS

Performance of SR Construction and Materials Index

Open High Low Close Change % Change

1,026.98 1,051.33 1,019.38 1,032.93 5.95 0.58Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High

15,115,569 - - 54,792.74 mn 75,117.40 mn 1,033.23 P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low

8.46 0.60 7.10 19.04 2.25 1,009.80

Al-Abbas Cement 1828 - 3.68 3.75 3.50 3.59 -0.09 10950 3.90 2.80 - - - 100RAttock Cement 866 6.64 63.00 63.50 62.80 63.04 0.04 148300 69.86 57.60 50 20B 50 -Balochistan Glass Ltd 858 - 1.96 2.46 1.96 2.37 0.41 11055 2.50 1.01 - - - -Berger Paints 182 - 19.60 20.00 19.50 19.81 0.21 16770 20.45 14.01 - - - 122RBestway Cement 3257 - 22.80 23.90 23.50 23.77 0.97 299 27.51 21.85 - - - -Buxly Paints 14 - 8.91 9.91 9.84 9.91 1.00 2148 14.89 7.91 - - - -Cherat Cement 956 25.80 11.32 11.59 11.35 11.35 0.03 14500 12.75 9.51 - - - -Dadabhoy Cement 982 15.31 2.09 2.14 1.90 1.99 -0.10 12784 2.49 1.30 - - - -Dadex Eternit 108 - 22.12 23.22 22.50 22.50 0.38 580 28.50 22.12 - - - -Dewan Cement 3574 - 2.49 2.73 2.35 2.40 -0.09 1243094 3.10 1.30 - - - -DG Khan Cement Ltd 3651 129.42 31.07 31.44 31.00 31.06 -0.01 1712830 32.10 23.40 - 20R - 20REMCO Ind 350 3.96 3.17 3.49 2.35 3.33 0.16 152 4.70 2.11 - - - -Fauji Cement 6933 15.97 5.40 5.55 5.21 5.27 -0.13 1941869 5.55 4.52 - - - -Fecto Cement 502 3.76 7.20 7.90 7.10 7.21 0.01 12500 8.20 4.25 - 10B - -Flying Cement Ltd 1760 - 2.22 2.24 2.00 2.05 -0.17 482795 2.25 1.70 - - - -Gharibwal Cement 2319 - 8.05 8.24 7.61 8.08 0.03 501 8.85 2.11 - - - -Haydery Const 32 - 0.80 0.78 0.67 0.74 -0.06 11743 1.39 0.25 - - - -Kohat Cement 1288 - 7.23 7.40 7.20 7.20 -0.03 24375 8.70 5.50 - - - -Lafarge Pakistan Cmt. 13126 - 3.74 3.79 3.47 3.66 -0.08 6531706 3.79 2.71 - - - -Lucky Cement 3234 6.81 74.75 76.20 74.51 75.79 1.04 804863 79.98 67.70 40 - 40 -Maple Leaf Cement 5261 1.45 3.23 3.30 3.10 3.11 -0.12 342333 3.40 2.51 - - - -Maple Leaf(Pref) 541 3.66 4.89 4.98 4.15 4.98 0.09 175 8.89 3.51 9.75 - - -Pioneer Cement 2228 - 7.13 7.65 6.92 7.09 -0.04 1784151 8.58 6.56 - - - -Safe Mix Concrete 200 - 6.18 6.00 5.90 5.90 -0.28 500 9.47 5.25 - - - -Thatta Cement 798 455.00 19.00 18.25 18.20 18.20 -0.80 4975 22.24 18.00 - - - 50R

Paid up Last 60 days 2009 2010

Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR

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

INDUSTRIAL METALS AND MINING

Performance of SR Industrial Metals and Mining Index

Open High Low Close Change % Change

978.17 996.95 972.02 983.68 5.51 0.56Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High

169,581 - - 3,596.11 mn 9,488.27 mn 983.68 P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low

3.11 1.03 33.10 30.91 9.95 978.17

Crescent Steel 565 3.95 24.92 25.29 24.82 25.27 0.35 6854 26.23 23.75 - - 30 -Dost Steels Ltd 675 - 2.92 2.99 2.82 2.98 0.06 35601 3.39 1.65 - - - -Huffaz Pipe 555 9.02 14.50 14.77 14.43 14.43 -0.07 2901 16.75 12.25 - 30B - -International Ind 1199 10.65 51.08 52.00 51.00 51.12 0.04 123478 53.99 44.00 - - 40 20BSiddiqsons Tin 785 10.23 9.00 9.35 8.76 9.00 0.00 747 10.80 8.00 10 - 7.5 -

Paid up Last 60 days 2009 2010

Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR

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

FORESTRY AND PAPER

Performance of SR Forestry & Paper Index

Open High Low Close Change % Change

1,182.02 1,193.26 1,164.04 1,178.33 -3.68 -0.31Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High

18,604 - - 1,186.83 mn 3,265.92 mn 1,182.02 P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low

5.97 0.45 7.47 25.28 4.24 1,151.51

Century Paper 707 - 16.37 16.70 16.23 16.27 -0.10 17600 21.74 15.28 - 425R - -Pak Paper Product 50 8.75 45.83 46.95 45.52 45.52 -0.31 501 62.85 38.61 20 - 2533.33BSecurity Paper 411 7.05 45.74 45.80 44.81 45.70 -0.04 503 46.00 38.00 50 - 50 -

Paid up Last 60 days 2009 2010

Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR

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

CHEMICALS

Performance of SR Chemicals Index

Open High Low Close Change % Change

1,325.85 1,341.41 1,313.14 1,324.10 -1.75 -0.13Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High

33,546,829 - - 52,251.88 mn 291,517.84 mn 1,325.85 P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low

8.26 2.89 35.00 48.81 5.91 1,302.99

Agritech Limited 3924 8.60 23.79 24.45 22.62 23.74 -0.05 30017 24.89 20.26 - - - -Bawany Air 68 75.83 8.64 9.54 8.90 9.10 0.46 6007 13.99 7.73 - - 5 10RBOC (Pak) 250 11.61 84.46 85.10 84.50 84.55 0.09 610 87.99 68.10 90 - 15 -Clariant Pak 273 6.01 157.47 157.85 156.15 157.15 -0.32 9581 164.89 149.72 125 - - -Dawood Hercules 1203 7.26 173.61 176.50 172.00 175.00 1.39 32865 185.00 163.51 40 10B 40 -Descon Chemical 1996 - 3.67 3.74 3.14 3.20 -0.47 444189 3.74 1.90 - - - -Descon Oxychem Ltd. 1020 - 7.75 7.97 7.65 7.66 -0.09 94188 8.48 3.41 - - - -Dewan Salman 3663 - 3.54 3.84 3.11 3.19 -0.35 6826374 4.24 1.28 - - - -Dynea Pak 94 - 10.95 10.90 10.50 10.90 -0.05 1900 13.79 9.15 15 - 15 -Engro Corp. Ltd XD 3277 10.41 185.35 190.00 185.15 189.54 4.19 2480887 190.00 171.00 6010B 40R 40 -Engro Polymer 6635 - 14.28 14.60 14.25 14.38 0.10 346406 15.20 11.61 - 27.5R - -Fatima Fertilizer 22000 - 9.85 9.96 9.75 9.80 -0.05 159640 11.74 9.21 - - - -Fauji Fertilizer 6785 8.45 117.55 117.99 116.50 116.57 -0.98 469220 118.25 104.21 131.5 10B 95 -Fauji Fert.Bin Qasim XD 9341 6.58 35.37 35.50 34.75 34.89 -0.48 1754844 36.92 26.59 40 - 17.5 -Gatron Ind 384 2.39 44.11 45.42 41.91 44.46 0.35 3014 46.59 38.00 - - 20 -Ghani Gases Ltd 725 8.71 11.50 11.79 11.50 11.50 0.00 26202 13.85 8.20 - - - -ICI Pakistan 1388 7.85 139.01 141.91 139.00 139.26 0.25 580753 141.91 116.00 80 - 55 -Ittehad Chemical 360 11.27 30.21 30.21 30.21 30.21 0.00 2003 30.54 21.00 15 - 5 -Lotte Pakistan 15142 4.79 13.61 13.83 13.32 13.40 -0.21 12945326 13.83 8.17 5 - - -Mandviwala 74 - 2.21 2.45 2.02 2.30 0.09 212943 2.75 0.80 - - - -Nimir Ind Chemical 1106 - 2.57 2.60 2.10 2.14 -0.43 7510192 2.74 1.30 - - - -Pak Gum 42 - 20.72 19.72 19.71 19.72 -1.00 156 22.29 18.40 10 - - -Shaffi Chemical 120 - 2.79 2.95 2.52 2.79 0.00 1921 3.40 1.80 - - - -Sitara Chem Ind 214 10.19 124.08 125.00 121.50 124.26 0.18 2440 139.40 101.00 75 - 25 5BSitara Peroxide 551 14.62 13.34 13.56 13.40 13.45 0.11 204932 14.69 7.67 - - - -Wah-Noble 90 6.76 35.06 35.87 35.06 35.15 0.09 4047 46.25 32.00 50 - 50 -

Paid up Last 60 days 2009 2010

Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR

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

PHARMA AND BIO TECH

Performance of SR Pharma and Bio Tech Index

Open High Low Close Change % Change

915.64 928.66 908.71 923.71 8.08 0.88Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High

104,902 - - 3,904.20 mn 30,792.73 mn 923.71 P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low

7.18 1.60 22.31 44.54 6.20 909.47

Abbott (Lab) 979 8.93 99.90 103.00 100.00 101.86 1.96 23827 104.00 83.00 120 - 20 -Ferozsons (Lab) 250 6.42 84.00 85.00 84.51 85.00 1.00 4179 114.00 82.20 10 20B - 20BGlaxoSmithKline 1707 13.77 76.04 76.80 75.06 76.58 0.54 2624 77.50 65.00 50 - - -Highnoon (Lab) 165 7.34 26.45 26.50 26.25 26.49 0.04 6919 26.98 22.60 25 - - -IBL HealthCare Ltd 200 6.76 8.00 8.94 7.56 8.38 0.38 5025 9.00 6.81 - - - -Sanofi-Aventis 96 10.26 130.00 133.00 126.00 129.00 -1.00 147 139.50 115.90 70 - - -Searle Pak 306 5.57 61.57 62.00 61.15 61.99 0.42 62080 64.50 58.20 15 15B 30 -

Paid up Last 60 days 2009 2010

Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR

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

INDUSTRIAL TRANSPORTATION

Performance of SR Industrial Transportation Index

Open High Low Close Change % Change

743.87 753.70 739.86 743.50 -0.37 -0.05Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High

32,690 - - 3,242.17 mn 12,790.88 mn 759.54 P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low

5.60 1.43 25.53 11.08 1.98 743.50

Pak Int Cont. Terminal 1092 7.33 73.50 74.00 73.00 73.25 -0.25 11661 77.77 60.05 - 20B 40 -PNSC 1321 37.38 34.00 35.39 34.00 34.39 0.39 21029 41.00 33.06 30 - 15 -

Paid up Last 60 days 2009 2010

Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR

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

BOOK CLOSURES

Mirpurkhas Sugar Mills 16-Dec 30-Dec 15,20(B) 8-Dec 30-DecICC Textiles# 19-Dec 29-Dec - - 29-DecSiemens Pakistan 20-Dec 29-Dec 600 8-Dec 29-DecColony Sugar Mills# 21-Dec 27-Dec - - 27-DecJS Investment# 21-Dec 27-Dec - - 27-DecAsian Stocks Fund# 22-Dec 28-Dec - - 27-DecSafeway Mutnal Fund# 22-Dec 28-Dec - - 27-DecMaple Leaf Cement# 22-Dec 29-Dec - - 29-DecHala Enterprises# 23-Dec 29-Dec - - 29-DecAltern Energy# 23-Dec 30-Dec - - 30-DecShaffi Chemicals# 23-Dec 30-Dec - - 30-DecAmtex Ltd# 24-Dec 31-Dec - - 31-DecPakistan Reinsurance# 24-Dec 31-Dec - - 31-Dec

INDICATIONS

# Extraordinary General Meeting

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

OTHER SECTORS

Pakistan Cables 55.99 56.7 53.5 56.7 0.71 128TRG Pakistan Ltd. 3.78 4.05 3.8 3.83 0.05 3919168Murree Brewery Co. 88 92.4 84 91.58 3.58 28193Shakarganj Food 1.2 1.39 1.34 1.34 0.14 1000Shezan International 109.8 115.29 110 112.99 3.19 2174Grays of Cambridge 51.51 53 52.9 52.9 1.39 101Khyber Tobacco 16 17 16.5 16.95 0.95 2000Pak Tobacco 114 115 114 114 0 500Shifa Int Hospitals 29.49 30 28.1 28.59 -0.9 327PIAC(A) 2.44 2.55 2.41 2.44 0 103903AKD Capital XD 52.69 52.19 51.31 51.33 -1.36 32223Pace (Pak) Ltd 3.12 3.2 3.01 3.03 -0.09 425917Netsol Technologies 18.72 18.95 18.56 18.64 -0.08 177506Pak Telephone 2.3 2.46 2.02 2.29 -0.01 703

Symbols Open High Low Close Change Vol

Wednesday, December 15, 20107

Technical Analysis Leverage Position

KSE 100 INDEX

Technical Outlook

KSE 100 INDEX closed up 75.95 points at 11,672.64. Volume was 38

per cent above average and Bollinger Bands were 26 per cent wider

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

major 1st resistance level at and 2nd resistance level at , while Index will

continue to find its 1st support level at and 2nd support level at .

KSE 100 INDEX is currently 14.5 per cent above its 200-day moving

average and is displaying an upward trend. Volatility is low as com-

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

Volume indicators reflect moderate flows of volume into INDEX

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

INDEX. Momentum oscillator is currently indicating that INDEX is

currently in an overbought condition.

RSI (14-day) 79.01 Support 1 11,606.40

MA (5-day) 11,617.70 Support 2 11,540.15

MA (10-day) 11,493.16 Resistance 1 11,729.20

MA (100-day) 10,401.48 Resistance 2 11,785.75

MA (200-day) 10,201.18 Pivot 11,662.95

Technical Analysis Leverage Position

National Bank of Pakistan

Brokerage House Fair Value Rs Recommendations

Technical Outlook

NBP closed up 0.86 at 71.32. Volume was 126 per cent above average

and Bollinger Bands were 13 per cent wider than normal.

NBP is currently 5.7 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 moderate flows of volume into NBP (mildly bullish). Trend forecast-

ing oscillators are currently bullish on NBP.

*Arif Habib Ltd 82.1 Buy

AKD Securities Ltd 61.96 Neutral

TFD Research 92.3 Positive

RSI (14-day) 65.23 Free Float Shares (mn) 318.44

MA (10-day) 69.48 Free Float Rs (mn) 22,711.44

MA (100-day) 66.27 ** NOI Rs (mn) 142.79

MA (200-day) 69.47 Mean 71.16

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

Technical Analysis Leverage Position

Hub Power Co Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

HUBC closed up 0.23 at 36.75. Volume was 199 per cent above average

(trending) and Bollinger Bands were 28 per cent narrower than normal.

HUBC is currently 7.1 per cent above its 200-day moving average and is

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

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

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

oscillators are currently bullish on HUBC.

*Arif Habib Ltd 45.7 Buy

AKD Securities Ltd 44 Buy

TFD Research 44.9 Positive

RSI (14-day) 65.93 Free Float Shares (mn) 810.01MA (10-day) 36.41 Free Float Rs (mn) 29,767.80MA (100-day) 34.94 ** NOI Rs (mn) 0.31MA (200-day) 34.32 Mean 36.66

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

Technical Analysis Leverage Position

Bank Alfalah Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

BAFL closed up 0.15 at 10.78. Volume was 74 per cent above average

and Bollinger Bands were 23 per cent wider than normal.

BAFL is currently 9.2 per cent above its 200-day moving average and is

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

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

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

oscillators are currently bullish on BAFL. Momentum oscillator is currently

indicating that BAFL is currently in an overbought condition.

