International

Indo-Pak talks on US wishlist See on Page 12

Japan extends $233mn soft loan See on Page 12

Iran sticks to its nukemindedness See on Page 12

*Crude Oil (brent)$/bbl 97.18

*Crude Oil (WTI)$/bbl 89.57

*Cotton $/lb 156.94

*Gold $/ozs 1,343.70

*Silver $/ozs 27.45

Malaysian Palm $ 1,220

GOLD (NCEL) PKR 37,965

KHI Cotton 40Kg PKR 10,717

Yearly(Jul, 2010 up to 20-Jan-2011)

Monthly(Dec, 2010 up to-20-Jan-2011)

Daily (20-Jan-2011)

Total Portfolio Invest (14 Jan-2010)

193.57

-1.83

7.18

3057

0.28

0.43

2.21

-0.21

-0.56

-2.52

0.37

SCRA(U.S $ in million)

Portfolio Investment

FIPI (21-Jan-2011)

Local Companies (21-Jan-2011)

Banks / DFI (21-Jan-2011)

Mutual Funds (21-Jan-2011)

NBFC (21-Jan-2011)

Local Investors (21-Jan-2011)

Other Organization (21-Jan-2011)

(U.S $ in million)

NCCPL

GDR update

Commodities

Forex Reserves (15-Jan-11)

Inflation CPI% (Jul 10-Dec 10)

Exports (Jul 10-Dec 10)

Imports (Jul 10-Dec 10)

Trade Balance (Jul 10-Dec 10)

Current A/C (Jul 10- Dec 10)

Remittances (Jul 10 - Dec 10)

Foreign Invest (Jul 10-Dec 10)

Revenue (Jul 10 Dec 10)

Foreign Debt (Sep 10)

Domestic Debt (Nov 10)

Repatriated Profit (Jul- Nov 10)

LSM Growth (Nov 10)

GDP Growth FY10EPer Capita Income FY10Population

$17.28bn

14.61%

$10.98bn

$19.13bn

$(8.15)bn

$26mn

$5.29bn

$1.05bn

Rs 638bn

$58.41bn

Rs 5348.6bn

$287.9mn

-4.69%

4.10%

$1,051

174.93mn

Economic Indicators

Symbols

MCB (1 GDR= 2 Shares)

OGDC (1 GDR= 10 Shares)

UBL (1 GDR= 4 Shares)

LUCK (1 GDR= 4 Shares)

HUBC (1 GDR= 25 Shares)

$.Price

2.60

18.50

2.00

1.70

11.03

PKR/Shares

111.45

158.60

42.87

36.44

37.82

T-Bills (3 Mths)

T-Bills (6 Mths)

T-Bills (12 Mths)

Discount Rate

Kibor (1 Mth)

Kibor (3 Mths)

Kibor (6 Mths)

Kibor ( 9 Mths)

Kibor (1Yr)

P.I.B ( 3 Yrs)

P.I.B (5 Yrs)

P.I.B (10 Yrs)

P.I.B (15 Yrs)

P.I.B (20 Yrs)

P.I.B (30 Yrs)

12-Jan-2011

12-Jan-2011

12-Jan-2011

29-Nov-2010

21-Jan-2011

21-Jan-2011

21-Jan-2011

21-Jan-2011

21-Jan-2011

21-Jan-2011

21-Jan-2011

21-Jan-2011

21-Jan-2011

21-Jan-2011

21-Jan-2011

13.37%

13.50%

13.73%

14.00%

13.34%

13.62%

13.76%

14.09%

14.20%

14.22%

14.23%

14.26%

14.61%

14.81%

14.98%

Money Market Update

Symbols Buy (Rs) Sell (Rs)

Australian $ 84.2 85.2

Canadian $ 85.65 86.65

Danish Krone 14 14.7

Euro 115.6 116.5

Hong Kong $ 10.9 11

Japanese Yen 1.038 1.138

Saudi Riyal 22.82 23

Singapore $ 66.3 67.3

Swedish Korona 12.1 12.2

Swiss Franc 86.4 87

U.A.E Dirham 23.32 23.5

UK Pound 136 137.5

US $ 86 86.35

Open Mkt Currency Rates

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TT Clean TT & OD

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Canadian $ 86.05 86.25

Danish Krone 15.53 15.57

Euro 115.74 116.01

Hong Kong $ 11.01 11.03

Japanese Yen 1.035 1.037

Saudi Riyal 22.85 22.91

Singapore $ 66.59 66.75

Swedish Korona 12.9 12.93

Swiss Franc 88.73 88.94

U.A.E Dirham 23.33 23.39

UK Pound 136.55 136.87

US $ 85.73 85.92

Inter-Bank Currency Rates

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ISLAMABAD: The CentralDevelopment Party (CDWP)here on Friday considered andapproved 68 projects costingRs170.4 billion includingForeign Aid component of Rs36billion.

The CDWP meeting was heldhere under the chair of DeputyChairman PlanningCommission, Dr Nadeem UlHaque mainly to consider feder-al projects for Balochistanprovince.

The meeting was attended byChief Minister, provincial cabi-net members and ChiefSecretary of Balochistan onspecial invitation.

Moreover, meeting was alsoattended by the representativesof federal sponsoring agencies,provincial governments, andspecial areas.

The CDWP considered 68projects costing Rs170.4 billionincluding Foreign Aid of Rs36billion.

Of 68 projects, 37 projects arein the infrastructure sector cost-ing Rs107.9 billion, 28 in socialsector costing Rs59.5 billionand 3 projects worth Rs2.9 bil-lion.

Thirty five projects costingRs31.6 billion were approvedfor Balochistan only.

These projects include estab-

lishment of two universities,expansion of Pat Feeder Canal,and construction of many smalldams in Balcohistan.

Speaking to media personsafter the meeting, BalochistanChief Minister Aslam Raisanisaid that approval of these proj-ects was pending for the lasttwo years.

"There will be no cut inPublic Sector DevelopmentProgramme," he said.

The CDWP also recommend-ed 19 projects each costing overRs1000 million with overallcost of Rs148.4 billion to Ecnecfor consideration/approval. -Agencies

Rs170bn PSDP schemes get nod

‘Public Sector Development Programme to stay intact’

ISLAMABAD: The WorldBank approved a credit worth$250 million on Thursday toassist Pakistan's recoveryefforts in the KhyberPakhtunkhwa (KP) provinceand Federally AdministeredTribal Areas (FATA).

The Multi-Donor Trust Fund(MDTF) will co-finance theproject through an additionalgrant of $35 million. This com-bined support comes at a criti-cal juncture in order to assistthe poor and vulnerable house-holds to cope with incomeshock due to militancy crises inKP and Fata.

Khyber Pakhtunkhwa andFata Emergency RecoveryProject is a fast-disbursingfinancing to assist the targethouseholds in recovery and

promotion of human develop-ment through safety net supportgrants. It will provide immedi-ate relief to the affected popula-tion in the region and supportthe initiatives undertaken bythe Government of Pakistan(GoP), the Government of KP(GoKP) and FATA in responseto the militancy crisis.

"KP and Fata face a hugechallenge of rehabilitation ofthe households affected by theongoing crisis," said RachidBenmessaoud, World BankCountry Director for Pakistan."The credit and grant is part ofthe World Bank and our devel-opment partners' strategy tomaximize benefits to the poorand vulnerable householdsaffected by these adversities to

See # 4 Page 11

World Bank tocredit $285mn

Uplift of militancy-hit KP, Fata areas in focus

ISLAMABAD: Two Pakistanisubcontractors working forHungarian oil group MOL werekilled and two others kidnappedon the day before Friday nearMaramzai well, a companyspokesman said.

"There was an ambush inwhich six people were killed,"Johannes Vetter told Reuters,adding that the four otherskilled were military policemen.

The incident will not disruptMOL's activities in Pakistan andthe company is cooperatingwith local authorities to preventfurther attacks, he said.

But immediately after theambush MOL Pakistan suspend-ed oil & gas production opera-tions of at Maramzai well

demanding of the governmentto provide safe and secureworking conditions.

According to officialspokesman the MOL convoywas ambushed on way back toCentral Processing Facility(CPF) from Maramzai sitearound 4:30pm in the eveningon Thursday in which six per-sons including four FC guards,one contractor driver and onelocal labourer were killed.

The suspension of operationwould halt production of 40MMSCFD gas and 1600 barrelsof oil per day. MOL has alsowithdrawn all personnel fromthe site forthwith in order toavoid any further human loss,

See # 3 Page 11

MOL off Maramzaias ambushers kill 6

Pumping of 40 MMSCFD gas, 1600 bopd stops

Announceemergencyin Khi, plea

in SC demandsISLAMABAD: A petition hasbeen filed in the Supreme Court(SC) requesting to imposeemergency in Karachi with thehelp of Army and civil admin-istration to stop target killingand improve law and order sit-uation.

A petitioner, Tariq AsadAdvocate filed a petition in theapex court here on Friday andmade the Prime Minister,Interior Ministry, InteriorMinister, Chief Secretary Sindhand the Home Secretary Sindhrespondents. It requested thecourt to seek detailed reportabout the loss of precious livesfrom the respondents andInterior Minister RehmanMalik be called in the court toexplain the involvement ofthird power in the Karachi tar-get killing.

The petitioner also requestedthe court to impose emergencywith the help of army and civiladministration in the mega cityof Karachi in order to stop theongoing violence. He furtherstated that the interior ministerhas failed to get a lead on theculprits thus far.-Online

ISLAMABAD: Prime MinisterSyed Yousuf Raza GilaniFriday voiced optimism onovercoming looming chal-lenges facing the economy andthat too at the earliest.

Talking to Makhdoom AminFahim, Minister of Commerce,at the PM House, PrimeMinister said the export-ledgrowth will help in employ-ment generation and povertyalleviation.

He added that import ofPakistani products by Europeancountries was in line with thegovernment's policy forenhanced trade with the worldbecause "we believe in trade,not aid."

The policy, he added, willalso help the governmentensure early rehabilitation ofthe flood-hit.

Gilani observed that nationaleconomy was facing lots ofchallenges.

Reiterating the policy of rec-

onciliation, Gilani said, “Wewill overcome these chal-lenges.”

He said the government wastaking all the political partieson board to have consensus onunified economic agenda toprovide relief to the commonman.

During their meeting, Gilaniasked Fahim to take all thestakeholders on board forimplementation of import poli-cy initiatives.

He observed that public pri-vate partnership should be thefocus of the policy.

Furthermore, Fahim apprisedthe Premier on the matters per-taining to his ministry.

In another meeting withSaleem H Mandviwala,Chairman Board of Investment(BOI) and Hina Rabbani Khar,Minister of State for Finance,Prime Minister said the govern-ment is committed to provideall facilities to local and foreign

investors. The BOI chief and State

Minister called on him at PrimeMinister House here on Friday.

Due to government’s busi-ness-friendly policies, a largenumber of investors is plan-ning to invest in various sec-tors including energy, Gilaniadded.

The Prime Minister askedBOI chief to focus on public-private partnership for optimalutilisation of potential andexperience of the private sec-tor.

The BOI chief informed thePrime Minister of his meetingswith the Pakistani expatriatesand local business houses ofTurkey during his recent visitto the brotherly country.

He also told him about theupcoming "Economic Forum"to be held in Rome from 26-27January and "MalaysiaConference" to be held inMarch this year.-Agencies

PM upbeat tobest looming

economic odds

Govt committed to facilitate investors: Gilani

KARACHI: Dismissed employees of KESC holding a

demonstration in front of Defence office.-APP

ISLAMABAD: USAmbassador to PakistanCameron P Munter called onPresident Asif Ali Zardari atAiwan-e-sadr here on Friday.

During the meeting theytalked about bilateral relationsand issues related to strategicdialogue.

Sources said that cooperationbetween the two countries inthe war on terror and release ofCoalition Support Fund arrearsby the US to Pakistan also cameunder discussion.

The President asked theAmbassador to ensure timelyreimbursement of dues underCSF as Pakistan is facing a verydifficult economic situation. Healso appreciated US assistancefor flood affectees and energyprojects and hoped that theenergy projects would be com-pleted on schedule to enablePakistan to overcome the deep-ening crisis.

Pak-US bilateral relations andissues related to strategic dia-

logue were discussed during themeeting besides war on terrorand President's visit to the US.

According to sources,President informed CameronMunter about his meetings withUS President Barack Obamaand other US officials inWashington and stressed thatthe next phase of Pak-US strate-gic dialogue should start soon.

President said Pakistan ispassing through a tough phaseand the pledges made by USshould be fulfilled in time. Hesaid that war on terror hastaken its toll on Pakistan’seconomy and the US shouldcome forward to take its keyally out of economic crisis.Sources quoted Munter as say-ing that US is well aware of theproblems facing Pakistan and itwould not leave it in the lurch,adding the last phase of Pak-US strategic dialogue in USwas a complete success and thenext phase would start soon.-Agencies

Clear CSF dues in time, US told

US Ambassador calls on Zardari

Washington must fulfill its pledges: President

Gabolunquitsafter PMassurance

ISLAMABAD: Nabeel Gabol,who tendered his resignation asState Minister for Ports andShipping on Wednesday, with-drew his resignation after hismeeting Prime Minister YousufRaza Gilani here on Friday.

According to Media Reports,he called on the Prime MinisterGilani, who solemnly pledgedto have his concernsaddressed.

During the course of meetingGabol and Gilani discussedKarachi’s current plight.

Gabol however expressed hisreservations over the Rangersoperation in his constituencywithout consulting him.

Prime Minister Gilani toldhim that his resignation has notbeen approved so far and heshould resume his responsibili-ties as before, sooner than later,sources further said. Gaboltook his resignation back afterassurances from the prime min-ister.

He is also reported to soonhave a meeting with PresidentAsif Ali Zardari during his stayin Islamabad. Media reportsadded that soon after Gabol'sresignation on Wednesday,police rounded up his 11 guardsfrom his residence in the portcity of Karachi. He said hisguards have been taken awayby police in a commando-styleraid.-Online

ISLAMABAD: PublicAccounts Committee’s (PAC)Special Committee has rejectedthe objections of local vehiclemanufactures advising com-merce and trade ministries toprepare a summary on theimport of used vehicles.

According to details, the PACpanel meeting was held underthe chair of KhawajaMuhammad Asif at ParliamentHouse on Friday.

The present situation of car-makers in the country and banon import of used vehicles werereviewed during the meeting.

The committee members

expressed reservations over thenon-coordination of commerce,trade ministries with autoindustry to bring the prices oflocally manufactured vehiclesunder control.

The committee advised theconcerned ministries andautomakers to formulate a strat-egy to reduce the prices of localfour-wheelers.

Secretary Trade Ministry,Zafar Mehmood told the com-mittee that the ban on theimport of the used vehicles waslifted previously but was reim-posed after the local

See # 5 Page 11

Used-cars importlikelier than ever

PAC committee kills local carmakers pleas

Karachi, Saturday, January 22, 2011, Safar-ul-Muzaffar 17, Price Rs12 Pages 12

Nisar urges PM to scrapParliament lodges project

President seeks report

KESC-govtdeal struckto reinstate

the “sacked” KARACHI: The KarachiElectric Supply Company(KESC) has agreed on condi-tional restoration of the sackedemployees during a meeting atGovernor House here onFriday.

The KESC administration hastied the restoration of more than4000 fired employees to thepayment of dues the govern-ment institutions are sitting on.

The administration said thisin a meeting with Governor DrIshratul Ebad, MQM leader

See # 6 Page 11

2 Saturday, January 22, 2011

KARACHI: PML-QGeneral SecretaryMushahid Hussain Syedhas said that PPP govern-ment has failed to establishlaw and order in the coun-try whereas media andjudiciary have strength-ened democracy.

Talking tomedia atKarachi air-port here onFriday, hesaid PPP gov-ernment isjust active inbeating oppo-nents and hasfailed toestablish peace in thecountry. He said thatFederal ministers werebusy in chanting sloganagainst each others.

He added that PML-Qdelegation is visitingKarachi for improving theexisting situation in thecity and in this connectiondelegation would meet

with different politicalleaders and traders.

He blamed that govern-ment is active in corrup-tion and beating opponentswhereas federal InteriorMinister and ProvincialInterior Minister are busyin fighting with each other

and no oneknows aboutrangers opera-tion inKarachi. Heclaimed thatPML-Q is theonly politicalparty ofPakistan whohas no con-

cern with chair and we areindependent party andhave right to show theirconcerns openly. Hethanks to media for play-ing its vital role, wheregovernment showed weak-ness, he further said mediaand judiciary play its vitalrole to strengthen democ-racy in the country.-Online

Govt failed to bringpeace in country:

Mushahid

Staff Reporter

KARACHI: The TradeDevelopment Authorityof Pakistan (TDAP) isvery keen to seePakistani businessexpand in all directions.This was stated by CEO(TDAP) Tariq Iqbal Puriwhile speaking to mem-bers of the PakistanJapan business forum(PJBF).

The TDAP chief saidJapan was an importanttrading and economicpartner for Pakistan andIslamabad attached greatimportance to the closebusiness and economicrelations with Japan.

He said what one sawin Pakistan today interms of industry wasmostly due to Japan andthe help it had extendedto Pakistan's business-men and industry.

The TDAP CEO said

that Prime MinisterGilani had declared 2011as export year and TDAPwould encouragePakistani entrepreneursto explore new marketsand new sectors. TheTDAP he added wouldensure that it provided allpossible assistance andwas in the process of set-ting up a web portal. Thisweb portal he addedwould a state of the artaffair catering to theneeds of the business-men.

Referring to Japan, theTDAP chief said aPakistani business dele-gation was leaving laterthis week for Japan toexplore opportunities.

The TDAP chief sug-gested that Japaneseinvestors should think ofbringing technical andcommercial professionaltraining that has interna-tional accreditation, cer-

tification and also qualitycertification. This willhelp enhance the HRskills of Pakistani labourand help create employ-ment.

He concluded by appre-ciating the services ofPakistan Japan businessforum to enhance busi-ness relations and saidthat PJBF could alwayscount on TDAP assis-tance in resolving anyissues that it encoun-tered.

Earlier, in his welcomeaddress Chairman PJBF,Abdul Kader Jaffer saidPakistani businessmenwere very reselectdespite the many prob-lems faced by them. Hesaid he would like tourge the government t tohave a look at interestrates which were thehighest in the region andthus hampering thegrowth of the economy.

Qutubuddin

KARACHI: KarachiElectricity SupplyCompany (KESC) closeddown its administrativeoffices Friday as protest ofworkers against the sack-ing of 4500 colleagues andsiege of the utility's headoffice in Defence contin-ued for the second day.

KESC authorities saidthat they had to shut theiroffices to ensure securityof their workers while theworkers accused the man-agement of not facing thereal issues.

An MQM rally compris-ing hundreds of peoplejoined the protesting work-ers of the KESC in theirsit-in in front of the com-pany's head office at Gizri.

Peoples Party'sSecretary InformationFauzia Wahab, PM's advi-sor on Textile Dr MirzaIkhtiar Baig and ProvincialMinister for Energy ShaziaMarri and several otherleaders of PPP visited thebesieged KESC headoffice and expressed soli-

darity with the sackedemployees. Fozia Wahabwhile addressing theprotesting workers said:"Your protest has shakenthe echlons of powers andPresident Zardari hastaken notice of the situa-tion. You stand reinstatedfrom today." An ANP dele-gation and several labourand trade union leadersalso visited and agitatingemployees and assuredthen their sympathy andsupport and announcedthat the sit-in would con-tinue till their restoration.

Meanwhile, severalworkers fell ill due tosevere cold conditionsthey had to face during thesit-in last night and someof them were even taken tohospital for medical treat-ment.

Though the PPP govern-ment at Federal andprovincial level assuredfull support to the sackedemployees, the manage-ment of KESC appearedadamant and refused totalk to the striking work-ers. They maintained there

was no question of dia-logue or reinstatement ofthe sacked employees andinstead they lodged a caseagainst the striking work-ers for damaging theKESC head office andproperty.

The Chief MinisterSindh Syed Qaim Ali Shahalso spoke to theManaging Director KESCTabish Gohar and con-veyed him the governmentdesire to reinstate thesacked employees. Ameeting of the KESC MD,MQM leaders along withfour - member committeeof the Sindh governmentwas also convened at TheGovernor House to sortout the issue.

Meanwhile, operationsin several areas of the citywere suspended due to clo-sure of the KESC officesand people faced difficul-ties. The KESC adminis-tration accused the Federaland provincial governmentand the law enforcingagencies of not providingthem security cover andtaking action against the

sacked employees.Meanwhile, the Advisor

to Chief Minister Sindh onInformation SharmilaFaruqui has termed the ter-mination of 4000 employ-ees from the KESC a con-spiracy against the demo-cratic government and thepeople of Karachi and saidthat the sacking of 4000employees means thatKESC has compelled20000 people into starva-tion and the families of the4000 employees have beenforced to agitate.

This she said whileaddressing the agitatingsacked employees ofKESC at KESC headoffice Friday. She said theSindh Government wasproviding jobs to the peo-ple on merit and KESCwas sacking the peoplethat was against the mani-festo of the PakistanPeoples Party it wanted toreduce unemploymentfrom the society whileKESC was creating job-lessness and ultimately itwould create law and ordersituation.

TDAP eyesJapanese market

Siege of KESC HO continues for second day

KARACHI: Federal TaxOmbudsman office helpedtax-payers to get Rupeesseven billion refunds fromFederal Board of Revenue(FBR) last year.

Hence, 1,94,000 caseswere dealt with by FTOwhere the complaints werenot filed.

Over last 9 years, Rs 220million tax refunds at aver-age were given through thisoffice, said Federal TaxOmbudsman Dr. ShoaibAhmed Saddle during ameeting with members ofKarachi Chamber ofCommerce and Industry(KCCI) at the Chamber onThursday. He was wel-comed by President KCCIMuhammad Shafiq Saeed,Senior Vice President TalatMahmood, Vice PresidentKCCI Junaid EsmailMakda, former presidentKCCI Haroon Farooki, for-mer Chairman SITEAssociation of IndustryEngr. M.A. Jabbar.

The Federal TaxOmbudsman said 1450

complaints from taxpayerswere received at averageduring last 10 years and inthe year 2010, 1446 com-plaints were received. Ofthese 1200 complaints havebeen resolved and hopeful-ly the remaining would becleared by end of thismonth. The complaintsfiled earlier were alreadycleared. He announced toconstitute a steering com-mittee at his office withbusiness leaders from dif-ferent chambers of thecountry as a part of it. IfKCCI desired, he added, aseparate committee canalso be formed to deal withtheir tax issues.

Dr. Shoiab Saddle agreedto the proposal by Engr.M.A. Jabbar, the formerChairman SITEAssociation of Industry andformer vice presidentFPCCI that tax judicial sys-tem be separated from theexecutive at FBR. " Yes,FBR should work only aslaws implementingagency," he remarked.

He also supported thedemand of Engr. Jabbar forinitiating Bill of Tax-payersRights from FTO to protectthem from any undue pres-sure from tax collectors orpossible financial loss onthis account.

Jabbar also urged on cre-ating awareness among thetax- payers and the collec-tors on different sections ofthe law regarding disputesresolution. The Federal TaxOmbudsman pointed outthat in 1987 the tax- GDPratio was 13.8 percent,which has dropped to 8.8percent. At 13.8% ratio, wewould have been collectingRs 800 billion extra taxevery year. This wouldhave saved the countryfrom taking a loan fromany foreign institution, headded. The survival andprogress of a countrydepends on ratio of tax col-lection and way of itsspending. We would haveto increase tax revenue andcut some un-necessaryexpenses, he said.- APP

FTO helped taxpayersget Rs7bn refundslast yr: Dr Saddle

Self- employedpersons toget EOBI

coverageKARACHI: The PrimeMinister of Pakistanwhile announcingLabour Policy, 2010 hadallowed the coverage ofself employed personsunder the EOB scheme.The EOBI has implicat-ed the directives ofPrime Minister. Theself employed personsmay get themselvescovered under thescheme by depositingcontribution of Rs.420/every month till the ageof 60 years in case ofmale and 55 years incase of female at thenearest branch ofNational Bank ofPakistan.-PR

USAID,Engro

micro grantsevent on 27thKARACHI: USAIDPakistan and EngroFoundation are to organizea micro grants ceremony aspart of the 'KhushaalLivestock' rehabilitationprogram at Larkana on Jan27.

The rehabilitation pro-gram is part of USAIDPakistani's livelihood assis-tance project for the floodaffected areas of Larkanaand Dadu, and has beendeveloped in collaborationwith Engro Foundation,Engro Foods and theMennonite EconomicDevelopment Authority(MEDA).

The project, worth USD0.91 million (PKR 77.35million), targets 15,000households and over100,000 animals over a 6month period ending May2011 and aims to restoreproductivity of farm ani-mals to pre flood levels.

The initiative will pro-vide health and nutritionalsupplements such as min-eral mixtures, multicutgrass seeds (jowar), oatseeds, as well as fertilizersand vaccinations for footand mouth diseases, inorder to restore the healthand productivity of floodaffected livestock.

The project is to beimplemented by EngroFoundation, in collabora-tion with the agri servicesdepartment at EngroFoods. -PR

IndusHospital

takes lead inTB diagnosisKARACHI: In an effort tohighlight the need for rapidand effective diagnosis oftuberculosis in Pakistan, aseminar was organised at theIndus Hospital whereGeneXpert, a revolutionarybreak-through technologythat has been recentlydeployed for early detectionof TB was formally unveiledFriday.

Attended by health-careexperts and media representa-tives, the seminar wasaddressed by Dr. Zafar Zaidi,Director Medical Services,Indus Hospital and Dr. AltafAhmed, ClinicalMicrobiologist, DirectorLaboratory Services, IndusHospital and President of theInfectious Diseases Society ofPakistan.

Highlighting the risingthreat of tuberculosis (TB) inPakistan, Dr. Altaf revealedthat despite having the 6thhighest TB burden globallyand an estimated 250,000new cases every year, tuber-culosis in Pakistan is stilldiagnosed with outdated toolssuch as direct sputummicroscopy and chest radi-ographs. - PR

FloodCommission

meetingtoday

Staff Correspondent

ISLAMABAD: The sec-ond meeting of FloodCommission constitutedunder the Supreme Courtorders passed inConstitutional PetitionNo.62/2010 filed by MNAMarvi Memon, will be heldtoday in the office ofSecretary, CabinetDivision, Government ofPakistan, Islamabad.

In the previous meeting,it was decided that the fourIrrigation Secretaries of theProvincial Governmentswill brief the members ofthe Commission about theissues relating to the breachof 'Bunds' during the peri-od of high floods in themonths of July and August2010. It was also decidedby the Commission that theChairman NDMA andChairman Federal FloodCommission (FFC) willalso brief the Commission.

ChairmanAl BarakaBank landsin Pakistan

TFD Report

KARACHI: AdnanAhmed Yousif, Presidentand Chief Executive of theAl Baraka Banking Group,is on a 2 day visit toPakistan. During his stay inKarachi he will chair thesecond board meeting of AlBaraka Bank (Pakistan)Limited and will call uponthe Governor, State Bank ofPakistan, to exchangeviews on Pakistan's dynam-ic Islamic banking industry.

Al Baraka Bank(Pakistan) Limited cameinto being as a result of themerger between thePakistan branches of AlBaraka Islamic Bank,Bahrain, and EmiratesGlobal Islamic BankLimited. It is the secondlargest Islamic bank inPakistan with total assetsexceeding Rs60 billion anda countrywide network of89 branches.

Al Baraka Bank(Pakistan) Limited is partof the Al Baraka BankingGroup, Bahrain, which is apublic limited companylisted on the Bahrain andNASDAQ-Dubai stockexchanges with overUS$15 billion of assets,equity of more than US$1.8billion and a network ofmore than 400 branches in13 countries.

NA standingcommittee

visitsTextile City

Staff ReporterKARACHI: A meeting of theStanding Committee ofNational Assembly on TextileIndustry was held under thechairmanship of HajiMuhammad Akram AnsariMNA at the Pakistan TextileCity Head Office at PortQasim. The meeting was alsoattended by Rana MuhammadFarooq Saeed Khan, FederalMinister for Textile Industryand Zaheer A. Hussain, CEOPakistan Textile City. Thecommittee was briefed aboutthe company and the ongoingdevelopment of the project.Federal Minister Rana Farooqstated that Textile City will be abench-mark industrial zonewith World ClassInfrastructure required byPakistan's value-added sector.Once functional, over 200units could be accommodatedat Textile City giving a majorboost to the country's exportearnings and creating 80,000direct jobs. The CEO of thePakistan Textile City Ltd.while briefing the standingcommittee on the agendastated that the PakistanTextile City is an unlisted pub-lic limited company incorpo-rated in May, 2004. under thecompanies' ordinance 1984.

KARACHI: The Chairman Pakistan - Japan Business Forum Abdul Kader Jaffer,hosted a dinner in honour of the CEO of TDAP Tariq Iqbal Puri, at his residence.

