the financial daily-epaper-25-10-2010

International

India sees Pak nukes as secure See on 2

New budget to be pro-masses: Awan See on Page 12

Politics is more than power: Rasheed See on Page 12

Crude Oil (brent)$/bbl 82.96

Crude Oil (WTI)$/bbl 81.69

Cotton $/lb 119.71

Gold $/ozs 1,325.10

Silver $/ozs 23.12

Malaysian Palm $ 968.70

GOLD (NCEL) PKR 36,739

KHI Cotton 40Kg PKR 8,359

Yearly(Jul, 2010 up to 21-Oct-2010)

Monthly(Oct, 2010 up to 21-Oct-2010)

Daily (21-Oct-2010)

Total Portfolio Invest (15 Oct-2010)

64.28

15.05

-1.98

2505

1.03

3.20

-4.91

2.33

-0.94

-0.14

-0.56

SCRA(U.S $ in million)

Portfolio Investment

FIPI (22-Oct-2010)

Local Companies (22-Oct-2010)

Banks / DFI (22-Oct-2010)

Mutual Funds (22-Oct-2010)

NBFC (22-Oct-2010)

Local Investors (22-Oct-2010)

Other Organization (22-Oct-2010)

(U.S $ in million)

NCCPL

GDR update

Commodities

Forex Reserves (15-Oct-10)

Inflation CPI% (Jul 10-Sep 10)

Exports (Jul 10-Sep 10)

Imports (Jul 10-Sep 10)

Trade Balance (Jul 10-Sep 10)

Current A/C (Jul 10- Sep10)

Remittances (Jul 10-Sep 10)

Foreign Invest (Jul 10-Sep10)

Revenue (Jul 10-Sep 10)

Foreign Debt (Jun 10)

Domestic Debt (Aug 10)

Repatriated Profit (Jul- Aug 10)

LSM Growth (Aug 10)

GDP Growth FY10EPer Capita Income FY10Population

$17.10bn

13.77%

$5.18bn

$9.03bn

$(3.85)bn

$(545)mn

$2.65bn

$455.10mn

Rs 310bn

$55.63bn

Rs 4863bn

$100.90mn

-3.85%

4.10%

$1,051

170.86mn

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

19.10

2.00

1.70

9.96

PKR/Shares

111.61

163.97

42.93

36.49

34.20

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)

20-Oct-2010

20-Oct-2010

20-Oct-2010

29-Sep-2010

22-Oct-2010

22-Oct-2010

22-Oct-2010

22-Oct-2010

22-Oct-2010

22-Oct-2010

22-Oct-2010

22-Oct-2010

22-Oct-2010

22-Oct-2010

22-Oct-2010

12.77%

13.08%

13.22%

13.50%

12.70%

12.99%

13.21%

13.61%

13.71%

13.62%

13.75%

13.80%

14.22%

14.36%

14.52%

Money Market Update

Symbols Buy (Rs) Sell (Rs)

Australian $ 84.55 84.75

Canadian $ 84.60 85.10

Danish Krone 14.80 15.20

Euro 118.60 119.10

Hong Kong $ 11.00 11.30

Japanese Yen 1.041 1.067

Saudi Riyal 22.90 23.20

Singapore $ 65.36 65.60

Swedish Korona 12.10 12.60

Swiss Franc 88.00 88.50

U.A.E Dirham 23.20 23.55

UK Pound 136.35 136.60

US $ 86.05 86.30

Open Mkt Currency Rates

Symbols Buying Selling

TT Clean TT & OD

Australian $ 84.12 84.32

Canadian $ 83.66 83.86

Danish Krone 16.03 16.06

Euro 119.53 119.81

Hong Kong $ 11.05 11.08

Japanese Yen 1.057 1.059

Saudi Riyal 22.88 22.93

Singapore $ 65.90 66.05

Swedish Korona 12.86 12.89

Swiss Franc 88.59 88.79

U.A.E Dirham 23.36 23.41

UK Pound 134.92 135.24

US $ 85.85 86.03

Inter-Bank Currency Rates

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Email: editor@ thefinancialdaily.com