*Arif Habib Ltd 13 Buy

AKD Securities Ltd 10.25 Accumulate

TFD Research 14.01 Positive

RSI (14-day) 70.03 Free Float Shares (mn) 674.58MA (10-day) 10.23 Free Float Rs (mn) 7,271.95MA (100-day) 9.07 ** NOI Rs (mn) N/AMA (200-day) 9.87 Mean 10.76

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

Technical Analysis Leverage Position

Engro Corporation

Brokerage House Fair Value Rs Recommendations

Technical Outlook

ENGRO closed up 4.19 at 189.54. Volume was 149 per cent above aver-

age and Bollinger Bands were 11 per cent narrower than normal.

ENGRO is currently 2.8 per cent above its 200-day moving average and is

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

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

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

casting oscillators are currently bullish on ENGRO.

*Arif Habib Ltd 176 Sell

AKD Securities Ltd 238.8 Buy

TFD Research 208.75 Positive

RSI (14-day) 65.45 Free Float Shares (mn) 147.48MA (10-day) 186.54 Free Float Rs (mn) 27,953.66MA (100-day) 179.38 ** NOI Rs (mn) 75.79MA (200-day) 184.42 Mean 187.51

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

Technical Analysis Leverage Position

Nishat Mills Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

NML closed down -0.11 at 59.74. Volume was 44 per cent below average

and Bollinger Bands were 27 per cent wider than normal.

NML is currently 17.3 per cent above its 200-day moving average and is

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

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

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

ing oscillators are currently bullish on NML.

AKD Securities Ltd 59.97 Buy

TFD Research 74.2 Positive

RSI (14-day) 58.53 Free Float Shares (mn) 175.80MA (10-day) 60.64 Free Float Rs (mn) 10,502.29MA (100-day) 50.42 ** NOI Rs (mn) 81.74MA (200-day) 50.94 Mean 60.00

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

Technical Analysis Leverage Position

Adamjee Insurance Co Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

AICL closed up 0.41 at 88.02. Volume was 267 per cent above average

(trending) and Bollinger Bands were 34 per cent narrower than normal.

AICL is currently 1.0 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 very strong flows of volume into AICL (bullish). Trend forecasting

oscillators are currently bullish on AICL. Momentum oscillator is currently

indicating that AICL is currently in an overbought condition.

AKD Securities Ltd 76 Accumulate

TFD Research 88 Neutral

RSI (14-day) 74.22 Free Float Shares (mn) 74.22MA (10-day) 83.32 Free Float Rs (mn) 6,533.08MA (100-day) 75.39 ** NOI Rs (mn) 22.63MA (200-day) 88.95 Mean 88.17

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

Technical Analysis Leverage Position

Fauji Cement Co Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

FCCL closed down -0.13 at 5.27. Volume was 230 per cent above average

(trending) and Bollinger Bands were 21 per cent narrower than normal.

FCCL is currently 1.0 per cent below its 200-day moving average and is

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

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

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

oscillators are currently bullish on FCCL.

TFD Research 8.5 Positive

RSI (14-day) 62.28 Free Float Shares (mn) 381.31MA (10-day) 5.01 Free Float Rs (mn) 2,009.50MA (100-day) 4.95 ** NOI Rs (mn) N/AMA (200-day) 5.32 Mean 5.36

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

EQUITY INVESTMENT INSTRUMENTS

Performance of SR Equity Investment Instruments Index

Open High Low Close Change % Change

1,291.28 1,322.48 1,270.19 1,294.89 3.61 0.28Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High

5,730,691 - - 29,771.58 mn 18,940.99 mn 1,294.89 P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low

22.29 0.49 2.21 104.74 7.30 1,237.65

1st Fid Leasing 264 9.81 1.46 1.59 1.50 1.57 0.11 6804 2.24 1.05 - - - -AL-Meezan Mutual F. 1375 6.57 7.72 7.97 7.60 7.88 0.16 138525 8.59 5.85 - - 18.5 -Atlas Fund of Funds 525 1.69 4.34 4.30 4.20 4.20 -0.14 28500 4.50 2.70 - - 2.2 -B R R Guardian Mod. 780 3.68 1.61 1.80 1.40 1.62 0.01 19804 2.37 0.90 - - 0 -Constellation Modaraba 65 3.16 1.50 1.59 1.34 1.39 -0.11 524 2.99 0.90 - - - -Crescent St Modaraba 200 1.65 0.70 0.70 0.57 0.66 -0.04 26403 1.10 0.16 - - 1.2 -Elite Cap Modaraba 113 3.65 2.91 3.00 2.91 2.92 0.01 9000 3.09 1.73 4.5 - 5 -Equity Modaraba 524 10.31 1.61 1.79 1.60 1.65 0.04 36487 2.37 0.86 - - - -First Capital Mutual F. 300 10.63 4.05 4.25 3.65 4.25 0.20 101 5.50 2.10 - - - -First Dawood Mutual F. 581 0.63 2.02 2.28 2.00 2.00 -0.02 68016 2.28 1.30 - - - -Golden Arrow 760 2.29 3.18 3.22 3.10 3.20 0.02 38550 3.88 2.56 - - 17 -H B L Modaraba 397 2.27 6.79 6.80 6.79 6.80 0.01 5000 7.00 5.11 5 - 11 -Habib Modaraba 1008 5.74 6.74 6.75 6.66 6.66 -0.08 13225 6.90 5.80 20 - 21 -I B L Modaraba XD 202 21.64 2.49 2.40 1.82 2.38 -0.11 3201 3.69 1.06 - - 3 -JS Growth Fund 3180 62.25 4.72 5.05 4.66 4.98 0.26 3470470 5.05 2.65 - - 5 -JS Value Fund 1186 16.07 4.48 4.55 4.15 4.50 0.02 388008 4.73 2.31 10 - 10 -Meezan Balanced Fund 1200 6.92 7.01 7.30 7.10 7.20 0.19 57966 7.30 5.15 - - 15.5 -Mod Al-Mali 184 11.80 1.36 1.40 1.15 1.18 -0.18 18156 2.18 0.56 - - - -Pak Modaraba 125 4.80 1.05 1.10 0.96 0.96 -0.09 14303 1.40 0.30 - - 3 -Pak Oman Advantage 1000 - 9.50 9.90 9.85 9.89 0.39 400 13.98 8.00 9.605 - 1.04 -Pak Prem Fund 1698 12.51 9.03 9.04 8.90 9.01 -0.02 806986 9.05 7.00 - - 18.6 -Paramount Modaraba 59 6.80 8.72 8.74 8.70 8.70 -0.02 2426 9.45 7.45 15 - 18 -PICIC Energy Fund 1000 1.96 6.98 6.81 6.75 6.75 -0.23 6067 7.18 4.33 - - 10 -PICIC Growth Fund 2835 7.74 12.33 12.40 12.06 12.08 -0.25 189861 12.60 7.90 - - 20 -PICIC Inv Fund 2841 7.16 6.35 6.45 6.15 6.30 -0.05 239117 6.50 3.50 - - 10 -Prud Modaraba 1st 872 2.25 0.98 1.00 0.95 0.99 0.01 114952 1.20 0.76 - - 3 -Punjab Modaraba 340 - 1.35 1.75 1.35 1.38 0.03 13516 2.54 0.50 - - 1 -Stand Chart Modaraba 454 4.42 9.23 9.05 9.00 9.01 -0.22 2455 10.34 7.75 16.5 - 17 -Tri-Star 1st Modaraba 212 - 1.35 1.35 1.35 1.35 0.00 1100 5.80 0.50 - - - -Tri-Star Mutual 50 4.69 1.86 1.90 1.22 1.69 -0.17 1003 2.87 0.86 - - - -Trust Modaraba 298 3.42 1.76 1.80 1.75 1.78 0.02 7620 4.40 1.15 - - 5 -U D L Modaraba 264 1.62 5.76 5.79 5.71 5.71 -0.05 1966 6.99 4.71 10 - 12.5 -

Paid up Last 60 days 2009 2010

Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR

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

FINANCIAL SERVICES

Performance of SR Financial Services Index

Open High Low Close Change % Change

405.26 425.95 404.37 420.21 14.95 3.69Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High

14,947,474 - - 30,336.44 mn 28,775.87 mn 432.08 P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low

10.54 0.28 0.91 99.56 3.26 405.26

AMZ Ventures 225 1.70 0.73 0.83 0.68 0.75 0.02 270253 0.95 0.42 - - - -Arif Habib Investments 360 3.53 17.95 18.00 17.50 17.93 -0.02 10581 19.98 13.00 - - - 20BArif Habib Limited 450 13.81 26.33 27.64 26.95 27.06 0.73 140683 34.00 24.40 15 25B - 20BArif Habib Corp 3750 4.47 24.01 24.38 24.01 24.29 0.28 1104501 27.02 20.90 - - 30 -Dawood Equities 250 - 2.10 2.30 2.03 2.11 0.01 14698 2.70 1.51 - - - -Escorts Bank 441 - 2.74 2.70 2.70 2.70 -0.04 576 3.47 1.85 - - - -First Credit & Invest Bank Ltd 650 12.50 3.25 3.00 3.00 3.00 -0.25 1800 4.50 2.50 - - - -First National Equity 575 - 8.68 8.70 8.30 8.70 0.02 917 11.75 6.84 - - - -Grays Leasing 215 - 1.20 1.80 1.23 1.50 0.30 5042 2.90 0.18 - - - -IGI Investment Bank 2121 16.94 2.60 2.80 2.60 2.71 0.11 2173367 2.90 1.17 - - - -Invest and Fin Sec 600 675.00 6.73 7.27 6.74 6.75 0.02 987 9.00 6.16 - - 11.5 -Invest Bank 2849 - 0.76 0.87 0.67 0.76 0.00 113499 1.00 0.44 - - - -Ist Cap Securities 3166 - 3.75 3.90 3.62 3.71 -0.04 46517 4.80 2.54 - 10B - 10BIst Dawood Bank 626 0.69 1.86 1.95 1.82 1.92 0.06 21952 2.84 1.32 - - - -Jah Siddiq Co 7633 - 10.94 11.94 11.03 11.82 0.88 11632508 14.05 8.80 -243.778B 10 -JOV and CO 508 - 3.89 4.04 3.80 3.92 0.03 110037 5.38 1.96 - - - -JS Global Cap 500 7.58 26.90 28.24 26.50 28.21 1.31 17928 40.00 24.25 150 - - -JS Investment 1000 28.50 6.47 6.95 6.40 6.84 0.37 234672 7.59 5.10 - - - -KASB Securities 1000 - 4.40 4.50 4.05 4.30 -0.10 62694 4.75 3.32 - - - -Orix Leasing 821 4.62 6.75 6.55 6.13 6.28 -0.47 8849 7.29 4.50 - - - -Pervez Ahmed Sec 775 - 2.26 2.31 2.17 2.18 -0.08 71901 2.70 1.35 -231.08R - -Saudi Pak Leasing 452 - 0.68 0.70 0.60 0.65 -0.03 6301 0.86 0.46 - - - -Sec Inv Bank 514 11.20 2.80 3.25 2.75 2.80 0.00 2501 3.90 1.65 - - - -Trust Inv Bank 586 2.73 1.76 1.75 1.75 1.75 -0.01 999 2.98 1.24 - - - -

Paid up Last 60 days 2009 2010

Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR

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

LIFE INSURANCE

Performance of SR Life Insurance Index

Open High Low Close Change % Change

934.66 913.35 905.64 910.45 -24.21 -2.59Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High

12,715 - - 2,290.72 mn 10,555.27 mn 934.66 P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low

- 3.92 3.85 355.53 3.49 910.45

American Life 500 6.64 19.50 19.85 18.50 19.85 0.35 502 19.85 16.03 - - - -East West Life 455 - 3.22 2.65 2.35 2.65 -0.57 3000 4.62 2.05 - 10R - 20REFU Life Assurance 850 44.21 77.42 78.50 77.47 77.81 0.39 9208 86.95 57.15 5513.33B - -

Paid up Last 60 days 2009 2010

Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR

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

BANKS

Performance of SR Banks Index

Open High Low Close Change % Change

1,131.50 1,158.35 1,129.53 1,144.97 13.47 1.19Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High

21,542,259 - - 257,548.02 mn 694,341.81 mn 1,144.97 P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low

8.19 1.14 13.94 40.49 4.94 1,122.81

Allied Bank Limited 7821 6.32 64.56 65.80 64.70 65.08 0.52 282231 65.80 50.00 40 10B 20 -Askari Bank 6427 8.22 16.74 17.40 16.73 17.26 0.52 872177 17.40 14.23 - 20B - -Atlas Bank 5001 - 1.77 1.89 1.67 1.84 0.07 77743 2.55 1.50 - - - -Bank Alfalah 13492 13.82 10.63 10.94 10.69 10.78 0.15 3948206 11.00 7.66 8 - - -Bank AL-Habib 7322 7.76 35.73 36.00 35.60 35.99 0.26 194193 36.00 30.01 20 20B - -Bank Of Khyber 5004 5.87 4.31 4.68 4.20 4.40 0.09 6694 4.70 2.50 - - - -Bank Of Punjab 5288 - 9.96 10.22 9.91 9.99 0.03 1937031 10.59 8.00 - - - -BankIslami Pak 5280 825.00 3.25 3.40 3.22 3.30 0.05 94246 3.88 2.74 - - - -Faysal Bank XB 7309 4.77 14.72 14.98 14.70 14.80 0.08 78789 17.10 13.01 - - - 20BHabib Bank Ltd 10019 7.35 115.96 118.20 114.25 117.75 1.79 472503 118.99 92.55 60 10B - -Habib Metropolitan Bank 8732 7.97 25.75 26.55 25.50 26.06 0.31 270592 26.74 18.02 10 16B - -JS Bank Ltd 8150 - 2.63 2.70 2.47 2.56 -0.07 1079773 3.00 2.02 - - - 66RKASB Bank Ltd 9509 - 2.75 2.75 2.55 2.68 -0.07 9429 2.90 2.16 - 26B - -MCB Bank Ltd XD 7602 9.77 216.38 222.00 217.65 220.30 3.92 1525115 223.50 182.61 110 10B 55 -Meezan Bank 6983 8.52 16.25 16.39 16.00 16.10 -0.15 3624 16.70 14.05 - 5B - -Mybank Ltd 5304 - 2.37 2.49 2.07 2.39 0.02 26606 2.69 1.81 - - - -National Bank 13455 6.23 70.46 72.24 70.61 71.32 0.86 6865810 72.24 62.15 75 25B - -NIB Bank 40437 - 3.10 3.17 3.05 3.08 -0.02 1165271 3.18 2.46 - - - -Royal Bank Ltd 17180 - 4.75 4.85 4.50 4.64 -0.11 31908 8.10 3.91 - - - -Samba Bank 14335 - 2.07 2.15 2.00 2.00 -0.07 243617 2.65 1.51 - - -63.46RSilkbank Ltd 26716 - 2.80 2.89 2.75 2.77 -0.03 1043784 3.08 2.50 - - - -Soneri Bank 6023 - 7.50 7.80 7.50 7.71 0.21 191224 8.00 5.01 - - - -Stand Chart Bank 38716 12.32 8.19 8.29 7.92 8.01 -0.18 28173 8.80 6.00 - - - -Summit Bank Ltd 5000 - 3.31 3.44 3.25 3.25 -0.06 22015 3.80 2.30 - - - -United Bank Ltd 12242 7.77 66.30 67.39 65.70 66.14 -0.16 1093519 67.39 49.90 25 10B 10 -

Paid up Last 60 days 2009 2010

Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR

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

NON LIFE INSURANCE

Performance of SR Non Life Insurance Index

Open High Low Close Change % Change

768.94 782.22 761.45 772.59 3.65 0.47Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High

2,452,351 - - 11,111.34 mn 47,550.63 mn 772.59 P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low

12.70 0.66 5.20 79.54 6.26 753.38

Adamjee Insurance 1237 25.51 87.61 89.45 87.60 88.02 0.41 2117005 89.45 63.05 30 10B 10 -

Paid up Last 60 days 2009 2010

Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR

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

GAS WATER AND MULTIUTILITIES

Performance of SR Gas Water and Multiutilities Index

Open High Low Close Change % Change

1,480.31 1,493.54 1,468.25 1,472.45 -7.86 -0.53Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High

106,636 - - 12,202.80 mn 31,599.71 mn 1,503.75 P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low