Picture shows diplomats from Japan, Switzerland, and Majyid Aziz, AbdulRazzak, Happy Minwala, and Farrukh Mazhar with other guests. Staff Photo

ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani talking to MNASardar Nabeel Ahmed Khan Gabool at PM House.-APP

4500 employees sacked

KARACHI: Engro Food team at distribution debutof Omore Ice cream in Karachi. - Staff Photo

KARACHI: Acting Italian Consul General RobertoFranceschinis, Giuliana Grandi, Heidi Geary and

Almas Jafri present a cheque to ‘Family EducationalService Foundation,’ a volunteer organisation run

by Maria Paola. Staff Photo

KARACHI: FPCCI Vice President Khalid Tawab and Sardar Yasin Malik pre-senting sheild to Indo-Pak Chamber President S M Muneer. Mian ZahidHussain, Senator Abdul Haseeb Khan, Shahid Jawed Qurashi, Johar Ali

Kandhari and Farhan Ur Rehman are also Seen in the Picture. Staff Photo

MUMBAI: The Indian rupeebounced off seven week lowson Friday, cheered by gains inthe euro versus the dollar, butchoppy domestic shares contin-ued to raise worries about sus-tained foreign fund with-drawals.

The partially convertiblerupee closed at 45.6150/6250per dollar, off the day's low of45.77, its weakest since Dec. 1,but still 0.2 per cent below45.53/54 at close on Thursday.The rupee dropped 0.5 per centon the week.

"The euro's rise helped therupee retreat from 7-week lowstoday but heard some corpo-rates were buying dollars," saidA. Ajith Kumar, a senior for-eign exchange dealer withFederal Bank.

Traders said a choppy domes-tic share market raised concernsabout sustained foreign fundwithdrawals, which could pres-sure the rupee downwards.

So far in 2011 until Thursdayforeign funds were net sellers ofover $900 million worth ofshares pushing the rupee down

2 per cent. Last year, invest-ments had reached a record$29.3 billion helping the rupeerise 4.1 per cent.

One-month offshore non-deliverable forward contractswere quoted at 45.92, weakerthan the onshore spot rate.

In the currency futures mar-ket, the most traded near-monthdollar-rupee contracts on theNational Stock Exchange,MCX-SX and United StockExchange closed at 45.6725,45.6850 and 45.68, respective-ly, with the total traded volumeon the three exchanges at anaverage $6.8 billion. -Reuters

Indian rupee retreatsfrom 7-week lows

3Saturday, January 22, 2011

Currencies Rate

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

British Members Association Interest Settlement Rates.

AT 11:00 LONDON TIME 21/01/2011

A USD GBP CAD EUR JPY

O/N 0.23688 0.55813 0.95500 0.75750 SN 0.09500

1WK 0.25375 0.57063 1.00167 0.71900 0.10350

2WK 0.25656 0.57438 1.03583 0.71750 0.11063

1MO 0.26000 0.59813 1.09167 0.74125 0.12188

2MO 0.28313 0.65875 1.14833 0.83563 0.15000

3MO 0.30313 0.77563 1.23667 0.96188 0.18875

4MO 0.34500 0.85750 1.30083 1.03313 0.24313

5MO 0.40125 0.96313 1.35500 1.11813 0.30000

6MO 0.45469 1.07688 1.43167 1.20813 0.34750

7MO 0.50813 1.15725 1.49917 1.25938 0.39625

8MO 0.56000 1.24313 1.57417 1.31250 0.44313

9MO 0.61594 1.32500 1.64250 1.36688 0.48750

10MO 0.66781 1.40313 1.72833 1.41250 0.51438

11MO 0.72156 1.47313 1.81000 1.46188 0.54125

12MO 0.78063 1.54125 1.90333 1.51125 0.56750

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

U.S.A. 85.90 85.70 85.51

U.K. 136.87 136.55 136.24

EURO 116.01 115.74 115.47

CANADA 86.25 86.05 85.83

SWITZERLAND 88.94 88.73 88.50

AUSTRALIA 84.86 84.66 84.44

SWEDEN 12.93 12.90 12.86

JAPAN 1.04 1.03 1.03

NORWAY 14.67 14.63 14.59

SINGAPORE 66.75 66.59 66.42

DENMARK 15.57 15.53 15.49

SAUDI ARABIA 22.91 22.85 22.79

HONG KONG 11.03 11.01 10.98

CHINA 13.04 13.01 12.98

KUWAIT 306.22 305.50 304.70

MALAYSIA 28.05 27.98 27.91

NEW ZEALAND 65.01 64.86 64.69

QATAR 23.59 23.53 23.47

U.A.E. 23.39 23.33 23.27

KR WON 0.08 0.08 0.08

THAILAND 2.80 2.80 2.79

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

ABLN 12.60 13.10 12.60 13.10 12.75 13.25 13.35 13.60 13.50 13.75 13.60 14.10 13.65 14.15 13.70 14.20

JSBL 12.90 13.40 12.95 13.45 13.00 13.50 13.40 13.65 13.60 13.85 13.65 14.15 13.85 14.35 13.90 14.40

ASPK 12.80 13.30 12.85 13.35 12.90 13.40 13.35 13.60 13.45 13.70 13.60 14.10 13.70 14.20 13.80 14.30

CIPK 12.75 13.25 12.75 13.25 12.85 13.35 13.45 13.70 13.65 13.90 13.75 14.25 13.90 14.40 14.10 14.60

DBPK 12.60 13.10 12.65 13.15 12.70 13.20 13.20 13.45 13.40 13.65 13.50 14.00 13.55 14.05 13.60 14.10

FBPK 12.75 13.25 12.80 13.30 12.80 13.30 13.40 13.65 13.55 13.80 13.65 14.15 13.80 14.30 13.90 14.40

FLAH 12.85 13.35 12.85 13.35 12.85 13.35 13.35 13.60 13.50 13.75 13.60 14.10 13.70 14.20 13.80 14.30

HBPK 12.80 13.30 12.85 13.35 12.85 13.35 13.35 13.60 13.50 13.75 13.60 14.10 13.70 14.20 13.80 14.30

HKBP 12.80 13.30 12.85 13.35 12.85 13.35 13.35 13.60 13.45 13.70 13.55 14.05 13.65 14.15 13.75 14.25

NIPK 13.00 13.50 13.00 13.50 13.25 13.75 13.50 13.75 13.60 13.85 13.70 14.20 13.80 14.30 13.90 14.40

HMBP 12.80 13.30 12.80 13.30 12.90 13.40 13.35 13.60 13.50 13.75 13.55 14.05 13.60 14.10 13.70 14.20

SAMB 12.75 13.25 12.85 13.35 13.00 13.50 13.45 13.70 13.60 13.85 13.60 14.10 13.75 14.25 13.85 14.35

MCBK 12.80 13.30 12.75 13.25 12.75 13.25 13.25 13.50 13.40 13.65 13.50 14.00 13.60 14.10 13.75 14.25

NBPK 12.80 13.30 12.80 13.30 12.80 13.30 13.30 13.55 13.40 13.65 13.50 14.00 13.65 14.15 13.75 14.25

SCPK 12.70 13.20 12.75 13.25 12.75 13.25 13.35 13.60 13.45 13.70 13.55 14.05 13.70 14.20 13.80 14.30

UBPL 12.80 13.30 12.75 13.25 12.80 13.30 13.40 13.65 13.55 13.80 13.60 14.10 13.70 14.20 13.80 14.30

AVE 12.79 13.29 12.81 13.31 12.84 13.34 13.37 13.62 13.51 13.76 13.59 14.09 13.70 14.20 13.80 14.30

London Inter Bank Offered Rates (LIBOR)

Karachi Inter Bank Offered Rates (KIBOR)

Name Bid Ask High Low

EUR-USD 1.3560 1.3562 1.3575 1.3450

USD-CHF 0.9588 0.9593 0.9685 0.9583

GBP-USD 1.5958 1.5963 1.5999 1.5868

USD-CAD 0.9925 0.9929 0.9985 0.9910

AUD-USD 0.9895 0.9898 0.9917 0.9844

EUR-JPY 112.1500 112.1900 112.3000 111.6500

EUR-GBP 0.8493 0.8496 0.8529 0.8464

EUR-CHF 1.3002 1.3007 1.3065 1.2978

GBP-JPY 132.0100 132.0700 132.3100 131.5200

CHF-JPY 86.1900 86.2500 86.2700 85.6600

Gold 1340.5000 1341.0800 1350.1000 1338.0000

Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)21/01/2011

As per 22.00 PST

KASB BMA ELXIR GSL ICSL JSCM AvgRate

0-7days 12.95 13.00 13.00 12.85 12.90 12.95 12.94

8-15dys 13.00 12.90 12.90 12.90 12.85 12.90 12.91

16-30dys 13.00 12.90 13.00 13.00 13.00 12.90 12.97

31-60dys 13.04 13.05 13.09 13.25 13.15 14.10 13.28

61-90dys 13.36 13.25 13.40 13.40 13.40 13.40 13.37

91-120dys 13.42 13.45 13.46 13.45 13.35 13.45 13.43

121-180dys 13.45 13.55 13.50 13.55 13.40 13.50 13.49

181-270dys 13.65 13.55 13.56 13.65 13.55 13.60 13.59

271-365dys 13.80 13.72 13.72 13.77 13.70 13.75 13.74

2-- years 14.12 14.00 14.00 14.00 14.05 14.00 14.03

3-- years 14.22 14.20 14.22 14.23 14.25 14.20 14.22

4-- years 14.22 14.22 14.23 14.24 14.22 14.22 14.23

5-- years 14.25 14.20 14.22 14.25 14.20 14.24 14.23

6-- years 14.25 14.35 14.34 14.28 14.30 14.30 14.30

7-- years 14.25 14.35 14.35 14.30 14.35 14.35 14.33

8-- years 14.25 14.25 14.25 14.30 14.26 14.30 14.27

9-- years 14.26 14.16 14.17 14.15 14.20 14.16 14.18

10--years 14.27 14.26 14.28 14.25 14.26 14.25 14.26

15--years 14.60 14.60 14.55 14.65 14.55 14.70 14.61

20--years 14.80 14.75 14.75 14.90 14.75 14.90 14.81

30--years 14.90 14.85 15.00 15.10 15.00 15.00 14.98

Revaluation RatesTreasury Bills / PIBs / FIBs Holding Applicable for January 21, 2011

Source Events Actual Forecast Previous

NZD Business NZ Manufacturing Index 53.1 52.7

NZD Retail Sales m/m 1.5% 1.3% -2.4%

NZD Core Retail Sales m/m -0.2% 0.6% -1.6%

AUD Import Prices q/q -3.8% 0.9% 0.8%

JPY All Industries Activity m/m -0.1% 0.2% -0.3%

EUR German Ifo Business Climate 110.3 110.0 109.8

GBP Retail Sales m/m -0.8% -0.2% 0.4%

GBP Prelim Mortgage Approvals 40K 49K 48K

CAD Core Retail Sales m/m 1.0% 0.6% 0.9%

Previous Day

Central Bank Next Meeting Last Change Current

Interest Rate

Bank of Canada 1-Mar-2011 8-Sep-2010 1%

Bank of England 10-Feb-2011 5-Mar-2009 0.50%

Bank of Japan 25-Jan-2011 19-Dec-2008 0.10%

Federal Reserve 26-Jan-2011 16-Dec-2008 0.25%

Swiss National Bank 17-Mar-2011 12-Mar-2009 0.25%

The Reserve Bank of Australia 1-Feb-2011 2-Nov-2010 4.75%

European Central Bank n/a 7-May-2009 1%

Major Central Banks Overview

Division of National Bank of Pakistan (NBP)KARACHI, January 21,2011 Treasury Management Division of National Bank ofPakistan (NBP) Monday issued the following Exchange rates:

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

1 week 0.09 0.95 0.69 0.88 0.77 0.51 0.81 -0.90

1 month 0.39 0.51 0.54 0.71 0.55 0.62 -0.21 -0.54

3 months 0.10 0.85 0.83 0.85 0.79 0.53 0.35 0.14

6 months 0.67 0.43 0.93 0.76 0.81 0.71 -0.49 -0.61

1 year 0.60 0.24 0.70 0.53 0.74 0.48 -0.31 -0.56

2 years 0.24 0.53 0.50 0.73 0.80 0.29 -0.14 -0.44

Currencies CorrelationEUR/USD

NEW YORK: The euro jumped to a two-month high against the US dollar onFriday, driven by Asian sovereign demandand improving confidence in the euro-zone, but its two-week-long rally couldprove fleeting as it nears key technicalresistance.

Expectations of a strengthened euro-zone rescue fund and a strong German Ifobusiness confidence report supported theeuro, along with a more hawkish outlookfrom the European Central Bank recently,but debt concerns still weighed.

The euro, which outperformed the dollarin eight of the past 10 sessions, hit a two-month high of $1.3569 on trading platformEBS, boosted by a stronger-than-expectedGerman Ifo survey.

It broke past option barriers at $1.3550,though it eased a bit and was last at

$1.3543, up 0.5 per cent on the day.The euro's rally helped to knock the dol-

lar index down 0.5 per cent to 78.418, notfar from a two-month low of78.303 hit onW e d n e s d a y .Against the yen,the dollar alsolost 0.3 per centto 82.70 yen.

Jason Polit, acertified financial analyst at CharlesSchwab Private Client in Phoenix, said thestrength of the euro has been based on con-fidence rather than tangible resolutions tothe euro-zone's debt crisis, leaving theeuro vulnerable.

"The situation in Europe is still largelyunresolved," he said. "Some sort of bailout

for one or more of the peripheraleconomies will likely occur eventually andthat will put downward pressure the euro."

Traders said major Asian sovereignaccounts were also active in driving theeuro higher, while the focus was on a keytechnical level at $1.3576, the 50 per centretracement of the euro's fall fromNovember to January.

The euro rose to five-week highs around112.24 yen, making a technical break

above a closely watched Japanese indica-tor, the Ichimoku cloud, in the 112 yenarea. A daily close above the cloud wouldgive the euro potential to rally further.

Despite sharp currency moves, impliedvolatilities, which may reflect the market'soverall sentiment, remained subdued onFriday. Front-end euro/dollar volatility onFriday stayed pinned on the 12 per centhandle, trading at 12.10, a touch softerfrom Thursday.

The euro has gained more than 1 percent against the dollar since the start ofyear, driven by growing expectations thateuro-zone policymakers will arrive at amore durable solution to the peripheraldebt crisis and a hawkish ECB which lastweek warned about price pressures.

Still, doubts remained whether the eurocould hold gains.-Reuters

Euro hits 2-month high,but strength seen tenuous

SHANGHAI: China's yuanedged higher against the UScurrency on Friday, helped bya drop in the dollar index andshrugging off a weaker mid-point fixing.

The yuan in the spot marketclosed at 6.5833 per dollar,down slightly from Thursday's6.5854. Before trade began,China's central bank set thedaily mid-point at 6.5886, atouch weaker than Thursday'srecord high off 6.5883.

The yuan has risen 3.69since its mid-June depegging.

"The mid-point fell back. Wehave little interest in goinglong on the yuan," said a deal-er at a European bank inShanghai, adding that he wasawaiting the outcome ofChinese President Hu Jintao'svisit to the United States.

US Vice President Joe Bidentold Reuters on Thursday thatChina understands a strongeryuan is in its best interestalthough President Hu madeno specific commitment to letthe currency rise more rapidly.

Dealers said investors were

increasingly cautious aboutbetting on yuan appreciationas they had over-estimated thepace of rises last year.

Benchmark offshore one-year forwards now impliedyuan appreciation of 2.1 percent in a year's time, downfrom around 2.9 per cent at thebeginning of the year, despitesigns of robust economicgrowth. China's Q4 GDP sur-prised on the upside onThursday.

But some dealers said itcould not rule out the possibil-ity that China would use theexchange rate as a last tool tofight imported inflation.

The Chinese central bankhad let the yuan rise more than450 pips or 0.68 per cent lastweek, before President Hu'sUS trip.

One-year dollar/yuan NDFswere bid at 6.4550, downslightly from Thursday's closeof 6.4720. Their implied yuanappreciation in a year's timerose slightly to 2.07 per centfrom Thursday's 1.80 per cent.-Reuters

Yuan edges up, fixingoff record high

WELLINGTON/SYDNEY: The Australiandollar erased most of its losses against the green-back on Friday in a dramatic mid-session turn-around after a two-per cent rally in Shanghaistocks took the sting out of worries about moretightening by China.

The kiwi also pared losses, but struggled tomake any headway after an unexpected drop ina measure of core retail sales bolstered views theReserve Bank of New Zealand will be in nohurry to lift interest rates.

The Aussie last stood at $0.9856, littlechanged on the day. It fell as low as $0.9839,before a spike took it to a session high of$0.9892.

"The Aussie is already fading, so it looks likethe short-term market wants to continue sellingit," said Grant Turley, strategist at ANZ.

"The move lower probably has a bit further togo before you encounter the usual medium-termdip buyers and exporters, which have been fair-ly quiet today."

Immediate resistance for the Aussie is seen at

$0.9896, the 50 per cent retracement of theNovember to December rally, while supportlooms at around $0.9800, the Jan 12 low.

Meanwhile, the market barely took notice ofdata showing a steep fall in Australia's exportprices as a high local dollar depressed earningsfor commodities.

The report highlighted still strong terms oftrade for the year, a boon for the economy worthtens of billions of dollars.

The Aussie was also choppy against the yen,rising to a session high of 82.10 yen from a lowof 81.72, before relinquishing all the gains tolast stand at 81.75.

But the euro outperformed, rising to near two-month highs at A$1.3693.

Against the kiwi, the Aussie reached its bestlevel in a week, touching NZ$1.3076 as it con-tinued to recover from a slide to a six-week lowof NZ$1.2812 on Jan. 14. The New Zealanddollar limped off 3-week lows of $0.7525 to lasttrade at $0.7545, but held below $0.7580 seenlate in New York on Thursday. -Reuters

Australian, NZ dollarsoff lows in choppy session

SINGAPORE: The Indian rupeeand the Thai baht led a broad fallin Asian currencies on Friday asforeign investors sold domesticassets on persistent concerns thatauthorities are falling behindaccelerating inflation.

Investors are expected to con-tinue to stay away from stocksand bonds in countries that areespecially vulnerable to greaterprice pressures, which will putpressure on their currencies.

Tim Condon, head of researchat ING Financial Markets inSingapore, said he thoughtinvestors were in general reduc-ing exposure to emerging mar-kets and probably buying riskyassets in developed markets.

Still, Asia is unlikely to sufferfrom a region-wide sell-off and

investors are unlikely to movethe money to other regions as theoutlook for the Asia economy isbrighter than developed markets,analysts and dealers said.

The baht slid against the dollaras foreign investors sold Thaistocks and some local goldimporters bought dollars.Currency players also covereddollar short-positions.

"The only one market whereforeigners still keep buying stockis Taiwan. Maybe they try toadjust their portfolio," said aBangkok-based dealer, addingthe baht has a room to weaken toas soft as 30.70.

The Indonesian rupiah fell asforeign investors keep selling thecountry's stocks and bonds.

The central bank was spotted

selling dollars to check the rupi-ah's decline, dealers said.

"The rupiah is still facing pres-sure in the rupiah assets,although the BI is trying to holdon the spot," said a US bankdealer in Jakarta, adding the cen-tral bank was seen at 9,075 earli-er and then again at 9,080.

The won ended local tradelower on foreign investors' con-tinuous sales in stocks andbonds.

Foreigners have dumped a net5 trillion won worth of March-delivery three-year treasuryfutures since the start of this yearas of 0525 GMT on Friday, ver-sus their net buying of 1.36 tril-lion won for the whole of 2010,according to the KoreaExchange. -Reuters

Asian currencies

Fears of inflationweaken rupee, baht

LONDON: Sterling firmedagainst the dollar on Friday,shrugging off poor UK retail salesdata as it tracked gains in the euroagainst the US currency andremained supported by expecta-tions for higher UK interest rates.

Official data showed retail salesfell 0.8 per cent during December,much more sharply than the 0.3per cent fall forecast in a Reuterspoll.

The data highlighted the fragili-ty of the UK economic recovery,just as the government's harshausterity measures take effect. Ithad been expected, however, thatDecember's cold weather wouldhit retail sales, and this dimmedthe negative impact on sterling,analysts said.

Traders also said an earliereuro/sterling sell order by aEuropean bank helped temper thepound's losses.

"We have seen sterling adopt amore bid tone of late, primarilydue to inflation news and ratehike expectations. Retail salesdisappointed massively but they

were expected to be bad and canbe erratic," said RichardWiltshire, FX broker at ETXCapital. "We have settled in to a$1.5850 to $1.6050 range andalthough there are some whippymoves intraday there is still theunderlying bull trend that hasbeen in play since the start of theyear, when we were at levelsaround $1.5400".

Sterling was up 0.6 per cent at

$1.5998, well above a low of$1.5867 after the retail sales dataand helped as the euro rose to atwo-month high against the UScurrency.

The pound hit an eight-weekhigh of $1.6060 earlier this week.Beyond that its next target is theNov. 16 high of $1.6095, followedby the Nov. 4 high of $1.6300.The pound dipped against theeuro, which rose 0.2 per cent to84.87 pence after earlier rallyingaround 0.5 per cent to 85.30pence, its strongest since Jan. 5,supported by breaks above its 55-and 200-day moving averages inthe 84.60-84.70 region. -Reuters

Sterling firms, shrugsoff poor retail sales

Swiss franclower vs euroZURICH: The Swiss franc hita fresh one-month low againstthe euro on Friday after SwissNational Bank members saidthe threat of deflation is largelyover and scotched ideas theSNB could raise interest ratesany time soon.

The decline added to thefranc's large losses against theeuro during Thursday's session,although it recouped someground against the dollar afterthe previous day's slide.

"We have heard corporateand Chinese buyers werebehind yesterday's big movebased on short covering aheadof the speeches of SNB mem-bers Danthine and Hildebrand,"said Unicredit forex strategistRoberto Mialich.

The franc was slightly loweragainst the euro compared tothe New York close, trading at1.303 francs per euro at 0829GMT having touched a high of1.3055 francs per euro earlierin the session. The francclimbed 0.4 per cent against thedollar at 0.9629 francs per dol-lar.

"There are few fundamentalsunderlying the unwinding oflong franc positions. Therehave been no dramatic changesin the SNBs position, so themove (against the euro) is prob-ably more driven by techni-cals," Mialich said. -Reuters

Massive regional sell-off seen unlikely

German IFO, expectations of euro-zone safety fund help

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

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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.

Improving Pakistan’sC/A status

Lately, Pakistan's current account status hasimproved considerably and the country also hasreasonably sufficient foreign exchangereserves. However, a lot remains to be done tofurther improve the inflow of foreign exchangeinto the country to pay off the InternationalMonetary Fund. Now Pakistan can very polite-ly say to the fund that it no longer needs theremaining tranches of standby facility.

Country's current account became surplus by$26 million at the end of the first half of currentfiscal year as against a deficit of $2.57 billionat end December last year. This has happenedafter nearly seven years as Pakistan enjoyedsuch a position last at December 31, 2003. Thisbecame possible mainly due to reduction intrade deficit, service deficit, income deficit andpayments received for providing logistic sup-port to Nato and on top of every thing higherworkers remittance. While maintaining the sur-plus will not be an easy task, the full deficit isstill expected at $1.4 billion for FY11 as com-pared a deficit of $3.95 billion for FY10.

According to the experts Pakistan's substan-tial foreign exchange reserves could prove toosmall if oil prices continue to hover above$100/barrel and reliance on thermal powerplants remains high. The other major importswhich could erode forex reserves faster includegrowing import of edible oil, sugar and fertiliz-er. Country is being forced to import these threecommodities mainly due to following bad poli-cies resulting in supply constraints and notbecause of any substantial increase in con-sumption.

The positive point has been exports growingat much faster pace than imports. However,some experts are getting scary on decliningimports, which they consider a sign of econom-ic slowdown. Many of the industries are oper-ating at below optimum capacity utilization,also responsible for the hike in cost of produc-tion. However, they term load shedding of elec-tricity and gas the severest blow to the econo-my. Not only that the manufacturing units willnot be able to produce exportable but the coun-try will be forced to import various products tomeet the local demand.

Increasing unemployment, due to intermittentclosure of manufacturing units and double digitinflation is further deteriorating the already lowsayings to GDP ratio but also pushing more andmore people below the poverty line. The gov-ernment has introduced various schemes tosupplement the income of people living belowsubsistence level but continuing these schemeswill not be possible for a very long period.

The country needs funds for balancing andmodernization of existing plans and creatingnew production facilities. As long as localinvestors remain shy, policy planners shouldnot expect any substantial inflow of foreigndirect investment. Law and order condition isan issue but the real stumbling block is an acuteshortage of electricity and gas and on top ofthese are unaffordable tariffs.

4Saturday, January 22, 2011

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

Editor: Shakil H. Jafri

Executive Editor: Manzar Naqvi

Honorary Advisory Board

Haseeb Khan, FCA

Asim Abbas Ashary, CPA

Akhtar M. Zaidi, FCA

Dr. A. Hadi Shahid, FCA

Muhammad Arif

S. Muneer Hussain Rizvi

Khurram Shehzad, CFA

Prof. Zakaria Sajid (KU)

Zahid Bukhari SVP HBL (retd)

Ismat Sabir

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The Financial Daily InternationalVol 4, Issue 159

Babar Javed

For those of you working inthe strategic function ofyour respective companies,

you are well aware of the growingdebate over finding the best fitsupply chain strategy to make yourbusiness flow more efficiently, achallenge especially in this down-turn economy.

A key factor of success for near-ly all companies is the unrelentingfocus on optimising supply chaineconomics; a key element height-ening this mentality is the over-whelming surge in fuel costs.Corporations can expect to seenoteworthy shifts in the balancethat once was in their supplychain, especially if they import,export and manufacture goods.

MRO (maintenance, repair andorganisation) materials consumedby companies (directly or indirect-ly) are affected, including theirstakeholders in the form of retail-ers (IMT and LMT). What thisforces corporations to do is startlooking for ways to optimize keysupply chain functions after re-evaluating and confronting theirbasic assumptions concerning thefunction of supply chain manage-ment.

The balance found betweenworking and fixed capital as wellas cycle times and inventory holds

will transfer with changes made tothe supply chain strategy. In orderto deal with the new and dynamiceconomic balances, the corpora-tion will have to start harmonisingan integrated plan through dynam-ic supply chain which is critical tounlocking the value in the strate-gies implemented across theorganisational framework.

SOURCINGTo confirm the impact of high

fuel costs on the purchase of allcommodities, the firm should use atotal landed cost analysis. Lowcost nations represent areas of sig-nificant discounts and the increas-ing expenditure of moving goodsfrom these locations. When supplychain activities become moreattractive when they are close tomarket demand, which makesroom for two fold sourcing strate-gies to come into play; the attrac-tiveness is only fueled by risingtransportation costs. If each plantaims at serving demand in closeproximity, they must produce alarger variety of goods.

FULFILLMENTI would recommend that compa-

nies begin by revisiting their dis-tribution centres in light of risingfuel prices; factors to keep in mindare layout, reach, design, quantityand scope. While some may con-clude that the need is movingtowards having elaborate and spa-

cious distribution centres close toprime markets will serve them well(a view I disagree with), arguingthat this move allows for higherinventories, smarter cross docking,break bulk and block-stack capa-bilities. It is my opinion thatinvesting in large elaborate spaceswhen the fuel source becomescostlier is unwise, and I recom-mend industrialists to outsourcethis function towards distributionservices the way Nike does.

TRANSPORTATIONThe most popular approach cur-

rently being implemented to count-er rising fuel costs is employing anew transportation paradigm withemphasis towards fewer emptymiles, higher quantities per ship-ment and fewer shipments overshort distances. I suppose they'regoing for more slower (but eco-nomical) choices like rail andwater, and edging away from thepopular air and road routes oftransport. The big fan of outsourc-ing that I am, I usually recommendtaking bringing in Third PartyLogistics Providers (3PLs) to keepcosts down and replace privatefleets.

NETWORKINGIn an attempt to minimise work-

ing and fixed capital employed inplants and warehouses, companieshave focused efforts towards man-aging their networks, just to house

facilities near the customer hub.By developing scenario's (whichhelps in crisis management situa-tions and improvising the best drillto tackle them), gathering inputs,remodelling flow paths and rebal-ancing priorities regularly, theycan anticipate the trade offbetween working and fixed capital.

CONCLUSIONControl of market supply of fuel

compounded with the increasingglobal demand for it has taken theprice of the energy source torecord levels; when the ingredientsprice rises, so does the cost of thefinal product and margins set byindustrialists will aim to coverthem with a progressive pricingstrategy. What they do to makesense of the costs in terms of ques-tionable practices truly increasesthe size of the world's carbon foot-print.

Tree hugging professionals likeme, hope these new strategies willend up benefitting the environmentand reduce this footprint when triedand tested best practices arereplaced with unconventional(guerrilla) tactics. In a way, theserising fuel prices were the sourcefor us to start thinking about savingthe planet and thus the bigger pic-ture.

Writer works as CreativeStrategist for Shell and

Unilever at Helium (Pvt) Ltd.

Strategise toStay Ahead!