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CITIES MAX-TEMP MIN

ISLAMABAD 26°C 14°C KARACHI 38°C 21°C LAHORE 24°C 16°C FAISALABAD 29°C 17°C QUETTA 26°C 7°C RAWALPINDI 26°C 14°C

Weather Forecast

Index Close Change

KSE 100 10,652.48 93.74

Nikkei 225 9,426.71 50.23

Hang Seng 23,517.54 131.94

Sensex 30 20,165.86 94.72

SSE COMP. 2,975.04 8.49

FTSE 100 5,741.37 16.49

Dow Jones 11,132.56 14.01

Global Indices

Geithner in Chinato walk trade talk

See on Page 12

DUBAI: The growth ofGross Domestic Product(GDP) of Pakistan is seenat 4.2 per cent during thecurrent year. This wasdisclosed by InternationalMonetary Fund in its lat-est report releasedSunday.

The InternationalMonetary Fund's reporttitled 'RegionalEconomic Outlook' cov-ering Middle East, NorthAfrica, Pakistan andAfghanistan (MENAP)said that said region isexperiencing a generallyrobust recovery, aided byrising oil prices, butregions oil-importingnations includingPakistan and Afghanistancontinue to face somehurdles especiallyPakistan where devastat-ed floods have incurredthe nation huge losses.

The IMF's report proj-

ects the region's output toexpand by 4.2 per cent in2010 or nearly double the2.3 per cent rate recordedin 2009. Growth in 2011is projected at 4.8 percent.

"We expect most coun-tries in the region to growfaster in 2010 and 2011than in 2009," MasoodAhmed, Director of the

IMF's Middle East andCentral Asia Departmentsaid.

"With the economicrecovery taking hold, theregion needs to resume itsfocus on medium-termchallenges: diversificationand financial marketdevelopment for the oilexporters, and tackling

See # 4 Page 11

Pak GDP to grow4.2pc this yr: IMF

IMF doubles ME, Pakistan, Afghanistan growth rate outlook

Ahmed Siddique

KARACHI: Mutualfunds which were sittingon cash, waiting for theright time to deploy thefunds, invested $3.2 mil-lion at the Karachi StockExchange during pastweek.

They invested holdingworth $20.55 million inlocal bourses and sold

$17.37 million in sharesresulting in net-buying of$3.2 million as per thedata made available by theNational ClearingCompany of PakistanLimited (NCCPL.Similarly, local compa-nies and foreign investorsalso bought on net basis$4.16 million and $2.76million respectively.

See # 7 Page 11

Mutual fundsbag $3.2mn shares

KSE during Last Week

ISLAMABAD: Ministryof finance has deprivedhealth ministry of 50 percent of its budgetary allo-cation for the current fis-cal year, putting manyhealth projects in dol-drums.

Sources have informedthat health ministry was tobe disbursed Rs6 billionfor the first-term of FY;but it has been reduced toRs3 billion.

This reduction was cre-ating problems for such

health ministry projects ashepatitis, malaria, andlady health workers'among many other healthprojects.

Ministry of finance haseven not yet explained asto whether these 12 percent funds of first-termwere delayed or have beenreduced.

The health ministry'sbudgetary allocation forthe FY was more thanRs24 billion, out of which

See # 6 Page 11

Health budgetslashed to half

KHAIRPUR: ChiefMinister Sindh SyedQaim Ali Shah has saidthat Sindh may receive Rs30 to 40 billion in thehead of gas and oil royaltyand provincial govern-ment is active in thisregard.