9.49 1.08 11.41 66.79 7.04 1,472.45

Sui North Gas XD 5491 8.03 27.00 27.26 26.90 26.99 -0.01 40532 34.75 26.60 - - 20 -Sui South Gas 8390 3.01 20.18 20.35 19.95 20.00 -0.18 66104 30.70 19.95 - - 15 25B

Paid up Last 60 days 2009 2010

Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR

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

ELECTRICITY

Performance of SR Electricity Index

Open High Low Close Change % Change

1,267.68 1,287.96 1,251.50 1,268.72 1.03 0.08Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High

12,946,963 - - 95,369.29 mn 103,650.00 mn 1,268.72 P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low

14.28 1.34 9.35 104.13 7.29 1,252.98

Genertech 198 - 1.05 1.18 0.96 1.00 -0.05 418909 1.45 0.60 - - - -Hub Power 11572 6.73 36.52 37.15 36.20 36.75 0.23 5445090 37.15 32.75 33.5 - 50 -Japan Power 1560 - 2.04 2.10 1.90 1.91 -0.13 236889 2.25 1.20 - - - -KESC 7932 - 3.03 3.03 2.78 2.82 -0.21 2259415 3.29 1.94 - 31R - 7.8RKohinoor Energy 1695 10.83 19.00 19.49 19.03 19.49 0.49 12689 26.50 17.95 45 - 15 -Kohinoor Power 126 2.96 4.45 4.90 4.52 4.85 0.40 85539 6.10 4.01 - - - -Kot Addu Power 8803 4.93 40.20 40.85 40.05 40.54 0.34 1342026 42.95 38.35 64.5 - 50 -Nishat Chunian Power Ltd 3673 3.42 15.67 15.90 15.55 15.59 -0.08 749450 15.95 10.32 - - - -Nishat Power Ltd 3541 25.60 15.91 16.07 15.82 15.87 -0.04 1445441 16.70 10.50 - - - -S G Power 178 - 0.77 1.43 0.80 1.14 0.37 11525 1.69 0.32 - - - -Sitara Energy Ltd 191 3.50 18.44 18.85 18.75 18.75 0.31 5501 23.49 17.98 20 - 20 -Southern Electric 1367 - 2.66 2.75 2.40 2.45 -0.21 852771 2.90 2.05 - - - -Tri-star Power XD 150 - 1.27 1.48 1.15 1.17 -0.10 81718 1.75 0.65 3 - - -

Paid up Last 60 days 2009 2010

Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR

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

FIXED LINE TELECOMMUNICATION

Performance of SR Fixed Line Telecommunication Index

Open High Low Close Change % Change

1,151.96 1,162.38 1,141.37 1,146.40 -5.57 -0.48Turnover Total cos Defaulter cos Listed cap Market cap 5-Day High

5,361,884 - - 50,077.79 mn 78,865.77 mn 1,155.20 P/E (x) P/BV (x) ROE (%) Payout (%) Div Yield (%) 5-Day Low

6.19 0.79 12.84 62.56 10.11 1,141.64

Pak Datacom 78 4.93 79.78 79.99 79.80 79.86 0.08 1510 117.99 76.50 70 - 80 -Pakistan Telecomm Co A 37740 12.81 19.23 19.35 19.16 19.22 -0.01 1304480 20.12 18.15 15 - 17.5 -Telecard 3000 0.72 2.52 2.67 2.39 2.42 -0.10 1036842 2.69 1.80 - - 1 -WorldCall Tele 8606 - 3.17 3.22 3.00 3.05 -0.12 3019052 3.33 2.31 - - - -Wateen Telecom Ltd 6175 - 3.97 4.05 3.80 3.81 -0.16 718898 4.50 3.35 - - - -

Paid up Last 60 days 2009 2010

Company Cap(mn) PE Open High Low Close Chg Volume High Low Div BR Div BR

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

Ask Gen Insurance 204 6.30 10.24 10.40 10.40 10.40 0.16 1000 12.75 9.55 - - - 25RAtlas Insurance 369 5.93 37.98 37.96 37.31 37.33 -0.65 1215 38.00 27.37 40 10B - -Central Insurance XB 279 6.76 59.12 60.00 58.11 59.50 0.38 4244 64.80 47.37 20 25B 10 10BCentury Insurance 457 7.03 10.92 11.45 11.00 11.24 0.32 3118 12.00 9.42 - - - -Crescent Star Insurance 121 - 5.12 5.49 4.21 4.21 -0.91 203 7.30 3.10 - - - -EFU General Insurance 1250 - 42.90 43.99 43.00 43.72 0.82 29917 48.63 34.76 40 8.7B - -Habib Insurance 400 3.10 12.55 13.20 12.82 13.00 0.45 7647 13.20 10.04 35 - - -IGI Insurance 718 16.70 91.00 91.00 86.51 90.03 -0.97 12128 93.45 68.27 35 - 10 20BNew Jub Insurance 791 16.03 58.94 59.85 57.11 59.46 0.52 250 60.90 52.25 30 20B - -Pak Reinsurance 3000 41.77 16.35 16.50 16.20 16.29 -0.06 224540 17.20 12.80 30 - - -Pak Gen Insurance 250 1.59 7.47 8.45 6.63 6.73 -0.74 205 8.45 5.06 5 25B - -PICIC Ins Ltd 350 - 6.31 6.84 6.15 6.51 0.20 19803 8.30 1.66 - - - -Premier Insurance 303 6.08 11.00 11.29 10.41 11.24 0.24 6845 11.29 8.00 20 15B - -Reliance Insurance XB 252 4.05 6.61 6.60 6.60 6.60 -0.01 24000 7.70 6.15 - - - -Shaheen Insurance 200 - 14.00 13.75 13.00 13.01 -0.99 206 14.53 11.51 -14.28B - -

UPTO 100 VOLUME

FANM 3.05 3.05 3.00 3.00 -0.05 100

MQTM 7.80 8.10 8.00 8.10 0.30 100

HAL 12.74 12.36 12.36 12.36 -0.38 100

OTSU 33.50 33.50 33.50 33.50 0.00 100

GAMON 2.06 2.34 1.56 2.34 0.28 100

NESTLE 2425.52 2479.50 2312.02 2450.57 25.05 79

HUSS 11.19 10.19 10.19 10.19 -1.00 78

LAKST 317.03 329.00 327.99 328.00 10.97 55

KSTM 0.76 0.85 0.62 0.79 0.03 52

PSEL 160.00 162.00 162.00 162.00 2.00 50

SANSM 13.72 13.90 13.80 13.80 0.08 48

SFWF 8.25 8.25 8.25 8.25 0.00 44

EXIDE 186.85 196.19 181.01 181.01 -5.84 37

ILTM 175.03 183.78 168.50 183.00 7.97 32

BHAT 259.00 265.00 260.00 261.00 2.00 31

ASFL 5.00 6.00 4.50 4.50 -0.50 22

SSIC 7.00 7.10 7.08 7.08 0.08 20

SJTM 1.50 1.49 1.49 1.49 -0.01 20

ISTM 6.95 7.00 7.00 7.00 0.05 20

AZAMT 2.55 2.65 2.01 2.32 -0.23 18

UPFL 1089.99 1099.00 1040.00 1057.22 -32.77 14

BFMOD 3.25 3.74 3.74 3.74 0.49 12

PRWM 13.66 14.23 14.23 14.23 0.57 12

SAPT 104.99 104.85 104.85 104.85 -0.14 11

SCLL 2.74 2.59 2.43 2.55 -0.19 10

AGSML 6.25 7.18 7.00 7.10 0.85 10

RMPL 2005.00 2080.00 2080.00 2080.00 75.00 10

FRCL 2.24 2.49 1.71 2.20 -0.04 10

GVGL 37.40 36.00 36.00 36.00 -1.40 10

BAFS 60.00 59.50 57.00 57.83 -2.17 8

FECS 50.40 52.50 52.50 52.50 2.10 7

STCL 8.70 8.99 8.30 8.31 -0.39 6

NJLIC 47.20 45.10 45.10 45.10 -2.10 5

UNIC 6.01 5.70 5.41 5.70 -0.31 5

FZTM 398.07 414.00 398.00 405.00 6.93 5

GUSM 6.00 6.85 5.26 6.17 0.17 5

SRSM 2.32 2.46 2.10 2.40 0.08 5

JUBS 3.84 4.80 4.80 4.80 0.96 5

JVDC 56.71 58.90 58.90 58.90 2.19 5

ISIL 73.49 72.90 72.90 72.90 -0.59 5

PHDL 39.14 41.09 37.20 39.00 -0.14 4

ETNL 21.59 22.00 20.65 20.70 -0.89 3

RCML 34.00 34.00 34.00 34.00 0.00 2

SHTM 0.64 0.51 0.50 0.51 -0.13 2

MTIL 0.60 0.55 0.50 0.55 -0.05 2

NBF 3.85 4.00 3.98 3.98 0.13 1

SLCL 1.40 1.01 1.01 1.01 -0.39 1

NMBL 1.30 1.65 1.65 1.65 0.35 1

DCM 1.26 1.35 1.35 1.35 0.09 1

BROT 0.65 0.68 0.68 0.68 0.03 1

DFSM 5.12 5.99 5.25 5.25 0.13 1

GUTM 23.16 23.16 23.16 23.16 0.00 1

TATM 33.50 34.95 34.95 34.95 1.45 1

COTT 1.02 1.02 1.02 1.02 0.00 1

BTL 47.90 47.99 47.99 47.99 0.09 1

FASM 33.50 35.00 35.00 35.00 1.50 1

SHJS 93.99 94.99 94.99 94.99 1.00 1

TICL 76.65 80.40 80.38 80.38 3.73 1

JOPP 8.88 7.95 7.95 7.95 -0.93 1

MDTL 49.22 51.67 51.67 51.67 2.45 1

WYETH 1100.00 1085.00 1085.00 1085.00 -15.00 1

BIFO 50.50 53.00 52.00 52.00 1.50 1

Symbols Open High Low Close Change Vol

FUTURE CONTRACTS

NBP-DEC 70.82 72.50 71.06 71.60 0.78 1037000

POL-DEC 289.51 291.39 288.45 289.25 -0.26 255000

AICL-DEC 87.94 90.00 88.13 88.40 0.46 253500

NML-DEC 59.99 60.89 59.75 59.96 -0.03 236000

MCB-DEC 216.99 221.60 217.75 220.32 3.33 226000

ENGRO-DEC 186.32 190.95 186.40 190.36 4.04 212000

DGKC-DEC 31.10 31.50 31.10 31.11 0.01 206500

ANL-DEC 10.03 10.50 10.15 10.30 0.27 139000

FFBL-DEC 35.59 35.50 35.00 35.02 -0.57 87500

LUCK-DEC 75.13 76.25 75.50 75.85 0.72 57500

PPL-DEC 208.13 210.00 208.50 208.77 0.64 55500

PSO-DEC 285.07 286.00 285.07 285.50 0.43 31000

PTC-DEC 19.41 19.80 19.30 19.75 0.34 21000

UBL-DEC 66.08 67.40 66.05 66.49 0.41 6500

OGDC-DEC 165.60 167.00 166.00 166.18 0.58 4000

BOP-DEC 9.98 10.29 10.05 10.05 0.07 4000

FFC-DEC 118.20 118.20 118.20 118.20 0.00 3000

NETSOL-DEC 18.90 18.90 18.90 18.90 0.00 1000

AICL-CFEB 90.71 0.00 0.00 90.93 0.22 0.00

Symbols Open High Low Close Change Vol

ZERO VOLUME

ALQT 5.61 6.00 6.00 6.00 0.39 0.00

ALTN 9.00 9.11 9.11 9.11 0.11 0.00

DNCC 2.50 2.60 2.60 2.60 0.10 0.00

FNBM 6.80 6.70 6.70 6.70 -0.10 0.00

HMIM 0.89 0.80 0.80 0.80 -0.09 0.00

KASBM 1.50 1.55 1.55 1.55 0.05 0.00

LPGL 17.69 16.69 16.69 16.69 -1.00 0.00

NATM 9.55 10.55 10.55 10.55 1.00 0.00

RUBY 3.60 4.00 4.00 4.00 0.40 0.00

SASML 5.11 5.60 5.60 5.60 0.49 0.00

SHDT 14.36 13.97 13.97 13.97 -0.39 0.00

SIGL 10.00 11.00 11.00 11.00 1.00 0.00

STML 21.50 22.00 22.00 22.00 0.50 0.00

TAJT 0.50 0.49 0.49 0.49 -0.01 0.00

Symbols Open High Low Close Change Vol

Al-Abbas Cement 61.99 3.45 3.35 3.70 3.85 3.60

Allied Bank Limited 81.01 64.60 64.10 65.70 66.30 65.20

Attock Cement 50.81 62.70 62.40 63.40 63.80 63.10

Arif Habib Corp 43.69 24.10 23.85 24.45 24.60 24.25

Arif Habib Limited 55.89 26.80 26.55 27.50 27.90 27.20

Adamjee Insurance 74.22 87.25 86.50 89.10 90.20 88.35

Askari Bank 70.14 16.85 16.45 17.55 17.80 17.15

Azgard Nine 41.76 10.00 9.80 10.45 10.65 10.20

Attock Petroleum 57.04 324.95 324.05 327.15 328.40 326.20

Attock Refinery 52.88 119.25 118.35 121.85 123.50 120.90

Bank Alfalah 70.03 10.65 10.55 10.90 11.05 10.80

BankIslami Pak 50.64 3.20 3.15 3.40 3.50 3.30

Bank Of Punjab 57.24 9.85 9.75 10.15 10.35 10.05

Dewan Cement 62.18 2.25 2.10 2.65 2.85 2.50

DGK Cement 61.34 30.90 30.75 31.35 31.60 31.15

Dewan Salman 67.52 2.90 2.65 3.65 4.10 3.40

Dost Steels Ltd 55.85 2.85 2.75 3.05 3.10 2.95

EFU General Insurance 45.54 43.15 42.60 44.15 44.55 43.55

EFU Life Assurance 48.04 77.35 76.90 78.40 78.95 77.95

Engro Chemical 65.45 186.45 183.40 191.30 193.10 188.25

Faysal Bank 50.08 14.70 14.55 14.95 15.10 14.85

Fauji Cement 62.28 5.15 5.00 5.45 5.70 5.35

Fauji Fert Bin 58.11 34.60 34.30 35.35 35.80 35.05

Fauji Fertilizer 70.44 116.05 115.55 117.55 118.50 117.00

Habib Bank Ltd 73.02 115.25 112.80 119.20 120.70 116.75

Hub Power 65.93 36.25 35.75 37.20 37.65 36.70

ICI Pakistan 69.45 138.20 137.15 141.10 142.95 140.05

Indus Motors 46.02 248.00 246.10 251.90 253.90 250.00

JOV and CO 48.97 3.80 3.70 4.05 4.15 3.90

Japan Power 60.49 1.85 1.75 2.05 2.15 1.95

JS Bank Ltd 44.50 2.45 2.35 2.70 2.80 2.60

Jah Siddiq Co 44.21 11.25 10.70 12.15 12.50 11.60

Kot Addu Power 62.28 40.10 39.70 40.90 41.30 40.50

KESC 65.55 2.75 2.65 3.00 3.15 2.90

Lotte Pakistan 72.81 13.20 13.00 13.70 14.05 13.50

Lucky Cement 54.51 74.80 73.80 76.50 77.20 75.50

MCB Bank Ltd 67.99 217.95 215.65 222.30 224.35 220.00

Maple Leaf Cement 59.35 3.05 2.95 3.25 3.35 3.15

National Bank 65.23 70.55 69.75 72.15 73.00 71.40

Nishat (Chunian) 46.18 21.60 21.45 21.90 22.05 21.75

Netsol Technologies 43.61 18.50 18.35 18.90 19.10 18.70

NIB Bank 61.09 3.05 3.00 3.15 3.20 3.10

Nimir Ind.Chemical 65.04 1.95 1.80 2.45 2.80 2.30

Nishat Mills 58.53 59.20 58.65 60.60 61.45 60.05

Oil & Gas Dev. XD 62.62 164.60 162.85 168.30 170.20 166.55

PACE (Pakistan) Ltd. 57.30 2.95 2.90 3.15 3.25 3.10

Pervez Ahmed Sec 48.97 2.15 2.10 2.25 2.35 2.20

P.IAC (A) 65.13 2.40 2.35 2.55 2.60 2.45

Pioneer Cement 42.10 6.80 6.50 7.50 7.95 7.20

Pak Oilfields 69.40 286.65 285.25 290.00 291.95 288.60

Pak Petroleum 68.35 207.20 206.15 209.40 210.50 208.35

Pak Suzuki 21.36 66.10 65.30 68.35 69.80 67.55

PSO XD 54.29 283.00 281.90 285.15 286.25 284.10

PTCLA 47.81 19.15 19.05 19.30 19.45 19.25

Shell Pakistan 56.80 198.65 196.95 202.45 204.55 200.75

Sui North Gas 32.40 26.85 26.70 27.20 27.40 27.05

Sitara Peroxide 57.35 13.40 13.30 13.55 13.65 13.45

Sui South Gas 27.94 19.85 19.70 20.25 20.50 20.10

Telecard 55.81 2.30 2.20 2.60 2.75 2.50

TRG Pakistan 39.92 3.75 3.65 4.00 4.15 3.90

United Bank Ltd 79.98 65.45 64.70 67.10 68.10 66.40

WorldCall Tele 67.54 2.95 2.85 3.20 3.30 3.10

Company RSI 1st 2nd 1st 2nd Pivot

(14-day) Support Resistance

TECHNICAL LEVELS

Askari Bank Ltd. 22-Dec 10:00

Fauji Fertiliser Bin Qasim Ltd 23-Dec 10:30

BOARD MEETINGS

Company Date Time

Wednesday, December 14, 2010 8

KARACHI: Excellence awardshave been announced by theEngro Corporation to honourthe contributions of individualsand institutions in the realms ofsocial and humanitarian servic-es; literature; and physical andapplied sciences.