At their union headquarters incentral Tunis, journalistslong used to rigid censor-

ship meet to ponder the meaning ofan era of freedom they never sawcoming. "People are joyous but thefeeling is mixed with concern,"says Zouheir Taba, a journalist atHurriya, a paper owned by the RCDparty that dominated the NorthAfrican country for decades until apopular revolt ousted the presidentlast week.

"There's a big fear that journalistswill be the exception to the revolu-tion and the new republic willbehave the same as before towardsthe media," Taba says as journalistswander in and out of the union'soffices in a small colonial-era villa.

Just down the street can be heardthe chants of hundreds of protestersagainst the RCD's presence inTunisia's interim government --formed after president Zine AbidineBen Ali fled the country last week.

When Ben Ali left, as thousandssurged through the streets of the cap-ital in protest, journalists sensed thatcontrol mechanisms that had createda culture of fear over the past 23years were finally coming undone.

Print journalists realised theywere free to write what they want.On state television, a movementthat had been denounced for weeksfor violence and rioting was bySunday a "revolution".

The channel changed its namefrom Channel 7 -- in memory of thedate in November 1987 when BenAli took power -- to Tunisian TV,and began running endless talkshows where opposition figures,rights activists and intellectualswho had never been on air beforecelebrated the end of dictatorship.

The army was praised as the sav-

iour of the nation for crackingdown on militias linked to Ben Aliand soon official terminology shift-ed to calling the uprising "the peo-ple's revolution for freedom anddignity".

However, journalists note that thenetwork of senior editors, managersand censors established by Ben Alito control the media remains inplace so the changes could yet bereversed.

CENSOR SACKEDThe RCD's Hurriya suddenly

stopped publishing the day afterBen Ali left, Taba said.

"We prepared the edition forSaturday but the next day it wasn'tprinted and we don't know whosedecision it was," he said. "In thatlast edition we were with the revo-lution. We said the will of the peo-ple had been realised."

At Assabah newspaper, whichBen Ali's son-in-law Sakher Materibought in 2008, columnist SalehAttia says journalists removedregime figures and reconfigured theeditorial line.

"In the first two days we werecompletely shocked. We were elat-ed but worried that Ben Ali couldreturn," he said. "Journalists fearedthey would be punished for any-thing they said if he came back."

By Sunday an interim presidenthad been announced and media feltmore confident. Assabah told its in-house censor, appointed by Materihimself, that his services were nolonger needed.

The tabloid press has been havinga field day. Papers have carrieddaily reports of the scandals ofTunisia's former first lady LeilaTrabelsi, a hate figure for manyover her extensive influence andlavish lifestyle.

One paper ran a front page photo-shopped image of the former firstcouple stuffing electoral ballotboxes with dollar bills.

Journalists say Ben Ali controlledthe media through a network ofallies and yes-men managed by hispolitical advisor AbdelwahhabAbdallah. Abdallah has disap-peared, his villa in an affluent sub-urb of Tunis burned and vandalised.

"Abdelwahhab Abdallah madeTunisian media a barren desertwhere the only opinion that mat-tered was Ben Ali's. Their idea wasthat no voice should be heard butBen Ali's," said Attia.

Journalists were suspended formonths on end or moved to otherjobs within the state-owned mediaas punishment if they refused to toethe line. Journalists say free mobileSIM cards handed out by theirunion were a ruse to spy on them.

UNCERTAIN FUTUREDespite the sudden freedom, Attia

fears for the direction of the upris-ing. He says the country is open toagents provocateurs and interfer-ence from Arab states keen for thedemocratic experiment to fail, cit-ing Libya and Saudi Arabia.

Ben Ali is staying in SaudiArabia, an absolute monarchy longfearful of reform movements in theMiddle East that controls manypan-Arab television and newspaperoutlets.

"Tunisia could be a beacon forpress in the Arab world," Attia said."Now we need sensible writing. Itcan't reflect street rhetoric. We needto move towards building thefuture."

Uncertainty prevails on all sides.The state television building

remains under heavy guard. Inside,senior executives who once carried

out regime orders were nervousabout their future, employees said.

"The same officials who used totake orders on what would be on thenews are still here. But they areworking under pressure from thejournalists who want more freedomhere," says Salwa Rizgi, whose jobis to follow social media andInternet. "We are confident nothingwill change, we are determined."

Rizgi admits she was a member ofthe 2 million members of the RCDbut says she was forced out of theparty because she took to wearing aMuslim hair-covering veil -- theparty enforced Ben Ali's strict ruleson secularism.

"I was never a member," HabibBen Said, a senior official in chargeof programming, is quick to add --though he confesses he had been a"self-censor" himself.

"Everything before was aboutinstructions and censoring yourself.Now there is total openness," hesaid, pointing to an opposition fig-ure, just returned from abroad, talk-ing on-screen.

In the past few days, TV produc-ers have begun refusing to invite onair journalists seen as "court corre-spondents" who once had favouredaccess to Ben Ali and other seniorfigures.

But journalists with bitter experi-ences of state media said theyfeared events were still beingdirected by unseen forces.

"There is only freedom of pressnow because of public pressure,"said Walid Braham, an editor of astate-owned magazine who wassacked for refusing to publish flat-tering pieces about the former ruler."The chiefs are still there and it's upto the government to removethem."-Reuters

Freedom & fear for Tunisian Media

Gypsies are always on themove. Their fundamentalidentity is that they cannotstay at one place for longtime. To be more precise,when they get their interestsserved they move on. Theyhave a penchant for travel-ling. Travelling lifestyle haslong been either a necessaryor a chosen way of life for agood number of people inmany countries, involvingeither taking your home withyou or rebuilding your home

elsewhere. Home is alwayshome, whether it is somethingon wheels or some sort of tentor igloo.

In some societies Nomadsare or have been a majority,and in that case cannot be saidto suffer any form of socialexclusion. A majority maysuffer poverty and politicaland social oppression, butonly socially disadvantagedminorities can suffer socialexclusion which basically isbeing excluded from obtain-

ing any of the socially signifi-cant things that the majoritycan obtain - which caninclude employment, educa-tional, housing and othersocial opportunities.However, there have beensocieties where Nomads weretraditionally the majority butthen modernisation left thema minority and then they havebecome socially excluded.

Governments, people andleaders can also be nomadic.Let us take the example of

Pakistan. Right from the begin-ning, in most cases, our rulersran out of country to save theirlives. Skindar Mirza's departureto Lebanon, Moeen Qureshi'sbidding farewell to country inlate eighties, Altaf Husain'spermanent stay in London,Sharif's' opted exile (SaudiArabia), Shoukat Aziz fleeingafter sucking the economy, andthen his mentor PervezMusharraf moving to UK.

Are not our Rulers nomads,as they move on to greener

pastures after grazing coun-try's resources? Record oftheir properties abroad showsthat the volume of moneythey amassed in Pakistan isbeyond imagination of com-mon man. No checks, no bars,no one can stop them. Most ofthese people live here in thegarb of so-called democraticsystem, and when the systemis at stake, they simply runaway.

IFTIKHAR SHAHEENMIRZA, ISLAMABAD

Nomadic Rulers

HONG KONG/SHANGHAI: Chinese sharesbounced on Friday, driven by gains in theproperty sector, as some investors saw recentmarket weakness as overdone and sought bar-gains among index heavyweights. Despite therally on the mainland, Hong Kong investorsremained cautious amid broad weakness inother Asian markets and sent the benchmarkindex to its first weekly loss in five.

The Hang Seng index, the top performingregional benchmark so far this year with gainsof 3.7 per cent, ended the day 0.5 per centlower with energy shares the top drags as oilheaded to a 2 per cent weekly drop.

The Shanghai Composite finished up 1.4 percent. For the week, Shanghai fell 2.7 per centand Hong Kong shed 1.7 per cent as investorsworried that further policy tightening in Chinacould curb its robust economic growth."Recent market falls were really too exagger-ated," said senior analyst Zhang Qi at HaitongSecurities in Shanghai, pointing to the reasonsbehind Shanghai's rebound on Friday.

"It shouldn't be a big surprise for the index tostabilise around the current level if only youlook at the robust economic growth and corpo-rate earnings."

The benchmark appeared to have found sup-port when it fell as low as 2,667.3 points onFriday and tried to bridge a gap between 2,655and 2,677 points that had opened up in early

October. Nearly all 16 banks listed on the Shanghai

and Shenzhen stock exchange outperformedthe index on Friday, with ICBC, the world'slargest lender by market capitalisation, rising1.7 per cent.

Six banks, including ICBC, are now among10 Chinese shares which have the lowest 2010forecast price earnings ratios out of China'saround 2,100 listed companies, according to alocal brokerage Everbright Securities.

China's main property stock index ended up3.8 per cent on Friday, with top listed develop-er Vanke rising 3 per cent.

The index, which on three occasions so farthis year has recorded moves of 5 per cent ormore, is down 20 per cent from its 2010 hightouched in April last year when the govern-ment started its crackdown on property specu-lation.

HONG KONG CAUTIOUS The bounce on mainland markets failed to

lift Hong Kong's Hang Seng index, which trad-ed briefly in positive territory at mid-morningbut slipped back into the red as energy sharespulled the market lower.

China Unicom , the country's No. 2 mobilecarrier, also outperformed, rising 2.3 per centafter it said its total mobile subscribersincreased to 167.4 million in December whichincluded 14.1 million 3G users.-Reuters

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

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

Sales (July 10 to Nov 10) 32,092

Production (Nov 10) 7,087

Sales (Nov 10) 6,813

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

Sales (July 10 to Nov 10) 20,375

Production (Nov 10) 3,974

Sales (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) 186

Sales (July 10 to Nov 10) 70

Production (Nov 10) 0

Sales (Nov 10) 0

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

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

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

Spread (October 10) 7.49%

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

MS (Nov 10) 186

Kerosene (Jul 10 to Nov 10) 66

Kerosene (Nov 10) 12

JP (Jul 10 to Nov 10) 589

JP (Nov 10) 124

HSD (Jul 10 to Nov 10) 2,792

HSD (Nov 10) 612

LDO (Jul 10 to Nov 10)) 26

LDO (Nov 10) 4

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

Fuel Oil (Nov 10) 572

Others (Jul 10 to Nov 10) 3

Others (Nov 10) 1

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

MS (1 Nov 10) 44.53

MS % Chg 1.39%

Kerosene (1 Dec 10) 52.04

Kerosene (1 Nov 10) 51.25

Kerosene % Chg 1.54%

JP-1 (1 Dec 10) 52.27

JP-1 (1 Nov 10) 51.48

JP-1 % Chg 1.53%

HSD (1 Dec 10) 55.20

HSD (1 Nov 10) 54.24

HSD % Chg 1.77%

LDO (1 Dec 10) 50.52

LDO (1 Nov 10) 49.51

LDO % Chg 2.04%

Fuel Oil (1 Dec 10) 43,019

Fuel Oil (1 Nov 10) 42,046

Sector Updates

Symbol Close Vol (mn)LPCL 3.44 36.16 LOTPTA 14.71 22.43 ANL 11.87 20.79 JSCL 12.22 12.83 FFBL 42.27 12.08

Symbol Close ChangeRMPL 2,262.71 44.73

ULEVER 4,602.62 13.62

NRL 323.22 12.58

APL 391.44 11.95

SIEM 1,225.60 9.60

Symbol Close ChangeEXIDE 191.00 -9.92BATA 640.00 -7COLG 992.70 -5.43POL 327.56 -4.93PPL 217.35 -4.11

Plus 206Minus 140Unchanged 27

Top 5 Volume Leaders

Major Losers

Major Gainers

KSE-100 Index

LSE-25 Index

ISE-10 Index

Active Issues

Saturday, January 22, 2011 5

Opening 12,411.87

Closing 12,431.91

Change 20.04

% Change 0.16

Turnover (mn) 202.59

Opening 3,835.60

Closing 3,839.59

Change 3.99

% Change 0.10

Turnover (mn) 7.64

Opening 3,075.24

Closing 3,058.92

Change -16.32

% Change -0.53

Turnover (mn) 0.17

Drop more than 10pcoff record highs

South East Asian stocks

European shareshigher on Spain, GE

China, Hong Kong

markets down under

TOKYO: Japan's Nikkei fell 1.6per cent on Friday to cap itsbiggest weekly loss in threemonths, as lower commoditiesprices weighed on energy-relat-ed stocks and spurred profit-tak-ing after a recent rally. News theprevious day that China's econo-my grew a robust 9.8 per cent inthe fourth quarter, while inflationbarely slowed, raised concernthe government will tightenmonetary policy to cool theeconomy, sending prices of oil,copper and gold sharply lower.

Market players said the com-modities sell-off was a perfectexcuse to pocket profits, after themarket had gained around 13 percent since the start of Novemberon a rally triggered by foreignfunds aggressively adding lag-gard Tokyo stocks.

"The market has been serious-ly overheated since Decemberand 80 to 90 per cent of partici-pants were waiting to take prof-its after the rally. This started onThursday and sped up today,"said Masayoshi Okamoto, headof dealing at Jujiya Securities."Defensive shares that under-performed the recent rally likepharmaceuticals and the electricand gas sector are gaining today,showing a change of funds allo-cation in the market."

One such defensive stock,Tokyo Electric Power, wasamong the biggest gainers on theNikkei 225. The utility rose 1.4per cent to 2,004 yen on volumeexceeding three times lastmonth's average. By contrast, themining sector, badly hit by thedrop in commodities prices,became the third-worst perform-ing sub-index on Tokyo's mainboard with a 3.3 per cent fall.Sumitomo Metal Mining was the

worst performer on the Nikkei,losing 5.4 per cent to 1,368 yen.

Technical factors showed aweakening of sentiment as thebenchmark Nikkei brokethrough important technical sup-port levels. It sank below the10,420 level, where Decemberfutures and option prices settled,and then its 25-day moving aver-age at 10,400. It ended the daydown 1.6 per cent to 10,274.52,marking its biggest day fall intwo months.

The broader Topix index lost1.8 percent.

Volume was high, with around2.7 billion shares changinghands on the Tokyo StockExchange's first section, abovelast week's average of 2.3 billion.

"We are entering a correctionhere, but it's not something over-ly worrying, and the benchmarkwill probably pick up again andrise towards April," said MitsuoShimizu, deputy general manag-er at Cosmo Securities.

Bucking the trend was NECCorp. Japan's largest PC compa-ny rose 2.1 per cent to 244 yenafter a newspaper report, laterconfirmed by Reuters, said itwas in talks with China's Lenovoabout a joint venture in personalcomputers.

"Demand for PCs is weakeningwith the advent of smartphonesand tablets," said TomomiYamashita, fund manager atShinkin Asset Management. "Asthey seek a survival strategy, it0is positive that they are lookingto a growth area like Asia, ratherthan choosing a domestic part-ner." NEC was the second-biggest gainer among the Nikkei225 components and traded at3.7 times its average volume lastmonth.-Reuters

Nikkei drops 1.6pc

LONDON: Energy stocks ledBritain's top shares in arebound on Friday after a sharpsell-off in the previous two ses-sions.

The top FTSE 100 riser,however, was Royal Bank ofScotland, up 6.5 per cent onreports the part-nationalisedbank could leave the govern-ment's asset protection schemeearly.

Fellow part-nationalisedlender Lloyds Banking Groupgained 0.8 per cent.

In busy trade the FTSE 100index ended up 28.34 points, or0.5 per cent, at 5,896.25, hav-ing on Thursday reached itslowest closing level in fiveweeks.

The index still closed morethan 40 points below its highfor the day, with volume at 145per cent of the average of thelast 90 trading days.

Some of the shares that werehardest hit in the sell-off thisweek were the strongest gain-ers, such as Weir Group, whichbounced 2.2 per cent.

Search software firmAutonomy gained 3.9 per cent,helped by news of two licencedeals for its Intelligent DataOperating Layer product.

Energy shares provided thebulk of the gains for the blue-

chip index, with BG Group up1.1 per cent and Royal DutchShell up 1.3 per cent, supportedby new "buy" recommenda-tions from Investec Securities.

Miners also recovered fol-lowing recent sharp falls aftersoaring growth data fromChina raised fears of furtherinterest rate rises from theworld's biggest consumer ofraw materials.

Xstrata and platinum minerLonmin added 1 and 0.5 percent, respectively.

Among the fallers, luxurygoods group Burberry shed 1.3per cent, extending Thursday'sfalls on worries over the impactof any Chinese rate rise on itskey Asian markets.

On the domestic front,British retail sales sufferedtheir worst December after asharp fall in sales of food andfuel due to harsh weather andrising prices, the Office forNational Statistics said.

Solid figures from conglom-erate General Electric helpedUS shares rise, but disappoint-ing results from Bank ofAmerica kept the gains incheck.

Investors will now look todata next week for clues on thedirection of the market. -Reuters

Energy stockspower FTSE

up ;RBS jumps

MUMBAI: Indian sharesended the week higher aftertwo weeks of decline, but shed0.2 per cent on Friday,weighed down by softwaremajors after investors frettedover the exit of two senior per-sonnel at Wipro.

All eyes were now set on thecentral bank's quarterly reviewon Tuesday, in which it isexpected to hike key interestrates by 25 basis points as itbattles sticky inflation. Earlierin the day, India's No. 3 soft-ware services exporterreplaced the chiefs of its keyoutsourcing business afterreporting third-quarter profitgrowth that lagged its mainrivals, sending its shares downthe most in a year.

" We believe Wipro couldlag peers as the new CEOrelooks at strategy and givenpossible churn in BU (businessunit) heads," Bank of AmericaMerrill Lynch said in a note,cutting its rating on the stockto "neutral" from "buy."Shares in Wipro fell 4.6 percent, its biggest single-day fallin a year.

"This is definitely a surprisefor Wipro...resignations by

such key people could lead tolosing out on some orders asthe contacts move away withthe employees," said R.K.Gupta, managing director ofTaurus Mutual Fund, whichholds Wipro stock.

The 30-share BSE indexclosed 39.01 points lower at19,007.53 points, with 18 of itscomponents closing in the red.It gained 0.8 per cent thisweek.

In the broader market, gain-ers beat losers in a ratio of 1.1to 1, in relatively low volumeof 280 million shares.

The market's near-term out-look depends on the ReserveBank of India's actions onTuesday, said Rakesh Rawal,head of private wealth man-agement at brokerage AnandRathi.

The main index is down 7.3per cent year-to-date, with for-eign funds pulling out around$717 million from Indian equi-ties.

Bearish sentiment towardsIndia and Indonesia has clearlytaken hold among clients glob-ally, while there is a markedregional split in the view onChina, BNP Paribas said in a

note."There is a clear consensus

that developing markets willoutperform emerging marketsin 2011, as well as a preferencefor large caps over smallcaps," BNP said in the note.

Optimism on third-quarterresults pushed leading lendersState Bank of India and ICICIBank 2.5 per cent and 1.4 percent higher, respectively. StateBank reports its quarterlyearnings over the weekend,while ICICI is due to unveil itsquarterly performance onMonday.

A Reuters poll showed StateBank may say its quarterly netprofit jumped 10 per cent froma year ago while ICICI mayreport a 23 per cent rise in itsDecember quarter net profit.

Energy giant RelianceIndustries closed 1.7 per centhigher at 986.50 rupees aheadof its quarterly earnings,expected after market hourson Friday. A Reuters pollshowed the company mayreport a 31.1 per cent rise inquarterly profit.

The 50-share NSE indexended down 0.3 per cent at5,696.50.-Reuters

Indian sharesend week higher

Nawaz Ali

KARACHI: The Karachi StockExchange on Friday closed with mar-ginal gains after some intraday bullishactivities. Gains were partly eroded onday end due to profit taking by theinvestors.

The benchmark KSE-100 indexclosed at 12,431 levels with a gain of20 points, KSE-30 index grew by 18points to close at 12,134 and KSE all-share index rose by 16 points to closeat 8,626 points.

"After a correction of more than 2%in last 3 trading sessions, KSE-100index showed an intraday gain of morethan 150 points", said Samar Iqbal,

equity dealer at Topline Securities.However, early gains were eroded by

late profit taking in oil sector on theback of rumors regarding exploratorywell shut down amid security con-cerns, he added.

Following some continuous negativeclosings since last three days, marketopened the day with 27 points up.Positive number then gradually multi-plied due to continued buying mainlyin fertilizer, oil and banking stocks inanticipation of strong corporate resultsscheduled to be announced in the com-ing days. The index ended the first ses-sion with a gain of 112 points.

Positive activities managed to sustainat the start of the second session with

index touching an intraday high of12,571 points (+ve 159 points). But asit was the last trading day of the week,some investors preferred to book prof-its wiping off all the intraday gains andindex entered into the red zone. Sellingwas mainly in oil stocks as accordingto an expert, investors were up set dueto rumors regarding shut down of awell on security concerns. However,losses didn't enter into double digits asindex managed to recover and closedthe week on a positive note.

Foreign investors' participationremained limited with a net buying of$0.28 million as per the data ofNational Clearing Company ofPakistan (NCCPL). On the local side,

banks did a net buying of $2.2 millionwhile individual investors did a netselling of $2.52 million.

Volumes witnessed some improve-ment as 202.5 million sharesexchanged hands during the day whichwere 18.9 million shares more as com-pared to a turnover of 183.6 millionshares a day earlier.

Lafarge Pakistan emerged the vol-ume leader with a volume of 36.16million shares followed by LottePakistan with 22.43 million shares andAzgard Nine with 20.79 millionshares.

Out of total 373 active issues; 206advanced and 140 declined while 27issues remained unchanged.

KSE dodges red zonewith active participation

US stocks late-morning

Wall St riseson positivesentiments

NEW YORK: US stocksgained on Friday as GeneralElectric Co's earnings bolsteredviews the recovery was gainingtraction and helped set the mar-ket back on its up trend aftertwo days of declines.

But Google pared its earliergain, briefly turning negativeand then edging back up again aday after the world's No. 1search engine reported earningsthat beat Wall Street's expecta-tions. Google's pullbackweighed on the Nasdaq.

Tempering some of the earn-ings optimism were resultsfrom Bank of America Corp,the latest bank to disappointinvestors.

Shares of General ElectricCo, considered a bellwether forcorporate America, rose 5.6 percent to $19.46 and hit theirhighest level since April 30.The stock, the top positive onthe Dow, also saw the biggestdaily percentage jump sinceMay 10.

GE reported stronger-than-expected earnings, helped bythe recovery of its finance armand a rise in revenue at itsindustrial units, including asharp pickup in sales of loco-motives.

"That's just another sign of animproving economic situation,and improving corporate profitsin America, as well as world-wide," said Bryant Evans,investment adivsor and portfo-lio manager at Cozad AssetManagement, in Champaign,Illinois.

Evans said stocks were alsobenefitting from the recentprice declines, which haveattracted more buyers. "Theremay be a certain kind of buyingon the dips going on," he said.

The S&P 500 is up 9 per centsince the start of December, butthe index lost more than 1 per-cent over the past two days.Many technical and other ana-lysts see the up trend continu-ing through the first half of theyear.

Google Inc shares also gained0.1 per cent to $627.59, a dayafter the company reported bet-ter-than-expected net revenuefor its fourth quarter. The com-pany also had announced ashakeup in its executive suite.Earlier, Google rose to an intra-day high of $641.73.

See # 2 Page 11

SECP revisesinvestmentpolicy forpensionfundsTFD Report

ISLAMABAD: In view of re-composition of sectors by theKarachi Stock Exchange(KSE), the Security andExchange Commission ofPakistan (SECP) has revisedthe investment limits for pen-sion funds under the VoluntaryPension System. The re-com-position led to over-exposure ofpension funds' investments insome of the merged sectors.Therefore, revision in invest-ment policy has been intro-duced to help pension fundsdiversify their portfolio bymanaging the concentrationrisk. The SECP believes thatthese measures would furtherencourage savings and promotepension funds to contribute tothe growth of capital markets inPakistan.

In order to promote savings,the SECP had allowed launch ofboth conventional as well asShariah compliant pensionfunds. A pension fund normallycomprises of three sub-funds,i.e., equity, debt and moneymarket fund. Over the past fewyears, Shariah compliant pen-sion funds have gained popular-ity. However, there is a shortageof short-term Shariah compliantinstruments. In order to meetthe need for Shariah compliantmoney market sub-funds

See # 1 Page 11

Saturday, January 22, 20116

Volume 202,586,120

Value 7,117,005,071

Trades 86,366

Advanced 206

Declined 140

Unchanged 27

Total 373

Current 8,626.16

High 8,720.34

Low 8,607.73

Change h16.71

Current 12,431.91

High 12,571.83

Low 12,405.71

Change h20.04

Current 12,134.02

High 12,312.27

Low 12,115.84

Change h18.18

Market KSE 100 Index All Share Index KSE 30 Index

Current 20,253.46

High 20,562.29

Low 20,228.23

Change h8.93

KMI 30 IndexSymbolsAlert ! Unusual Movements

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

Escorts Investmen Bank Limited

ESBL closed down -0.45 at 2.04. Volume was 5,456 per cent above

average (trending) and Bollinger Bands were 33 per cent wider than

normal. The company's loss after taxation stood at Rs21.841 million

which translates into a Loss Per Share of Rs0.50 for the 1st quarter of

current fiscal year (1QFY11).

ESBL is currently 32.3 per cent below its 200-day moving average and

is displaying a downward trend. Volatility is extremely high when com-

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

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

Trend forecasting oscillators are currently bearish on ESBL.

RSI (14-day) 33.40 Total Assets (Rs in mn) 1,825.02

MA (10-day) 2.61 Total Equity (Rs in mn) 517.97

MA (100-day) 2.71 Revenue (Rs in mn) 182.34

MA (200-day) 2.84 Interest Expense 0.27

1st Support 1.75 Loss after Taxation (79.43)

2nd Support 1.40 EPS 10 (Rs) (1.801)

1st Resistance 2.70 Book value / share (Rs) 11.75

2nd Resistance 3.30 PE 11 E (x) -

Pivot 2.35 PBV (x) 0.17

Technical AnalysisFundamental Highlights

As on Dec 31, 2009

LPCL closed down -0.07 at 3.44. Volume was 1,378 per cent above

average (trending) and Bollinger Bands were 10 per cent wider than

normal. The company's loss after taxation stood at Rs1.045 billion

which translates into a Loss Per Share of Rs0.80 for the nine months of

current calendar year (9MCY10).

LPCL is currently 8.5 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 indi-

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

pace. Trend forecasting oscillators are currently bullish on LPCL.

RSI (14-day) 53.84 Total Assets (Rs in mn) 19,704.24

MA (10-day) 3.44 Total Equity (Rs in mn) 9,763.73

MA (100-day) 3.09 Revenue (Rs in mn) 8,129.96

MA (200-day) 3.17 Interest Expense 1,230.81

1st Support 3.27 Loss after Taxation (1,278.96)

2nd Support 3.14 EPS 09 (Rs) (0.974)

1st Resistance 3.58 Book value / share (Rs) 7.44

2nd Resistance 3.76 PE 10 E (x) -

Pivot 3.45 PBV (x) 0.46

Lafarge Pakistan Cement Ltd

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

ETNL closed down -0.58 at 20.22. Volume was 365 per cent above aver-age (trending) and Bollinger Bands were 73 per cent wider than normal.The company's profit after taxation stood at Rs55.811 million which trans-lates into an Earning Per Share of Rs1.12 for the 1st quarter of current fis-cal year (1QFY11).ETNL is currently 12.2 per cent below its 200-day moving average and isdisplaying a downward trend. Volatility is relatively normal as compared tothe average volatility over the last 10 trading sessions. Volume indicatorsreflect moderate flows of volume out of ETNL (mildly bearish). Trend fore-casting oscillators are currently bearish on ETNL.

RSI (14-day) 37.38 Total Assets (Rs in mn) 1,486.54

MA (10-day) 21.86 Total Equity (Rs in mn) 833.86

MA (100-day) 21.68 Revenue (Rs in mn) 1,284.27

MA (200-day) 22.69 Interest Expense 28.12

1st Support 19.36 Profit after Taxation 205.64

2nd Support 18.52 EPS 10 (Rs) 4.113

1st Resistance 21.44 Book value / share (Rs) 16.68

2nd Resistance 22.68 PE 11 E (x) 4.51

Pivot 20.60 PBV (x) 1.21

Eye Television Network Limited

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

KESC closed up 0.13 at 3.11. Volume was 134 per cent above average andBollinger Bands were 64 per cent wider than normal. The company's lossafter taxation stood at Rs1.782 billion which translates into a Loss PerShare of Rs0.09 for the 1st quarter of current fiscal year (1QFY11).KESC is currently 27.1 per cent above its 200-day moving average andis displaying an upward trend. Volatility is high as compared to the aver-age volatility over the last 10 trading sessions. Volume indicators reflectmoderate flows of volume into KESC (mildly bullish). Trend forecastingoscillators are currently bullish on KESC.