Addressing the inaugu-ration ceremony ofPetroleum Institute con-structed in GovernmentCollege of TechnologyKhairpur with the totalworth of Rs102 million,CM said that young

See # 8 Page 11

Sindh eyes Rs40bnin gas, oil royalties

MoF reduces allocation to R3bn from Rs6bn

Pak-UKtalks begin

todayISLAMABAD: Interior

minister level talks

between Pakistan and UK

on security matters will

begin from Monday

(today).British delegation led

by UK Home SecretaryTheresa May will bearriving here to partici-pate in the meeting.

See # 9 Page 11

Gilani calls for

embellishing

Pak imageLAHORE: PrimeMinister Syed YousufRaza Gilani has stressedupon the foreign-basedPakistani journalists toplay their effective role inremoving all misconcep-tions about Pakistan.

He was talking to a six-member PakistanJournalists Association,UK, delegation headed byTahir Chaudhry at his res-idence here on Sunday. Arepresentative of a charityorganisation "MuslimHands" was also presenton the occassion. ThePrime Minister said thatPakistan was simultane-ously faced with a numberof challenges and we arealready in the middle ofwar against terrorism andfacing economic recession,while another disaster camein the shape of floods,which delayed the sensiti-zation of the world torealise Pakistan's problemsand destructions due toflood calamity. -Agencies

IMF growth projections for the ME, NorthAfrica, Afghanistan and Pakistan (MENAP)

Special Correspondent

LAHORE: Minister for Petroleumand Natural Resources Syed NaveedQamar has said that at present theprices of gas will not be increased.

Talking to newsmen here onSunday, he said the prices of gas are

fixed for six months. He said after thehearings of Ogra if it approves theincrease will be effective fromJanuary.

Regarding load-shedding in thecoming winter, the Minister said thatafter the approval of the new loadshedding plan by Economic

Coordination Committee it will beannounced publicly.

He urged the Gas Associations andthe Gas Companies to sit togetherand resolve the problem. He saidconsultations with all stakeholdersare in progress to smoothly deal withthe load shedding problem.

Gas-price status quo for now: Qamar

Karachi, Monday, October 25, 2010, Zul-Qa’dah 16, Price Rs12 Pages 12

LAHORE: Foreign Minister Shah Mehmood Qureshi addressing apress conference upon his arrival from US here Sunday. -APP

Special Correspondent / Agencies

LAHORE: Foreign Minister ShahMehmood Qureshi has termed thePak-US Strategic Dialogue 'success-ful', 'progressive' and 'fruitful', addedthat United Stated has approved $7.5billion grant for the uplift and devel-opment of 13 sector of Pakistan. Thisgrant would be rendered during theperiod spanning five years.

He was addressing a news confer-ence here Sunday upon his returnfrom Washington, where he attendedPakistan-US Strategic Dialogue.

Foreign Minister made it clear thatit will be a grant and not loan which

will be used for the betterment ofPakistan.

He said another success of this dia-logue is that the United States hasannounced 2 billion dollars securityassistance to Pakistan to help it planfor its defence needs.

He described the Pak-US StrategicDialogue successful saying its resultwould emerge soon.

He said 13 sectors were covered inthe dialogue including security,defence, education, health, agricul-ture, water, power and energy.

He said that progress has beenmade on twenty seven scientific proj-ects. In water sector the United States

will invest for the construction ofGomal Zam and Satpara dams. Theyalso intimated that they will considertaking part in the construction ofDiamir-Bhasha Dam.

Qureshi said under public diploma-cy programme the United States willimpart training to two hundredPakistanis in the usage of the modernmodes of media management to thejournalists. He said views were alsoexchanged how to expand RadioPakistan's coverage particularly inBalochistan and the Southern Punjab.

Foreign Minister said PresidentObama intends to have an extensive

See # 5 Page 11

$7.5bn multisectorUS grant won: FM

Qureshi reaches home; terms Pak-US talk successful

Govt to decide timeline of North Waziristan Operation

LAHORE: The PEPCOManaging Director RasulKhan Mahsud has consti-tuted a committee to sub-mit a feasibility report ontechnical and financialaspects of AutomaticReading Meter (SmartMetering).