The announcement to thiseffect was made by the Directorof the Institute of BusinessAdministration (IBA), Karachi,Dr Ishrat Hussain, the chairmanof the jury, at a news conferenceat a local hotel on Tuesday.

The Chief Executive Officerof Engro Corporation, AsadUmar, was also present on theoccasion.

Dr Ishrat said that theseawards aim to become an annu-al prestigious civilian awardceremony in Pakistan.

The recipients which could beindividuals or institutions willbe selected based on lifetimeaccomplishment and excellencein their respective fields andwill receive a cash prize of Rs5million each at an exclusiveaward ceremony.

It was pointed out that thefirst Engro Excellence Awardswill recognise the contributionsof three recipients, one each

from the fields of social andhumanitarian services, litera-ture and physical and appliedsciences.

Nominees are to be adjudicat-ed by a jury comprising of fiveof Pakistan's most esteemed andrespected personalities, consid-ered a symbol of excellence andbeacons of hope in their rele-vant fields.

The Chairman of the jury willbe assisted by Dr IqbalChowdhry, Dr Nafis Sadik, ProfAnita Ghulam Ali and IftikharArif.

Dr Ishrat Hussain furtherstated that he has been delight-ed at this noble initiative to

recognise the services of emi-nent Pakistanis who haveexcelled and made outstandingcontributions in their respec-tive fields.

He hoped that each year theseawards will inspire many youngPakistanis to dedicate them-selves to hard work so that theycan excel in their professionallives.

Asad Umar, President andChief Executive, Engro Corp,said that we need to recognizeand celebrate these achieve-ments so that we can inspire thenext generation to emulate oreven surpass the achievementsof these icons.-APP

Engro to award‘outstanding ones’

Staff Reporter

KARACHI: A worrying num-ber of small businessesbelieve they do not haveenough cash reserves to sur-vive another economic down-turn, a study by ForbesInsights in association withACCA (the Association ofChartered CertifiedAccountants), CertifiedGeneral AccountantsAssociation of Canada (CGA-Canada) and CNDCEC, theprofessional body for certifiedaccountants in Italy, hasfound.

The study was based on asurvey of more than 1,750small and medium sized enter-prises (SMEs) in Canada,China, Italy, Singapore, SouthAfrica, and the UK, with 30 percent of the sample micro busi-nesses employing fewer than10 people.

It shows that while mostSMEs believed the worst of therecession had past, there wasan unexpectedly high numberof businesses - between 31 percent and 54 per cent in eachcountry, including those whichhave seen high growth andwere less affected by the glob-al downturn, who felt they didnot have adequate cashreserves to survive anotherfinancial crisis.

SMEs surveyed said therecession has forced them to

become better businesses and ifthey take on risk it is onlywhere they can have control.Growing businesses, especiallyin the more dynamiceconomies, appear to be facingstiffer competition and risingcosts, putting profit marginsunder pressure.

According to respondents,lenders appear to be directingfunds to larger SMEs and bigcorporations rather than microand small enterprises.

The study also found thatcredit is being directed awayfrom working capital towardscapacity building investmentsand is increasingly likely to besecured against personal orbusiness assets, while equityinvestments are drawn toacquisitions and to financinglocal or international expan-sion.

As commercial providers offinance have become reluctantto finance working capital,assume customer credit risks orrefinance debt, the weight ofexpectation has shifted toshareholders and trade credi-tors. The study found that thosebusinesses that value profes-sional or expert advisers aboveothers have performed better -professional advice has givenlean SMEs more confidenceabout their chances of survival,by ensuring that they havefewer urgent financing needsand better access to credit.

ACCAfearsSMEscrunch

BISELarkana

acceptingexam forms

RATODERO: The Controllerof Board of Intermediate andSecondary Education Larkanahas announced that theExamination forms from eligi-ble candidates of Science andGeneral Groups for appearingin SSC part I and II (Class IX &X) annual exam 2011 will beaccepted through HBLBranches.

According to the schedule theexamination forms without latefee will be accepted up to 30-12-2010.

With a late fee of Rs200 theforms will be accepted from 01-01-2011 to 20-01-2011, withlate fee of Rs400 from 22-01-2011 to 10-02-2011, with latefee of Rs600 from 12-02-2011to 26-02-2011 and with late feeof Rs.1000 the examinationforms will also be acceptedfrom 01-03-2011 to 14-03-2011.

The blank examination formscan be had from nearest HBLbranch on payment of Rs50 perform against the requisition let-ter from Head of the Institutionconcerned, the announcementadded. -PPI

HECorganises

roundtableISLAMABAD: The LearningInnovation Division, HigherEducation Commission (HEC)organised a one-day seminar on"Impact of Various AssessmentTools on Teacher's TrainingAssessment" at Commissionsecretariat here on Tuesday.

The seminar was part of theImpact Assessment ModuleDevelopment Process forSemester Examination System.

According to a press releaseissued here, more than 70 par-ticipants, including examina-tion staff and faculty membersof public sector universities ofRawalpindi and Islamabad,attended the seminar. Prof DrNorman Reid University ofGlasgow, UK was the keynotespeaker. The participantstermed the Lecture of Dr Reidas very informative and thoughtprovoking. The HEC hasapproved the policy guidelineson semester examination sys-tem and the same had been cir-culated to higher educationinstitutions on December 4,2008 for implementation. Itwas emphasized that there wasa need to revitalise the existingexamination system by imple-mentation of innovative tech-niques of assessment learnt byquality forums. Dr RiazHussain Qureshi, Adviser(HRD) HEC presented a shieldand a certificate Dr Reid.Speaking on the occasion, DrQureshi explained differentactivities of HEC for promotionof higher education sector.

Intelintros

edu awards Staff Reporter

KARACHI: Intel PakistanCorporation organised the IntelEducation Awards Ceremony inKarachi, in collaboration withthe Intel Education Initiative,Ministry of Education,Government of Pakistan andMinistry of IT, Government ofSindh to recognise the impres-sive performance of outstand-ing schools and teachers in theprovince of Sindh.

Of the many teachers andschools who participated in theIntel Teach Programme contest,5 emerged as grand winners,who used technology effective-ly in promoting inquiry basedlearning.

"The programme is now 8years old and focuses onteacher training to support tech-nology integrated and learningto enhance students' 21stCentury Skills. Intel EducationAwards are held keeping inmind the objective of keepingteachers abreast with the latestteaching methodologies," saidNaveed Siraj, CountryManager, Intel PakistanCorporation.

"Outstanding schools andteachers who demonstrate inno-vative use of technology arerecognised for their efforts toinculcate cutting-edge skills inour students so that they arecompetitive in the real world.Technology plays an importantrole in developing these skills,and Intel and the governmentare working hand in hand totrain teachers across the coun-try."

Intel Education Awards areheld annually in Pakistan to cel-ebrate and promote technologyintegration by teachers andschools. These awards aim tomotivate teachers and schooladministration to enhance tech-nology implementation in theclassroom and develop 21stcentury skills amongst students.The Intel Teach Programme isdesigned to enable teachers toeffectively use technology toenhance student learning in thedigital world.

Females provebetter primaryteachers than

men, says HCCIHYDERABAD: HyderabadChamber of Commerce andIndustry’s (HCCI) Sub-Committee for Education hascalled upon the government toconstitute monitoring commit-tees comprising parents andnotables at union council levelsto help improve the perform-ance of public and privateschools.

The chairman of the HCCINajmuddin Qureshi made thisdemand during a meeting ofthe sub-committee at HCCIoffice criticising privateschools for charging exorbi-tant tuition fees besides otherexpenses demanded for a vari-ety of events.

Qureshi maintained that thegovernment provides billionsof rupees for public sectoreducation, although, owing toa lack of effective monitoringmechanism education stan-dards were below par in thoseinstitutions.

He maintained that studentsof Ghazali College were fac-ing problems due to its shift-ing to Kohsar area, addingthat such a move should havebeen preceded after consulta-tion with students, parents,and teachers. About increasingthe standard of education at theprimary level, the HCCI offi-cial suggested that morefemale teachers should beappointed to teach students upto the 5th grade, as besidesimparting knowledge theycould carry out their betterrearing as well. -Agencies

KARACHI: Group photo of Dr A Q Khan along with Senator S M Zafar, Chancellor, Hamdard University, Prof Dr Nasim A Khan,

Vice Chancellor Prof H K Abdul Hannan and Mohammad Akhter Khan during Dr Khan’s visit to Hamdard University.-Staff Photo

KARACHI: Mohammad Zulfikar Akhtar, ACA, CFA, FCCA (UK), Senior Manager, A F

Ferguson & Co and Amyn Malik Senior Manager KPMG Taseer Hadi & Co, Saad Kalia,

Chairman, SRC. Khalilullah Shaikh CPD Convener-SRC, Najmul Hussain and Riaz Chamdia

at the ICAP workshop on “Clarity International Standards on Auditing” organised by the

Southern Regional Committee of the Institute of Chartered Accountants of Pakistan.-Staff Photo

KARACHI: The EducationCity project is the manifes-tation of the vision ofShaheed Mohtarma BenazirBhutto and serves as areminder that Pakistan ispaving the way for democra-cy, freedom and humanrights in the region under theable leadership of PresidentAsif Ali Zardari.

This was stated by SindhChief Minister Syed QaimAli Shah, at the foundation-stone laying ceremony of theEducation CityAdministration Enclave atthe CM House here. He saidit was PPP's Governmentthat made Education com-pulsory. Our Government inthe past as well in the pres-ent has increased the alloca-tion for EducationDevelopment Budget. Qaimadded that the manifesto ofPPP the full credit of whichgoes to Shaheed MohtarmaBenazir Bhutto who speltout the five Es of the PPP,Employment, Education,Energy, Environment andEquality. She believed thateducation covering multiplestudy areas particularlytechnical and scientific onewould improve the life ofPakistanis and create moreand better job opportunities,he said.

Spreading over an area of9,000 acres of land at DehChuhar, Karachi, EducationCity aims to provide a centerof excellence which wouldbring together the best of the

intellect in the country andfrom abroad and to providean environment most con-ducive to learning. SindhBoard of Investment, beingthe primary investment pro-motion agency of theProvince was tasked with theimplementation of this proj-ect to promote intellectualinvestment in our futuregenerations. Sindh MinisterEducation, Pir Mazhar-ul-Haq, while addressing theguests committed his fullsupport for the project andemphasised that KarachiEducation City will offer aunique blend of juniorschooling, higher learningand educational and voca-tional training providers. Itwill embrace the globaltrend towards the belief thatlearning is a journey.

Recognising that ananswer to the challengesfaced by the nation primari-ly lies in modern educationin every field of life, theEducation City will focus onlife-long learning opportuni-ties for local and interna-tional students. Heinformed the gathering thatKarachi Education City willhouse renowned educationalinstitutions from Pakistanand all around the world toprovide a range of excitingand challenging programmesthat meet the needs of stu-dents who wish to studyabroad and shall be fullyintegrated with our nationalprogrammes. -Agencies

Qaimfounds

Edu City ISLAMABAD: The third International AppliedBusiness Research Conference (IABRC) 2010,started at the Faisal Mosque Campus ofInternational Islamic University, Islamabad(IIUI).

Wahaj-us-Siraj, Chief Executive Officer,Micro Net Pakistan, Pvt Ltd was the chief gueston the occasion while Dr Anwar HussainSiddiqui President IIUI presided over the cere-mony.

Amina Said, representative EmerlaldPublishing Limited also addressed on the occa-sion. Dr Mukhtar Ahmed, Member HigherEducation Commission (HEC), Noor AmnaMalik, Director General, HEC, Dr AshfaqueHasan, Dean, NUST Business School (NBS)

were the guest speakers during different sessionsof the conference. Prof Danishmand, DeanFaculty of Management Sciences (FMS), IIUIalso addressed on the occasion.

Dr Sadia Nadeem, Associate Professor,Foundation for Advancement of Science andTechnology (FAST), NU, Dr Hamid RafiqueKhattak, Dean, Army Public College ofManagement and Sciences (APCOMS) andDr Mumtaz Fatima Jafferi, In Charge FacultyDevelopment Programmes, COMSATS heldSession Chairs during different sessions of thetwo-day long conference.

Faculty members, administrative officers, staffmembers and a large number of students alsoattended the conference.-APP

IIUI moots aboutbusiness research

KUALA LUMPUR:Malaysian palm oil futures hitmore than two-and-a-half-yearhighs on Tuesday amid firmersoyoil in China and worriesover weaker production in themonsoon season, before paringsome gains to settle 1 per centlower.

"The market is down purelyon profit-taking in the afternoonsession after it rallied sinceearly this month," said a traderin Kuala Lumpur.

The benchmark Malaysianpalm oil contract fell 42 ringgitto 3,680 ringgit ($1,171.975) onprofit taking after touching anintraday high of 3,766 ringgit.

Overall traded volume morethan doubled to 24,180 lots of25 tonnes each.

Traders are also monitoringMalaysian palm oil exports datafor the first half of Decemberset to be released onWednesday.

Cargo surveyor SocieteGenerale de Surveillance earliersaid palm oil overseas demandfor the first ten days of thismonth fell 9 per cent to 351,598tonnes from a month ago.

But concerns over supplytightness due to heavy rains dur-ing monsoon season kept a lidon palm prices.

The most active September2011 soyoil on China's DalianCommodity Exchange jumped1.5 per cent to a new one-monthhigh in Asian hours.

"China followed the rally inUS soy complex the previoussession, driven by firm crudeand strong economic data fromChina," said an oil analyst inChina's main soybean produc-ing area, Heilongjiang province.

US soyoil for Decemberdelivery however fell 0.6 percent. -Reuters

Palm oil eases afterhitting 33-mth highs

9Wednesday, December 15, 2010

POLYPROPYLENE(PP) LINEAR LOW (LL)

Cash & Settlement 1310 1250

December (3rd Wednesday) 1320 1260

January (3rd Wednesday) 1320 1260

LONDON METAL EXCHANGE (PLASTIC)

LME Official Prices, US$ per tonne for December 13 2010

LME Official Prices, US$ per tonne for December 13 2010

ALUMINIUM ALUMINIUM COPPER LEAD NICKEL TIN ZINC NASAAC

ALLOY

Cash buyer 2270 2297 9210 2419 24175 25895 2321.5 2260Cash seller 2280 2298 9211 2419.5 24180 25900 2322 22653-months buyer 2235 2327 9140 2430 24170 25850 2320 2289.53-months seller 2245 2328 9141 2435 24180 25900 2321 229015-months buyer 2185 2375 8805 2388 23700 25440 2352 230015-months seller 2195 2380 8815 2393 23800 25490 2357 231027-months buyer 2185 2408 8335 2347 23025 2327 235527-months seller 2195 2413 8345 2352 23125 2332 2365

LONDON METAL EXCHANGE (METALS)

LONDON: Oil prices dipped onTuesday as the dollar rose fol-lowing stronger-than-expectedUS economic data and asinvestors remained wary overthe prospect of an interest raterise in China.