RSI (14-day) 59.84 Total Assets (Rs in mn) 207,629.50

MA (10-day) 3.05 Total Equity (Rs in mn) (525.11)

MA (100-day) 2.38 Revenue (Rs in mn) 103,936.52

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

1st Support 2.92 Loss after Taxation (14,641.22)

2nd Support 2.75 EPS 10 (Rs) (0.684)

1st Resistance 3.27 Book value / share (Rs) (0.02)

2nd Resistance 3.45 PE 11 E (x) -

Pivot 3.10 PBV (x) (126.85)

Karachi Electric Supply Corp Ltd

OIL AND GAS

Performance of SR Oil and Gas Index

Open High Low Close Change % Change

1,606.34 1,623.99 1,587.39 1,599.35 -6.99 -0.44

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

8,748,572 - - 65,194.15 mn 1,226,504.99 mn 1,639.46

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

11.55 3.76 32.54 55.94 4.84 1,599.35

Attock Petroleum 691 6.78 379.49 398.45 381.02 391.44 11.95 1105134 398.89 292.01 300 20B - -

Attock Refinery 853 7.92 137.76 142.99 138.60 141.31 3.55 2183979 146.90 97.50 - - - -

BYCO Petroleum 3921 - 10.95 11.18 10.92 11.02 0.07 657829 12.49 10.49 - - - -

Mari Gas Company 735 17.72 130.06 133.35 130.05 130.74 0.68 74373 141.65 117.00 31 - - -

National Refinery 800 4.79 310.64 325.00 308.00 323.22 12.58 371098 333.89 210.00 200 - - -

Oil & Gas Development 43009 11.62 172.32 173.50 171.01 171.71 -0.61 284554 185.00 151.00 55 - 15.00 -

Pak Petroleum 11950 8.84 221.46 222.80 216.10 217.35 -4.11 1720309 229.80 184.00 90 20B - -

Pak Oilfields 2365 7.73 332.49 334.75 326.79 327.56 -4.93 1729885 341.50 236.85 255 - - -

Pak Refinery Limited 350 - 116.40 122.22 112.10 118.87 2.47 417122 122.22 74.51 - - - -

P.S.O 1715 5.15 301.26 306.75 300.52 304.43 3.17 828911 317.79 262.70 80 - - -

Shell Gas LPG 226 - 32.66 34.25 32.50 32.61 -0.05 2228 40.28 32.00 - - - -

Shell Pakistan 685 11.07 215.39 220.00 215.50 215.81 0.42 30979 222.00 182.05 40 - - -

Paid up Last 60 days 2010 2011

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

1,006.60 1,016.54 995.63 1,002.44 -4.16 -0.41

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

29,214,777 - - 47,070.70 mn 139,631.59 mn 1,017.93

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

7.08 0.61 8.64 16.68 2.36 1,002.44

Amtex Limited 2594 9.39 4.08 4.39 4.10 4.13 0.05 541937 7.95 4.00 30 - - -

Azgard Nine 4493 - 10.87 11.87 10.96 11.87 1.00 20792916 12.32 9.20 - - - -

Babri Cotton 33 0.48 11.40 11.70 10.70 11.69 0.29 206 17.85 8.10 - 15B - -

Bannu Woolen XD 76 0.48 13.75 13.75 13.50 13.56 -0.19 1446 14.84 10.82 20 - - -

Bata (Pak) 76 5.31 647.00 675.50 630.00 640.00 -7.00 318 747.48 514.95 - - - -

Blessed Tex Mills 64 0.86 57.01 57.00 57.00 57.00 -0.01 200 63.20 45.25 50 - - -

Chenab Limited 1150 - 3.04 3.15 3.00 3.02 -0.02 73948 3.90 2.94 - - - -

Colgate Palm 316 37.26 998.13 998.00 985.01 992.70 -5.43 310 1020.00 743.33 - - - -

Colony Mills Ltd 2442 3.70 2.60 2.85 2.32 2.37 -0.23 5119 3.33 2.16 - - - -

Crescent Jute 238 - 0.97 1.28 1.19 1.24 0.27 102 1.38 0.16 - - - -

D S Ind Ltd 600 - 1.80 1.89 1.76 1.86 0.06 78221 2.37 1.62 - - - -

Dar-es-Salaam 80 - 2.53 3.40 1.70 3.40 0.87 3501 4.50 1.70 - - - -

Dawood Lawrencepur 514 47.54 42.00 41.50 40.01 40.41 -1.59 600 47.00 36.10 5 - - -

Ellcot Spinning 110 0.61 20.10 21.00 20.00 20.02 -0.08 379 21.78 17.51 35 - - -

Gadoon Textile XD 234 0.78 68.55 71.50 68.65 71.07 2.52 2003 71.50 38.30 70 - - -

Gulistan Spinning 146 1.26 6.85 7.49 6.60 6.60 -0.25 609 8.86 5.01 10 - - -

Hira Textile Mills Ltd. 716 0.75 3.83 4.00 3.90 3.99 0.16 31115 4.88 3.31 10 - - -

Ibrahim Fibres 3105 3.85 49.32 49.25 47.00 48.97 -0.35 18303 50.00 34.99 20 - - -

Idrees Textile 180 3.98 3.67 3.66 3.66 3.66 -0.01 1000 4.45 2.60 10 - - -

Janana D Mal 43 0.24 14.00 14.98 14.49 14.50 0.50 1388 19.24 13.25 - - - -

Khalid Siraj 107 - 0.90 0.90 0.90 0.90 0.00 500 1.25 0.28 - - - -

Kohinoor Ind 303 - 1.62 1.67 1.55 1.67 0.05 6001 2.00 1.10 - - - -

Kohinoor Spinning 1300 0.45 1.25 1.55 1.24 1.25 0.00 1013 1.81 0.16 5 - - -

Kohinoor Textile 1455 3.61 5.35 5.45 5.01 5.06 -0.29 14011 5.97 4.82 - - - -

Masood Textile 600 1.95 19.00 19.00 18.50 18.50 -0.50 503 21.40 18.01 15 100R - -

Mohd Farooq 189 - 1.00 1.40 0.95 0.95 -0.05 14403 2.08 0.50 - - - -

Moonlite (PAK) 22 - 12.20 13.20 13.00 13.20 1.00 400 13.20 4.50 - - - -

Mukhtar Textile 145 - 0.41 0.54 0.53 0.53 0.12 170 0.95 0.14 - - - -

Nagina Cotton 187 0.77 15.83 15.01 15.00 15.00 -0.83 2500 17.10 13.96 20SD - - -

Nishat (Chunian) 1596 1.96 23.10 24.11 23.15 23.64 0.54 1952498 25.14 19.86 15 - - -

Nishat Mills 3516 5.76 68.41 69.50 65.99 67.06 -1.35 5304461 71.89 50.25 25 45R - -

Pak Leather 34 - 2.50 3.25 1.60 1.82 -0.68 166 4.00 1.55 - - - -

Pak Synthetic 560 3.21 9.25 9.60 9.30 9.49 0.24 45153 10.50 5.80 - - - -

Prosperity 185 1.07 13.98 13.98 13.98 13.98 0.00 500 15.50 12.51 30 - - -

Quality Textile 160 0.79 13.49 13.10 13.05 13.10 -0.39 1000 13.50 7.51 15 - - -

Ravi Textile 250 - 1.40 1.50 1.30 1.39 -0.01 61005 1.98 1.26 - - - -

Reliance Weaving 308 0.63 8.81 9.50 9.00 9.00 0.19 4117 10.50 8.01 25SD - - -

Rupali Poly 341 4.74 37.70 38.50 36.75 37.75 0.05 503 39.89 31.25 40 - - -

Saif Textile 264 0.38 4.90 5.00 4.70 4.70 -0.20 5005 6.85 3.57 - - - -

Sally Textile 88 0.20 4.15 4.01 4.00 4.00 -0.15 28208 5.75 3.57 10 - - -

Salman Noman 42 2.54 5.20 6.20 6.00 6.00 0.80 2540 6.35 2.01 - 5B - -

Sapphire Fibre 197 1.16 124.80 124.70 124.70 124.70 -0.10 15000 131.50 112.00 15 - - -

Sargoda Spinning 312 0.52 2.75 3.39 2.70 2.70 -0.05 702 3.50 1.50 5 - - -

Service Ind 120 7.97 228.60 240.00 228.00 232.79 4.19 15495 276.50 169.00 - - - -

Shadman Cot 176 1.93 11.39 12.39 10.60 10.60 -0.79 700 12.90 7.00 - - - -

Shahpur Textile 140 0.40 0.59 0.59 0.29 0.29 -0.30 4528 1.00 0.18 - - - -

Shahzad Textile 180 0.42 7.00 7.00 7.00 7.00 0.00 750 7.05 3.76 5 - - -

Suraj Cotton 180 0.90 39.99 41.95 38.01 40.00 0.01 586 41.95 29.00 50 - - -

Taj Textile 334 - 0.37 0.08 0.08 0.08 -0.29 500 0.60 0.08 - - - -

Tata Textile 173 0.35 34.11 35.81 32.41 35.81 1.70 502 38.00 18.50 25 - - -

Thal Limited 307 5.09 122.13 121.00 117.25 119.01 -3.12 71994 132.00 86.50 80 20B - -

Treet Corp 418 9.21 58.57 59.98 57.50 57.85 -0.72 58804 63.30 44.28 - - - -

Zephyr Textile Ltd 594 4.87 4.18 4.00 3.70 3.70 -0.48 44588 4.90 3.00 - - - -

Zil Limited 53 3.65 54.17 56.00 54.50 54.50 0.33 1801 59.25 42.30 35 - - -a

Paid up Last 60 days 2010 2011

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

1,092.68 1,111.96 1,087.42 1,094.33 1.64 0.15

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

158,757 - - 3,763.71 mn 5,121.82 mn 1,159.84

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

2.97 0.32 10.64 6.27 2.11 1,092.68

Pak Elektron 1219 3.69 14.67 14.90 14.56 14.63 -0.04 152691 15.88 12.90 - 10B - -

Singer Pak 341 20.78 18.00 18.99 18.00 18.49 0.49 649 20.79 16.51 - - - -

Tariq Glass Ind 231 2.43 20.50 20.56 20.30 20.30 -0.20 5401 22.50 15.90 17.5 - - -

Paid up Last 60 days 2010 2011

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

1,775.29 1,847.13 1,748.60 1,785.10 9.81 0.55

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

240,855 - - 11,335.33 mn 250,509.99 mn 1,785.10

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

41.20 12.48 30.30 30.57 0.74 1,748.44

Adam Sugar XD 58 0.96 16.10 16.00 15.50 15.50 -0.60 6200 20.50 12.51 25 - - -

Ansari Sugar 244 0.24 5.01 5.00 5.00 5.00 -0.01 1500 6.99 4.05 - - - -

Chashma Sugar XD 287 1.01 9.40 10.00 9.30 10.00 0.60 13436 15.47 8.50 10 - - -

Crescent Sugar 214 - 6.40 7.00 5.40 7.00 0.60 100003 7.15 5.00 - - - -

Dewan Sugar 365 - 3.71 4.00 2.72 3.70 -0.01 2108 5.59 1.50 - - - -

Faran Sugar XD 217 3.49 16.71 17.50 17.25 17.40 0.69 2560 21.73 17.25 25 - - -

Habib SugarXDXB 750 5.25 22.95 23.45 22.90 23.37 0.42 76601 36.50 22.00 25 25B - -

Habib-ADM Ltd 200 11.25 12.05 12.15 12.15 12.15 0.10 500 13.00 11.69 40 - - -

Ismail Ind 505 35.43 76.99 79.79 76.00 79.37 2.38 1155 81.12 68.60 17.5 110R - -

J D W SugarXDXB 539 2.52 70.12 71.92 69.50 70.99 0.87 3392 92.50 69.50 7010B 12.5R - -

Mehran SugarXDXB 157 3.42 56.20 58.00 56.40 57.90 1.70 307 68.49 52.60 35 20B - -

Mirza Sugar XD 141 - 4.99 5.70 4.51 4.89 -0.10 7280 7.18 4.51 10 - - -

Nestle Pakistan 453 31.41 2856.13 2979.50 2835.50 2859.72 3.59 110 2979.50 1830.00 450 - - -

Noon Sugar 165 - 11.37 11.95 10.70 11.85 0.48 2006 14.84 9.00 - - - -

Pangrio Sugar XD 109 - 5.03 5.49 4.04 4.62 -0.41 2402 6.99 4.04 10 - - -

Sakrand Sugar 223 1.32 2.81 2.74 2.30 2.74 -0.07 3500 3.90 2.11 - - - -

Sanghar Sugar XD 119 1.08 12.09 12.45 11.51 12.20 0.11 2302 15.01 11.51 15 - - -

Shahmurad Sugar XD 211 6.37 9.80 10.70 9.00 9.75 -0.05 10193 13.50 9.00 10 - - -

Shahtaj Sugar 120 - 67.99 71.38 64.61 70.96 2.97 171 100.26 56.01 - - - -

Shakarganj Mills 695 - 5.51 6.25 5.02 5.45 -0.06 2312 7.88 4.06 - - - -

Tandlianwala 1177 379.55 41.26 42.00 40.10 41.75 0.49 2300 42.52 29.00 - - - -

UniLever Pakistan 665 21.49 4589.00 4818.00 4515.01 4602.62 13.62 212 4818.00 3876.00 178 - - -

Paid up Last 60 days 2010 2011

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

1,298.32 1,329.12 1,291.17 1,303.53 5.21 0.40

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

376,234 - - 6,768.53 mn 47,608.03 mn 1,332.88

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

4.83 1.23 25.35 20.42 4.22 1,298.32

Agriautos Ind 144 5.98 77.00 79.00 77.00 79.00 2.00 450 82.63 65.75 90 - - -

Atlas Battery 101 5.85 191.91 197.00 191.50 195.70 3.79 2820 204.40 151.50 100 20B - -

Atlas Engineering Ltd 247 26.58 28.36 29.77 29.77 29.77 1.41 380 29.77 15.00 - - - -

Atlas Honda 626 9.56 131.88 135.00 129.03 131.97 0.09 102 143.80 96.00 - - - -

Baluchistan Wheels Ltd. 133 6.14 32.68 32.68 32.68 32.68 0.00 137842 36.72 30.00 25 - - -

Dewan Motors 890 - 2.22 2.39 2.01 2.20 -0.02 135754 2.89 1.20 - - - -

General Tyre 598 20.70 24.01 25.00 24.00 24.01 0.00 13202 26.74 21.00 20 - - -

Ghandhara Nissan 450 3.30 4.74 5.24 4.62 4.75 0.01 16983 5.67 4.12 - - - -

Honda Atlas Cars 1428 - 12.19 12.35 12.00 12.10 -0.09 13706 13.40 10.90 - - - -

Indus Motors 786 6.72 293.30 301.00 293.02 294.36 1.06 30598 309.73 228.00 150 - - -

Pak Suzuki 823 10.97 69.28 70.49 68.80 68.88 -0.40 20882 77.90 66.75 - - - -

Sazgar Engineering 150 4.31 22.50 23.10 22.80 23.09 0.59 3500 23.10 17.92 10 20B - -

Paid up Last 60 days 2010 2011

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

1,541.36 1,576.27 1,535.93 1,553.81 12.46 0.81

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

94,856 - - 1,336.62 mn 33,764.27 mn 1,628.07

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

8.40 3.19 38.02 131.49 15.66 1,541.36

AL-Ghazi Tractor 215 5.61 230.57 236.00 231.00 234.04 3.47 761 244.95 200.00 150 - - -

Bolan Casting 104 - 45.33 45.00 45.00 45.00 -0.33 2109 49.50 42.90 25 10B - -

Dewan Auto Engineering 214 - 1.20 1.70 1.25 1.43 0.23 28231 2.40 0.21 - - - -

Ghandhara Ind 213 11.57 12.61 12.98 12.30 12.50 -0.11 6715 14.00 10.55 - - - -

Hinopak Motor 124 - 133.75 138.00 128.51 130.59 -3.16 403 147.89 114.01 - - - -

Millat Tractors XB 366 6.97 528.23 540.00 528.05 532.90 4.67 56600 568.40 465.00 650 25B - -

Paid up Last 60 days 2010 2011

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

1,053.52 1,071.88 1,043.35 1,054.60 1.08 0.10

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

156,529 - - 3,043.31 mn 39,212.39 mn 1,076.90

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

2.94 1.29 43.91 15.55 5.29 1,053.52

Cherat Papersack 115 2.61 75.02 75.50 72.80 73.33 -1.69 27150 83.23 41.70 20 25B - -

ECOPACK Ltd 230 - 2.68 2.98 2.58 2.60 -0.08 37619 3.30 1.82 - - - -

Ghani Glass 1067 4.86 52.60 54.00 52.10 52.93 0.33 6253 56.45 45.30 25 10B - -

MACPAC Films 389 - 3.00 3.45 2.75 3.39 0.39 20001 4.05 2.20 - - - -

Merit Pack 47 65.28 25.16 26.41 25.01 26.11 0.95 6872 27.90 16.51 - - - -

Packages Ltd 844 66.19 129.79 130.95 128.98 129.08 -0.71 52880 136.74 101.00 - - - -

Siemens Engineering 82 10.11 1216.00 1240.00 1200.00 1225.60 9.60 220 1381.00 1128.00 900 - - -

Tri-Pack Films 300 9.86 135.19 138.00 135.00 135.17 -0.02 5534 141.90 100.00 - - - -

Paid up Last 60 days 2010 2011

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

983.96 1,003.27 965.25 974.96 -9.00 -0.91

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

43,466,839 - - 54,792.74 mn 69,104.04 mn 1,026.43

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

6.61 0.47 7.10 19.04 2.88 974.96

Al-Abbas Cement 1828 - 3.20 3.35 3.01 3.09 -0.11 11309 3.98 2.80 - 100R - -

Attock Cement 866 6.33 60.50 61.50 59.20 60.18 -0.32 21240 65.99 57.60 50 - - -

Balochistan Glass Ltd 858 - 2.75 2.96 2.70 2.71 -0.04 10251 4.24 1.10 - - - -

Berger Paints 182 - 21.35 21.69 21.25 21.27 -0.08 7501 24.16 15.00 - 122R - -

Cherat Cement 956 25.00 11.00 11.01 11.00 11.00 0.00 3649 12.75 10.25 - - - -

Dadabhoy Cement 982 13.92 1.84 1.93 1.81 1.81 -0.03 4585 2.49 1.50 - - - -

Dandot Cement 948 - 2.17 2.49 2.20 2.20 0.03 10000 3.49 1.50 - - - -

Dewan Cement 3891 - 2.09 2.29 2.06 2.10 0.01 284615 3.10 1.43 - - - -

DG Khan Cement Ltd 3651 124.21 29.60 30.30 29.45 29.81 0.21 3751944 32.30 26.60 - 20R - -

EMCO Ind 350 3.23 3.00 3.19 2.65 2.71 -0.29 670 4.00 2.27 - - - -

Fauji Cement 6933 15.15 4.96 5.12 4.96 5.00 0.04 276333 5.55 4.72 - - - -

Flying Cement Ltd 1760 - 1.86 1.94 1.82 1.84 -0.02 159453 2.25 1.60 - - - -

Frontier Ceramics 77 - 1.61 2.50 1.41 1.70 0.09 15192 5.00 1.18 - - - -

Gharibwal Cement 2319 - 6.02 6.95 6.12 6.70 0.68 20513 9.19 2.70 - - - -

Haydery Const 32 - 0.67 0.99 0.25 0.73 0.06 542547 1.08 0.25 - - - -

Karam Ceramics 145 8.75 6.80 7.00 7.00 7.00 0.20 300 11.50 6.80 - - - -

Kohat Cement 1288 - 6.26 6.26 6.21 6.26 0.00 6510 8.70 5.80 - - - -

Lafarge Pakistan Cmt. 13126 - 3.51 3.63 3.32 3.44 -0.07 36158936 3.88 2.79 - - - -

Lucky Cement 3234 6.50 74.27 75.20 71.90 72.29 -1.98 1963220 79.98 70.75 40 - - -

Maple Leaf Cement 5261 1.27 2.71 2.80 2.69 2.72 0.01 206237 3.30 2.66 - - - -

Pioneer Cement 2228 - 6.88 6.97 6.80 6.85 -0.03 10230 8.50 6.52 - - - -

Safe Mix Concrete 200 - 6.90 6.99 6.06 6.88 -0.02 1191 7.95 5.25 - - - -

Shabbir Tiles 361 - 8.00 8.50 7.50 8.02 0.02 1514 9.60 6.30 - - - -

Paid up Last 60 days 2010 2011

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

1,083.67 1,109.60 1,075.40 1,085.12 1.45 0.13

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

95,615 - - 3,596.11 mn 10,541.12 mn 1,110.62

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

3.65 1.21 33.10 30.91 8.47 1,083.67

Crescent Steel 565 4.46 28.97 28.90 28.50 28.56 -0.41 34305 30.60 24.00 30 - - -

Dost Steels Ltd 675 - 2.70 2.89 2.61 2.72 0.02 17232 3.39 2.50 - - - -

Huffaz Pipe 555 9.46 14.97 15.30 14.95 15.13 0.16 9002 16.51 12.85 - - - -

International Ind 1199 11.75 56.36 57.99 56.11 56.42 0.06 30745 62.20 44.00 40 20B - -

Metro Steel 310 - 10.50 11.50 11.50 11.50 1.00 1801 11.50 5.61 - - - -

Siddiqsons Tin 785 11.08 9.43 9.98 9.32 9.75 0.32 2530 10.70 8.19 7.5 - - -

Paid up Last 60 days 2010 2011

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

1,184.71 1,194.52 1,173.28 1,181.72 -2.99 -0.25

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

12,069 - - 1,186.83 mn 3,274.91 mn 1,212.77

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

6.06 0.45 7.47 25.28 4.17 1,181.72

Century Paper 707 - 17.90 18.15 17.52 17.76 -0.14 10366 19.69 15.28 - - - -

Security Paper 411 6.71 43.50 43.52 43.50 43.50 0.00 1700 47.70 38.00 50 - - -

Paid up Last 60 days 2010 2011

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

1,570.40 1,621.24 1,566.92 1,590.04 19.65 1.25

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

45,157,045 - - 52,251.88 mn 353,021.86 mn 1,617.42

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

9.72 3.40 35.00 48.81 5.02 1,570.40

Agritech Limited 3924 8.79 23.11 24.26 23.80 24.26 1.15 73081 24.85 20.26 - - - -

BOC (Pak) 250 13.74 101.01 100.05 100.00 100.01 -1.00 651 103.94 75.00 15 - - -

Clariant Pak 273 6.90 178.46 183.10 180.00 180.47 2.01 34391 209.98 149.72 - - - -

Dawood Hercules 1203 8.36 200.76 206.00 199.98 201.63 0.87 50404 215.00 165.73 40 - - -

Descon Chemical 1996 - 2.98 3.09 2.85 2.95 -0.03 118304 3.74 2.11 - - - -

Descon Oxychem Ltd. 1020 - 8.33 8.54 8.28 8.32 -0.01 127323 9.25 4.14 - - - -

Dewan Salman 3663 - 3.03 3.29 3.02 3.10 0.07 2011224 4.24 1.47 - - - -

Dynea Pak 94 - 11.24 11.98 11.00 11.00 -0.24 1001 13.79 9.15 15 - - -

Engro Corporation Ltd 3277 11.62 210.41 215.30 210.50 211.47 1.06 2153552 222.80 174.70 40 - - -

Engro Polymer 6635 - 14.45 14.60 13.95 14.07 -0.38 938280 15.87 13.00 - - - -

Fatima Fertilizer 22000 - 12.27 12.61 12.21 12.28 0.01 5092278 12.64 9.16 - - - -

Fauji Fertilizer 6785 11.06 148.57 155.00 149.00 152.63 4.06 4547836 156.11 106.01 95 - - -

Fauji Fert. Bin Qasim 9341 7.98 41.97 43.15 42.00 42.27 0.30 12081547 43.99 30.18 17.5 - - -

Gatron Ind 384 2.58 50.00 52.00 48.01 48.01 -1.99 702 52.00 39.00 20 - - -

Ghani Gases Ltd 725 9.17 11.70 12.60 11.90 12.11 0.41 112878 13.07 11.00 - - - -

ICI Pakistan 1388 8.58 152.27 155.00 151.60 152.33 0.06 99201 158.49 123.50 55 - - -

Lotte Pakistan 15142 5.25 15.25 15.60 14.46 14.71 -0.54 22431883 16.49 10.07 - - - -

Mandviwala 74 - 1.40 1.49 1.31 1.48 0.08 1541 2.50 0.80 - - - -

Nimir Ind Chemical 1106 - 1.79 1.85 1.72 1.79 0.00 399017 2.74 1.36 - - - -

Sitara Chem Ind 214 10.00 121.48 122.00 117.06 122.00 0.52 204 139.40 101.00 25 5B - -

Sitara Peroxide 551 14.70 13.50 13.89 13.50 13.52 0.02 111210 14.69 10.25 - - - -

Wah-Noble 90 7.29 38.05 38.90 37.17 37.92 -0.13 15334 41.99 32.00 50 - - -

Paid up Last 60 days 2010 2011

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

969.88 977.47 952.68 959.79 -10.08 -1.04

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

119,707 - - 3,904.20 mn 32,120.33 mn 985.84

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

7.16 1.60 22.31 44.54 6.22 959.79

Abbott (Lab) 979 9.14 106.15 106.94 104.00 104.31 -1.84 15512 112.50 92.50 20 - - -

Ferozsons (Lab) 250 6.74 90.51 91.00 89.10 89.24 -1.27 3148 94.90 82.20 - 20B - -

GlaxoSmithKline 1707 14.49 81.66 82.00 80.50 80.57 -1.09 6990 89.98 69.00 - - - -

Highnoon (Lab) 165 7.80 28.08 28.50 28.00 28.16 0.08 1800 30.48 23.50 - - - -

IBL HealthCare Ltd 200 7.21 8.98 9.10 8.41 8.94 -0.04 7183 9.36 7.16 - - - -

Otsuka Pak 100 7.47 34.75 33.50 33.05 33.48 -1.27 104 35.70 30.50 - - 15 -

Sanofi-Aventis 96 12.81 157.01 164.60 150.00 161.05 4.04 8442 164.60 116.00 - - - -

Searle Pak 306 5.67 63.15 64.05 61.55 63.01 -0.14 76528 69.00 59.00 30 - - -

Paid up Last 60 days 2010 2011

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

765.59 766.55 752.38 759.43 -6.15 -0.80

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

111,112 - - 3,242.17 mn 13,231.62 mn 765.59

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

5.81 1.48 25.53 11.08 1.91 717.01

Pak Int Cont. Terminal 1092 7.41 74.90 74.90 73.51 74.13 -0.77 108283 77.77 67.25 40 - - -

PNSC 1321 40.22 37.00 37.23 36.50 37.00 0.00 2829 39.45 32.36 15 - - -

Paid up Last 60 days 2010 2011

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

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

BOOK CLOSURES

Pangrio Sugar Mills 22-Jan 31-Jan 10 14-Jan 31-JanFecto Sugar Mills 22-Jan 29-Jan - - 29-JanThal Ind. Corp 22-Jan 28-Jan 15 14-Jan 28-JanBaba Farid Sugar Mills 22-Jan 29-Jan - - 29-JanAl-Noor Sugar Mills 22-Jan 02-Feb 50 14-Jan 28-JanShahmurad Sugar Mills 22-Jan 02-Feb 10 14-Jan 28-JanQuetta Tex Mills # 22-Jan 29-Jan - - 29-Jan KASB Securities # 22-Jan 28-Jan - - 28-Jan D.M. Textile Mills # - - - - 31-Jan Adam Sugar Mills 23-Jan 31-Jan 25 14-Jan 29-JanFaran Sugar Mills 23-Jan 30-Jan 25 14-Jan 27-JanSakrand Sugar Mills 24-Jan 31-Jan - - 31-JanBawany Sugar Mills 24-Jan 31-Jan - - 31-JanDewan Cement # 24-Jan 31-Jan - - 31-Jan Media Times 24-Jan 31-Jan 33.33(R) 14-Jan -Sugar Mills 24-Jan 31-Jan - - 31-JanDewan Farooque Spinning Mills # 24-Jan 31-Jan - - 31-Jan Bhanero Tex Mills # 24-Jan 31-Jan - - 31-Jan Colony Sugar Mills 24-Jan 31-Jan - - 31-JanDewan Sugar Mills 24-Jan 31-Jan - - 31-JanCrescent Sugar Mills 24-Jan 31-Jan - - 31-Jan

INDICATIONS

# Extraordinary General Meeting

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

OTHER SECTORS

Johnson & Philips 9.51 10.51 10.31 10.51 1 8774

Pakistan Cables 54.1 55.75 54 55.49 1.39 11034

TRG Pakistan Ltd. 3.4 3.5 3.3 3.34 -0.06 971517

Murree Brewery Co. 86.89 91.23 88.23 91.22 4.33 6065

Shezan International 145.02 152.27 145 152.26 7.24 57383

Pak Tobacco 117.08 121.9 119.5 120 2.92 2416

Shifa Int.Hospitals 31.04 32.5 31.09 31.09 0.05 101

Eye Television 20.8 21.84 19.76 20.22 -0.58 196390

P.I.A.C.(A) 2.42 2.59 2.39 2.4 -0.02 112973

AKD Capital Limited 46.11 47.97 43.81 45.21 -0.9 4076

Pace (Pak) Ltd. 3.13 3.39 3.06 3.18 0.05 2259965

Netsol Technologies 23.11 24.26 22.84 24.26 1.15 746764

Symbols Open High Low Close Change Vol

Saturday, January 22, 20117

Technical Analysis Leverage Position

KSE 100 INDEX

Technical Outlook

KSE 100 INDEX closed up 20.04 points at 12,431.91. Volume was

90 per cent above average and Bollinger Bands were 37 per cent

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

will see major 1st resistance level at 12,533.95 and 2nd resistance

level at 12,635.95, while Index will continue to find its 1st support

level at 12,367.80 and 2nd support level at 12,303.70.