He was addressing hismaiden meeting withChief Executives Officers(CEOs) of DISCOs (powerdistribution companies)and senior PEPCO officersat WAPDA House hereSaturday.

During the meeting, theLESCO CEO Saleem

Akhtar briefed that AMRpilot project initiated inShadbagh and Shadmanareas of Lahore with a costof Rs6.2 million. The AMRhas a fire-fly which facili-tates two way communica-tion, and if anyone tinkerswith the meter, bypasses itor data is lost because ofdamage to the meter, thesame is not only communi-cated in real time but alsosaved in adjacent meterinstalled within the area.The smart metering showeda steep decline in line lossesfrom 11 to 2.9 per cent.

After having an intense

debate over the pros andcons of the smart meters,the MD constituted a com-mittee to submit a reportabout its technical andfinancial feasibility withinone week.

The meeting also dis-cussed the frequent con-sumers' complaints ofover-billing and the MDsaid, "We cannot unneces-sary burden our valuedcustomers by over-billing,which will not be tolerat-ed and strict actions willbe taken against thosefound involved in over-billing."-APP

PEPCO seeks report

2 Monday, October 25, 2010

TV PROGRAMMES

MONDAY

Time Programmes

7:00 News

8:00 News

9:05 Subah Savere

Maya ke Sath

11:10 The Reema Show

(Rpt)

12:00 News

13:10 Faisla Aap Ka

(Rpt)

14:10 Tafteesh (Rpt)

15:00 News

16:00 News

17:30 Samaa Metro

18:00 News

18:30 Samaa Sports

19:30 Crime Scene

20:03 Newsbeat

21:00 News

22:03 Tonight With

Jasmeen

23:00 News

23:30 24

Automated metering under consideration

KARACHI: The SindhHome Department hasdrafted A Witness protec-tion Program following thedirectives of ProvincialMinister for Home andPrison, Dr Zulfiqar AliMirza.

The working paper whichis prepared by Consultanton Home AffairsSharfuddin Memon mainlyfocused on a programdesigned to protect the wit-nesses of crimes from bodi-ly harm as a way of encour-aging people to come for-ward to testify on what theyknow about the crime.

"The Witness ProtectionProgram will ensure protec-tion to witnesses in majorcriminal cases from physicalharm and intimidation. TheProgram also applies to wit-ness and close family mem-bers who may also be underthreat," the consultant noted.

"The idea to put WitnessProtection Program in place

conceived after observingthat witnesses remainedreluctant to come forwardbecause of fear, especially incases of homicide, terrorismand other heinous crimes,"the working paper added.

Dr Zulfiqar Mirza whilereviewing the workingpaper directed HomeDepartment to effectivelycover under the said pro-gram security to the witnessand close family members,ensuring secure housingfacility to the witness untilhe/she has testified or untilthe treat, intimidation orharassment disappears or isreduced to a manageable ortolerable level, to assist wit-ness and family members inobtaining means of liveli-hood, extend free educationand health facilities to wit-ness's minor or dependentchildren in case the witnessis killed, died or handi-capped due to permanentincapacity.-PPI

Witnesses to getgovt protection

KARACHI: Advisor toChief Minister Sindh onInformation SharmilaFarooqui said on Sundaythat the PPP governmentis struggling to materi-alise the dream ofShaheed MohtarmaBenazir Bhutto forachieving stable democra-cy, strong federal polity,provincial harmony andlarger socio-economicdevelopment.

"Anti-democratic forceswho have launched bar-rage of criticism for gain-ing their ulterior motiveswill never successbecause the people arewell-aware of their evildesigns. These forceswere defeated byMohtarma Benazir Bhutto

in the past and are againout to get lust of powerthrough backdoors but thepresent regime with thesupport of people willhand them a massivedefeat," she said whiletalking to media duringher visit to the exhibitionof Shaheed MohtarmaBenazir Bhutto's photo-graphs collection by AghaFeroz at a local hotel.