US retail sales increased 0.8per cent, advancing for a fifthstraight month, and core produc-er prices also rose 0.3 per cent inNovember sug-gesting an acceler-ation in economicgrowth in theworld's largest oilconsuming nation.

"A better-than-expected retailsales report provid-ed a boost to the dollar and putsome pressure on oil," said GeneMcGillian, analyst at TraditionEnergy in Stamford,Connecticut.

The Federal Reserve is alsoexpected to revise its economicoutlook later today to reflectstronger growth after recentlyagreeing to extend tax breaks,effectively delivering fresh fis-cal stimulus.

The dollar was up 0.2 per centagainst a basket of currencies.After holding steady, US crudefor January fell 69 cents to

$87.92 a barrel by 1445 GMT.ICE Brent slipped 31 cents to$90.88.

China's decision so far to holdback from hiking interest ratesdespite data at the weekendwhich showed inflation at a 28-month high in November of 5.1per cent has acted as an addition-al support to prices, analystssaid.

The positive sentiment fromfinancial markets will not, how-ever, be enough to sustain an oilprice above $90 unless support-ed by strong fundamentals whiledownside financial risk from theEuropean debt crisis remains,analysts warned.

That view was echoed in anote to clients by JBC Energywhich said that while $100 willbe targeted in 2011 there was acase for a price correction in thecoming weeks despite coldweather across much of thenorthern hemisphere keeping

heating demand above averagefor this time of year.

U.S inventory data fromindustry body the AmericanPetroleum Institute was due outat 2130 GMT.

US crude oil stocks wereexpected to have fallen lastweek, according to a Reuterssurvey of analysts. Crude stockswere estimated to be lower by

2.2 millionbarrels, withdistillate stock-piles seendown 500,000barrels.

G a s o l i n es t o c k p i l e swere expected

to be have risen by 1.8 millionbarrels.

Credit Suisse said on Tuesdayit had raised its 2011 forecast forUS crude futures to $85 per bar-rel, an increase of $12.50, citinga recovery in global oil demand.

The price forecast was raised"to reflect a recovery in OECDdemand (notably in NorthAmerica) and continued strengthin the non-OECD (notablyAsia)", it said in a note.

It also increased its 2011 out-look for ICE Brent by $12.7 perbarrel to $84.5. -Reuters

Oil falls as US data liftsdollar, indicates recovery

Europeanvegetableoil prices

ROTTERDAM: The follow-ing were the Tuesday'sRotterdam vegetable oil price'sat 22:00 PST.

SOYOIL: EU degummedeuro tonne fob exmillFeb11/Apr11 1000.00,May11/Jul11 1001.00.

RAPEOIL: Dutch/EU eurotonne fob exmill Feb11/Apr111040.00-25.00, May11/Jul111035.00-25.00, Aug11/Oct11960.00-20.00, Nov11/Jan12965.00-10.00.

SUNOIL: EU dlrs tonneextank six ports option Jan111460.00-5.00, Feb11/Mar111445.00+0.00, Apr11/Jun111425.00+10.00, Jul11/Sep111450.00+20.00.

LINOIL: Any origin dlrstonne extank RotterdamDec11/Jan12 1352.50+2.50.

CRUDE PALM OIL:Sumatra/Malaysia slrs optiondlrs tonne cif R'dam Dec101237.50-7.50, Jan11 1245.00-7.50, Feb11/Mar11 1225.00-12.50, Apr11/Jun11 1177.50-22.50.

PALMOIL: RBD dlrs tonnecif Rotterdam Jan11 1262.50,Feb11/Mar11 1252.50.

PALMOIL: RBD dlrs tonnefob Malaysia Jan11 1217.50-5.00, Feb11/Mar11 1207.50-7.50.

PALM OLEIN: RBD dlrstonne fob Malaysia Jan111227.50-5.00, Feb11/Mar111217.50-7.50, Apr11/Jun111175.00-15.00, Jul11/Sep111155.00-5.00, Oct11/Dec111140.00.

PALM FATTY ACID DIS-TILLATE: Dlrs tonne fobMalaysia Dec10 1035.00+2.50.

COCONUT OIL: Phil/Indondlrs tonne cif RotterdamDec10/Jan11 1790.00+15.00,Jan11/Feb11 1785.00+10.00,Feb11/Mar11 1785.00+10.00,Mar11/Apr11 1780.00.

CASTOROIL: Any origindlrs tonne extank RotterdamFeb11/Mar11 1925.00+0.00. -Reuters

National Commodity Exchange Ltd Trading SummaryDate Commodity Contract Price Open High Low Close Traded Volume Previous Current Open Interest

Date Quotation in lots Settlement Settlement in Lots

Price Price

14-Dec-2010 CRUDE100 JA11 US$ Per Barrel 89.08 89.41 87.90 88.59 130 88.38 88.59 5414-Dec-2010 CRUDE100 FE11 US$ Per Barrel 89.60 89.90 88.48 89.14 100 88.93 89.14 3414-Dec-2010 CRUDE100 MA11 US$ Per Barrel 90.10 90.10 89.65 89.65 - 89.44 89.65 114-Dec-2010 SILVER - SL500 JA11 US$ Per Troy Ounce 29.60 29.94 29.36 29.78 220 29.83 29.78 3714-Dec-2010 SILVER - SL500 FE11 US$ Per Troy Ounce 29.41 29.79 29.41 29.79 - 29.84 29.79 -14-Dec-2010 GOLD 01oz JA11 US$ Per Troy Ounce 1394.00 1408.10 1391.80 1406.10 778 1404.80 1406.10 76714-Dec-2010 GOLD 01oz FE11 US$ Per Troy Ounce 1392.30 1408.60 1392.00 1406.60 1,551 1405.30 1406.60 68814-Dec-2010 GOLD 01oz MA11 US$ Per Troy Ounce 1393.70 1409.60 1393.30 1407.60 2,178 1406.30 1407.60 86414-Dec-2010 GOLD 100oz JA11 US$ Per Troy Ounce 1391.80 1406.10 1391.80 1406.10 - 1404.80 1406.10 -14-Dec-2010 GOLD 100oz FE11 US$ Per Troy Ounce 1394.00 1408.00 1392.20 1406.60 31 1405.30 1406.60 514-Dec-2010 GOLD 100oz MA11 US$ Per Troy Ounce 1393.30 1406.60 1393.30 1406.60 - 1406.30 1407.60 -14-Dec-2010 GOLD DE10 Per 10 grms 38556.00 38790.00 38382.00 38790.00 3 38763.00 38790.00 714-Dec-2010 GOLD JA11 Per 10 grms 38703.00 38801.00 38394.00 38801.00 3 38774.00 38801.00 3314-Dec-2010 GOLD FE11 Per 10 grms 38408.00 38816.00 38408.00 38816.00 - 38788.00 38816.00 -14-Dec-2010 KILOGOLD DE10 Per 10 grms 38355.00 38763.00 38355.00 38763.00 - 38735.00 38763.00 -14-Dec-2010 KILOGOLD JA11 Per 10 grms 38366.00 38763.00 38366.00 38763.00 - 38746.00 38774.00 -14-Dec-2010 TOLAGOLD50 DE10 Per Tola 44749.00 45225.00 44749.00 45225.00 - 45193.00 45225.00 -14-Dec-2010 TOLAGOLD100 DE10 Per Tola 44749.00 45225.00 44749.00 45225.00 - 45193.00 45225.00 -14-Dec-2010 MINIGOLD MON Per 10 grms 39476.00 39875.00 39476.00 39875.00 - 39848.00 39875.00 -14-Dec-2010 MINIGOLD TUE Per 10 grms 39423.00 39915.00 39423.00 39915.00 - 39888.00 39915.00 -14-Dec-2010 MINIGOLD WED Per 10 grms 39436.00 39835.00 39436.00 39835.00 - 39807.00 39835.00 -14-Dec-2010 MINIGOLD THU Per 10 grms 39449.00 39848.00 39449.00 39848.00 - 39821.00 39848.00 -14-Dec-2010 MINIGOLD FRI Per 10 grms 39463.00 39862.00 39463.00 39862.00 - 39834.00 39862.00 -14-Dec-2010 TOLAGOLD MON Per Tola 45378.00 45844.00 45378.00 45844.00 - 45812.00 45844.00 114-Dec-2010 TOLAGOLD TUE Per Tola 45770.00 45890.00 45317.00 45890.00 6 45859.00 45890.00 614-Dec-2010 TOLAGOLD WED Per Tola 45280.00 45798.00 45280.00 45798.00 5 45766.00 45798.00 414-Dec-2010 TOLAGOLD THU Per Tola 45348.00 45813.00 45348.00 45813.00 - 45781.00 45813.00 114-Dec-2010 TOLAGOLD FRI Per Tola 45490.00 45829.00 45363.00 45829.00 1 45797.00 45829.00 814-Dec-2010 IRRI6W 16DE10 Per 100 kg 2402.00 2402.00 3303.00 3312.00 - 3303.00 3312.00 -14-Dec-2010 RICEIRRI DE10 Per 100 kg 3302.00 3311.00 3302.00 3311.00 - 3302.00 3311.00 -14-Dec-2010 RBD PALMOLEIN DE10 Per Maund 4978.00 5002.00 4978.00 5002.00 - 4978.00 5002.00 -14-Dec-2010 KIBOR3M 10-Dec Per Rs. 100 86.46 86.46 86.44 86.44 - 86.46 86.44 -14-Dec-2010 KIBOR3M 11-Mar Per Rs. 100 85.50 86.06 85.50 86.06 - 86.05 86.06 -

Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day

Indian sugarends steady

MUMBAI: India's spot sugarended steady on Tuesday asdemand was weak from bulk-consumers, while millers heldprices expecting the govern-ment to allow exports of thesweetener, dealers said.

"Millers are not loweringprices despite weak demand.They are expecting the govern-ment will allow exports in nextfew days," said a senior officialat the Bombay Sugar MerchantsAssociation. In Kolhapur, a keymarket in top-producingMaharashtra state, the most trad-ed S-variety ended steady at2,800 rupees ($62.2) per 100 kg.

In early trades on Tuesday,London white sugar and NewYork raw sugar futures roseover 1.5 per cent.

India, the world's No. 2 sugarproducer after Brazil, couldapprove "open general licence"sugar exports in three tranchesof 500,000 tonnes each inDecember, January andFebruary, a senior industry offi-cial told Reuters last month.

India produced 1.75 milliontonnes of sugar in the first twomonths of the season that beganin October, almost unchangedfrom a year earlier, industrysources said. -Reuters

GAZA STRIP - PALESTINE: A Palestinian farmer picks strawberries for export at a farm in Beit

Lahia, in the northern Gaza Strip. -Agencies

LONDON: Copper hit a recordhigh on Tuesday, as the metal'stight supply and robust demandfundamentals attracted freshinflow from funds.

Benchmark copper on theLondon Metal Exchange peakedfor a second day, hitting$9,267.50. The metal used inpower and construction closed at$9,165 a tonne from a close of$9,220 on Monday, capping earli-er gains as the dollar pared lossesafter US data offered further evi-dence the economic recovery wasgathering steam.

Lead and tin rode copper's coattails to their highest in a month.Nickel hit its highest in twomonths. "Tighter supply nextyear, the ETP launches -- copperfundamentally in long run is stilllooking good," AndreyKryuchenkov, analyst at VTBCapital, said. "We are approach-ing the holiday period, so therewill be some consolidation here."

Copper hit successive highs onMonday, boosted by economicprospects for top consumerChina, along with dollar weak-ness, which makes metals cheap-er for holders of other currencies.

The London launch of newexchange-traded products --securities backed by physicalmetal -- and their popularity willbe a key factor underpinning themarket's supply outlook, analystssay. The ETPs launched onFriday. Meanwhile, global copperdemand is expected to recover asindustrial activity picks up into2011, although elevated pricesmay encourage fresh mining pro-duction, Aurubis, Europe's largestcopper producer, said.

LME zinc stockpiles saw ahuge rise, data showed, with a

second inflow of around 44,000tonnes into New Orleans bringingstocks there up by 70,000 tonnesin two days. At just under700,000 tonnes, stockpiles of themetal used in galvanizing are attheir highest since December

2004, underlining bulging over-supply. The global market forrefined zinc stands at some 12.5million tonnes.

Zinc prices ended at $2,301 atonne from $2,320.

The premium for cash copperjumped to $70 over the bench-mark three-month contract, thehighest since October 2008.

Also, tom/next premiums forcopper, the cost of rolling a posi-tion from Wednesday toThursday, jumped to $13, thehighest since July 2009, beforeeasing to a 50 cent discount amidheavy lending in the first LMErings. Stainless steel metal nickelwas at $24,500, up from $24,530.It earlier hit a two-month high at$24,975.

Aluminium ended at $2,351from $2,330, while tin closed at$26,250 from $26,150. It earliertouched its highest in one monthat $26,450 a tonne. -Reuters

Copper hits recordhigh on tight supply

Sugar hits1-mth peakon technical

buyingLONDON: Raw sugar ralliedto a one-month high on techni-cal buying on Tuesday, whilearabica coffee reversed earlygains as the dollar strength-ened, and cocoa was firm dueto uncertainty over suppliesfrom Ivory Coast.

Raw sugar futures brokeabove 30 cents a lb on Monday,triggering a fresh round of tech-nical buying, and headed uptowards the 30-year high of33.39 cents touched last month,supported by tight global sup-plies of the sweetener.

An official downward revi-sion in Australian raw sugarexports in 2010/11 was seen asold news and unlikely to driveprices higher on its own, deal-ers said.

ICE March raw sugar was up0.38 cent or 1.3 per cent to30.87 cents a lb at 1607 GMT.Liffe March white sugar was up$11.00 or 1.5 per cent to$766.20 per tonne in slim vol-ume of 2,649 lots.

Arabica coffee pricesreversed early gains as the dol-lar strengthened, underpinnedby tight supplies of high-quali-ty beans.

ICE March arabicas weredown 1.95 cent or 0.9 per centat $2.1560 per lb at 1609 GMT,while Liffe March robusta cof-fee futures edged up $3 or 0.2per cent at $1,937 a tonne inmoderate turnover of 4,869lots.

Uncertainty around crop sizesin some the world's largest cof-fee producers includingVietnam and Colombia havesupported higher prices.

Cocoa futures firmed as topproducer Ivory Coast's electionimpasse continued to makedealers nervous.

March cocoa futures on ICErose $40 or 1.4 per cent to standat $2,930 a tonne at 1612 GMT,while Liffe second-monthMarch cocoa was up 43 poundsor 2.3 per cent at 1,942 poundsper tonne in reasonable volumeof 13,590 lots.

"There's a lot of focus onwhat's going on in IvoryCoast," a European trader said.

"There's no panic to buy.Industry are well covered," thetrader said.

Trade in Europe's cash cocoamarket revived this week,albeit in limited amounts, asbuyers kept one eye on theelection dispute in Ivory Coastfor any signs of disruption tothe outflow of cocoa. -Reuters

LONDON: Gold pared gainson Tuesday after earlier rally-ing to its highest in a week asdata showing US producerprices and retail sales roseslightly more than expected inNovember lifted the dollar intopositive territory.

Spot gold was bid at$1,397.80 an ounce at 1612GMT, against $1,393.15 late inNew York on Monday. US goldfutures for February deliveryfirmed 80 cents to $1,398.80.

The precious metal earlier

climbed more than 1 per cent toa session high at $1,407.70 anounce as the US currency wilt-ed ahead of a US policy-settingmeeting.

Policy makers are expectedto assess the Federal Reserve's$600 billion bond-buying planat the meeting on Tuesday, butare not forecast to signal anyshift or change in the pro-gramme. While it remains vul-nerable to short-term currencygyrations, gold looks set to befirmly supported by caution onthe global economic outlook.

"Gold is benefiting on the onehand from inflation-led buying

in Asia, and from safe-haven-ledbuying particularly in NorthAmerica where there is a lack ofconfidence in issues like thebudget deficit being solved,"said HSBC analyst James Steel."It is benefiting for different rea-sons in different regions."