KSE 100 INDEX is currently 18.6 per cent above its 200-day

moving average and is displaying an upward trend. Volatility is

high as compared to the average volatility over the last 10 trad-

ing sessions. Volume indicators reflect moderate flows of volume

into INDEX (mildly bullish). Trend forecasting oscillators are cur-

rently bullish on INDEX.

RSI (14-day) 63.42 Support 1 12,367.80

MA (5-day) 12,552.30 Support 2 12,303.70

MA (10-day) 12,460.96 Resistance 1 12,533.95

MA (100-day) 10,930.87 Resistance 2 12,635.95

MA (200-day) 10,485.71 Pivot 12,469.80

Technical Analysis Leverage Position

Fauji Fertiliser Bin Qasim Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

FFBL closed up 0.30 at 42.27. Volume was 160 per cent above average

(trending) and Bollinger Bands were 143 per cent wider than normal.

FFBL is currently 38.1 per cent above its 200-day moving average and is

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

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

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

tors are currently bullish on FFBL. Momentum oscillator is currently indicat-

ing that FFBL is currently in an overbought condition.

*Arif Habib Ltd 37 Sell

AKD Securities Ltd 32.06 Accumulate

TFD Research 29.1 Negative

RSI (14-day) 72.80 Free Float Shares (mn) 326.94

MA (10-day) 40.62 Free Float Rs (mn) 13,819.69

MA (100-day) 32.53 ** NOI Rs (mn) 118.90

MA (200-day) 30.63 Mean 42.35

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

Technical Analysis Leverage Position

Bank Al-Falah Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

BAFL closed up 0.57 at 11.74. Volume was 106 per cent above average

and Bollinger Bands were 14 per cent narrower than normal.

BAFL is currently 20.8 per cent above its 200-day moving average and is

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

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

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

currently bullish on BAFL.

*Arif Habib Ltd 11.8 Hold

AKD Securities Ltd 10.25 Accumulate

TFD Research 14.01 Positive

RSI (14-day) 64.04 Free Float Shares (mn) 674.58

MA (10-day) 11.24 Free Float Rs (mn) 7,919.55

MA (100-day) 9.56 ** NOI Rs (mn) N/A

MA (200-day) 9.72 Mean 11.50

* 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 -1.35 at 67.06. Volume was 12 per cent above average

and Bollinger Bands were 38 per cent wider than normal.

NML is currently 28.6 per cent above its 200-day moving average and is

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

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

reflect moderate flows of volume into 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) 54.18 Free Float Shares (mn) 175.80

MA (10-day) 69.00 Free Float Rs (mn) 11,789.14

MA (100-day) 54.97 ** NOI Rs (mn) 90.21

MA (200-day) 52.15 Mean 67.74

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

Technical Analysis Leverage Position

Fauji Fertiliser Co

Brokerage House Fair Value Rs Recommendations

Technical Outlook

FFC closed up 4.06 at 152.63. Volume was 244 per cent above average

(trending) and Bollinger Bands were 310 per cent wider than normal.

FFC is currently 36.5 per cent above its 200-day moving average and is

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

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

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

currently bullish on FFC. Momentum oscillator is currently indicating that

FFC is currently in an overbought condition.

*Arif Habib Ltd 164.1 Buy

AKD Securities Ltd 122.1 Accumulate

TFD Research 114.33 Negative

RSI (14-day) 78.99 Free Float Shares (mn) 373.19

MA (10-day) 143.67 Free Float Rs (mn) 56,959.97

MA (100-day) 114.33 ** NOI Rs (mn) 89.49

MA (200-day) 111.75 Mean 151.30

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

Technical Analysis Leverage Position

Dera Ghazi Khan Cement Co Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

DGKC closed up 0.21 at 29.81. Volume was 30 per cent below average

and Bollinger Bands were 38 per cent narrower than normal.

DGKC is currently 10.8 per cent above its 200-day moving average and is

displaying a downward 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 DGKC (mildly bullish). Trend fore-

casting oscillators are currently bearish on DGKC.

*Arif Habib Ltd 37 Buy

AKD Securities Ltd 43.29 Buy

TFD Research 36.85 Positive

RSI (14-day) 46.65 Free Float Shares (mn) 182.55

MA (10-day) 30.47 Free Float Rs (mn) 5,441.80

MA (100-day) 27.73 ** NOI Rs (mn) 58.24

MA (200-day) 26.89 Mean 29.79

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

Technical Analysis Leverage Position

United Bank Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

UBL closed up 0.99 at 69.06. Volume was 93 per cent above average and

Bollinger Bands were 15 per cent narrower than normal.

UBL is currently 20.0 per cent above its 200-day moving average and is

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

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

erate flows of volume into UBL (mildly bullish). Trend forecasting oscillators

are currently bullish on UBL.

*Arif Habib Ltd 72.5 Hold

AKD Securities Ltd 56.82 Accumulate

TFD Research 78.44 Positive

RSI (14-day) 62.57 Free Float Shares (mn) 306.04

MA (10-day) 68.34 Free Float Rs (mn) 21,135.46

MA (100-day) 58.76 ** NOI Rs (mn) 20.81

MA (200-day) 57.56 Mean 68.98

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

Technical Analysis Leverage Position

Askari Bank Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

AKBL closed up 0.42 at 18.61. Volume was 179 per cent above average

(trending) and Bollinger Bands were 53 per cent wider than normal.

AKBL is currently 14.9 per cent above its 200-day moving average and is

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

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

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

tors are currently bullish on AKBL.

AKD Securities Ltd 14.75 Neutral

TFD Research 23.67 Positive

RSI (14-day) 65.05 Free Float Shares (mn) 321.37

MA (10-day) 18.20 Free Float Rs (mn) 5,980.73

MA (100-day) 15.92 ** NOI Rs (mn) N/A

MA (200-day) 16.19 Mean 18.54

* 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

1,391.80 1,424.46 1,393.47 1,408.18 16.38 1.18

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

1,409,863 - - 29,771.58 mn 18,936.39 mn 1,418.25

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

18.88 0.42 2.21 104.74 8.62 1,391.80

1st Fid Leasing 264 10.94 1.50 1.80 1.75 1.75 0.25 4010 2.00 1.18 - - - -

AL-Meezan Mutual F. 1375 7.23 8.67 8.80 8.68 8.68 0.01 51837 9.15 6.05 18.5 - - -

AL-Noor Modaraba 210 5.65 3.18 3.39 3.10 3.39 0.21 3010 3.80 2.16 5 - - -

Atlas Fund of Funds 525 2.02 4.50 5.00 4.78 5.00 0.50 854762 5.00 2.82 2.2 - - -

B R R Guardian Mod. 780 3.93 1.73 1.89 1.70 1.73 0.00 304 2.79 1.06 0 - - -

Constellation Modaraba 65 3.41 1.50 1.99 1.13 1.50 0.00 507 1.99 0.93 - - - -

Crescent St Modaraba 200 1.65 0.66 0.80 0.60 0.66 0.00 152944 1.10 0.16 1.2 - - -

Equity Modaraba 524 12.75 2.01 2.45 2.01 2.04 0.03 15164 2.98 1.05 - - - -

First Dawood Mutual F. 581 0.69 2.17 2.29 2.17 2.17 0.00 23207 2.39 1.30 - - - -

Golden Arrow 760 2.44 3.50 3.50 3.36 3.42 -0.08 110660 3.60 2.56 17 - - -

Habib Modaraba 1008 6.12 7.00 7.10 7.00 7.10 0.10 30993 7.10 5.97 21 - - -

JS Growth Fund 3180 72.50 5.75 5.90 5.76 5.80 0.05 47928 6.10 2.65 5 - - -

JS Value Fund 1186 19.64 5.45 5.56 5.45 5.50 0.05 43502 5.56 2.31 10 - - -

Meezan Balanced Fund 1200 7.69 7.56 8.00 7.95 8.00 0.44 10000 8.25 5.15 15.5 - - -

Pak Modaraba 125 5.50 1.10 1.40 1.10 1.10 0.00 1014 2.00 0.46 3 - - -

PICIC Energy Fund 1000 2.08 7.00 7.25 6.91 7.16 0.16 7100 7.80 5.25 10 - - -

PICIC Growth Fund 2835 9.12 14.18 14.32 14.10 14.22 0.04 34699 15.06 7.98 20 - - -

PICIC Inv Fund 2841 7.44 6.56 6.69 6.50 6.55 -0.01 10804 7.14 3.58 10 - - -

Stand Chart Modaraba 454 4.71 9.60 9.60 9.54 9.60 0.00 800 10.29 8.51 17 - - -

Tri-Star Mutual 50 3.47 1.36 1.31 1.25 1.25 -0.11 1062 2.45 0.86 - - - -

U D L Modaraba 264 1.75 6.05 6.20 6.15 6.16 0.11 5500 6.25 4.71 12.5 - - -

Paid up Last 60 days 2010 2011

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

410.54 440.74 404.56 429.59 19.05 4.64

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

15,307,152 - - 30,336.44 mn 19,865.92 mn 444.07

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

11.89 0.27 0.91 99.56 3.30 410.54

AMZ Ventures 225 1.48 0.64 0.69 0.52 0.65 0.01 103 0.95 0.33 - - - -

Arif Habib Investments 360 4.02 19.40 20.40 19.81 20.40 1.00 327078 20.40 16.00 - 20B - -

Arif Habib Limited 450 13.60 26.51 27.19 26.42 26.66 0.15 39952 28.95 24.40 - 20B - -

Arif Habib Corp 3750 4.97 27.01 28.04 26.70 27.02 0.01 5158990 30.20 22.80 30 - - -

Dawood Equities 250 - 2.06 2.16 2.00 2.02 -0.04 27683 2.75 1.28 - - - -

Escorts Bank 441 - 2.49 2.95 2.00 2.04 -0.45 477966 3.80 2.00 - - - -

First Credit & Invest Bank Ltd 650 12.50 3.00 3.00 3.00 3.00 0.00 1500 4.01 2.15 - - - -

First National Equity 575 - 7.38 7.68 6.42 7.68 0.30 128 10.70 6.42 - - - -

IGI Investment Bank 2121 14.81 2.43 2.75 2.35 2.37 -0.06 21246 3.90 2.00 - - - -

Invest and Fin Sec 600 795.00 7.80 8.49 7.55 7.95 0.15 9479 8.89 6.16 11.5 - - -

Invest Bank 2849 - 0.63 0.80 0.50 0.63 0.00 651234 1.09 0.50 - - - -

Ist Cap Securities 3166 - 3.25 3.38 3.10 3.30 0.05 13464 4.25 2.95 - 10B - -

Ist Dawood Bank 626 0.64 1.75 1.84 1.70 1.78 0.03 25133 2.25 1.05 - - - -

Jah Siddiq Co 7633 - 11.40 12.40 11.36 12.22 0.82 12829918 14.05 9.54 10 - - -

JOV and CO 508 - 3.97 4.10 3.75 3.95 -0.02 187051 5.38 2.21 - - - -

JS Global Cap 500 7.72 27.97 29.00 28.25 28.73 0.76 6052 32.37 25.75 - - - -

JS Investment 1000 29.42 6.75 7.28 6.80 7.06 0.31 591266 7.59 5.80 - - - -

KASB Securities 1000 - 4.70 4.90 4.72 4.74 0.04 7602 5.43 3.86 - - - -

Orix Leasing 821 4.81 6.31 6.54 6.17 6.54 0.23 473 7.29 5.08 - - - -

Pervez Ahmed Sec 775 - 2.05 2.13 2.01 2.03 -0.02 80654 2.70 1.68 - - - -

Saudi Pak Leasing 452 - 0.79 0.95 0.67 0.73 -0.06 365 0.97 0.46 - - - -

Sec Inv Bank 514 11.96 3.15 4.10 2.61 2.99 -0.16 260 4.99 2.00 - - - -

Trust Inv Bank 586 3.13 1.99 2.00 1.88 2.00 0.01 10000 2.98 1.35 - - - -

Paid up Last 60 days 2010 2011

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

845.07 854.35 830.53 839.42 -5.64 -0.67

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

62,396 - - 2,290.72 mn 9,835.23 mn 895.00

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

5.79 2.14 3.85 355.53 6.41 839.42

East West Life 455 - 2.41 2.26 2.26 2.26 -0.15 3712 4.62 2.08 - 20R - -

EFU Life Assurance 850 39.84 70.75 72.00 69.00 70.12 -0.63 58684 86.95 62.75 - - - -

Paid up Last 60 days 2010 2011

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

1,195.37 1,223.27 1,186.68 1,200.15 4.77 0.40

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

24,108,330 - - 257,548.02 mn 722,599.55 mn 1,241.92

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

8.54 1.19 13.94 40.49 4.74 1,195.37

Allied Bank Limited 7821 7.05 69.45 72.92 68.75 72.54 3.09 1144428 74.00 54.82 20 - - -

Askari Bank 6427 8.86 18.19 19.00 18.35 18.61 0.42 2317270 19.25 14.96 - - - -

Bank Alfalah 13492 15.05 11.17 11.97 11.11 11.74 0.57 6706746 11.97 9.11 - - - -

Bank AL-Habib 7322 8.18 37.53 38.00 37.61 37.96 0.43 143538 39.49 31.50 - - - -

Bank Of Khyber 5004 5.28 4.05 4.15 3.90 3.96 -0.09 28516 4.70 2.76 - - - -

Bank Of Punjab 5288 - 9.33 9.70 9.33 9.37 0.04 4614293 10.59 8.34 - - - -

BankIslami Pak 5280 980.00 3.96 4.12 3.82 3.92 -0.04 138831 4.50 3.00 - - - -

Faysal Bank 7309 4.98 15.43 15.70 15.40 15.45 0.02 102578 17.10 14.01 - 20B - -

Habib Bank Ltd 10019 7.73 123.03 125.25 123.00 123.80 0.77 73781 128.97 100.05 - - - -

Habib Metropolitan Bank 8732 8.24 27.09 27.70 26.60 26.95 -0.14 54597 29.28 19.59 - - - -

JS Bank Ltd 8150 - 2.43 2.50 2.41 2.50 0.07 77350 3.00 2.34 - 66R - -

KASB Bank Ltd 9509 - 2.05 2.14 1.99 2.01 -0.04 1179152 2.80 1.95 - - - -

MCB Bank Ltd 7602 10.21 232.44 236.50 229.10 230.32 -2.12 1206090 250.48 199.00 55 - - -

Meezan Bank 6983 10.05 19.27 19.00 18.81 19.00 -0.27 54567 20.30 14.50 - - - -

Mybank Ltd 5304 - 3.03 3.14 3.03 3.05 0.02 143007 3.40 1.90 - - - -

National Bank 13455 6.71 76.24 77.50 76.10 76.84 0.60 1638053 80.61 63.53 - - - -

NIB Bank 40437 - 2.94 3.03 2.91 2.98 0.04 944285 3.35 2.59 - - - -

Samba Bank 14335 - 2.02 2.08 1.97 2.01 -0.01 58800 2.25 1.51 -63.46R - -

Silkbank Ltd 26716 - 2.65 2.74 2.62 2.64 -0.01 688133 3.05 2.50 - - - -

Soneri Bank 6023 - 7.29 7.40 7.26 7.40 0.11 10966 8.48 6.24 - - - -

Summit Bank Ltd 5000 - 4.04 4.22 4.05 4.07 0.03 68676 4.63 2.70 - - - -

United Bank Ltd 12242 8.12 68.07 70.39 68.40 69.06 0.99 2783309 70.65 53.30 10 - - -

Paid up Last 60 days 2010 2011

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

799.37 823.94 799.07 813.75 14.38 1.80

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

3,449,547 - - 11,111.34 mn 49,960.64 mn 826.44

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

11.82 0.61 5.20 79.54 6.73 799.37

Adamjee Insurance 1237 27.10 91.33 94.75 92.00 93.48 2.15 1722605 96.35 66.50 10 - - -

Paid up Last 60 days 2010 2011

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

1,598.54 1,659.42 1,594.98 1,620.21 21.67 1.36

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

1,287,841 - - 12,202.80 mn 34,556.94 mn 1,657.24

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

10.22 1.17 11.41 66.79 6.54 1,579.80

Sui North Gas 5491 8.49 28.01 28.98 27.85 28.51 0.50 316330 34.75 25.71 20 - - -Sui South Gas 8390 3.39 22.35 23.30 22.40 22.53 0.18 971511 26.00 19.95 15 25B - -

Paid up Last 60 days 2010 2011

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

1,330.12 1,360.64 1,317.56 1,337.37 7.25 0.54

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

9,851,654 - - 95,369.29 mn 110,298.10 mn 1,407.79

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

15.05 1.41 9.35 104.13 6.92 1,330.12

Altern Energy 3426 24.98 10.98 11.00 10.00 10.99 0.01 1601 11.45 9.00 - - - -Genertech 198 - 0.84 0.95 0.76 0.82 -0.02 1008 1.18 0.73 - - - -Hub Power 11572 7.01 38.24 38.80 37.90 38.26 0.02 1852653 41.20 33.15 50 - - -Japan Power 1560 - 1.73 1.83 1.70 1.71 -0.02 625173 2.25 1.50 - - - -KESC 7932 - 2.98 3.28 2.93 3.11 0.13 4287089 3.55 2.07 - 7.8R - -Kohinoor Energy 1695 10.75 19.03 20.03 19.20 19.35 0.32 75552 25.25 17.95 15 - - -Kohinoor Power 126 2.71 4.40 4.59 4.30 4.45 0.05 12620 5.39 4.01 - - - -Kot Addu Power 8803 5.31 43.11 44.15 43.07 43.71 0.60 518630 45.85 39.00 50 - - -Nishat Chunian Power Ltd 3673 3.62 16.51 16.98 16.41 16.51 0.00 447425 18.01 12.20 - - - -Nishat Power Ltd 3541 28.52 17.75 18.00 17.60 17.68 -0.07 1820900 18.70 13.10 - - - -S G Power 178 - 0.80 1.70 0.61 1.37 0.57 112 1.70 0.50 - - - -Southern Electric 1367 - 2.19 2.30 2.15 2.17 -0.02 195886 2.80 2.05 - - - -Tri-star Power XD 150 - 0.84 0.98 0.85 0.90 0.06 13005 1.75 0.75 - - - -

Paid up Last 60 days 2010 2011

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

1,147.94 1,174.79 1,145.49 1,152.56 4.62 0.40

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

3,093,766 - - 50,077.79 mn 79,785.46 mn 1,198.06

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

6.25 0.80 12.84 62.56 10.01 1,147.94

Pakistan Telecomm Co A 37740 12.99 19.41 19.80 19.39 19.49 0.08 1243860 20.65 18.21 17.5 - - -Telecard 3000 0.65 2.22 2.35 2.17 2.20 -0.02 490387 2.67 2.12 1 - - -WorldCall Tele 8606 - 2.86 3.02 2.84 2.89 0.03 1359516 3.45 2.40 - - - -Wateen Telecom Ltd 6175 - 3.66 4.09 3.66 3.99 0.33 541471 4.65 3.35 - - - -

Paid up Last 60 days 2010 2011

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

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

Ask Gen Insurance 204 6.58 10.95 10.89 10.75 10.85 -0.10 30117 12.75 10.00 - 25R - -

Atlas Insurance 369 6.20 39.00 39.70 39.00 39.00 0.00 665 40.00 32.10 - - - -

Central Insurance XB 279 9.38 82.00 83.00 78.00 82.50 0.50 327 83.00 50.82 10 10B - -

Century Insurance 457 7.04 11.01 11.47 10.51 11.26 0.25 11528 12.00 9.65 - - - -

EFU General Insurance 1250 - 41.35 42.25 41.40 41.62 0.27 68636 48.00 39.48 - - - -

Habib Insurance 400 3.20 13.50 13.75 12.70 13.42 -0.08 64767 15.50 10.82 - - - -

IGI Insurance 718 17.49 90.02 94.52 90.50 94.28 4.26 17800 99.88 80.00 10 20B - -

Pak Reinsurance 3000 47.05 17.84 18.74 17.85 18.35 0.51 1516303 19.40 14.00 - - - -