She hailed the organis-ers for the wonderfulexhibition and paid richtributes to ShaheedBenazir Bhutto for ren-dering enormous servicesto the people of the coun-try. The advisor saidBenazir Bhutto was avisionary leader whobrought democracy in the

country time and againfor welfare of the peopleand added that she duringher rule ensured an inde-pendent judiciary, freemedia and greater socio-economic development inthe country whilePresident Asif Ali Zardariis also pursuing her poli-cies in true spirit for thegood of people.

She said that it wasMohtarma Benazir Bhuttowho raised the slogan ofreconciliation forsupremacy and sovereign-ty of the country. Politicalreconciliation means tocooperate with politicalparties for resolving per-sisting and lingeringnational issues facing thecountry, she observed.-PPI

PPP strivingto fulfill BB’s

dream: Sharmila

KHAIRPUR: ChiefMinister Sindh SyedQaim Ali Shah said onSunday that Sindh gov-ernment is paying atten-tion to provide jobs to dis-abled youth, he said whileaddressing a inauguralceremony of thePetroleum TechnicalTraining Institute and dis-tributing cheques ofBenazri Bhutto RozgarScheme among the dis-ables here.

Qaim also said a grouphas forgotten the previousgenerals and is carryingout wrong propagandaagainst elected PresidentAsif Ali Zardari, addingSindh has enormous natu-

ral resources, so we canearn over Rs40 millionfrom its royalty.

He urged youth to comeforward and get technicaleducation and in this con-nection Sindh TechnicalEducation & VocationalTraining Authority wouldbe introduce for promo-tion of technical educa-tion and ten such centersare being set up in 10 dis-tricts of province with thehelp of Petroleum andNatural ResourcesMinistry.

Earlier, Sayed Qaim AliShah along with provin-cial minister Abdul SalamThaheem inauguratedPetroleum Technical

Training Institute and itshostel completed with thecost of Rs88 million.

The Sindh ChiefMinister also inaugurated3.5 kilometer-long road ofthe city, which is beingconstructed with the cotof Rs15 million.

The CM also distributedRs2.5 million among 42disable persons underBenazir Bhutto IncomeSupport Program.

Sindh Chief Ministeralso met with various del-egations at the CircuitHouse Khairpur and lis-tened to their problemsand issued directives torelevant departments fortheir solution.-PPI

Govt committedto help the

disable: Qaim

KARACHI: SindhHealth Minister DrSagheer Ahmed hasrevealed on Sunday thatthe government of Sindhhad stopped the fundworth of Rs20 millionallocated for the preven-tion of dengue virus.

Addressing a press con-ference here in CivilHospital, the provincialhealth minister said thatnumber of dengue affect-ed patients has increasedduring last 20 days andmore than 15 people havedied due to dengue feveralone in Karachi.

He said they were insur-ing the effectiveness ofdengue surveillance

System and for this pur-pose a spray campaignhas been launched to con-trol the deadly virus.

Responding to a ques-tion he said, Every yearSindh government pro-vides 20 million for theprevention of dengue butthis time inspite of repeat-ed request the governmentdid not release the saidamount. "Due to theunavailability of fundsministry was facingsevere problems to copethe issue" he added.

He said 2974 cases havebeen registered in Sindhand the numbers wereincreasing with every newday. "Use of aspirin and

Anti-Biotic could be dan-gerous and it couldincrease the intensity ofdisease" he added.

dengue fever, a mosqui-to-borne disease, is on therise and claiming morelives.

According to Mediareports, two more denguepatient died in Karachitaking the toll to 15 in2010 only, while 86 moreadmitted to the hospitalsin the last 24 hours.

While in Lahore at least130 patients are con-firmed to be infected withthe virus in last 24 hours,and one each in Okara andSialkot. The number ofpatients in Punjab has

reached to 735 fromwhich 627 were fromLahore.