Gold has risen by over 6 percent so far this quarter, drivenlargely by fluctuations in thedollar and by concerns over theoutlook for growth in theUnited States and the euro-zone's deepening debt crisis.

Silver gave up early gains inline with gold and was bid at$29.45 an ounce against$29.48, having earlier toucheda high of $29.92.

Britain's Financial Timesnewspaper reported on Tuesdaythat JPMorgan had cut a largeposition in the metal. The com-pany's silver futures positionswould be "materially smaller" inthe future, the FT reported asource as saying. Platinum alsorose to a one-week high of$1,713.49, before easing to showa 0.2 per cent loss on the day at$1,698.49, while palladium wasflat at $754.50. -Reuters

Gold surrendersgains as dollar rises

Shanghai copper flatsShanghai copper was steady

after touching a one-monthhigh on Tuesday, whileLondon futures backed awayfrom the previous session'srecord peak, but sentimentremains solid on strong techni-cal signals and China's posi-tive economic outlook.

Shanghai's benchmark thirdmonth copper dipped 40 yuanto 68,440 yuan, having ralliedto a one-month peak of 69,070yuan earlier.

NEW YORK: US cottonfutures ended Monday up thedaily limit at a one-month topon speculative buying, butdealings were light as mostplayers seemed content to siton the sidelines for themoment, brokers said.

Cotton is the best performingcommodity in the Reuters-Jefferies commodity index, upover 76 per cent year to date.

The benchmark March cot-ton contract on ICE Futures USrose the 4.00 cents daily limitto finish at $1.4097 per lb, withthe session low at $1.3697. Itwas the highest close for thesecond position cotton contract

in over a month. Total volume traded hit about

12,500 lots, about two-thirdsbelow the 30-day average of34,500 lots,T h o m s o nReuters prelimi-nary datashowed. Marketsentiment wasaided by newsthat China onlyraised reserve requirements forbanks instead of benchmarkinterest rates, easing worries ofa slowdown in a prime engineof the world's economy.

The limit-up close meant cot-ton ended the day above the

session top of $1.4095 set onFriday. In China, cotton priceswent up on Monday with theMay cotton futures last done at

27,535 yuan per tonne, up 880yuan on the day.

The market's attention willsoon turn to prospective spring2011 cotton plantings in coun-tries such as the United Statesand China. -Reuters

US cotton limits upon China rate decision

BD teaweakens

DHAKA: The average price ofBangladeshi teas fell 2.71 percent to 193.84 taka ($2.74) perkg at the weekly auction onTuesday, brokers said.

Little over 1.4 million kgswere sold, leaving 19 per centof the offer, the highest in thecurrent season, to be carriedback. Different grades weresold between 173 taka and 227taka per kg in the auction. Butin an exclusive sale some 250kg of well made ChuramoniDust realised a highest price of234 taka per kg. -Reuters

Investors bullish on US, focus on Chinese inflation

US cotton early-tradeBenchmark March cotton prices on ICE

Futures US rose the 5.00 cent daily limit to$1.4597 per lb, the highest level for a secondposition cotton contract since Nov. 10. Marchfutures later pulled off the high to trade at$1.4557, up 4.6 cents, or 3.26 per cent.

10Wednesday, December 15, 2010

Inter Milan's coach Rafael Benitez listensto questions during a news conference

WozniackiadjudgedITF WorldChampion

LONDON: CarolineWozniacki has become thefirst Danish player to win theInternational TennisFederation's (ITF) WorldChampion award, even thoughshe has never won a grandslam.

Spain's Rafael Nadal tookthe men's award for the secondtime after winning three of theyear's four grand slam titles.

"To be listed with all the for-mer ITF World Champions issomething I am really proudof," the 20-year-oldWozniacki, who in Octoberbecame the first Dane to beranked number one in theworld, said in a statement.

"I had a great year in 2010and I'm training hard to havean even better year in 2011."

Wozniacki, who knocked 13-times grand slam championSerena Williams from the topspot, was a model of consisten-cy this season, winning sixtitles.

Nadal's award capped aremarkable year for the 24-year-old who won the FrenchOpen for a fifth time,Wimbledon for the secondtime and then became theyoungest man to complete acareer grand slam when hewon the US Open inSeptember.

In doing so he regained thenumber one ranking fromRoger Federer.-Reuters

Pak’s NZtour detailsannounced

KARACHI: Pakistan willplay three Twenty20Internationals, two Test match-es and six One-DayInternationals (ODIs) duringthe upcoming tour of NewZealand starting with a T20game against Auckland atColin Maiden Park, Aucklandon December 23.

According to itinerary of thetour available here on Tuesday,Pakistan will be play T20Internationals in Auckland,Hamilton and Christchurch.Two Test matches will bestaged at Hamilton andWellington.

The six ODIs will be held atWellington, Hamilton,Queenstown, Christchurch,Napier and Auckland.

Pakistan's T20 and Testsquad is due to leave forAuckland on December 18 byCathy Pacific flight for a 45-day trip to Down Under.-APP

Sachin agreat cricket

emissary,says Smith

JOHANNESBURG: SouthAfrica captain Graeme Smithtermed Sachin Tendulkar as"great ambassador of the game"and said his desire to become acricketer got wings after watch-ing the Indian batting maestroduring his childhood.

Smith was a 11-year-old kidwhen Tendulkar first touredthe Rainbow nation followingthe country's readmission tothe international fold afterdecades of isolation because ofapartheid.

But on Thursday, Smith willlead South Africa in the firstTest against India atCenturion in what could wellbe Tendulkar's last tour to thecountry. "He (Tendulkar) is aworld class player and a greatambassador for the game,"Smith said as he reminisced atan official reception for theIndian cricket team lastnight.-Agencies

LONDON: Former captainSalman Butt insists a Londonice-cream parlour could helpclear him of 'spot-fixing' alle-gations made as part of the cor-ruption scandal surroundingthe Pakistan cricket team.

Butt said thousands ofpounds discovered in hisLondon hotel room after a'sting operation' conducted byBritain's News of the World(NoW) tabloid, came fromdaily tour allowances, batsponsorship and the ice-creamparlour opening.

His explanation is set to formpart of his defence at a make-or-break disciplinary hearing,in Doha, Qatar, next month.

A figure of 29,000 pounds($46,000) was reported to befound in his room.

"Everybody knows the PCB(Pakistan Cricket Board) paysus daily allowances on toursand it was a long tour, so about11,000 pounds of this moneywas from my dailyallowances," he said.

"Being captain I have extraentertainment allowance whichamounts to about 4,500 poundsfrom the tour -- which I hadwith me," the 26-year-old

opening batsman added."The rest of the money was

advanced payment for my batstickers which I was under con-tract by Capital Cricket whichshows on the back of my bat.

Pressed on whether themoney was "clean", Buttadded: "Of course, 100 percent.

"2,500 pounds was given tome for the opening of an icecream parlour in Tooting(south London).

"One can go there any time toTooting. I believe the name isAfters and the manager, thepeople working over there,they will tell you that I had todo the opening of the ice creamparlour along with MohammadAamer.

"And that's what we werepaid for."

Butt insisted there was noway as a novice skipper hecould have improperly influ-enced Aamer and Asif.

"These kind of people do notlet others decide their roles," heargued.

Butt, Asif and Aamer havebeen suspended until the ICChearing in Doha on January 6.-Agencies

"Ice-cream parlour can tell the truth"

Butt eagerto prove hisinnocence

ISLAMABAD: PresidentPTF Syed Kaleem Imam hassaid that a four year plan hasbeen prepared to promote ten-nis in the country.

He said that for raising thestandard of the game the fed-eration would hold tourna-ments at the grassroots level.

"We will hold events at theschool and college level fromall over the country and wouldtry to get sponsorship forthat," he told APP.

He said that the activeworking of Pakistan TennisFederation (PTF) would helpit get sponsorships for hold-ing different events in thecountry.

He said he had asked the

newly elected office bearersof PTF to play their activerole in this regard.

"Our aim is to hunt the hid-den talent to make tennis apopular game of our country.And under our four year planwe hope to get sponsorshipfrom multi national organiza-tions, banking sector andmobile companies", he said.

He expressed that the serv-ices of qualified coaches forpolishing the talent of youngbudding players would behired adding that the PTFwould also seek guidance andsuggestions from well knowntennis players and those whowished to see the country atthe height of glory.-APP

PTF plans toboost tennis

MANCHESTER: ManchesterUnited knocked Arsenal off thetop of the Premier League asthey stifled their title rivals'attacking flair with a 1-0 winthanks to Park Ji-sung's goal onMonday.

United went ahead four min-utes before halftime whenSouth Korean midfielder Parktwisted to get his head on aNani cross from the right whichhad taken a slight deflection offArsenal defender Gael Clichy.

They squandered the chanceto go 2-0 up when WayneRooney fired a penalty wellover the bar with just over aquarter of an hour left afterClichy had handled in the areaat Old Trafford.

The hosts, unbeaten in theleague this season and with thebest home record, were facingthe team with the best awayform but Arsenal came up shortand they now sit second on 32

points, two behind United whohave a game in hand.

United boss Alex Ferguson'stactic of playing a five-manmidfield paid off as Arsenal'susually potent combination ofMarouane Chamakh, SamirNasri and Andrei Arshavincould not string strong togetherthe moves that have won muchadmiration this season.

"We didn't create enoughchances. Our passing was notquick and sharp enough to getthem out of position," Wengertold a news conference.

"The technical quality of thegame was average on bothsides because the pitch is verypoor in my opinion and thegame suffered a lot for it."

Watched by some of theChilean miners who were res-cued in October after beingtrapped for more than twomonths underground, a patchyencounter will have tested the

patience of even those miners.It also did little to endorse eitherside's title credentials as theystruggled to keep possessionwhen they got near the box.

United were keen to testyoung Arsenal goalkeeperWojciech Szczesny who wasmaking his first PremierLeague and standing in forPolish compatriot LukaszFabianski. Portugal wingerNani shot straight into the 20-year-old's arms and Rooney didthe same a couple of minuteslater but the keeper stoodstrong, although his distribu-tion was sometimes poor.

Ferguson had remarkedbefore the game that Arsenalhad become a more physicalside and his team got increas-ingly frustrated as a series ofclumsy challenges failed totempt referee Howard Webb todelve into his pocket for acard.-Reuters

Man United knockArsenal off top

LAHORE: Pakistan's womenfootball team staged a remark-able come back 2-1 win overMaldives their first Group-Bmatch of first SAFF WomenFootball Championship atCox's Bazar, Bangladesh onTuesday.

Mehwish Khan (Diya FC)scored the opening goal in44th minute - the first in inter-national arena history forPakistan Women Football andMalaika Noor (Young RisingStar) hit the winner in the 89thminute from a penalty mark,said the information madeavailable here.

Eight teams are participatingin the event. Pakistan will nowplay its second match against

Nepal on December 16 andthird match againstAfghanistan on December 18.

Maldives opened the scoringmidway through first halfwhen Syeda Mahapara, whohad a great game, concededher lone goal of the tight-finishmatch. But Mehwish infusednew spirit in Pakistani girlswith sweetly-timed header offcorner by Malaika Noor pastMaldives keeper AhmedFazna.

Malaika Noor, an expertwhile taking corners and freekicks, showed her class on set-pieces. The midfielder who fin-ished Leading Scorer of thesixth National Women FootballChampionship last August with

nine goals, hammered the allimportant last-ditch winnerthrough spot-kick.

Pakistani coach Tariq Lutfifielded skipper SanaMahmood, Syeda Mahapara,Malaika Noor, Sahar Zamanwho belonged to Young RisingStar and all of them alongwithother players with game plangiven by Lutfi.

Meanwhile, Bangladesh gottheir campaign off to a com-fortable start with a 2-0 victo-ry over Sri Lanka in theirGroup A.while favouritesIndia got off to a rollickingstart after they put an unbe-lievable eighteen unansweredgoals past a hapless Bhutanside.-APP

Pak record 2-1win over Maldives

SYDNEY: Mitchell Johnson ishoping his perspiration in thenets will provide inspiration toAustralia's selectors and earnhim a recall for the third Ashestest against England in Perththis week.

Just two years after he washailed as the world's best fastbowler, the 29-year-old spenttwo weeks pounding away inAdelaide and Perth aiming toprove that he can still bowlwith the consistency and tech-nique that earned him the plau-dit.

"We've got him feeling theway he wants to feel,"Australia bowling coach TroyCooley told Tuesday's TheAustralian. "He's working his

backside off. All he wants todo is play well for his country."

Johnson's quiet demeanourhas always made him anunlikely inheritor of the mantleof fiery Australian seamers likeDennis Lillee, Jeff Thomson,Merv Hughes and GlennMcGrath.

The Queenslander's super-quick bowling, however, soonmade him indispensable to hiscountry after he was handedhis baggy green cap byMcGrath as Australia's 398thtest player in late 2007.

A superb display in late 2008saw him take 8-61 againstSouth Africa at the WACA butit was the following year thathe really made his mark as one

of the game's best bowlers.Having perfected the art of

swinging the ball in to right-handed batsmen, Johnson firedAustralia to a 2-1 test series tri-umph in South Africa.

That earned Johnson playerof the series honours and wasbehind his being named theInternational Cricket Council'splayer of the year for 2009.

By the time he picked up thattrophy, however, Johnson'sform had already dipped andhe had earned the derision ofEnglish fans for some of hisbowling as Australia lost theAshes.

Johnson did claim 20 wick-ets in the 2009 Ashes series atan average of 32 and went into

the current series with ahealthy 166 wickets in 39 testsat 30.08.

The drawn first test at theGabba was the first where hefailed to take a wicket forAustralia and he was uncere-moniously dumped for the sec-ond.

Although clearly hurt,Johnson had previously experi-enced ups and downs in hiscareer since being discoveredby Lillee as a 17-year-old anddubbed a "once-in-a-lifetimeprospect".

A few years and a string ofback injuries later, Johnsonwas driving a plumber's vanafter being dropped by hishome state Queensland.

"It's not the end of theworld," he said in Adelaideafter being told he was out ofthe side. "I've come back fromstress fractures when I wasyounger, with Queensland.

"I'm a strike bowler forAustralia and I need to be get-ting wickets," he added.

Despite his desire to getaway and get his "headstraight", Johnson spent thenext five days in the nets at theAdelaide Oval -- alongside thetent where the media lunched -- with a few spells as substitutefielder.

If Australia had won or evendrawn that test, Johnson mayhave been kept waiting for hisrecall, but an innings and 71

run defeat could see himreturn this week. "He's takenan eight-for here so he has tocome back into the reckoningconsidering it's a game wehave to win," captain RickyPonting said in Perth thisweek.

"He's had a chance to getaway and sort things out andhe has worked exceptionallyhard in Adelaide. Hopefullywe'll see some good stuff fromhim in Perth this week."Cooley said Johnson had madeprogress technically and in hisstrength and conditioning.

"We've worked on makingsure his balance at the crease iswhere he wants it to be," saidCooley.-Reuters

Johnson sweating on Aussie recall

Govt nailsdown securityplan for 31stNat’l Games

PESHAWAR: The governmentof Khyber Pakhtunkhwa hasfinalised security arrangementsfor smooth holding of 31stNational Games scheduled to beheld here from December 25 to31.

A high level meeting presidedover by Commissioner Mardan,Akbar Khan reviewed securityarrangements and expressedsatisfaction over it. The baseball(Men) games would be held inMardan.

Besides others, DIG MardanAbdullah Khan, DCO AdilKhan, SP Mardan, officials ofC&W, EDO Education, MSMardan Medical Complex,Organising Secretary ZulfiqarButt, Pakistan OlympicAssociation (POA) nomineeSyed Azhar Ali Shah, SecretaryKhyber Pakhtunkhwa BaseballAssociation BaseballAssociation Wisal Khan alsoattended the meeting.

The meeting has finalisedsecurity arrangements for hold-ing of this important event inMardan. The teams of PakistanArmy, Pakistan Police, PakistanWapda, Punjabm, Balochistanand host Khyber Pakhtunkhwawill contest for the top honor inBaseball in Mardan.