Pak Gen Insurance 250 2.00 7.71 8.45 8.19 8.45 0.74 2848 8.50 5.56 - - - -

PICIC Ins Ltd 350 - 9.70 9.60 9.60 9.60 -0.10 122 10.75 2.49 - - - -

Premier Insurance 303 6.38 11.98 12.36 11.80 11.80 -0.18 551 12.93 9.00 - - - -

Silver Star Insurance 253 4.47 7.50 7.20 7.10 7.20 -0.30 13125 8.20 6.01 - - - -

UP TO 100 VOLUME

ALNRS 46.99 49.00 49.00 49.00 2.01 100

DFSM 3.20 3.50 3.50 3.50 0.30 100

SALT 62.00 64.90 58.92 62.00 0.00 100

SHNI 12.04 12.04 12.04 12.04 0.00 100

UDPL 12.48 13.30 13.11 13.22 0.74 100

FECTC 7.25 7.01 7.01 7.01 -0.24 90

DINT 25.49 25.40 25.40 25.40 -0.09 66

CWSM 1.15 1.74 0.82 1.46 0.31 63

GRAYS 47.74 49.50 46.05 47.01 -0.73 63

ADMM 23.28 23.50 23.05 23.05 -0.23 61

NATF 57.65 56.04 56.04 56.04 -1.61 55

BAWS 5.02 5.02 5.01 5.02 0.00 52

PGCL 25.66 26.65 24.38 26.65 0.99 52

UNIC 7.00 6.76 6.75 6.76 -0.24 51

MDTL 25.44 24.17 24.17 24.17 -1.27 50

CLOV 70.08 72.00 67.07 67.57 -2.51 39

SCBPL 8.20 8.37 8.20 8.22 0.02 39

PASM 9.75 9.50 9.50 9.50 -0.25 38

ARPAK 11.15 10.50 10.15 10.15 -1.00 34

KSBP 60.56 62.00 59.03 59.86 -0.70 33

MODAM 1.76 2.09 1.76 1.81 0.05 32

AATM 0.71 1.20 0.90 1.06 0.35 30

RMPL 2217.98 2295.00 2113.00 2262.71 44.73 17

IDSM 7.40 8.40 7.20 8.29 0.89 14

HUSI 5.90 5.51 5.50 5.50 -0.40 13

KASBM 1.82 1.82 1.82 1.82 0.00 12

MIRKS 49.32 51.48 47.50 51.40 2.08 12

APOT 4.50 5.50 5.50 5.50 1.00 10

ARUJ 4.90 5.45 5.45 5.45 0.55 10

BIFO 46.25 46.25 46.25 46.25 0.00 10

EXIDE 200.92 191.00 191.00 191.00 -9.92 10

ICCT 1.44 1.25 1.25 1.25 -0.19 10

SHCI 2.31 2.40 2.40 2.40 0.09 10

FIMM 62.50 63.90 63.90 63.90 1.40 8

AWTX 89.00 92.00 92.00 92.00 3.00 7

BAFS 60.40 60.90 60.50 60.50 0.10 7

DMTM 7.50 8.49 8.45 8.48 0.98 7

DCM 1.75 1.90 1.50 1.57 -0.18 6

LAKST 294.00 295.00 282.00 289.90 -4.10 6

AGSML 6.50 6.38 6.38 6.38 -0.12 5

BROT 0.40 0.60 0.60 0.60 0.20 5

FECS 30.16 30.00 30.00 30.00 -0.16 5

GAIL 4.60 5.00 4.25 4.75 0.15 5

HUSS 10.95 10.89 10.89 10.89 -0.06 5

MFFL 78.99 82.79 82.79 82.79 3.80 5

SCLL 2.64 2.69 2.69 2.69 0.05 5

SNAI 45.69 47.30 47.30 47.30 1.61 5

FZTM 399.33 408.99 401.00 407.00 7.67 4

PECO 149.99 154.99 142.91 152.00 2.01 4

KML 2.68 3.68 2.05 2.90 0.22 3

PAKD 79.01 79.00 79.00 79.00 -0.01 3

PPP 44.01 45.84 43.01 44.36 0.35 3

PTEC 2.34 2.49 2.34 2.49 0.15 3

CSIL 3.87 4.50 3.80 4.50 0.63 2

CSUML 3.32 3.80 3.50 3.65 0.33 2

DIIL 10.12 11.12 11.12 11.12 1.00 2

FIBLM 2.13 2.00 1.46 2.00 -0.13 2

FPJM 1.41 1.41 1.41 1.41 0.00 2

ICL 26.56 27.88 25.26 25.26 -1.30 2

MEHT 64.03 67.20 67.20 67.20 3.17 2

YOUW 1.60 1.74 1.69 1.74 0.14 2

AASM 30.50 29.52 29.52 29.52 -0.98 1

ALQT 7.02 8.00 8.00 8.00 0.98 1

AZAMT 2.57 2.64 2.64 2.64 0.07 1

BAPL 8.34 8.60 8.60 8.60 0.26 1

FASM 35.01 36.00 36.00 36.00 0.99 1

GATM 29.20 27.75 27.75 27.75 -1.45 1

GSPM 7.21 7.35 7.35 7.35 0.14 1

IDYM 199.95 208.90 208.90 208.90 8.95 1

LEUL 1.78 2.54 2.54 2.54 0.76 1

LPGL 13.48 14.48 14.48 14.48 1.00 1

MTIL 0.42 0.66 0.66 0.66 0.24 1

NMBL 1.69 1.98 1.98 1.98 0.29 1

PMRS 41.42 43.40 43.40 43.40 1.98 1

PRET 29.25 30.50 30.50 30.50 1.25 1

PSEL 174.99 181.99 181.99 181.99 7.00 1

SJTM 0.57 0.26 0.17 0.26 -0.31 1

SMTM 5.35 6.00 6.00 6.00 0.65 1

TRPOL 0.52 0.54 0.54 0.54 0.02 1

Symbols Open High Low Close Change Vol

FUTURE CONTRACTS

FFBL-JAN 42.07 43.18 42.20 42.36 0.29 1187500

NML-JAN 68.67 69.65 66.25 67.47 -1.20 919000

ANL-JAN 10.94 11.94 11.08 11.94 1.00 889000

DGKC-JAN 29.74 30.34 29.60 29.86 0.12 653500

ENGRO-JAN 211.15 215.70 211.25 211.96 0.81 652000

POL-JAN 333.56 335.30 327.00 328.29 -5.27 568500

FFC-JAN 149.00 155.00 150.35 152.68 3.68 513000

PPL-JAN 221.43 222.80 217.00 218.29 -3.14 241500

NBP-JAN 76.58 77.70 76.60 77.09 0.51 213000

PSO-JAN 302.62 307.05 301.60 304.81 2.19 206000

MCB-JAN 233.30 236.95 230.00 230.99 -2.31 201000

AICL-JAN 91.36 94.85 92.50 93.52 2.16 169000

LUCK-JAN 74.76 75.30 72.01 72.64 -2.12 127500

BOP-JAN 9.37 9.75 8.40 9.47 0.10 105500

UBL-JAN 68.09 70.50 68.49 69.26 1.17 90000

PTC-JAN 19.51 19.74 19.42 19.44 -0.07 60500

HUBC-JAN 38.65 40.25 38.00 39.13 0.48 30000

NCL-JAN 23.50 24.00 23.70 24.00 0.50 26000

OGDC-JAN 171.57 173.00 171.15 171.60 0.03 22500

NETSOL-JAN 23.23 24.39 23.80 24.21 0.98 6500

Symbols Open High Low Close Change Vol

Al-Abbas Cement 43.45 2.95 2.80 3.30 3.50 3.15

Allied Bank Limited 63.15 69.90 67.25 74.05 75.55 71.40

Attock Cement 33.49 59.10 58.00 61.40 62.60 60.30

Arif Habib Corp 54.20 26.45 25.90 27.80 28.60 27.25

Arif Habib Limited 51.61 26.35 26.00 27.10 27.55 26.75

Adamjee Insurance 63.66 92.05 90.65 94.80 96.15 93.40

Askari Bank 65.05 18.30 18.00 18.95 19.30 18.65

Azgard Nine 67.51 11.25 10.65 12.20 12.50 11.55

Attock Petroleum 79.65 382.15 372.85 399.60 407.75 390.30

Attock Refinery 64.26 138.95 136.60 143.35 145.35 140.95

Bank Al-Falah 64.04 11.25 10.75 12.10 12.45 11.60

BankIslami Pak 55.80 3.80 3.65 4.10 4.25 3.95

Bank.Of.Punjab 44.73 9.25 9.10 9.60 9.85 9.45

Dewan Cement 46.97 2.00 1.90 2.25 2.40 2.15

D.G.K.Cement 46.65 29.40 29.00 30.25 30.70 29.85

Dewan Salman 52.76 3.00 2.85 3.25 3.40 3.15

Dost Steels Ltd 51.75 2.60 2.45 2.85 3.00 2.75

EFU General Insurance 40.81 41.25 40.90 42.10 42.60 41.75

EFU Life Assurance 38.09 68.75 67.35 71.75 73.35 70.35

Engro Chemical 61.89 209.55 207.60 214.35 217.20 212.40

Faysal Bank 54.50 15.35 15.20 15.65 15.80 15.50

Fauji Cement 47.39 4.95 4.85 5.10 5.20 5.05

Fauji Fert Bin 72.80 41.80 41.30 42.95 43.60 42.45

Fauji Fertilizer 78.99 149.40 146.20 155.40 158.20 152.20

Habib Bank Ltd 56.31 122.80 121.75 125.05 126.25 124.00

Hub Power 51.01 37.85 37.40 38.75 39.20 38.30

ICI Pakistan 59.78 150.95 149.60 154.35 156.40 153.00

Indus Motors 71.93 291.25 288.15 299.25 304.10 296.15

J.O.V.and CO 47.79 3.75 3.60 4.10 4.30 3.95

Japan Power 48.77 1.65 1.60 1.80 1.90 1.75

JS Bank Ltd 46.58 2.40 2.35 2.50 2.55 2.45

Jah Siddiq Co 44.21 11.60 10.95 12.60 13.05 12.00

Kot Addu Power 58.26 43.15 42.55 44.20 44.70 43.65

K.E.S.C 59.84 2.95 2.75 3.30 3.45 3.10

Lotte Pakistan 54.61 14.25 13.80 15.40 16.05 14.90

Lucky Cement 37.35 71.05 69.85 74.35 76.45 73.15

MCB Bank Ltd 51.23 227.45 224.55 234.85 239.35 231.95

Maple Leaf Cement 38.70 2.70 2.65 2.80 2.85 2.75

National Bank 56.94 76.10 75.40 77.50 78.20 76.80

Nishat (Chunian) 54.42 23.15 22.65 24.10 24.60 23.65

Netsol Technologies 69.64 23.30 22.35 24.75 25.20 23.80

NIB Bank 49.83 2.90 2.85 3.05 3.10 2.95

Nimir Ind.Chemical 41.51 1.75 1.65 1.85 1.90 1.80

Nishat Mills 54.18 65.55 64.00 69.05 71.05 67.50

Oil & Gas Dev. XD 50.77 170.65 169.60 173.15 174.55 172.05

PACE (Pakistan) Ltd. 59.69 3.05 2.90 3.35 3.55 3.20

Pervez Ahmed Sec 45.06 2.00 1.95 2.10 2.20 2.05

P.I.A.C.(A) 49.80 2.35 2.25 2.55 2.65 2.45

Pioneer Cement 43.92 6.75 6.70 6.95 7.05 6.85

Pak Oilfields 65.04 324.65 321.75 332.60 337.65 329.70

Pak Petroleum 48.54 214.70 212.05 221.40 225.45 218.75

Pak Suzuki 39.38 68.30 67.70 70.00 71.10 69.40

P.S.O. XD 59.46 301.05 297.65 307.30 310.15 303.90

P.T.C.L.A 50.01 19.30 19.15 19.75 19.95 19.55

Shell Pakistan 65.94 214.20 212.60 218.70 221.60 217.10

Sui North Gas 57.11 27.90 27.30 29.05 29.60 28.45

Sitara Peroxide 51.36 13.40 13.25 13.80 14.05 13.65

Sui South Gas 55.73 22.20 21.85 23.10 23.65 22.75

Telecard 45.89 2.15 2.05 2.30 2.40 2.25

TRG Pakistan 38.82 3.25 3.20 3.45 3.60 3.40

United Bank Ltd 62.57 68.15 67.30 70.15 71.25 69.30

WorldCall Tele 54.08 2.80 2.75 3.00 3.10 2.90

Company RSI 1st 2nd 1st 2nd Pivot

(14-day) Support Resistance

TECHNICAL LEVELS

Invest Capital Investment 22-Jan 11:00

Husein Industries Limited 22-Jan 3:00

Invest Capital Investment Bank Ltd 22-Jan 11:00

Siemens (Pakistan) Engineering Co 23-Jan 3:30

Shaheen Insurance Company Ltd. 24-Jan -

Hinopak Motors Limited 24-Jan 12:00

Pakistan Petroleum Ltd 24-Jan 10:00

Meezan Islamic Fund 24-Jan 2:00

Meezan Islamic Income Fund 24-Jan 2:00

Meezan Capital Protected Fund-1 24-Jan 2:00

Meezan Balanced Fund 24-Jan 2:00

Sindh Abadgar's Sugar Mills 24-Jan 4:00

Mirpurkhas Sugar Mills Ltd 25-Jan 3:00

Kohinoor Sugar Mills Ltd 25-Jan 11:30

WorldCall Telecom Limited 25-Jan 13:00

Mitchell's Fruit Farms Ltd. 25-Jan 2:30

International Industries Limited 25-Jan 10:30

Atlas Honda Limited 25-Jan 11:30

Fauji Fertilizer Bin Qasim Ltd 25-Jan 10:30

National Refinery Ltd 27-Jan 12:30

BOARD MEETINGS

Company Date Time

Saturday, January 21, 2011 8

Smoking Ajaythreatensto walk

off TV set

Despite being told to notsmoke on the sets of atelevision show, a stub-

born Ajay Devgn refused to putout his cigarette and threatenedto leave...

Take a deep breath and readon. That Ajay Devgn is a chainsmoker is known. But we hadnot known him to defy rulesbecause of his addiction, untillast afternoon. Devgn defiedthe 'No Smoking' rule on thesets of the dance reality showJhalak Dikhhla Jaa 4.

The story goes that Devgnwas on the sets to promoteMadhur Bhandarkar's forth-coming rom-com Dil TohBaccha Hai Ji, which stars him.His co-star Emraan Hashmihad also accompanied him andboth actors were in theirrespective vanity vans. As soonas Devgn entered the sets ofthe show, he lit up a cigarette.

On noticing this, a produc-tion guy soon ran up to Ajayand said, "Sir, aap cigarettebujha dijiye. Yahan par smokekarna mana hai'. But the wordsonly got Devgn livid. Insteadof stubbing the cigarette,Ajay's angry retort was, "If youwant me to put it out, I shallwalk out.

Do you want me here or no?"Ajay resumed smoking his cig-arette. Left with no alternativebut to deal with Ajay's obstina-cy, the production guy leftfrom there.

Confirming the incident, aneyewitness said, "Yes, this didhappen. Ajay was told not tosmoke, since the set was aclosed one. But neither the pro-duction house nor the broad-casters of Jhalak Dikhhla Jaa 4could do anything to stop himfrom smoking."

Meryl Streepdrops in on

UK parliament

Hollywood actress MerylStreep dropped in onparliament on

Wednesday to watch Britain'stop politicians do battle, study-ing for a role as the onlywoman to become the coun-try's prime minister: MargaretThatcher.

The 61-year-old Oscar-win-ner will star in "The IronLady", a film that recalls thedays leading up to the 1982Falklands War -- a conflict inwhich Britain repelled anArgentine invasion of theremote, disputed territory inthe south Atlantic Ocean.

Success in the war helpedimprove Thatcher's popularityratings after the early 1980srecession and contributed toher Conservative party's 1983election victory.

Streep, who has won acclaimfor her part in films such as"The Deer Hunter", "KramerVs Kramer" and "Out OfAfrica", witnessed PrimeMinister's Questions -- a show-case event in parliament wherecurrent PM David Camerongets a weekly grilling.

Bond headsto Dubai innew novel

British super spy JamesBond will head to theglitzy gulf emirate of

Dubai, itself no stranger toreal-life espionage and assassi-nation, in a new book titled"Carte Blanche," local paperssaid Tuesday.

"When I thought about thesetting for the new book, Ithought immediately aboutDubai," the book's author,Jeffery Deaver, told reportersin Dubai on Monday, accord-ing to The National newspaper.

"Not only is it an incrediblyfun, wonderful and exhilarat-ing place, but it retains at itsheart an exotic core," saidDeaver.

After a decade workingtogether, theInternational Indian

Film Academy (IIFA) and itsbrand ambassador AmitabhBachchan have parted wayswith the Bollywood superstarsaying his services were nolonger required.

The Bachchan brand namehad been associated with theIIFA Awards, often touted asIndia's version of the Oscars,since their inception in 2000.

The annual awards are heldin a different country each year-- a sign of Bollywood's effortsto broaden its global appeal.The 2011 edition is to be heldin Toronto.

"Not coming to TorontoIIFA…IIFA says my servicesare not required," Bachchan,68, said on his Twitter accounton Monday in response to afan's query.

Media reports suggested thatrelations had been strainedafter Bachchan's no-show atthe 2010 awards in Colombo inthe wake of protests by Tamilgroups in India. At the time, theactor had cited prior commit-ments for his absence at theIIFA Awards.

Wizcraft International, whichorganises the IIFA Awards,issued a statement on Mondaysaying they had done awaywith the concept of brandambassador.

"Due to unexplained reasons,after announcing the event asbrand ambassador, MrBachchan couldn't participatein the IIFA Weekend Sri Lankalast year.

"Following this, IIFA abort-ed the concept of a brandambassador," Sabbas Josephof Wizcraft said in the state-ment.

Big B nolonger IIFA

brand emissary

MUMBAI: Bollywood actors Mahie Gill, Vinay Pathak, and Mona Singh pose as theyattend the promotional event for the launch of Hindi movie 'Utt Pataang'.- Reuters

MUMBAI: Aamir Khan with his wife director Kiran Rao unveil womens English magazineFemina issue featuring the couple in Mumbai.-Reuters

In the social networking site,Bipasha Basu has stronglydenied splitting up with

long time beau, John Abraham.She in a loud and clear voicedeclared that everything is finebetween them and they arevery much together.

"Hi all! Speculation is a partof r business! I knw d warmth nlove tht i get frm ual!Everything is fine wth Johnn me:). Thank u! (sic),"Bipasha posted on micro-blog-ging site Twitter.

The actress never likes to talkabout her love life in publicand she dislikes rumors abouther and John. "I hope pplrealise tht evryones life n rela-tionships cn b treated wth a lildignity here n nt GOSSIP!Al ofus r real human beings afteral!? (sic)," she wrote.

Well, Bips declaration hasput the rumor on rest.

Hookup with Johnstill on, says Bips

Abhishekeducates

Italians ondhoti-etiquette

After the dhoti-clad lookin his last period film "Khelein Hum Jee Jaan

Sey", Bollywood's star actorAbhishek Bachchan hasbecome quite a pro in tying oneand displayed his expertise toItalians on a trip to Florence.

"When Abhishek was inFlorence, people requested himto show how to wear a dhoti(the wraparound waist-wear).So he actually showed them," asource close to the unit said.

"He also went on to say thathe loves wearing Indian wear alot and as and when he gets theopportunity to wear he doesn'tmiss it," the source added.

Abhishek, son of Bollywoodicon Amitabh Bachchan, andwho is married to another starand former Miss World,Aishwarya Rai, travelled toFlorence to be a part ofFlorentine label Ferragamo's'Shoes for a Star' project,becoming the first Indian actorto receive the made-to-orderTramezza shoes fromFerragamo.

There is a loton my plate:Karan Johar

In 2010, Karan Johar was theonly film maker to haveenjoyed a 100% strike rate

with three releases and each ofthem being a success. WhileMy Name Is Khan turned outto be a landmark film for hisproduction house and isBollywood's biggest globalsuccess till date, I Hat LuvStorys was a clean hit as well.Meanwhile We Are Family toomanaged to become a moderatesuccess hence ensuring that thedisappointment of KaranJohar's last film in 2009,Kurbaan, was well forgotten.

Months to come though willbe even more action packed.

"My endeavour is to expandmy production base," admitsKaran, "Next three years wouldbe crucial and I want to assesshow it all goes to pave the wayfor future. I have to see whetherI can handle multiple things atone time or not.

Emraan hashmi's last few

films have been all

intense, namely Crook:

It's Good To Be Bad, Once

Upon A Time In Mumbaai,

Tum Mile, Raaz - The Mystery

Continues and Jannat. One is

tempted to ask him whether

getting into a carefree zone of

Dil Toh Baccha Hai Ji is a

relief for him as well?

"Of course yes, it was a wel-

come relief. Why just my last

five movies; if you look at

those 20 odd films that I have

done ever since my debut in

Footpath, most of my films

have been these intense, high

voltage dramas", admits

Emraan, "They all had scenes

that needed a definite prepara-

tion before they were enacted. I

had to work on my mood, get

into the skin of the character,

the works."

It was a different scenario

when it came to shooting for

Dil Toh Baccha Hai Ji though.

"It was all very refreshing to

come into a space where the

way all of us characters inter-

acted with each other was akin

to a conversation happening

between any three normal guys

from the daily walk of life",

says Emraan, "When they talk

about women, there is no dia-

logue-baazi per se; it is just a

conversation happening. It was

all like coming home when on

sets. I don't even know how

four months just passed by

while we were making this

film."

Hope audience too have such

fantastic things to say about the

film once it releases all over on

28th January 2011.

‘Dil Toh Baccha Hai Jiwas a welcome relief’

Toy Story 3 has receivedthe Golden TomatoAward for the best-

reviewed film of the year.The award is presented

annually by the websiteRottenTomatoes.com, whichcompiles reviews from criticsto measure the percentage offavorable critiques.

Editor-in-chief Matt Atchity

says Pixar's animated taleabout toys searching formeaning when their ownergrows up and heads off to col-lege collected positivereviews from 99 percent ofcritics, making it the best-reviewed film in wide releaseof 2010.

"Toy Story 3" beat out "TheSocial Network," which got a

positive-review score of 97percent and took the Tomatoin the drama category.

Other Golden Tomato win-ners announced Tuesdayinclude the rebooted Western"True Grit," the Banksy docu-mentary "Exit Through theGift Shop" and "Last TrainHome," a documentary aboutChinese migrant workers.

Toy Story 3 winsGolden Tomato Award

With his latest homeproduction DhobiGhat releasing

worldwide tomorrow, actor-filmmaker Aamir Khan hasapologised to Rajak (washer-men) community if he hadunintentionally hurt their senti-ments with the title.

Addressing a press confer-ence, Aamir said people livingin large cities do not under-stand the negative aspect ofcaste system in the hinterland.

"I believe in valuing otherpeople's emotions, but not atthe cost of compromising mycreativity," he added.

Aamir said members of theAkhil Bharatiya DhobiMahasangh met him recentlyand voiced their resentmentover the title.

"Initially, I thought theywanted to trouble me on theeve of my film's release. But,later I realised that their viewswere genuine. I told them that Iwould not have chosen the titleif they had approached me ayear earlier," he said.

Amit Khatri, General secre-tary of the Mahasangh's youthcell who was also present at thepress conference said 'Dhobi'

was a casteist reference. "In many places, people of

certain castes are looked downupon. We wondered how ourcommunity has been portrayedin the film. When we saw it, werealised that the film was notabout the community but thefamous Dhobi Ghat place inMumbai," Khatri said.

However, the Mahasanghofficials first insisted that thetitle should be changed. Aamirhad agreed saying that hewould do it even though hewould suffer financially.

"We did not want him to suf-fer loss because of us. Heunderstood our feelings andthat was important. So wedecided not to pursue thedemand for title change,"Khatri said.

Krishan Kumar Kanojia,president of the AkhilBharatiya Dhobi Samaj,Mumbai, said the film isrespectful to the communityand the lead character is pre-sented well.

To a question if theMahasangh will demandchange in the name of DhobiGhat, a landmark heritageplace in Mumbai, Khatri said it

was merely a place where theprofession of washing clothesis carried out.

Aamir said, "We neverrealise that an issue whichlooks ordinary to us may causeimmense pain to someoneelse."

Film's writer-director KiranRao said she was unaware ofthe importance a caste has out-side big cities. "The CensorBoard had also asked us aboutthe title but they understoodthat it did not refer to any castebut a place," Kiran said.

She said she conceived thetitle first, before writing thescript. "It was a metaphor forMumbai where people of alllanguages, economic status,regions live together and arechanged and renewed afterstaying here," she added.

"We live in a complex coun-try where the caste systemexists and certain communitiesare subjected to terrible condi-tions. Most of us are discon-nected with what goes on theheartlands," she added.

Aamir said Dhobi Ghat willrelease with 350 screens inIndia and 170 screens over-seas.

Aamir apologisesfor Dhobi Ghat title

Peepli Live", India's offi-cial entry for the Oscarsthis year, is out of the

race. The Aamir Khan-produced

film is not in the list of ninemovies selected for the nextnext round of voting in theForeign Language Film catego-ry for the 83rd AcademyAwards. Directed by journalist-turned-director Anusha Rizvi,the satirical comedy wowedaudiences to become one of2010's top five grossers.However, it seems the filmcouldn't impress the Academybosses. This year, 65 countries,including first-time entrantsEthiopia and Greenland, hadsubmitted films for considera-tion in the Foreign LanguageFilm category. ForeignLanguage Film nominations

for 2010 are again being deter-mined in two phases, said astatement posted on the Oscarofficial website. The Phase onecommittee, consisting of sever-al hundred Los Angeles-basedmembers, screened the 66 eli-gible films between mid-October and Jan 13. Thegroup's top six choices, aug-mented by three additionalselections voted by theAcademy's Foreign LanguageFilm Award ExecutiveCommittee, constitute theshortlist. The shortlist will bewinnowed down to the fivenominees by specially invitedcommittees in New York andLos Angeles. They will spendFriday, Jan 21, through Sunday,Jan 23, viewing three filmseach day and then casting theirballots.

'Peepli Live' outof Oscar race

LONDON: Hrithik Roshan,

right, unveils his new waxwork

figure of himself at Madame

Tussauds in London. -Reuters

LONDON: Copper climbed onFriday after the dollar fell andconcerns abated that monetarytightening in top consumerChina could heavily hamperdemand.

Three-month copper on theLondon Metals Exchange,recovering after falling morethan 2 per cent the day before,closed at $9,441 a tonne at 1548GMT, up from a close of $9,355and some way off the recordhigh $9,781 it hit on Wednesday.

Higher-than-expected grossdomestic product growth andinflation in China mean the gov-ernment may have to tighten itsmonetary policy more aggres-sively than previously thought.

Record prices in copper couldcause demand destruction asindustry switches to cheaper alu-minium instead, said StandardBank said in a research note.

Aluminium stocks jumped by64,000 tonnes to 4,550,325tonnes the most recent datashowed, and are up by more thansix per cent so far this yearalone.

Lead stocks last fell 175tonnes to 264,175 tonnes, aftertouching their highest level sinceMay 1995 on Wednesday.

The backwardation on lead -- a

premium for cash material overthe three-month contract -- rock-eted to $80 a tonne, its highestsince October 2007. This com-pared with a backwardation of$31 earlier this week.

There was a contango on leadof $0.5 in late December -- a dis-count for cash over three-monthmaterial.

But fundamentals for leadremain weak as excess supplydampens sentiment.

Data on Friday continued toshow a dominant position con-trolling 80 to 90 per cent of thestock warrants and cash con-tracts on London MetalExchange (LME) lead.

Lead was at $2,4425 a tonne atthe close, versus Thursday'sclose at $2,437.

Tin rose to touch a record of$27,750 on Friday as investorsfocused on supply deficit expec-tations and also helped by thedollar. The metal ended at$27,745 from $26,950.

Stainless steel material nickelfinished at $26,175 a tonne from$25,750, zinc at $2,318 a tonnefrom $2,330 and aluminiumwound up at $2,420 from $2,408a tonne. -Reuters

Copper up on dollar, Chinatightening worries fade

9Saturday, January 22, 2011

POLYPROPYLENE(PP) LINEAR LOW (LL)

Cash & Settlement 1310 1250

December (3rd Wednesday) 1310 1250

January (3rd Wednesday) 1310 1255

LONDON METAL EXCHANGE (PLASTIC)

LME Official Prices, US$ per tonne for January 20 2011

LME Official Prices, US$ per tonne for January 20 2011

ALUMINIUM ALUMINIUM COPPER LEAD NICKEL TIN ZINC NASAAC

ALLOY

Cash buyer 2232 2373 9484 2529.5 25645 27100 2332 2350

Cash seller 2233 2373.5 9485 2530 25650 27200 2334 2355

3-months buyer 2205 2393 9460 2480 25670 26950 2346 2380

3-months seller 2210 2394 9465 2481 25675 27000 2347 2390

15-months buyer 2135 2450 9230 2415 24925 26400 2370 2405

15-months seller 2145 2455 9240 2420 25025 26450 2375 2415

27-months buyer 2135 2490 8830 2360 24025 2357 2460

27-months seller 2145 2495 8840 2365 24125 2362 2470

LONDON METAL EXCHANGE (METALS)

NEW YORK: ICE Brent crudefutures rose on Friday on liftfrom rising German and Frenchbusiness sentiment whichboosted the euro to a two-monthpeak against the dollar while USoil stalled near $89 in choppytrading.

German business moralejumped to its highest level in 20years in January, surging pasteconomists' fore-casts, according tothe Munich-basedIfo economic insti-tute. While Frenchdata showed busi-ness confidencealso rose.

The euro rose toa two-month high versus thedollar, helped by Asian demandand the improved confidence inthe euro-zone.

US oil prices slipped as therising oil stockpiles reportedduring the previous sessioncurbed an earlier advance on thedollar's weakness.

In London, ICE Brent crudefor March rose 57 cents, or 0.59per cent to $97.15 a barrel at1705 GMT.

US crude oil for March deliv-ery fell 49 cents to $89.10 a bar-rel.

Both the Brent and US crudecontracts were on track to postweekly losses. The Brent con-tract pushed above $99 a barrellast Friday, as the BrentFebruary crude contractexpired.

US crude prices had a sharpprice retreat on Thursday, trig-gered by the inventory buildsand concerns China may take

more measures to cool stubborninflation, resulting in slowergrowth in demand for oil andother commodities.

US crude oil inventories rose2.62 million barrels last week,against a forecast that stockpileswould be lower, and refinedproducts stocks increased morethan expected, the US EnergyInformation Administration saidon Thursday.

But the dollar's weakness andthe business sentiment data inthe euro-zone were able to limitUS oil's losses and did lift

prices earlier on Friday."A combined move with the

weaker dollar and improvingbusiness confidence inGermany is supporting oil. OnThursday we saw a very strongsupport point... We could see atest of the upper level, which is$99.20 for Brent," saidThorbjorn Bak Jensen, an ana-lyst at A/S Global Risk

ManagementLtd.

Despite theshifts to newf ron t -monthcontract's thisweek, Brentfutures havestayed at an

unusually strong premium toUS crude.

Brent's premium to USbenchmark West TexasIntermediate crude topped $8 abarrel intraday on Friday, justbelow last week's $8.24, whichwas the widest since February2009.

"The spread is starting to getrather stretched and when itdoes get rather stretched there isusually a sharp correction atsome point," said MichaelHewson, a market analyst atCMC markets. -Reuters

Brent up on dollar slide;US curbed by supply rise

Europeanvegetableoil prices

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

SOYOIL: EU degummedeuro tonne fob exmill Jan111013.00+8.00, Feb111013.00+8.00, Mar111018.00+3.00, Apr111021.00+3.00, May11/Jul111026.00+3.00.

RAPEOIL: Dutch/EU eurotonne fob exmill Feb11/Apr111075.00+0.00, May11/Jul11060.00+0.00, Aug11/Oct111005.00+10.00, Nov11/Jan121010.00+10.00, Feb12/Apr121015.00+5.00.

SUNOIL: EU dlrs tonneextank six ports optionFeb11/Mar11 1485.00+5.00,Apr11/Jun11 1470.00+5.00,Jul11/Sep11 1485.00+15.00,Oct11/Dec11 1385.00+5.00.

LINOIL: Any origin dlrstonne extank RotterdamFeb11/Mar11 1555.00+15.00.

CRUDE PALM OIL:Sumatra/Malaysia slrs optiondlrs tonne cif R'dam Afloat1282.50, Jan11 1277.50+12.50,Feb11 1277.50+12.50, Mar111280.00+15.00, Apr11/Jun111260.00+7.50, Jul11/Sep111230.00+0.00.

PALMOIL: RBD dlrs tonnecif Rotterdam Feb11 1315.00,Mar11 1307.50, Apr11/Jun111290.00.

PALMOIL: RBD dlrs tonnefob Malaysia Feb11 1260.00,Mar11 1252.50+12.50,Apr11/Jun11 1235.00+12.50.

PALM OLEIN: RBD dlrstonne fob Malaysia Feb111270.00, Mar111262.50+12.50, Apr11/Jun111245.00+12.50, Jul11/Sep111212.50+5.00.

COCONUT OIL: Phil/Indondlrs tonne cif RotterdamDec10/Jan11 2350.00+50.00,Jan11/Feb11 2275.00+75.00,Feb11/Mar11 2225.00+55.00,Mar11/Apr11 2190.00+30.00,Apr11/May11 2170.00. -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

21-Jan-2011 CRUDE100 MA11 US$ Per Barrel 90.90 91.22 88.95 89.87 418 89.52 89.87 101

21-Jan-2011 CRUDE100 AP11 US$ Per Barrel 92.30 92.30 90.41 91.34 84 90.95 91.34 22

21-Jan-2011 CRUDE100 MY11 US$ Per Barrel 92.65 93.29 92.65 92.64 1 92.22 92.64 1

21-Jan-2011 SILVER - SL500 MA11 US$ Per Troy Ounce 28.20 28.28 27.13 27.35 359 27.58 27.35 87

21-Jan-2011 SILVER - SL500 AP11 US$ Per Troy Ounce 28.19 28.19 27.36 27.36 - 27.59 27.36 -

21-Jan-2011 GOLD 01oz FE11 US$ Per Troy Ounce 1358.90 1358.90 1341.60 1344.70 1,534 1346.40 1344.70 1,321

21-Jan-2011 GOLD 01oz MA11 US$ Per Troy Ounce 1357.90 1359.30 1341.40 1345.50 2,529 1347.10 1345.50 3,788

21-Jan-2011 GOLD 01oz AP11 US$ Per Troy Ounce 1359.90 1359.90 1342.20 1346.30 3,296 1347.80 1346.30 2,904

21-Jan-2011 GOLD 100oz FE11 US$ Per Troy Ounce 1357.00 1358.50 1340.60 1344.70 97 1346.40 1344.70 11

21-Jan-2011 GOLD 100oz MA11 US$ Per Troy Ounce 1357.80 1357.80 1345.50 1345.50 - 1347.10 1345.50 -

21-Jan-2011 GOLD 100oz AP11 US$ Per Troy Ounce 1344.00 1358.50 1344.00 1345.50 2 1347.80 1346.30 2

21-Jan-2011 GOLD FE11 Per 10 grms 37479.00 37627.00 37120.00 37308.00 29 37317.00 37308.00 35

21-Jan-2011 GOLD MA11 Per 10 grms 37637.00 37637.00 37317.00 37317.00 - 37326.00 37317.00 1

21-Jan-2011 GOLD AP11 Per 10 grms 37655.00 37655.00 37335.00 37335.00 - 37344.00 37335.00 -

21-Jan-2011 KILOGOLD FE11 Per 10 grms 37600.00 37600.00 37280.00 37280.00 - 37289.00 37280.00 2

21-Jan-2011 KILOGOLD MA11 Per 10 grms 37609.00 37609.00 37290.00 37290.00 - 37299.00 37290.00 -

21-Jan-2011 TOLAGOLD50 FE11 Per Tola 43856.00 43856.00 43483.00 43483.00 - 43494.00 43483.00 -

21-Jan-2011 TOLAGOLD100 FE11 Per Tola 43856.00 43856.00 43483.00 43483.00 - 43494.00 43483.00 -

21-Jan-2011 MINIGOLD MON Per 10 grms 38668.00 38668.00 38332.00 38332.00 - 38341.00 38332.00 -

21-Jan-2011 MINIGOLD TUE Per 10 grms 38708.00 38708.00 38374.00 38374.00 - 38381.00 38374.00 -

21-Jan-2011 MINIGOLD WED Per 10 grms 38722.00 38722.00 38388.00 38388.00 - 38395.00 38388.00 -

21-Jan-2011 MINIGOLD THU Per 10 grms 38736.00 38736.00 38402.00 38402.00 - 38408.00 38402.00 -

21-Jan-2011 MINIGOLD FRI Per 10 grms 38654.00 38654.00 38416.00 38416.00 - 38422.00 38416.00 -

21-Jan-2011 TOLAGOLD MON Per Tola 44814.00 44814.00 44042.00 44042.00 17 44052.00 44042.00 13

21-Jan-2011 TOLAGOLD TUE Per Tola 44444.00 44480.00 44090.00 44090.00 2 44099.00 44090.00 13

21-Jan-2011 TOLAGOLD WED Per Tola 44680.00 44680.00 44106.00 44106.00 10 44114.00 44106.00 10

21-Jan-2011 TOLAGOLD THU Per Tola 44829.00 44829.00 44122.00 44122.00 31 44130.00 44122.00 33

21-Jan-2011 TOLAGOLD FRI Per Tola 44418.00 44418.00 44138.00 44138.00 - 44145.00 44138.00 -

21-Jan-2011 IRRI6W 27JA11 Per 100 kg 3340.00 3347.00 3340.00 3347.00 - 3340.00 3347.00 -

21-Jan-2011 RICEIRRI - 6 FE11 Per 100 kg 3372.00 3372.00 3371.00 3371.00 - 3372.00 3371.00 -

21-Jan-2011 RBD PALMOLEIN FE11 Per Maund 5178.00 5178.00 5177.00 5177.00 - 5178.00 5177.00 -

21-Jan-2011 KIBOR3M 11-Mar Per Rs. 100 86.18 86.18 86.17 86.17 - 86.18 86.17 -

21-Jan-2011 KIBOR3M 11-Jun Per Rs. 100 85.37 85.41 85.37 85.41 - 85.37 85.41 -

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

Indian sugar

extends fall on

demand woesMUMBAI: Indian spot sugarprices continued their losingstreak into sixth straight day onFriday on weak demand and high-er supplies, while futures rose onhopes demand will improve atlower level, dealers said.