In Matiari, a minor, 5year old Nimra diedtoday. dengue cases havealso been reported fromHyderabad, Shahdadpur,Mir Pur Khas and Sukkur.

WHO regional figuresshow there were 212,988dengue cases with 674deaths in 2008, increasingto 242,424 cases and 785deaths last year. Therehave been 204,759 caseswith 831 deaths so far thisyear.

Standing water attractsdengue-carrying mosqui-toes, it has been told.-Online

Sindh govt notreleasing denguefund: Dr Sagheer

MONDAY

Time Programmes

8:00 Agenda 360 (Rpt)

9:00 News

9:15 Pehla Sauda

10:00 News

10:15 Bazaar

11:00 News

11:05 Ghar Ka Kharch

12:00 News

12:05 Agenda 360 (Rpt)

13:00 News

15:15 Power Lunch

14:00 News

15:02 Akhri Sauda

15:30 Amnay Samnay

(Rpt)

16:15 Karobari Dunya

17:05 Ghar Ka Kharch

18:05 Chai Time

19:00 News

19:05 Tax Time

19:30 Mang Raha Hai

Pakistan

20:00 News

20:05 Islamabad Say

21:00 Pakistan Aaj Raat

22:00 News

22:05 Doosra Pehlu

23:00 News

23:05 Uff Tv (Rpt)

23:30 Dilkash Pakistan

(Rpt) AKUteachingmoot ontuesday

KARACHI: The AgaKhan University (AKU)Institute for EducationalDevelopment (AKU-IED) is organising athree-day InternationalConference from Oct 26on the Role of TeacherEducation in ComplexEmergencies.

An official of the insti-tution said on Sunday thatthis year's conferenceaims to share innovationsin teacher education tocounteract crises thatdirectly affect humandevelopment.

Director, Institute forEducational Development,BRAC University,Bangladesh, Dr ManzoorAhmad, will be deliveringthe keynote address on theoccasion.-APP

SSC-Isciencegroupresultstoday

KARACHI: The Board ofSecondary EducationKarachi (BSEK) willdeclare the result of SSCPart I Science GroupAnnual Examination 2010on October 25.

This was announced bythe Controller ofExaminations of the BSEKon Sunday.-APP

Koreaoffers

diesel locosto PakistanKARACHI: Korea hasshown interest in train oper-ation in Pakistan underPakistan's Open AccessPolicy. Korean Railway hassaid that it would bring itscoaches and locomotives torun the trains.

According to PakistanRailway sources, KoreanRailway has also offered itsdiesel operated locomotivesto Pakistan Railway which itis replacing with high speedelectric locomotives.

In this regard a 3-memberdelegation of PakistanRailway comprising itsGeneral Manager(Operation), DirectorPlanning and AdditionalGeneral Manager is leavingfor Korea on Monday tohold talks with Korean rail-way authorities with regardto its offer.

The diesel operatedKorean locomotives can stillbe used for another 10-20years in the PakistanRailway system while rail-way has no funds to buynew locomotives.

According to railwaysources Korean Railway hasalso shown interest in oper-ating sub-urban trains insub-urban areas of Lahore.

G u j r a n w a l a - L a h o r e ,Faisalabad-Lahore, Qasur-Raiwind-Lahore andWagah-Lahore form thesuburb of Lahore andKorean railway has offeredto bring its coaches andlocomotives to operate thesub-urban trains.

The railway delegationafter studying the Koreanoffer and holding prelimi-nary talks there would sub-mit its report to Ministry ofRailways here.-APP

KARACHI: Sindh Provincial Minister for Tourism Shazia Marritakes keen interest in the pictures of Shaheed Benazir Bhutto being

displayed during pictures exhibition of the slain leader of PPP.-Online

n Dengue fever on the rise countrywide

n Rs20mn fund not being released: minister

KARACHI: Sindh Provincial Minister for Health Dr Sagheer Ahmed looking the condition of apatient of Dengue Fever in Denque ward in Civil Hospital. Nearly 3000 people are reported

suffering from the deadly dangue fever from which 15 people lost their lives.-Online

3Monday, October 25, 2010

SINGAPORE: Asian currencies had their firstweekly loss in two months after US TreasurySecretary Timothy F Geithner signaled his gov-ernment supports a stronger dollar as officialsfrom the Group of 20 nations met in SouthKorea.