Commissioner Mardan dis-closed that teams would beescorted from their staying areato the playground and foolproofsecurity would be provided toplayers. "We have made elabo-rate security arrangements forsuccessful holding of this megashow in Mardan," he said.

Besides security cover toteams, medical cover facilitieswould also be provided to play-ers at the venue the GeneralIhsan Sports Complex.

The event will be held fromDecember 26-30 where formerfederal minister Azam KhanHoti will be the chief guest atthe opening ceremony.-APP

MANCHESTER: Man United's Rooney shoots over the crossbar from a penalty kick during their English PremierLeague soccer match against Arsenal at Old Trafford.-Reuters

ISLAMABAD: Youngsters playing cricket on the land whichwas reserved for Proper Park in F-7 on Tuesday.-Online

11Wednesday, December 15, 2010

International & Continuation

CONTINUATION

UK inflationunexpectedly

hits 6-mthhigh in

NovemberLONDON: Inflation rose to asix-month high in November,extending a run of upside sur-prises and denting lingeringhopes of further monetary eas-ing by the Bank of England.

Annual consumer price infla-tion rose to 3.3 per cent lastmonth from October's 3.2 percent, marking the 11th consecu-tive month it has been at least aper centage point above theBank's 2 per cent target.

The figures are likely to addto policymakers' worries thatrising inflation expectationsamong the public may trigger awage-price spiral.

Inflation looks set to rise evenhigher at the start of next yearwhen VAT sales tax jumps to 20per cent from 17.5 per cent andutility providers jack up tariffs.

Sterling rose and gilts fell onthe figures, which reinforcedexpectations the Bank's nextmove will be to tighten mone-tary policy -- probably towardsthe end of next year.

"With GDP growth wellabove trend and inflation per-sistently above the target, thereis now a negligible chance thatthe Bank embarks on anotherround of QE and, in fact, a non-negligible risk of dislodginginflation expectations," saidUBS economist Amit Kara.

Bank Deputy GovernorCharles Bean said Monday thatpolicymakers were watchingprice pressures "like proverbialhawks" and admitted inflationhad been above target for anuncomfortably long time.

However the Bank hasalready acknowledged thatinflation will stay above 3 percent all next year, andTuesday's data -- while disap-pointing -- will not be a game-changer for monetary policy.-Reuters

BEIJING: China will set a 4per cent target for consumerinflation next year, up from thisyear's 3 per cent objective,state television said onTuesday, an indication that thegovernment will desist fromaggressive tightening even asprice pressures mount.

The slightly higher thresholdfor inflation was consistentwith another report in officialmedia earlier in the day thatChina will aim to cap newloans at about 7.5 trillion yuan($1.1 trillion) next year, a moregenerous ceiling than many inthe market had been expecting.

"The main targets for eco-nomic and social developmentset by the central governmentfor next year are that GDP willgrow by about 8 per cent andthe consumer price index willbe capped at about 4 per cent,"CCTV quoted Zhang Ping,head of the powerful NationalDevelopment and ReformCommission, as saying.

The 8 per cent growth targetis, as in past years, likely to bea moot point. Most economiststhink the world's second-largest economy will growabout 9 per cent next year.

And although the 4 per centconsumer price target is higherthan this year's, it is not newground for China. In 2008Beijing targeted an average of

about 4.8 per cent inflation andit aimed for about 4 per cent in2009.

The comments by theNDRC's Zhang were the firstofficial statement of numericaltargets for 2011 following theCentral Economic WorkConference, an annual leaders'meeting that ended on Sundayand is key for setting policy forthe coming year.

Chinese leaders put moreemphasis on the fight againstinflation in their statement afterthe conference, but also vowedto strike a balance betweenensuring price stability andmaintaining growth.

A 7.5 trillion yuan target fornew loans next year, the sameas its target this year, would beone way for the government tomake clear it is not willing tosacrifice growth.

Control of credit issuance isone of the most importantmonetary policy tools in Chinaand many in the market hadassumed that Beijing wouldlower the new lending objec-tive next year as a way oftamping down on inflationarypressures.

But a report on the front pageof the China Securities Journal,citing an unnamed sourcedescribed as authoritative, sug-gested otherwise.

"The Chinese economy is

very big now and a target of 7.5trillion yuan in new loans willnot trigger all-round inflation,"the newspaper quoted thesource as saying.

A Reuters poll of 26 econo-mists forecast on Monday thatBeijing would aim to reducethe new lending target to 7 tril-lion yuan next year.

Most also forecast that thecentral bank would raise ratesbefore the end of 2010 andtwice again in 2011 as part of acampaign to control inflation,which quickened in Novemberto a 28-month high of 5.1 percent.

The newspaper also said thegovernment would likely aimfor growth in the wider M2measure of money supply of 16per cent in 2011, which wouldmark a slowdown from thisyear's pace of roughly 20 percent.

"The two targets are consis-tent with one another and thelogic is right, although we stillneed to wait for the officialannouncement," said HuYuexiao, economist withShanghai Securities.

China will also use regulatorytools to restrict lending nextyear, including ordering banksto raise their capital adequacyratios and to set aside more pro-visions for bad loans, he said.-Reuters

China to raise inflationtarget in dovish signal

WASHINGTON: US retailsales were stronger thanexpected in November as con-sumers shopped despite highunemployment and producerprices rose, evidence the eco-nomic recovery gathered steamin the fourth quarter.

The Commerce Departmentsaid on Tuesday total retailsales increased 0.8 per cent,advancing for a fifth straightmonth, as consumers snappedup clothing and other items atthe start of the holiday seasonand receipts at gasoline sta-tions surged.

In addition, sales for Octoberwere revised up to 1.7 per centfrom a 1.2 per cent gain. Thesturdy rise in sales was a boostfor consumer spending, whichaccounts for more than two-thirds of US economic activity.

Economists, who had expect-ed retail sales to increase 0.6per cent last month, said evenif sales stumbled in December,consumer spending was likelyto far exceed the 2.8 per centannual growth rate recorded inthe July-September period.

"Consumption is likely topost a solid rise in the fourthquarter. For the first time sincethe recession ended, consumersare contributing to growth in areal way," said Chris Low,chief economist at FTNFinancial in New York.

Economists scrambled toraise their fourth-quarter eco-nomic forecasts based on thesolid showing by consumers,although the data was notexpected to weigh heavily at ameeting of Federal Reserveofficials on Tuesday.

A separate report from theLabor Department showed pro-ducer prices increased 0.8 per

cent last month, above fore-casts for a 0.6 per cent gain.Core wholesale prices, whichexclude volatile food and ener-gy prices, rose 0.3 per cent.

US stocks opened marginallyhigher and gains were curbedby a weak earnings report fromBest Buy Co Inc. The top con-sumer electronics chain report-ed a decline in quarterly resultsand same-store sales and cut itsfull-year outlook, citing weakdemand in its key US market.

The economy expanded at a2.5 per cent annual pace in thethird quarter and data so farsuggest the rate of activityaccelerated in the currentquarter.

However, it will probably notbe strong enough to discouragethe Fed from completing its$600 billion government debtbuying program intended pushalready low interest rates fur-ther down and stimulatedemand.

Sales excluding autosincreased 1.2 per cent lastmonth, the largest gain sinceMarch and exceeded econo-mists' expectations for a 0.6per cent gain. Sales excludingautos increased 0.8 per cent inOctober.

Sales last month werebuoyed by a 2.7 per cent rise inreceipts at clothing and cloth-ing accessories stores, thelargest increase since March.

Consumers also spent onnon-essential goods, liftingsales at sporting goods, hobby,book and music stores 2.3 percent, the biggest gain in almosta year.

Sales were also boosted by a4 per cent jump in receipts atgasoline stations, which wasthe largest gain in a year. But

motor vehicle sales surprising-ly fell 0.8 per cent, while build-ing materials dipped 0.1 percent after rising 3.3 per cent inOctober.

Core retail sales, whichexclude autos, gasoline andbuilding materials, rose 0.9 percent after a 0.5 per cent gain inOctober.

Core sales correspond mostclosely with the consumerspending component of thegovernment's gross domesticproduct report. Economistsexpect the tax deal struck lastweek by the Obama adminis-tration and Republican law-makers will boost spendingnext year.

"If the proposed payroll taxcut makes it into law, con-sumption growth could be fair-ly good in the first quarter ofnext year too," said Paul Dales,a US economist at CapitalEconomics in Toronto.

Other weak spots in the retailsales report included purchasesat electronics and appliancestores, which fell 0.6 per centlast month and furniture salesdeclined 0.5 per cent.

In a second report, theCommerce Department saidbusiness inventories rose 0.7per cent to $1.42 trillion inOctober, the highest level sinceFebruary 2009, after increasing1.3 per cent in September.

Economists polled byReuters had forecast invento-ries rising 1 per cent. Businesssales increased by 1.4 per centto $1.12 trillion in October, thehighest level since September2008, after rising 0.8 per centthe prior month. The per cent-age increase in sales last monthwas the largest since March.-Reuters

US retail salesboost 4th-qtr

growth prospects

board of the Federal Deposit Insurance Corp to take the firststeps toward implementing higher capital requirements set out inthe Dodd-Frank law. Many lawmakers and regulators came out ofthe financial crisis arguing banks did not hold enough high quali-ty capital to deal with the shock to financial system and this con-tributed to the government having to come to their aid. -Reuters

Continued from page 12No #1

regimes - and are acknowledged internationally.The NCA underscored that Pakistan shared the goals of non-pro-

liferation and was prepared to work with other nuclear powers onan equal footing to advance these goals. As a state with advancednuclear technology, Pakistan was also prepared to promote thepeaceful uses of nuclear technology, under the appropriate IAEAframework. The NCA expressed satisfaction on the pace of devel-opment and effectiveness of Pakistan's strategic deterrence. It reaf-firmed that all requisite steps will be taken to ensure Pakistan'snational security and to maintain credible deterrence. -APP

Continued from page 12No #2

Affairs Manzoor Wattoo and other members of PPP fromPakistan and Chaudhry Maqbool Ahmed former (MLA) AJKwere also present on the occasion. He said it was unfortunate thatAJK PPP was divided into groups due to some misunderstandingand now all the misconceptions have been removed.

"Pakistan is facing a number of challenges and unity in the partywill help to steer the country out from these crisis," he said.Barrister Sultan, head of PML, said PPP led coalition governmenteffectively highlighted the Kashmir issue at international fora,adding that people of Kashmir kept the issue alive through theirindigenous struggle. Sultan Mehmood said PPP is the strongestparty in AJK and would be victorious in the coming general elec-tions scheduled to be held in April 2011. Member NationalAssembly Faryal Talpur on the occasion said "We welcome SultanMehmood back into the party." -Agencies

Continued from page 12No #3

tax." He said that it was the responsibility of the provincial gov-ernments to impose tax on agriculture income and they must takeappropriate measures in this regard. -NNI

Continued from page 12No #4

this regard, residents may have to face troubles but we appealthem to be tolerant in circumstances and cooperate with law andorder agencies. -Online

Continued from page 12No #5

devolving five more federal ministries to the provinces.The second phase of devolution is to be completed by the end of

February, 2011. Instead of Health, it is decided to recommend tothe commission to approve the transfer of Ministry of Tourism tothe provinces, he said. The ministries proposed to be devolved tothe provinces in the second phase are livestock, education, socialwelfare and special education, culture and tourism.

Five ministers would also lose their cabinet posts after the sec-ond phase is completed. They are Humayun Aziz Kurd, SardarAssef Ahmad Ali, Maulana Ata-ur Rehman and Pir Aftab ShahJilani. However, in the reshuffling of portfolios on Tuesday, twofederal ministers including Sardar Assef Ahmad Ali and Pir AftabShah Jilani are given other ministries and thus their cabinet postswill be secure. Meantime, the ministries of Food and Agricultureand Tourism are asked not to go for any fresh recruitment as it willnot be possible to absorb the newly inducted staff. In the thirdphase, which will be implemented in July 2011, ministries of foodand agriculture, labour, women development and health will bedevolved to the provinces. Although, Ministry of MinoritiesAffairs is also on the list of ministries to be devolved, but in viewof issues that the ministry has to deal with at the international levellike the case of blasphemy of Asia Bibi. Meanwhile, the provincesare pressing that the ministry be devolved to them as they are eye-ing on the properties of Evacuee Trust Board. -Agencies

Continued from page 12No #6

Foreign ministry said that China is true friend of Pakistan andPakistani masses are waiting for Chinese Prime Minister WenJiabao. -Online

Continued from page 12No #7

Ideological Council. To a query about quitting the coalition gov-ernment in Balochistan and Khyber-Pakhtunkhwa, the JUI-F chiefsaid "such decisions will be taken in future." He expressed regretover Swati's removal "without any reason."

"Swati cooperated with the government over the Hajj scandaldespite the fact that there was no allegation on him."

"He even wrote letters to prime minister and President Zardariand also answered questions in several cabinet meetings but a uni-lateral decision was taken against him." Two more federal minis-ters from the JUI-F Maulana Fazl-ur Rehman's brother MaulanaAta-ur Rahman, which is minister for tourism and federal housing& works Minister Rehmat Ullah Karar - have reportedly sent theirresignations to the PM. Meanwhile, PM Gilani has appointedSyed Khursheed Shah as Minister for Religious Affairs. He hasbeen given additional charge of Minister for Labour andManpower, the spokesman said.

Continued from page 1No #8

whole calendar year. We would be able to find some foreigncompanies or strategic investors, to buy into Pakistan SOEs,which would lend credibility to the whole process, he stated.

The Minister elaborated that the country was searching for thecompanies with the experience, technical, financial and manage-ment capabilities to help Public Sector Entities to realize theirtrue potential, with multiple stock exchange listings, which hetermed, would subject the privatisation process to internationalscrutiny and bring investment into Pakistan in order to givetremendous credibility and transparency to the whole privatisa-tion program and the process, he added.-Agencies

Continued from page 1No #9

Obama said in a statement. A relentless negotiator who earned areputation as a "bulldozer" in brokering the 1995 Dayton Accordsthat concluded the Bosnian war, Holbrooke was once called"Washington's favorite last-ditch diplomat" by Time magazine.Nominated for the Nobel Peace Prize seven times, Holbrookejoined Obama's administration in January 2009 as special repre-sentative for Afghanistan and Pakistan, dealing with two ofWashington's most vexing foreign policy challenges.

Meanwhile, President Asif Ali Zardari and Prime Minister SyedYousuf Raza Gilani on Tuesday paid glowing tribute to RichardHolbrooke, calling the late US special envoy to the region a"friend of Pakistan". Describing Holbrooke's death as "a greatloss" both leaders said in their separate statements, "Pakistan hasbeen deprived of a best friend"

"Pakistan has lost a friend. He was an accomplished and expe-rienced diplomat, who quickly gained the confidence of his inter-locutors."Agencies added: European Union foreign policy chiefCatherine Ashton praised the late veteran US diplomat RichardHolbrooke as a champion of peace who played an historic role inending war in the Balkans. "Ambassador Richard Holbrooke wasa remarkable man, a true diplomat and a champion of peace andreconciliation, not just in Pakistan and Afghanistan, but through-out the world in nearly half a century of service to his country andthe international community," Ashton said. -Agencies

Continued from page 1No #10

US fury by publishing some of a trove of 250,000 classified USdiplomatic papers, was accused this year of sexual misconduct bytwo female Swedish WikiLeaks volunteers during a stay inSweden. Assange denies the allegations and is fighting Swedishattempts to extradite him.

Earlier, Julian Assange told his mother, from his prison cell inLondon, he remained committed to publishing secret US cables,despite condemnation from Washington and elsewhere, Australian

Continued from page 1No #11

Khan also decided to defy SSGC's decision to shut down CNG Stations for two days in a week."We will not close our stations for two days and if SSGC stops gas supplies to CNG station we

will move to the court", Khan said. He said that most of the participants of the meeting haveexpressed resentment over this decision and they wanted to get the help of Sindh High Court in thisregard. Khan said that more than 60 members including office bearers of the association attendedthe meeting which also discussed the issue of cut in the margin of petroleum dealers.-APP

Continued from page 1No #12

additional disclosure requirements coupled with the market making agreement, which is a keydocument agreed and signed between the market maker and the corresponding exchange on whichthe market maker undertakes to perform market making activities.These regulations are expectedto cater for reduced investor profits, volatility in the share prices and presence of unofficial mar-ket makers who may cause loss to the investors. Initially market making has been allowed in allmarkets except the ready market. -APP

Continued from page 1No #13

23.3 thousand dollars and 213 thousand dollars respectively. Furthermore, from the start of currentyear 2010, foreigners' net buying reached $504 million in the local bourses.