"Supply pressure is still there.Mills are struggling to sell allo-cated quota for January," said atBombay Sugar MerchantsAssociation (BSMA).

India has made available 1.7million tonnes of non-levy sugarfor January, higher than 1.5 mil-lion tonnes it had released forDecember, the government saidin a statement last month.

Non-levy, or free-sale sugar, issold by millers in the open mar-ket, but the quantity each millcan sell is fixed by the federalgovernment on a monthly basis.

In Kolhapur, a key market intop producing Maharashtra state,the most traded S-variety fell0.77 per cent to 2,705 rupees($59.3) per 100 kg. The most-traded M-grade sugar contractfor February delivery on India'sNational Commodity andDerivatives Exchange (NCDEX)ended up 1.69 per cent at 2,831rupees per 100 kg. -Reuters

BERLIN - GERMANY: A worker separates circuit boards from discarded hard drives from old

computers at the BRAL recycling company. -Agencies

LONDON: Gold touched a two-month low in Europe on Friday,pressured by a firmer appetitefor assets seen as higher risk onexpectations the economicrecovery is gaining traction, buta retreat in the dollar prevented asteeper drop.

Spot gold was bid at $1,342.65an ounce at 1508 GMT, against$1,345.40 late in New York onThursday. US gold futures forFebruary delivery fell $4.80 to$1,341.70.

Spot prices hit a low of

$1,337.50 an ounce as financialmarkets opened in New York,their weakest since Nov. 18,tracking losses in US goldfutures. Traders cited a rise inmargin requirements for pre-cious metals futures.

More broadly, analysts sayoutflows from products such asphysically backed exchange-traded funds suggest investorappetite for gold is slackeningafter a run of firmer-than-expected US economic data andas concerns over euro-zone sov-ereign debt levels recede.

Gold's slide was limited onFriday by a retreat in the dollarto two-month lows versus theeuro, with the single currencyreaching its highest level sincelate November, helped byimproving confidence in the

euro-zone.Some fresh demand emerged

in India, the world's biggest con-sumer of the precious metal, asprices hit their lowest since lateNovember, according to dealersin Mumbai.

"I may have booked for 200kgs of gold from yesterday at$1,346-$1,349," said one."Buyers all want to take maxi-mum advantage of fallingprices."

Meanwhile silver pricesextended losses to a fresh seven-

week low at $27.10 an ounce,pressured by a further outflowfrom the world's largest silver-backed exchange-traded fund,the iShares Silver Trust.

Holdings of the trust fell byjust over 10 tonnes on Thursdayafter recording their biggest one-day drop since late November inthe previous session. It has seenoutflows of more than 346tonnes so far this year.

Investment demand was amajor driver in silver's morethan 80 per cent price gains lastyear.

Silver was bid at $27.32 anounce against $27.48.Elsewhere, platinum was at$1,820.74 an ounce against$1,808.50, while palladium wasat $805.72 versus $808.47. -Reuters

Gold hits 2-mth low ashaven appeal wanes

Cocoa climbson Ivorianconcerns

LONDON: ICE cocoa futuresclimbed to an 8-1/2-month high onFriday in heavy volume after talksfailed to resolve a political standoffin Ivory Coast, deepening worriesabout possible supply disruptionsfrom the world's top producer.

The cocoa market's strengthtriggered system fund buying thisweek, one analyst said, leavingcocoa set to post its biggest one-week gain since December. Thetotal volume of cocoa trading onICE hit 34,159 lots, the highestsince Nov. 9, preliminaryThomson Reuters data showed.

ICE May cocoa futures were$11 or 0.4 per cent higher at$3,198 per tonne at 1550 GMT,having earlier touched $3,240, thehighest level for the second monthcontract since May 4. London'sMay cocoa futures rose 26 poundsor 1.2 per cent to 2,128 pounds atonne , while the March contractwas up 26 pounds at 2,154 poundsa tonne. In coffee, arabicasjumped close to last week's multi-year peak, buoyed by dollar weak-ness and the limited availability ofhigh-quality Colombian beans.

ICE May arabica coffee futureswere up 7.6 cents or 3.3 per centto $2.4125 per lb, while LiffeMarch robustas were up $32 or1.5 per cent to $2,147 per tonne.In sugar, dealers said the marketwas also well-supported by aweak dollar as well as the possi-bility of an import duty cut inRussia, a leading importer of rawsugar. ICE March raw sugar wasup 0.63 cent or 2 per cent at 31.94cents a lb, well below the Dec. 2930-year peak of 34.77 cents a lb,while Liffe March white sugarwas up $18.40 or 2.4 per cent to$786.70 per tonne. -Reuters

JAKARTA: Malaysian palm oilfutures rose to a near two-weekhigh on Friday, as traders citedstrong export data amid concernthat supplies will struggle tokeep pace with robust demand.

The market was on course topost its first weekly gain for theyear as traders shifted their focusto bullish fundamentals afterbooking profits from Jan. 5onwards due to the stronger USdollar, some concerns of demandslowing and a technical correc-tion.

The benchmark April 2011crude palm oil contract on BursaMalaysia Derivatives rose 0.5per cent to 3,748 ringgit a tonneat the close. It earlier peaked at3,797 ringgit, the highest levelsince Jan. 10. Overall, tradedvolume stood at 11,930 lots of 25tonnes each, compared with atotal of 13,739 lots onWednesday.

Malaysian markets wereclosed on Thursday.

Exports of Malaysian palm oilproducts for Jan 1-20 rose 0.1per cent to 799,846 tonnes from799,071 tonnes shipped during

Dec 1-20, cargo surveyorSociete Generale de Surveillancesaid on Friday.

This followed data onThursday that showed exports ofMalaysian palm oil products forJan 1-20 rose 9.74 per cent to852,607 tonnes from 776,910tonnes shipped during Dec 1-20.

"Pretty positive," said onetrader. "The export numberscame out nice -- good numbers.800,000 tonnes would mean 1.2or 1.25 million tonnes exports inthe month --higher than peoplewere expecting."

The most-active Sept 2011soyoil on the Dalian CommodityExchange rose to 10,558 yuanversus an open at 10,488 yuan.

"Fundamentally, the market isstill bullish -- production is stilllow, exports are still good," saida palm oil dealer. "If the pacecontinues, we would expect tosee a very low stock level at theend of the month." InIndonesia, sources said theworld's top palm oil producermay increase palm oil export taxfor February to 25 per cent from20 per cent in January. -Reuters

Palm oil rises asexport data supports

NEW YORK: US cottonfutures, bucking a commodity-wide selling spree, closed thedaily limit up Thursday on sus-pected mill and options-relatedfund buying in the market,dealers said.

The key March cotton con-tract on ICE Futures USclimbed the 4.00 cents limit tosettle at $1.5294 per lb, withthe session low at $1.4802. Itwas the highest close for thespot contract in a month,Thomson Reuters datashowed.

Volume traded was around

19,500 lots, about 50 per centbelow the 30-day norm,Thomson Reuters preliminarydata showed.

'I think it's buying by multi-ple mills,' Lou Barbera, a floorbroker with VIP Commoditiesin New York, said. 'I don'tthink they're domestic (mills).'

Mike Stevens, an independ-ent analyst in Mandeville,Louisiana, said the market wasset up to go lower Thursday inline with the weakness in othercommodity markets becauseof strong Chinese economicdata which raised the prospect

of further tightening byBeijing.

'It had every reason to cor-rect today,' he said.

A large order in the cottonoptions market quicklyreversed the direction of cot-ton futures, which thenclimbed the daily limit in amatter of minutes during thesession, traders said.

Analysts said the market willbe waiting for further leads inthe coming days, but the atten-tion in the market should grad-ually turn toward spring plant-ings. -Reuters

US cotton surges despiteweakness in commodities

Tokyo,Shanghai

rubber hitsnew highs

TOKYO: Key Tokyo andShanghai rubber futures hit recordhighs on Friday as speculatorscontinued to bet on further marketupside due to strong demand andsupply tightness.

The key Tokyo CommodityExchange rubber contract for Junedelivery settled at 477.6 yen, up11.9 yen or 2.6 per cent, after scal-ing a record high of 478.1 yen perkg. The market posted a weeklygain of about 4 per cent, easingslightly from the previous week's5.3 per cent rise. Japanese tradershave said TOCOM futures couldeven hit 500 yen in the next monthas the wintering season begins inproducing countries and reducesoutput. The most active Shanghairubber futures contract for Maydelivery closed at 40,650 yuan($6,173) per tonne, up fromThursday's close of 40,130 yuan.The contract hit a record high of40,985 yuan per tonne earlier onFriday, helped by a strong outlookfor rubber from China, the world'stop consumer. Volume stood at734,228 lots. -Reuters

Shanghai copper fallsShanghai copper fell on

Friday, catching up with theprevious decline in the inter-national market. Benchmarkthird-month copper futurescontract fell 0.5 per cent to71,230 yuan a tonne.

Data showing rising stockpiles weighs on US oil

Copper up on dollar, China tightening worries fade

10Saturday, January 22, 2011

Kostelic of Croatia Svindal of Norway andStreitberger of Austria celebrate after men's

super-G race at Alpine Skiing WC in Kitzbuehel

'PCB yet toreceive any

call fromZulqarnain'

KARACHI: Even asZulqarnain Haider claimedthat he had run out of cash, thePakistan Cricket Board (PCB)said it has not received any callfrom the refugee wicketkeeperpresently seeking asylum inLondon.

An official source in theboard told PTI that since thefact-finding committee of theboard compiled its report, theirhad been no contact at all withZulqarnain.

"The last time he spoke tothe board was when the com-mittee was preparing its report,since then he has made noeffort to contact us," the sourcesaid.

Zulqarnain left the teamhotel in Dubai in Novemberduring the one-day seriesagainst South Africa withoutinforming the team manage-ment, claiming that he wasthreatened by a person whowanted him to fix matches.

The wicketkeeper has beengiven temporary permit toremain in London while hisapplication is being reviewed.

On Wednesday Zulqarnainclaimed that he had run out ofcash and was waiting for theboard to clear 16000 poundsdue to him for representing thenational team, and his contractretainers.

"I have not received anymoney from the board andnow, I am facing financialproblems as I have stayed hereand survived with the money Ihad brought from Dubai," hesaid.

The fact-finding committeefailed to reach a conclusionbehind Zulqarnain's decisionto flee to London, and blamedhim for not taking the teamofficials into confidence, andalso described him as mentallyunstable.-APP

DOHA: Reigning championsIraq set up a quarter-final clashwith Australia after beatingNorth Korea 1-0 on Wednesday,condemning the Koreans to anearly exit having failed to scorein the entire tournament.

The 2007 champions finishedsecond in Group D, behind greatrivals Iran, but they will be theunderdogs to upset an Australianteam out for revenge after Iraqdefeated them 3-1 on the way toAsian Cup glory four years ago.

Iraq have not hit the heights oflast time round, but they did notneed to be great to see off NorthKorea in front of just over 4,000at Al-Rayyan Stadium, makingfor a low-key atmosphere forwhat was a high-stakesencounter.

The holders made threechanges from the side thatlaboured to a 1-0 victory overthe United Arab Emirates and itwas one of them, midfielderKerrar Jasim, who fired thechampions ahead on 22 minutes.

It turned out to be the winner.North Korea, cheered on by

about 250 fans—all men wear-ing shirts and ties—came intothe match knowing that theyneeded to win the game to gothrough instead of the holders.

But rather than attack, theywere content to play a patientwaiting game. Their coach JoTong-Sop said they had aban-doned the 5-3-2 formation theydeployed at the World Cup to atheoretically more attacking 4-4-2.

However there was no imme-diate sign it had made theKoreans—who coming into thegame had yet to score a goal inthe tournament—any morepotent.

Iraq were within inches of tak-ing a lead with the first chanceof the game shortly after thequarter hour mark when defend-er Samal Saeed headed down acorner for striker MustafaKareem, who was lurking in thesix-yard box.-AFP

Iraq beat NK toencounter Ausin qarter-final

HOBART: World Cup rejectShaun Marsh's second one-day international century anda fine all round performancefrom Doug Bollinger helpedAustralia to a 46-run victoryover England in their secondone-day international inHobart on Friday.

Australia's celebrations,however, were tempered withNathan Hauritz appearing todislocate his right shoulderand a groin injury to fastbowler Shaun Tait. Bothwere named in their 15-manWorld Cup squad earlier thisweek.

Hauritz had been chasing aball to the boundary atBellerive Oval when he slid,rolled over and as he put hishand down to push up off theground collapsed in consid-erable pain before he walkedoff and was taken to hospitalfor X-rays.

Tait limped off shortlyafterwards when he grimacedin his follow through on thefifth ball of his sixth over.

Marsh (110), who was onlyplaying in Hobart after MikeHussey injured his ham-string, combined with

Cameron White (45) for a100-run partnership thatsteadied Australia after theyplunged to 33-4.

He also combined for anAustralian record ninth-wicket partnership of 88 withBollinger (30) that pushedthe hosts past 200 and gavethem a challenging total todefend after their batsmenhad struggled with the paceof the pitch.

England's run chase wasalways behind the requiredrun rate after the early loss ofMatt Prior for a duck andBollinger's two wickets intwo balls when he hadAndrew Strauss trapped infront for 19 and then bowledKevin Pietersen for a duck.

Bollinger also captured twoquick wickets in the tail tofinish with figures of four for28 from nine overs.

Australia won the firstmatch of the seven-gameseries by six wickets inMelbourne last Sunday afterShane Watson scored 161 notout to help them chase downthe 295 needed for victory.

The third game is inSydney on Sunday.-Reuters

Marsh &Bollingerguide Austo 2-0 lead

COLOMBO: Record-breakingSri Lankan spinner MuttiahMuralitharan said Friday hewould retire from internationalcricket after the 2011 World Cup.

"This World Cup will be mylast outing," Muralitharan, 38,told reporters on the sidelinesof a training session inColombo.

"I am retiring totally from

international cricket there-after." The mega one-dayevent, co-hosted by India, SriLanka and Bangladesh, startson February 19.

Muralitharan, the world'sleading wicket-taker in bothTests (800) and one-dayers(517), bowed out of Testmatches in July last year afterthe opening match against

India in Galle."My time is up. I have signed

up to play for two years in theIPL (Indian Premier League). Iam also looking at similarwork in New Zealand and per-haps England," the off-spinnersaid. Muralitharan said that hewas currently focusing on theWorld Cup, which ends onApril 2.-APP

Murali to quitafter World Cup

LAHORE: Pak-Indian tennisduo of Aisam-ul-Haq andRohan Bopanna played amatch of nerves before movinginto the third round ofAustralian Open Grand SlamTennis Championship onFriday.

They beat the French pair ofArnaud Clement and JeremyChardy gave them a very toughtime on court no. 6 of theMelbourne Park TennisComplex before loosing to theIndoPak Express' in a three set-ter, said a message receivedhere.

Everything looked like awalk in the park for the Aisam-Bopanna in the first set whichthey won by 6-3 score whenthey broke Clement's serve at4-3 up and easily served out

the set.Also for the most part of the

second set Aisam and partnerlooked dominating and werepressurizing the French pairwith sizzling winners but sud-denly at 4-5, the French paircame up with a few greatreturns on Aisam's serve andbroke his serve to secure theset with a 6-4 score.

This suddenly changed themomentum of the match infavour of the French pairwho capitalized on it andmanaged an early break ofserve in the third. The matchwas going clearly in favourof the French with a score of1-4 when Pak-Indian pairwoke up and decided to raiseto the occasion. Both theirserves as well as returns

quality improved to an otherlevel which French pair wasunable to match. Aisam andpartner went on to win nextfive games in a row withthree on their own serve andtwo by securing serve breakson Chardy and Clement'sserves.

The match lasted for aboutone hour and forty five minuteswith Pak-Indian pair hitting 3aces against zero by French.

The Asian pair won 54 pointswhile Europeans won 41points.

In the last 16 round Aisam-Bopanna will be facing astrong pair of former world no.1 doubles Player NenadZimonjic of Serbia andMichael Llodra of France.-APP

Aisam strikes again

Harringtondisqualifiedfrom HSBC

ChampionshipABU DHABI: PadraigHarrington was disqualifiedfrom the HSBCChampionship in Abu Dhabi

Almost 24 hours after hisball moved on the 7th greenwhen retrieving his marker,Harrison found himselfhauled before the rules com-mittee to be informed he wasout.

The offence was not that theball had moved but that it wasnot replaced. That incurs atwo-shot penalty. Harringtonsigned for a three on a holethat should have been scoredfive. That was the offence forwhich he was kicked out,signing for an incorrectscore.-Reuters

Inter-divboxing

U-16 trialsset for 24th

LAHORE: Sports BoardPunjab is organizing the InterDivisional Youth U-16 BoxingTrials on January 24, 2011 at09:00 AM in Punjab Stadium,Lahore.

The Purpose of conducting thetrials is to select the talentedplayers for Sports Board PunjabCoaching/Training Camp.During the Camp, PunjabBoxing Team will be selectedfor participation in InterProvincial BoxingChampionship scheduled to beheld in the 1st week of February,2011 at Peshawar, KPK.-Online

Warnehis covert

rendezvouswith Hurley

MELBOURNE: Cricket leg-

end Shane Warne has for the

first time spoken - although

briefly - about his relation-

ship with Liz Hurley.

The spin king confirmed he

hooked up with the sexy Brit

in LA last weekend, reports

the Daily Telegraph.

Warne has been trying to

keep the reunion a secret

after making a last-minute

dash to the States to ren-

dezvous with the glamorous

star. But he was outed by an

eagle-eyed reader who spot-

ted Warne "smiling" on a

Qantas flight from LA to

Melbourne on Sunday night.

When cornered at Crown

Casino's Celebrity Challenge

on Wednesday night, the for-

mer Australian Test player

grinned: "Yeah, I know we've

been busted".-Agencies

WELLINGTON: The NewZealand batsman has not beengranted his wish of remainingas an opener and will insteadrevert to the role of inningsfinisher as New Zealand'sone-day cricket World Cuppreparations swing into gearwith a six-match seriesagainst Pakistan, starting heretomorrow.

New Zealand captainDaniel Vettori today revealedthat McCullum would slidedown to No 6 tomorrow, withMartin Guptill to open along-side Jesse Ryder, Ross Taylorto bat at No 3, Scott Styris atNo 4 and James Franklin atNo 5.

New Zealand's 11-matchlosing streak has been the cat-alyst for the shakeup, with theselectors, new coach John

Wright and Vettori keen toexperiment ahead of the sub-continent-hosted World Cup,which starts on February 20.

McCullum has largely beena success as an opener withhis fearless approach and, sta-tistically, has forged one ofNew Zealand's most success-ful one-day opening partner-ships with Jesse Ryder.

But New Zealand feel theyhave lacked hitting powerdown the order andMcCullum had a good trackrecord in that departmentbefore he moved up to open.

"I think it is (a tough call),"Vettori said of the McCullumsituation.

"He's been a success open-ing but the thing we havemissed the most over the lastyear or so is that finishing

ability. When Jacob (Oram)was in his prime and Brendonwas there as well, they won anumber of games for us.

"We think closing off gameson the subcontinent with thesmall grounds and the flatwickets is important for us.

"I don't think we'd rule outBrendon still opening, we'lljust give him a go at No 6 andsee where we get to."

McCullum yesterday reiter-ated his preference to openwith Ryder but said would dowhatever was asked of him.

"It (opening) is the harderof the two options but it givesme the greatest opportunity tohave an impact on the game.You only get to play cricketfor a certain period of time, sowhy wouldn't you want that?

"I guess when things aren't

going right in other areas youtry and shift your balance ofpower and shift some of yourstrategies around.

"I'll give it everything I'vegot to make it successful, butI think our (McCullum andRyder's) record together isgreat. We enjoy battingtogether and I think the oppo-sition feel under pressure attimes when Jesse and I arebatting together."

Ryder could also be trialleddown the order during thisseries, given his ability toplay spin bowling, which willbe a feature of the World Cup.

"I think that's still an option,the selectors have voicedthat," Vettori said.

Jacob Oram will bat at No7, with Jamie How the 12thman.

Vettori said they were keento get Oram, who returnsfrom injury, as much time atthe crease as possible, givenhe was a valuable asset whenin form.

The hosts carry their longlosing streak into the seriesand must quickly put thatbehind them if they are toreassociate themselves withbuzzwords such as momen-tum and confidence headinginto the World Cup.

For that reason, Vettorihoped there would not be reg-ular tinkering during theseries.

"I think with the openingpartnership of Guptill andRyder, we need to give that abit of an opportunity, so wemay do that for two or threegames."

Pakistan welcome back bighitting wicketkeeper-batsmanKamran Akmal after severalmonths out of the foldbecause of spot-fixing suspi-cion. No case was broughtagainst him.

They are buoyed by a 1-0test series win but captainShahid Afridi felt NewZealand were a good one-dayside, despite their struggleson the subcontinent last year.

"McCullum, Vettori andRoss Taylor, they are goodcricketers and they are match-winners," he said.

Pakistan have won 48 of 82one-day internationals againstNew Zealand but their recordin New Zealand does not readwell, with 12 wins to NewZealand's 20 from 34 match-es.-Online

McCullum drops down the ODI order

Federerstormsinto 4th

round in AusMonitoriung Desk

MELBOURNE: Defendingchampion and second seedRoger Federer cruised intothe fourth round of theAustralian Open with a 6-3,6-3, 6-1 win over Belgian'sXavier Malisse on Friday.

The Swiss great in theprocess broke Swede StefanEdberg's record for the mostOpen Era wins at theAustralian Open with 57 sincehis 2000 tournament debut.

"It's very nice to take therecord but Edberg still staysmy idol," Federer told thecrowd on Rod Laver Arena.

Federer is bidding tobecome the second man towin five Australian titlesbehind Roy Emerson's six.

It was Federer's eighth winin nine encounters with the45th-ranked Malisse andpitched him into a round of16 encounter with unseededSpaniard Tommy Robredo onSunday.

Federer broke Malisse'sserve seven times and hit 36winners with the same num-ber of unforced errors.

"I am happy to get past atough match with Xav, who Iplayed a long time ago in thejuniors, he played great for thefirst couple of sets today," hesaid.

Federer won his record 16thGrand Slam title at theAustralian Open last yearwhen he downed Britain'sAndy Murray in straight sets.

He is chasing his fifthAustralian title after alsowinning in 2004, 2006 and2007.

HOBART: Australian cricket players celebrate after winning the One Day International (ODI)

cricket match against England at the Bellerive Oval.-Reuters

Indo-Pak tennis duo wins in Australian Open

11Saturday, January 22, 2011

International & Continuation

CONTINUATION

NZ retailsales higherin Nov, rates

on hold WELLINGTON: NewZealand retail sales posted amixed showing in November,adding to signs of a stutteringrecovery and backing viewsthe central bank will holdinterest rates steady well intothe middle of the year to helpthe economy.

Seasonally adjusted retailsales rose 1.5 percent on theprevious month, official datashowed on Friday, above ofexpectations for a 1.2 percentrise in a Reuters poll.

Sales have been volatilerecently, sliding 2.5 percent inOctober after a 1.7 percentincrease in September, whenconsumers rushed to buy big-ticket items to beat an Oct. 1rise in sales tax.

The data showed spendingfor vehicles, furniture andelectronic goods rose whilesupermarket, food and bever-age services sales fell.

Excluding vehicle-relatedcomponents, core retail salesdisappointed with a 0.2 per-cent decline, under perform-ing market expectations of a0.5 percent rise.

"The underlying trend inretail spending remains sub-dued," said ASB Bank econo-mist Christina Leung.

"This adds to the recentsoftness in activity data, andwith inflation pressures con-tained for now there is littleurgency for the RBNZ toresume the reduction of mon-etary policy stimulus," sheadded.

Leung expected the ReserveBank of New Zealand(RBNZ) to leave rates on holduntil the September meeting.

Investors concentrated onthe soft core figures andknocked the New Zealanddollar down to around$0.7560, from $0.7590 beforethe data.

Like the Australian dollar,the kiwi had fallen earlier onfears that further tightening inChina will slow its economyand thus dent demand. Chinais a top trading partner forboth Australia and NewZealand.

Interest rate futures wereflat while the swap yieldcurve steepened further.Front-end rates were downabout 1 basis point and thelonger-end up about five basispoints, reaffirming the viewof no rate rises before themiddle of this year.-Reuters

SYDNEY: Australia's devas-tating floods, which shut minesand damaged rail lines, couldcut coal exports by around 15million tonnes, or 20 percentthis quarter, even as collieriesshow signs of recovery, thegovernment's commoditiesforecasting agency said onFriday.

Coal ports in hardest-hitQueensland state escapedsevere damage, but are stilloperating well under capacityas a result of lower coalreceivals, Australian Bureau ofAgricultural and ResourceEconomics and Sciences(ABARES) said.

ABARES estimates floodingdue to monsoon rains that start-ed in November could lowercoal export earnings by A$2.0 -$2.5 billion ($1.97-billion-2.47billion) during the quarter to

March 31. "Coal production at affected

mines has been reducedbecause of a number of factors,including flooded pits and dif-ficulties in removing the water,and a lack of access to minesites because of floodedroads," it said.

Australia was forecast toexport 160 million tonnes ofmetallurgical coal and 158 mil-lion tonnes of thermal coal infiscal 2011, according toABARES.

Cockatoo Coal and AquilaResources on Friday partiallyresumed operations in hardestQueensland state as floodwa-ters continued to recede.

But in the aftermath of one ofAustralia's worst natural disas-ters on record, mining compa-nies say operations are still farfrom normal: Vital rail corri-

dors linking mines with exportterminals are only slowingbeing reactivated and forcemajeure -- a legal let-outenabling miners to break salescontracts without penalty --remain in place acrossQueensland.

COAL OPERATIONSAquila, which mines 2.8 mil-

lion tonnes a year of metallur-gical and thermal coals from itsIssac Plains mine in 50-50partnership with Brazil's Valewarned it would still take sometime to resume full operations.Cockatoo Coal said mining atits Baralaba operations wouldnot start before February.

The Baralaba mine sufferedsome of the worst damage dur-ing the flooding after a levyprotecting the lode collapsedsending a torrent of water intothe pit.-Reuters

Australia govt: 20pccoal exports lost to floods

BANGKOK: Thailand's cen-tral bank maintained its 2011economic growth forecast onFriday and said interest rateswould rise further because coreinflation could exceed the topend of its target range this year.The central bank's commentsreinforced analysts' expecta-tions that the central bankwould raise its benchmark rateagain in March, and probably inApril as well, after a quarter-point rise to 2.25 percent thismonth to curb inflationary pres-sure.

"If inflation continues to risefurther, this will eventually bereflected in the cycle of risinginterest rates," said PimonwanMahujchariyawong, an econo-mist at Kasikorn ResearchCenter.

"We expect a 25 basis pointshike in the next meeting inMarch. It should be raised to2.75 percent in April."

Bank of Thailand AssistantGovernor PaiboonKittisrikangwan told a newsconference rates were still on a

rising trend. Although the central bank had

left its economic growth fore-cast unchanged for this year, hesaid, it felt the economic out-look was better and saw lowerexternal risks than at its previ-ous review.

It saw higher inflationarypressures steming from risingcosts and demand, and "coreinflation is more likely toexceed our target range thanpreviously seen".

The central bank saidSoutheast Asia's second-largesteconomy was expected to grow3.0-5.0 percent in 2011, follow-ing a robust 8.0 percent estimat-ed for 2010, when it reboundedfrom the global economic crisis.

"Domestic demand is defi-nitely a key driver for the econ-omy this year," said ThanomsriFongarunrung, an economist atPhatra Securities.