Continued from page 1No #14

blocks and four offshore exploration blocks, said the company, but excluded four of BP's unex-plored, non-operated blocks which it said it was reviewing with its partners, one of which isOGDCL. BP said the deal was subject to regulatory approval and it expected it to complete in thefirst half of next year. -Reuters

Continued from page 1No #15

banking sector,' it added. However, the Report noted that structural weaknesses in the process ofrevenue generation, significant rigidities in government spending, expansion in quasi-fiscal opera-tions have added to the fiscal burden, which is increasingly financed from the financial system. Itpointed out that the banks' exposure to the government increased significantly during 2009 and inthe first half of 2010, with particular concentration in the power sector due to the ongoing issue ofcircular debt, and continued increase in lending to public sector enterprises and commodity financein general. Finding the government to be a captive client, banks' behaviour to lend more to the gov-ernment and to public sector agencies impedes the process of productive activity in the economy, itsaid. This causes crowding out of the private sector, to the extent that demand for credit exists, whichin turn carries long term implications for economic growth, with feedback impact on banks' assetquality and hence on financial stability, it added.

Continued from page 1No #16

unable to attract the foreign investment in the above mentioned period. Similarly, portfolio investmentdown 44.6 per cent at $172.5 million compared to $311.3 million of 5MFY10. Foreign private invest-ment was $750.7 million, down 28.4 per cent from $1.05 billion in 5MFY10. On the other hand, foreignpublic investment showed meager outflow of $4.9 million as against outflow of $6.8 million in 5MFY10

Continued from page 1No #17

television reported Tuesday. Australia's Network 'Seven' asked Christine Assange to ask her 39-year-old son one question during a visit to his London jail: Was it worth it? "My convictions are unfalter-ing. I remain true to the ideals I have expressed. This circumstance shall not shake them," said Assange,according to his mother who supplied the network with a written statement of her son's answer. "If any-thing this process has increased my determination that they are true and correct." -Agencies

Best Buy posted a drop in quarterly sales at existing stores and lower-than-expected earnings ontepid demand for televisions and entertainment hardware and software. Sony Corp, maker of thePlayStation video game platform as well as flat-screen TVs, saw its US-listed shares fall 0.5 per centto $35.69. Video game retailer GameStop Corp shed 0.8 per cent to $21.75. "If retail sales are welland some of these stocks are going down, maybe valuations are overstretched," said Joe Saluzzi, co-manager of trading at Themis Trading in Chatham, New Jersey. "You can't just look at (Best Buy)and brush it off," he said. Separate data showed US producer prices rose more than expected inNovember as energy prices spiked, but underlying inflation pressures remained subdued.-Reuters

Continued from page 5No #18

senior researcher at the powerful National Development and Reform Commission, at the ReutersChina Investment Summit. While caution over how China will deal with inflation prevails, mostanalysts expressed confidence that strong earnings and a robust economy would underpin Chineseshares in 2011. Hong Kong's market held within a narrow range through the day with turnoverfalling to the lowest in nearly 3-½ months, signalling that the holiday season slowdown could havebegun. The benchmark index would likely see rangebound trading but a break on the upside for theShanghai Composite could lead the way for Hong Kong too, said the trader.-Reuters

Continued from page 5No #19

"Foreign securities houses, which place blocks of orders ahead of the Tokyo opening, have beenincreasingly bullish for 12 straight days with most 'buy' orders placed on Tuesday, adding to theoverall positive mood," said Kazuhiro Takahashi, general manager at Daiwa Capital Markets. Thebenchmark Nikkei rose 22.88 points to 10,316.77. The broader Topix index gained 0.5 per cent to901.89. If the Nikkei can hold on to its gains, retail investors are likely to jump on the bandwagon,boost volume and help it pierce strong technical resistance at 10,420.74, the level where futures andoptions contracts expiring in December settled on Friday, traders said.-Reuters

Continued from page 5No #20

or 107.41 points at 19,799.19, with 19 of its components rising. Market breadth was positivewith two shares advancing for every one that declined, but volume was relatively low at 286 mil-lion shares on the BSE, compared with an average of 400 million. The index had come within100 points off an all-time high in early November, but had then pulled back as a series of cor-ruption scandals dented investor confidence. "The nervousness we saw recently was a short-term blip. The growth story holds good," said Prasanth Prabhakaran, president of retail brokingat IIFL, who expects the Sensex to rise by around 20 per cent in 2011. "If all goes good, oureconomy can even grow by 9 per cent next year." India's economy expanded by annual 8.9 percent for the second consecutive quarter in the three months ended September, and governmentofficials have said growth could be faster in the remaining quarters to March. The benchmarkindex is up 13.4 per cent in 2010, driven by foreign fund investment of $28.5 billion. In com-parison, China's Shanghai Composite Index is down 10.7 per cent in 2010, and is one of the keyunderperformers in the emerging markets.-Reuters

Continued from page 5No #21

www.asharys.net

tel: 92(42)5694061-2

Italian KitchensLahore

tel: 92(21)5860794-5

KarachiWednesday, December 15, 201012

1.Classic News AgencyAbdul Mutalib Ph: 0333 -230 07 66

2. E-mail at subscribe@thefinancialdaily.com, 3.SMS us at 0322-260 2 838

4. Contact Phone: 35 31 18 93 - 6

RIAZ NEWS AGENCY

Cell # 0333-5373137SHAKIL NEWS AGENCY

Cell # 0333-4400472

Manager Circulation

Ahmad OmerFor Subscription

Printed & Published by Amir Abbas Ashary at DRC Printing Press for Data Research Communication (PVT) LTD, 111-C, Jami Commercial Phase VII, DHA Karachi.

ISLAMABAD: Prime MinisterSyed Yousuf Raza Gilani has reiter-ated the commitment of his govern-ment to take all measures to eradi-cate corruption from governmentinstitutions to ensure the good gov-ernance.

The government of PPP, he addedis trying to solve the problems ofthe people, by promoting the cul-ture of good governance.

Prime Minister expressed theviews while talking to AftabShabaan Mirani, MNA who calledon him at PM House.

The Prime Minister stressed uponthe political representatives to mon-itor all the projects in their respec-tive constituencies and make surethat fruits of these developmentsare trickled down to common man.

Mirani appreciated the govern-ment's efforts to ensure good gover-nance. The Prime Minister said thedecision will help strengthen the

process of accountability.Mirani also discussed political sit-

uation of the country with the PrimeMinister. He also apprised the PrimeMinister of various developmentprojects in his constituency.

Furthermore, Prime MinisterGilani said Pakistan fully supportssovereignty, independence and ter-ritorial integrity of Iraq and wel-comes the agreement amongst lead-ership of Iraq on forming the newgovernment in the wake of generalelections held in March this year.

He wished every success to theIraqi new government and the peopleand expressed his firm belief that apeaceful, stable and prosperous Iraqwould not only benefit its people butwould also contribute towards thepeace and security in the region.

Prime Minister was talking to DrRushdi Mahmood Rasheed,Ambassador of Iraq who called onhim in the PM House this afternoon

to deliver a cheque of US$ 10 mil-lion on behalf of his government forthe rehabilitation and reconstruc-tion efforts of the government in theflood affected areas.

The Prime Minister conveyed hisprofound appreciation to the leader-ship and people of Iraq for theirgenerous contributions and statedthat this donation will certainly helpmitigate the sufferings and pains ofthe flood stricken people inPakistan.

Prime Minister while underliningthe need for expansion and diversi-fication of existing trade and eco-nomic cooperation with Iraq inmultifaceted fields said that theconcerned stakeholders in Pakistanlike BOI and Ministry ofCommerce will be asked to interactwith the Ambassador of Iraq to findnew ways and means to makeprogress in these important fields. -Agencies

PM calls for actionagainst corruption

PMLmergedinto PPP

ISLAMABAD: Formerprime minister of AzadJammu Kashmir BarristerSultan Mehmood Tuesdayannounced to mergePeoples Muslim League(PML) with PakistanPeoples Party (PPP) andvowed to work for strength-ening of the party in thevalley.

Addressing a press con-ference here at the ZardariHouse along with MemberNational Assembly FaryalTalpur, he said "I herebyannounce to merge PeoplesMuslim League withPakistan Peoples Partyunconditionally and willwork for strengthening ofthe party in the valley."

Minister for Informationand Broadcasting QamarZaman Kaira, Minister forLabour and ManpowerSyed Khurshid Shah,Minister for Water andPower Pervez Ashraf,Minister for Kashmir

See # 3 Page 11

ISLAMABAD: TheNational CommandAuthority (NCA) met hereon Tuesday under theChairmanship of PrimeMinister Syed Yousuf RazaGilani.

Members of the NCA,including FederalMinisters, Chairman JointChiefs of Staff Committee,Services Chiefs and seniorofficials attended the meet-ing that reviewed recentglobal and regional devel-opments and their implica-tions for Pakistan's nationalsecurity, a news release ofISPR said.

The NCA expressed con-cern over policies andtrends of selectivity, excep-tionalism and discrimina-tion relating to strategicexport control regimes.

Such policies, detrimentalas they are to internationalpeace and security, under-mine the credibility of theexisting non-proliferationregime and are inconsistentwith the national laws andinternational obligations.

Revisionism based onstrategic, political or com-mercial considerationsaccentuates asymmetriesand would perpetuate insta-bility, especially in SouthAsia.

The NCA underscoredthat peace and security areindivisible and that thegoals of non-proliferationcould only be advanced byensuring equal and undi-minished security for allstates. Regional balanceand strategic stability inSouth Asia are indispensa-

ble for peace, sustaineddevelopment and prosperityfor the region and beyond.

The NCA categoricallyreiterated that Pakistan willnever accept discriminatorytreatment and that it rejectsany effort to undermine itsstrategic deterrence.

Pakistan will not be aparty to any approach that isprejudicial to its legitimatenational security interests.

As a nuclear weaponstate, Pakistan is fully cog-nisant of its responsibilities,and has established effec-tive and robust Commandand Control structures andcomprehensive export con-trol and regulatory regimes.These are fully compatiblewith international best prac-tices and global

See # 2 Page 11

Worries voicedover Nuke-bias

Discrimination puts SAsian security in peril: Pak

WASHINGTON: Rules that havethe potential to slash banks' debitcard profits and stop traders fromexcessive speculation in oil andother commodity markets will beunveiled by US regulators this week.

Banks also face the prospect oftougher capital rules as regulatorsspend a busy three days fleshing outthe Dodd-Frank law enacted in Julyto rein in Wall Street's behavior inresponse to the 2007-09 financialcrisis.

Regulators must craft more than200 rules before July 2011, includ-ing a new regulatory regime for theover-the-counter derivatives market.

On Thursday, the US CommodityFutures Trading Commission willoutline long-awaited plans to clampdown on speculation that wasblamed for sending food and oilprices to record highs in 2008.

"Crude is around $90, I'm not say-ing its speculators, but it's our job todo what we can and now we have thelaw on our side," CFTCCommissioner Bart Chilton, said at arecent agency meeting.

Speculation in various forms hasbeen criticized by corporate execu-tives and global policymakers. It hasbeen blamed for driving up com-modity prices, pushing down com-

panies' stock prices and hurtingcountries' financial conditions.

The CFTC's plan will apply tophysical commodities such as fuels,metals and agricultural products.

The biggest issuer of debit cards,Bank of America, has said that thelimits could cost it between $1.8 bil-lion to $2.3 billion.

One of the industry's lobby groups,the Financial Services Roundtable,said that the Fed's rule "will shiftretailers' costs to consumers as banksseek to recover all the operatingcosts of debit cards."

Banking regulators meet as the See # 1 Page 11

Regulators dent US bank profits

KARACHI: After SindhPolice's warning, nowPakistan Rangers Sindhalso has expressed the fearof possible terrorist activityincluding suicide or carbomb blast that may happenon 9 and 10 Muharram.

These reservations wereexpressed by BrigadierWasim Aftab while briefingthe media in Ranger'sHeadquarter Sindh onTuesday.

Brigadier Wasim Aftabinformed that security willbe tightened up at more sen-sitive areas during theAshura procession.

Citizens would have toface constraints of securitybut it is requested from thecitizen to remain calm in

these circumstances andimmediately report to secu-rity agencies upon any kindof uncertainty.

He warned that any sortof terrorist activity mayhappen such as suicideattack, car bomb blast orfiring incidents.

He informed that 4500Ranger jawans are on 24-hour duty whereas 309mobile vans and similarstrength of motorcyclistswill look after the securitysituation during Ashura.

He said that Rangersalong with police will setupthe joint control room nearNumaish Chorangi for thesurveillance of Nishtar parksecurity.

He revealed as per the

intelligence reports, 194Imambargahs and 112mosques have beendeclared sensitive, out ofwhich 67 Imambargahshave been declared as high-ly sensitive.

He said that on 8th, 9thand 10th Muharram, all thecapillary routes of mainAshura procession will besealed in order to ensurefoolproof security measuresand to avert the entrance tounconcerned people, mis-creants, or terrorists in theprocession.

He further said that sur-vey of all the residential andother buildings has beencompleted which fall in theprocession routes and in

See # 5 Page 11

Rangers wavesred flag in Khi

9th-10th Moharram

ISLAMABAD: PresidentAsif Ali Zardari has sum-moned the joint session ofthe parliament on Sunday(Dec 19).

Prime Minister YousufRaza Gilani had sent a sum-mary to President for sum-moning of joint session onthe occasion of arrival ofChinese Premier. Presidentsigned the summary onTuesday.

Chinese Prime MinisterWen Jiabao would addressjoint session of Parliamenton Sunday during three-dayofficial visit to Pakistan oninvitation of Prime MinisterSyed Yousuf Raza Gilani.

According to mediareports, in sideline to meet-ings with President, Prime

Minister and high officials,Chinese Prime MinisterWen Jiabao would addressto joint session ofParliament on 19 Dec(Sunday). The invitationcards have been dispatchedto all high political leaders,ambassadors, leaders ofconstitutional institutions,Speakers, chief ministersand governors of all fourprovinces including Gilgit-Baltistan.

According to spokesmanto Assembly Secretariattight security arrangementshave been made for junc-ture of Chinese PrimeMinister Wen Jiabao'saddress no one would beallowed to enter inParliament without invita-

tion card. The police andsecurity institutions havebeen directed to adopteffective strategy in thisconnection.

150 businessmen fromChina would visit toPakistan, which wouldboost business ties betweenboth the countries. On thisjuncture the agreementsworth of $ 20 billion wouldbe signed while projectsworth of $20 billion havealready been completed inPakistan with cooperationof China and further proj-ects worth of $14 billion areunderway.

Chinese Prime Ministerwould also meet with mediarepresentatives. Pakistani

See # 7 Page 11

Jiabao to addressParliamentarians

PPP-govtcommitted to reforms,says Awan

ISLAMABAD: FederalMinister for Law andJustice, Baber Awan hassaid the government is com-mitted to bring reforms inthe tax system to bringmaximum people in to taxnet and enhance nationalrevenues.

Talking to media here onTuesday he said that therewas need to promote taxculture and the governmentwas determined to bringthose sectors of economyand people which were stilluntaxed but taking all bene-fits to earn more money.

He said "those who do notpay tax in any form areopposing RGST but theirdesigns will not be succeed-ed and they will be broughtin to tax net through this

See # 4 Page 11

Healthministrytransferhalted

ISLAMABAD: Giving asecond thought to the devo-lution process, the govern-ment Tuesday deferredtransfer of health ministrythis year and banned newrecruitments in ministries tobe transferred in the nextphase, it is learnt.

"The decision has beentaken in view of the ongo-ing international fundingand aid projects," an officialof the Health Ministry toldINP, requesting not to benamed.

The decision came a weekahead of an important meet-ing of the ImplementationCommission on 18thAmendment of theConstitution to decide on

See # 6 Page 11

ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani chairing a meeting on Economic Review at PM House. APP

Iraqi Ambassador calls on Gilani

Zardari summons joint session on Dec 19