The BOT kept its core infla-tion forecast at 2.0-3.0 percentfor this year, which compareswith its target range of 0.5-3.0percent, which it uses to guide

monetary policy. But it cut itsheadline inflation forecastslightly to 2.5-4.5 percent from3.0-5.0 percent, citing govern-ment subsidies.

Consumer prices have risenacross Asia as economiesrecover from the global slump.

Thailand's is one of the morehawkish Asian central bankswith four rate increases sinceJuly last year.

The monetary policy commit-tee's latest rise on Dec. 12 wasunanimous with a 7-0 vote. Itwas the first time the centralbank disclosed the breakdownand it said it would give a sum-mary of the discussion nextweek to help markets assess therate outlook.

EXPORT GROWTHSLOWS

The central bank's 2011growth forecast compares withthe 3.5-4.5 percent projected bythe state planning agency andthe consensus 4.5 percent in aReuters quarterly poll, whichwas the lowest growth rate inSoutheast Asia.-Reuters

Thai c.bank keepsGDP f'cast; rates

seen rising further

OTTAWA: Canadian retail salesshowed surprising resilience inNovember and posted theirbiggest gain in eight months,beating analysts' expectationsand boosting optimism about thestrength of the economy.

Retail sales rose 1.3 percentand marked a sixth straightmonth of gains, StatisticsCanada said on Friday. It was thebiggest increase since March2010. Markets had expected a0.5 percent rise, according to themedian forecast in a Reuterspoll.

The Canadian dollar firmedagainst the greenback after thedata was released. The currencytouched C$0.9941 to the U.S.dollar, up from around C$0.9966to the U.S. dollar heading intothe release.

Analysts said that on a quiet

day for data, the report may havehad a greater influence on mar-kets than usual.

Strong consumer spending andgovernment stimulus measureshave been the major drivers ofCanada's recovery from reces-sion while exports have saggeddue to the weak U.S. economy.The Bank of Canada said thisweek it expects consumer spend-ing to contribute less to growththis year and next, with exportsand business investment takingup the baton.

The November retail sales fig-ure suggests that slowdown inconsumer spending has not hap-pened just yet.

"It was a surprisingly robustreport. Just as it looked likeCanadian consumers were start-ing to wind down, they actuallyhave picked it right back up

again," said Doug Porter, deputychief economist at BMO CapitalMarkets in Toronto.

Sales expanded across eight ofthe report's 11 subsectors withthe auto industry leading the wayup. Total sales volume gained1.3 percent in November afterbeing flat the month before.

Derek Holt, economist atScotia Capital, wrote in a notethat the rise in volume impliesflat prices on average, an impor-tant factor as volume gains flowstraight through to growth in theeconomy.

"Canadian consumers wereout in full force to start the holi-day shopping season and thiswill encourage an upward bias toNovember gross domestic prod-uct estimates as well as ourfourth-quarter GDP call," Holtwrote.-Reuters

Canadian retail salesshow surprising strength

BERLIN: German businessmorale rose to its highest levelin 20 years in January, surgingpast economists' forecasts onthe back of a manufacturingsector now fully recovered fromthe 2008 financial crisis.

The Munich-based Ifo eco-nomic institute said on Fridayits business climate index roseto 110.3 from 109.8 inDecember, the strongest sincerecords started for reunifiedGermany at the start of 1991and confounding expectationsfor a flat reading.

Separately, statistics officedata in France showed businessconfidence also rose strongly inthe euro zone's second largesteconomy, boosted by a surge inmanufacturing sentiment.

"Manufacturers have made asignificant leap forward andhave now fully recovered fromthe crisis," Ifo economist KlausAbberger said in an interview.

The Ifo index is based on amonthly survey of some 7,000firms and is one of Europe'smost closely-watched releasesby financial markets. The euroextended gains against the dol-lar to briefly hit a two-monthhigh after the data. <EUR=>

"German business confidencesurprised and continued itsimpressive performance of thelast two years, increasing to anew record high," said CarstenBrzeski of ING.

"The heaviest snowfalls inmore than 40 years onlyweighed on companies' currentassessments but not on theiroptimism."

Ifo's index on current condi-tions inched lower to 112.8from 112.9 last month, while itsexpectations reading on the out-look for the next six monthsrose to 107.8 from 106.8 inDecember.

BULWARK REBOUNDS The upbeat Ifo reading topped

off a run of bullish data that hasshown the German economybenefiting from a rebound inemerging economies and buck-ing the trend of other richnations, including much of theeuro zone, who are still strug-gling.

The ZEW survey earlier thisweek also showed Germaninvestors increasingly opti-mistic and the government hasraised its 2011 growth forecast,predicting the recovery willbroaden to include an upturn for

previously lacklustre domesticdemand.

Abberger said German manu-facturers, who have been helpedby the weaker euro, wereupbeat about business opportu-nities abroad and had not as yetseen a downturn related to thebloc's sovereign debt crisis.

Budget cutbacks and uncer-tainties over banking systemshave already dampened growthin the countries most effectedby the crisis.

But German firms remainupbeat despite looming budgetcutbacks that will take in thewhole continent this year, withtrade with emerging countriesoutside of the European Unionpicking up.

Steelmaker ThyssenKrupp ison track to meet its goals forthis year after posting a rise inquarterly profit, it said onFriday as demand for Germancapital goods remains robust.

Of 30 bluechip DAX compa-nies, 22 beat market forecasts inthe quarter to end-September,while 15 hiked their outlooksand six kept them unchanged.The DAX index itself rose to itshighest since May 2008 thisweek.-Reuters

German businesssentiment strongest

in 20 yrsLONDON: Harsh weather andhigher inflation combined togive British retailers theirworst December on record,data showed on Friday, rein-forcing signs that UK growthslowed sharply in the last threemonths of 2010.

Sterling fell to a day low onthe data, which left the coun-try's retail sector at a weakstarting point ahead of a year inwhich consumer demand islikely to struggle in the face ofa rise in sales tax and large-scale public sector job cuts.

"These are hugely disap-pointing figures," said Daiwaeconomist Hetal Mehta. "Itappears that the belt-tighteningstarted a little earlier thanexpected."

The Office for NationalStatistics said December retailsales were flat on the year after1.0 percent volume growth inNovember, the weakest changesince January 2010 and theworst annual performance forany December since recordsbegan in 1988. Economists hadforecast a 0.9 percent rise onthe year.

Overall retail sales fell 0.8percent on the month after a0.4 percent rise in November,again weaker than forecast.But stripping out the drop infuel sales due to disrupted trav-el, the decline was less steepthan economists had predicted.

The mixed message onunderlying consumer demandmakes it hard for the Bank ofEngland to assess domesticprice pressures at a time whenhigher food and petrol costshave pushed headline inflationto an 8-month high of 3.7 per-cent, well above the bank's 2percent target.

"December's figures tell usrelatively little about demand.It will take a couple of monthsof data to tell us where house-

holds are in the early 2011environment," said Investececonomist Philip Shaw.

Some economists hadexpected consumers to bringforward planned spending onexpensive goods to Decemberto avoid a January rise invalue-added tax, but there waslittle sign of this in the data.

WEAK Q4 GDPRetail sales account for only

around 5 percent of Britisheconomic activity, soDecember's poor data isunlikely to markedly shifteconomists' average forecastthat UK GDP growth slowed to0.4 percent in the fourth quar-ter from 0.7 percent in thethird.

But it increases the downsiderisk to that forecast and rein-forced economists' views thatconsumers will keep a lid onspending in 2011.Unemployment is expected torise due to public sector jobcuts, while high inflation andslow wage growth are alsolikely to focus spending onessentials, they say.

"Consumers will have lessmoney in their pocket this yearand it is very difficult to seehow retail can escapeunscathed from this. I do notexpect retail sales to grow at allin 2011, with a fall still verypossible," said RichardHyman, a retail advisor ataccountants Deloitte.

A CBI survey last month hadsuggested that retail sales wererising at their fastest pace since2002 in the first part ofDecember, before the worst ofthe snow. Subsequent surveysand sales figures from individ-ual retailers suggested this wasnot sustained in the final weeksbefore Christmas.

Heavy snow made it hard forshoppers to visit out-of-townstores and for online retailers

to make last-minute deliveries,the ONS said, as well as reduc-ing sales of petrol as driverswere cautious about venturingout.

Sales at food stores droppedby 3.4 percent compared toDecember 2009, their biggestannual fall for any month sincerecords began in January 2010.Anecdotal evidence suggestedthat consumers avoided bigsupermarkets in favour ofsmaller local specialist shops.

Strong gains in sales of win-ter clothing -- and of electron-ics after the launch ofMicrosoft's Xbox Kinect videogaming accessory -- wereinsufficient to offset the weath-er-related factors, the ONSsaid.

Prices rose sharply at foodstores, clothes and petrol sta-tions, mirroring the patternshown in Tuesday's consumerprice inflation data. Otherretailers cut prices, despite alooming increase in sales taxthat took effect in January.

This pattern poses a dilemmafor the BoE, as higher interestrates have no direct effect onoil and food prices predicatedon international commodityprices. Instead, a rise in interestrates would primarily tameinflation by sapping consumerdemand, encouraging otherretailers to reduce prices fur-ther.

Moreover, the broader econ-omy is expected to weaken inthe first half of 2011, due to therise in VAT and cuts in publicspending as the governmentseeks to reduce a large budgetdeficit.

Separate data released by theBoE on Friday showed that netmortgage lending -- historical-ly a driver of retail spendinglinked to property refurbish-ment -- dropped to a nine-yearlow.-Reuters

UK retailers suffer worstDec on record: ONS

overall weighted average time to maturity for such sub-funds aswell as time to maturity for each Shariah compliant governmentsecurities in portfolios of these funds has been substantiallyenhanced to enable them to improve both the credit quality andyield of their investments.

Continued from page 5No #1

The Dow Jones industrial average was up 50.55 points, or 0.43per cent, at 11,873.35. The Standard & Poor's 500 Index was up5.42 points, or 0.42 per cent, at 1,285.68. The Nasdaq CompositeIndex was up 2.58 points, or 0.10 per cent, at 2,706.87.

Bank of America shares fell 1.1 per cent to $14.38 after thelargest US bank by assets reported a second straight quarterlyloss, driven by a $2 billion write-down in its mortgage business.

The results follow disappointing results earlier this week fromGoldman Sachs and Wells Fargo. An index of bank shares, KBWBanks, was up 1.3 per cent, however.-Reuters

Continued from page 5No #2

the spokesman said. Janos Feher, Managing Director of thecompany in his condolence message to all company employeesand bereaved families expressed his shock and profound griefover this unfortunate development. "We all wish we could undowhat happened and bring those back who embraced martyrdom inthe line of duty." he said. The Managing Director said a strongdemand has been put forward to the federal and provincial gov-ernment to provide safe and secure working conditions requestingthe government to take all necessary measures for the timelyrelease of abductees.-Agencies

Continued from page 1No #3

accelerate the recovery and in the medium term help in promot-ing the human development."

The project will be implemented by the ProvincialReconstruction, Rehabilitation, and Settlement Authority, GoKP,in partnership with Fata Secretariat and other stakeholders. Thecash grants would assist the households to re-establish themselvesand prepare for the post crisis long term rehabilitation programthrough covering basic consumption and any other short termbasic needs. The MDTF contribution to this project will be agrant. The credit will be from the International DevelopmentAssociation (IDA), the World Bank's concessionary arm and willhave 35 years to maturity with a 10-year grace period; it carries aservice charge of 0.75 per cent.-Online

Continued from page 1No #4

industrialists met with the Prime Minister and brought himaround. On this occasion, the representatives of the local industri-alists pointed out that their delegation did not call on the PrimeMinister. Federal Secretary of industrial production ministryTariq Shafi informed the committee that there was a summaryafoot in the ministry proposing an increase in the age of used vehi-cles from three years to at least five years henceforth.-Online

Continued from page 1No #5

Farooq Sattar, and CM Qaim Ali Shah's four-member committee.Themeeting decided to restore sacked employees gradually and the deci-sion in this regard will be announced in a press conference by KESC'sCEO Tabish Gauhar and CM Sindh's designated committee. EarlierPresident Asif Ali Zardari on Friday had expressed his serious concernover the sacking of over 4000 employees and workers of the KESC.The President has sought a detailed report on the issue.

Continued from page 1No #6

being a Nato member that took part in the invasion of Afghanistanand still having troops there. But analysts say that al Qaeda, and inparticular AQIM may now pose a growing threat to targets inFrance, not just French interests in Africa's Sahel. -Reuters

Continued from page 12No #7

was to divest Iran of enough LEU to delay it accumulating enoughfor a nuclear weapon while negotiations proceeded on a broader solu-tion to the crisis. The idea was first tentatively agreed in October 2009only for Iran to back out some weeks later. Since then, Iran's knownLEU stockpile has doubled and it has begun enriching uranium up to20 percent fissile purity for conversion into reactor fuel. So for the pow-ers, any future swap would have to go further, involving much morethan the 1,200 kg of LEU agreed in 2009. Iran has indicated readinessto revive only the original deal. State Department spokesman MarkToner said on Thursday that the United States was willing to discuss anupdated fuel swap, if it reflected the progress Tehran's has made on ura-nium enrichment since the proposal was first hatched.-Reuters

Continued from page 12No #8

Russia will hold talks with the United States next month onlongstanding plans for the sale of 21 Mi-17 helicopters for use inAfghanistan, Russian foreign ministry official Zamir Kabulovsaid on the sidelines of the Kremlin meetings.-Reuters

Continued from page 12No #9

claimed that Indian border guards on Friday morning shot dead asuspected intruder trying to sneak into Indian territory from across theinternational border in Jammu region of Jammu and Kashmir. IndianBorder Security Force (BSF) troopers noticed suspicious movementin Pargwal sector along the international border, 40km northwest ofJammu, at 4:15am. On being challenged, the intruders fired at theBSF personnel manning the Rapura post in the area, IANS quotingsources said Pakistani Rangers manning the border on the other sidealso opened fire adding that the BSF retaliated. -Online

Continued from page 12No #10

have also handed over our 9 points to PML-Q leaders. TheMQM leader said that Chaudhry Shujaat Hussain had expressedconcern on the target killings in Karachi and voiced solidaritywith the sacked employees of Karachi Electric Supply Company(KESC).Mushahid Hussain Sayed said his party will go and meetevery party having roots at the level of masses. Refering to the dedeweaponisation bill recently tabled by MQM in the NationalAssembly, he said in principle PML-Q had no objection to it.

Continued from page 12No #11

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WASHINGTON: The UnitedStates has said it encouragesgreater dialogue betweenPakistan and India and expectsdiscussion on all issues includ-ing regional solution to theAfghan conflict with Pakistaniand Afghan foreign ministers ata trilateral meeting next month.

"We continue to do every-thing that we can to support aregional solution to the chal-lenge of Afghanistan," Philip JCrowley, Assistant Secretary ofState for Public Affairs said atWashington's Foreign PressCenter.

Crowley, responding to aquestion in the context ofPakistani-Indian tensions vis-a-vis Afghanistan, said theObama administration hasencouraged both Islamabad-Kabul and Islamabad-NewDelhi dialogues.

"We have encouragedPakistan to develop its ownstronger relationship andunderstanding withAfghanistan. And there havebeen an increase in dialoguebetween Pakistan andAfghanistan in recent months,and we continue to encouragethat. And in turn, we continueto encourage greater dialoguebetween Pakistan and India,"he stated.

Continuing, Crowley said,"So we are doing all of thosethings. We have an importanttrilateral meeting coming upnext month among the UnitedStates, Pakistan, andAfghanistan. And all of these

issues, I would expect, will beon the agenda."

Meanwhile, focusing on theregional dimension of theAfghan conflict, The ChristianScience Monitor reportedFriday the resolution of the USwar in Afghanistan is gettingtangled up in one of the world'smost stubborn rivalriesbetween the South Asian pow-ers, Pakistan and India.

Reconciliation with AfghanTaliban insurgents has been amajor subject of discussions inAfghanistan and Pakistan.

"Pakistan cites India's influ-ence in Afghanistan as one ofits top concerns. And withPakistan increasingly crucial toany military or diplomaticprogress in the war, it's a con-cern that Washington has tomanage," a New Delhi-date-lined report in the newspapersaid.

According to the report, somecurrent and retired Pakistaniofficials are hinting that as boththe war and the peace effortsbecome more and more diffi-cult, Washington and itsAfghan allies might do more toreassure Islamabad that Indiawon't play a major role in afuture Afghan settlement.

Quietly Washington hastalked to the Afghan govern-ment about listening to

Pakistan's concerns, expertssay.

The Afghan governmentappears to be taking furthersteps to ease Pakistan

concerns about India, the

Monitor report noted. PresidentHamid Karzai last yearremoved his intelligence chief,a powerful Tajik who was seenas wary of Pakistan and moresympathetic to India. Karzaialso sent former AfghanPresident BurhanuddinRabbani as head of a HighPeace Council to Pakistan earli-er this month.

Rabbani remains a powerfulfigure among the ethnic minor-ity factions that resisted theTaliban in the 1990s, andthough he has received Indianhelp in the past, he said theright things to put Pakistan atease.

"What Rabbani said todaywas quite meaningful: that nothird country would be allowedto damage Afghanistan-Pakistan relations," said AbdulBasit, Pakistan's ForeignMinistry spokesman after meet-ings Jan 5 between Rabbaniand Pakistani officials.

"The Afghan government hasassured us that they wouldnever allow their soil to be usedagainst Pakistan," added Basit.

Ahead of next month's trilat-eral talks in Washington,Afghan Foreign Minister

Zalmai Rassoul will visitIslamabad on January 25 formeetings with Pakistani lead-ers.

The officials of two neigh-bouring countries will haveconsultations on issues ofregional security and discussthe current Afghan situation.-APP

Indo-Pakparleys on

US wishlist

Afghan conflict, Indian influence vex Islamabad

ISLAMABAD: Japan hasextended a soft loan of $233million to Pakistan with a viewto promote the economic stabil-isation and development effortsin the South Asian country.

The notes were signed andexchanged between ChihiroAtsumi, Ambassador of Japanto Pakistan and Mr SibtainFazal Halim, SecretaryEconomic Affairs Division,Government of Pakistan hereon Friday.

At the "PakistanDevelopment Forum" inNovember 2010, theGovernment of Japan pledged

$500 million worth of assis-tance, which aimed at rehabili-tation and reconstruction of theareas affected by the floods.

The soft loan combined twocomponents.

According to a press release,$174 million would be allocat-ed for Khyber PakhtunkhwaEmergency Rural RoadRehabilitation Project.

It said that $59 million wouldbe utilised to cover payment ofessential items for flood disas-ter restoration such as food, fer-tilisers, seeds, constructionmaterial and constructionmachinery.-NNI

Japan extends$233mn soft loan

NEW DELHI: India, theworld's second top producer ofcotton, stepped up pressure onsluggish exporters on Fridayas the farm minister gave themmore time to organise over-seas sales and suggestedexport levels could rise.

India, the world's second-biggest producer, had permit-ted 5.5 million bales forexports from Oct. 1 but met apoor response because rainshit harvests. An initial dead-line was extended until Feb.25 for 1.7-1.9 million baleswhich went unshipped.

Export deals have picked uppace due to an increase inarrivals in local markets butstill short of meeting thequota.

"The export window forIndia is open until March asthe American cotton crop,which is in very good condi-tion, will start coming to themarket," Sharad Pawar toldreporters.

Decisions on exports aremade by the trade ministry butPawar's views are critical inshaping export policy.Increased exports also have a

knock-on effect on domesticprices, giving a double benefitto farmers.

Overseas demand for Indiancotton has risen after badweather hit crops in China andPakistan, both leading con-sumers.

At 1434 GMT, the New Yorkcotton futures contract was upby 2.62 per cent at $1.569 perlb.

Indian textile mill ownerswant more cotton availabledomestically rather than seeIndian product used in com-petitors' materials.

Pawar, whose portfoliomakes him sensitive to farm-ers' concerns, said India couldconsider further exports asoutput increased.

"We expect the cotton pro-duction to be slightly higherthan the initial estimates. Wewill have to give a seriousthought on further exports," hesaid.

Pawar said India's cottonoutput in the current year fromOctober may top 33.5 millionbales as against 29.5 millionbales in the previous year.-Reuters

India turns upthe heat on itscotton exports

ISTANBUL: Iran gave no signof making concessions to worldpowers bent on coaxing it tocurb its nuclear program attalks on Friday, saying it wouldnot discuss suspending sensi-tive uranium enrichment.Western leaders suspect Iran isworking covertly to develop anuclear weapon. Tehran says itsatomic energy program ispeaceful. The two days of talksin Istanbul are a follow-up totalks last month in Geneva, thefirst held in more than a year.Impatient with what some ana-lysts have called Iran's zigzagdiplomacy, the powers arelooking for a clear sign fromTehran that it is ready to engage

in a way that helps engendertrust, even if there is no sub-stantive progress.Iran's National SecurityCouncil issued a statement,quoted by Iranian television,saying the first session of talkson Friday was held in a "posi-tive atmosphere." Iran's nuclearnegotiator Saeed Jalili is thecouncil's secretary general.One of Jalili's aides in Istanbuldrew a red line round its enrich-ment activities during the meet-ing. Uranium enriched to a lowdegree yields fuel for electricityor, if refined to a very highlevel, the fissile core of anuclear bomb."We will not allow any talks

linked to freezing or suspend-ing Iran's enrichment activitiesto be discussed at the meetingin Istanbul," MassoudZohrevand said."So far this issue has not beendiscussed, has not been raisedor mentioned by the otherparty," Zohrevand said."Iran's nuclear rights cannot bediscussed."European Union foreign policychief Catherine Ashton headsthe delegations representing sixbig powers -- Britain, China,France, Germany, Russia andthe United States."No one is expecting any bigbreakthrough, but Iran needs toshow that it is interested in

engaging in a wider process,"said one diplomat as the open-ing session began.Iran's nuclear standoff with theWest has escalated in the pastyear, with the United Nationsimposing new sanctions andWestern states rejecting arevised proposal for Iran toswap some of its fuel abroad astoo little, too late."It is very important that Irantakes those negotiations seri-ously, that it is prepared to dis-cuss its nuclear program indetail," Britain's ForeignMinister William Hague saidduring a news conference inNew Zealand."These negotiations are a test of

Iran's willingness to enter into,and to keep to its internationalobligations under the Non-Proliferation Treaty, and undersuccessive resolutions of theUN Security Council," Haguesaid.Iran has ignored SecurityCouncil resolutions demandingit suspend enrichment, withtrade and other benefits offeredin return, and grant unfetteredaccess for UN nuclear inspec-tors.The prospect of an Iranian atombomb fans fears of a broaderMiddle East conflict should theUnited States or Israel opt toattack it, a mooted last-ditchoption should diplomacy fail.

The first session of two hourson Friday morning ended withthe two sides looking for com-mon ground. "The first round isover and talks will continuetoday and tomorrow to findneutral points," the IranianStudent News Agency (ISNA)reported.The big powers were expectedto dust off existing proposals tofind a platform to move for-ward from. "The existing offerfrom 2008 to build trust is stillon the table. Essentially we willreiterate that," the Westerndiplomat said.He was referring to a packageof economic, political and otherincentives offered to Tehran if

it agrees to mothball enrich-ment-related activities.That package, an enhanced ver-sion of one spurned by Iran in2006, held out prospects forcivil nuclear cooperation andtrade in civil aircraft, agricul-ture, energy and high technolo-gy.In their search for an opening,the powers may go back to pro-posals for a nuclear fuel swap,whereby Iran would part withlow-enriched uranium (LEU) inexchange for highly processedfuel to keep a Tehran reactorthat makes medical isotopesrunning.The goal, for Western powers,

See # 8 Page 11

Iran sticks to its nukemindedness

KARACHI: PML-Q Chief Chaudhry Shujaat Hussain talking to media after a meeting with

MQM leadership during his visit to 90. APP

India guns,shells partof Sialkotsector area

SIALKOT: Indian bordersecurity forces opened unpro-voked and indiscriminate fire atthe Bajwat sector of Sialkotworking boundary in the weehours of Friday.

Indian forces started firingand shelling at the Bajwat sec-tor of Sialkot, targetingPakistani check post of BaghShah Jamal at 4:15am onFriday.

Panicked by shelling andgunfire, people rushed out oftheir houses. However, PunjabRangers answered the Indianprovocation in full and forcedthem retreat.

There are no reports hithertoreceived regarding any casual-ties.

Meanwhile Indian media See # 10 Page 11

Big vowtaken forMQM-’Q’

political JVsKARACHI: Pakistan MuslimLeague-Q and MuttahidaQaumi Movement Fridayvowed to build a 'strategic rela-tionship' with each other with aview to overcome current chal-lenges facing the country oneconomic front and law andorder.

PML-Q President ChaudhryShujaat Hussain and GeneralSecretary Mushahid HussainSayed held a joint press confer-ence with MQM leader DrFarooq Sattar after visitingMQM Headquarters here.

Dr Farooq Sattar on the occa-sion said that PML-Q leadershad assured MQM of extendingall-out cooperation to the latterin Punjab and that MQM wouldreciprocate by supportingPML-Q in Sindh.

"PML-Q is a real oppositionparty and Chaudhry ShujaatHussain an actual oppositionleader," he said.

Sattar said PML-Q hadshared with MQM its 5-pointrecommendations forwarded tothe government, adding we

See # 11 Page 11

Francewill pay,threatensBin Laden

DUBAI: Al Qaeda leaderOsama bin Laden said in anaudio recording on Friday thatthe release of French hostagesheld in Niger depended onFrance's soldiers leavingMuslim lands.

"President Nicolas Sarkozy'srefusal to remove his forcesfrom Afghanistan is nothingbut a green light for killing theFrench hostages," a speaker,who sounded like the al Qaedaleader, said in an audio mes-sage broadcast on the pan Arabtelevision station Al Jazeera.

"But we will not do that at thetime that he determines to tryand finish off with the reper-cussions of his position, whichwill cost him dearly withinFrance and outside of it," hesaid.

This is the second tape that alQaeda's leader, believed to behiding in the mountainous bor-der areas of Afghanistan andPakistan, has released blastingFrench policy and linking theFrench presence in Afghanistanto the kidnapping of its nation-als in Niger.

Seven foreigners, includingfive French employees ofAreva and Vinci, were kid-napped in Niger in September.Al Qaeda in the IslamicMaghrib (AQIM), the northAfrican wing of the militantgroup claimed responsibility.

AQIM also claimed responsi-bility last week for twoFrenchmen found dead after afailed rescue attempt in Nigerearly January, but did not sayhow the men died.

The Sept 16 kidnapping wasan escalation in the hostilitiesbetween the militant group andFrance. AQIM killed 78-year-old Frenchman MichelGermaneu last July afterFrench commandos took part ina failed raid to free him.

France has eight hostagesheld across the world, five heldby AQIM in Niger, two inAfghanistan held by theTaliban, and one in Somalia.

Unlike Britain and Spain,France has never been attackedby al Qaeda at home, despite

See # 7 Page 11

MOSCOW: Afghan PresidentHamid Karzai invited Russiaon Friday to rebuild Soviet-erafacilities in Afghanistan, court-ing a nation eager to expand itsinfluence decades after theSoviet Union's costly warthere.

"We want to give a new startto vital projects that werebegun very long ago," Karzai,on his second visit to Moscowin six months, said at a newsconference with PresidentDmitry Medvedev after theirtalks in the Kremlin.

The leaders issued a jointdeclaration in which Russiaexpressed its readiness to par-ticipate in "priority economicprojects" in Afghanistan, someof them dating back to theSoviet era.

The projects included theSalang Tunnel in the HinduKush mountains as well ashydroelectric power facilitiesin Kabul and Baglan

provinces, a customs terminal,and a university in the Afghancapital.

Neither the declaration northe leaders mentioned the costor potential terms. Russia hassaid it would rebuild Soviet-erainfrastructure in Afghanistanprovided the internationalcommunity underwrote thecost.

The declaration expressedsupport for Russian involve-ment in a proposed gaspipeline from Turkmenistan toIndia via Afghanistan andPakistan, subject to other coun-tries' approval.

Ex-Soviet Turkmenistan,eager to lessen reliance onlong-dominant gas buyerRussia, has been cool towardRussian participation.

Russia is seeking to increaseits influence in Afghanistan,where Soviet forces fought anearly decade-long 1980s warof occupation that contributed

to the Soviet Union's collapse.Karzai, whose country is

eyeing the eventual withdrawalof US and Nato forces aftertheir own decade-long waragainst the Taliban, said hewants to step up ties withMoscow.

"Russia is a great power,"Karzai said in a speech atRussia's Academy of Sciences."And for us, Russia is ... ateacher."

Moscow has ruled out send-ing troops to Afghanistan,where some 15,000 Soviet sol-diers died fighting mujahideeninsurgents before pulling out in1989.

With the Afghan governmentexpected to take the lead insecurity nationwide by the endof 2014, Medvedev saidMoscow would continue tohelp train and equip Afghanforces and provide transitroutes for Nato.

See # 9 Page 11

Afghanistan looksto its erstwhile foe

Karzai courts Moscow with economic projects