Malaysia's ringgit, Thailand's baht and theSingapore dollar retreated from last week'shighest levels in at least 13 years. Bank ofThailand Governor Prasarn Trairatvorakul saidon Oct. 21 the central bank is studying steps tocurb excessive volatility in the baht. SouthKorea's Vice Finance Minister Yim Jong Yongsaid his government is discussing several meas-ures to control capital inflows.

South Korea's won slumped 1 per cent lastweek to 1,123.35 per dollar in Seoul.Malaysia's ringgit declined 1 per cent to 3.1170and Taiwan's dollar weakened 0.4 per cent toNT$30.910. Singapore's currency dropped 0.5per cent to S$1.3032.

The won posted its first weekly loss in twomonths as authorities signaled they will taketougher measures to curb capital inflows. Thegovernment may reveal a round of measures toease volatility in capital inflows and outflows

as early as late November, the Maeil BusinessNewspaper reported, citing a government offi-cial it didn't identify.

"Regulations are coming up," said Ko YunJin, a currency trader at Kookmin Bank inSeoul. "Over the weekend we have the meetingof finance ministers. We want to see what theymay come up with. There's a bit of caution."

China's yuan declined for the first week sinceearly September after the central bankincreased interest rates for the first time since2007.

Gross domestic product advanced 9.6 per centin the third quarter from a year earlier, the sta-tistics bureau said on Oct. 21, the slowest pacein a year. The central bank on Oct. 19 lifted itsbenchmark one-year lending and deposit ratesby a quarter of a percentage point to 5.56 percent and 2.5 per cent respectively.

The yuan dropped 0.2 per cent last week to6.6572 per dollar. Elsewhere, Indonesia's rupi-ah declined 0.3 per cent to 8,937 and thePhilippines peso fell 0.3 per cent to 43.305.India's rupee slumped 1 per cent for the week to44.56 and the Thai baht slipped 0.4 per cent to29.94. -Agencies

Asian currencies

Mostly post losses for week in 2-months

NEW YORK: The euro is likelyto struggle to hold gains againstan oversold US dollar this weekas investors await a NovemberFederal Reserve meeting expect-ed to produce a new round ofquantitative easing.

After surging 7.6 per cent ver-sus the greenback in September,the euro's rise slowed to about 2per cent in October as investorsconsolidated the previousmonth's gains.

Uncertainty over the result ofthe Fed's Nov. 2-3 meeting anda G20 finance ministers' gather-ing in South Korea has also ledinvestors to reduce extremelybearish bets on the dollar.

"We had a strong trend fromSeptember to around October15 -- that is selling dollars andbuying euros -- but that hasstarted to slow down. We're inthat period now where the mar-ket wants to find its next direc-tion. Is the dollar going to golower or higher?" said GregMichalowski, chief currencystrategist of the New York-based online broker FXDD.

On Friday, the dollar was ontrack to break a five-week losingstreak against major currencies.On the week, the dollar indexwas up 0.6 per cent, the best gainsince the week of Sept 12.

Michalowski's guess is that thedollar could rally further, a viewthat is slowly gaining momentum.

John Taylor, chairman andchief investment officer at cur-rency hedge fund FX Conceptsbelieves a peak in the euroagainst the dollar is just aroundthe corner. Taylor told Reutersin an interview that he thinksthe euro will most likely hit atop of between $1.43-$1.45 dur-ing the first week of November,which is when the Fed, at itsNov. 2-3 policy meeting, mayannounce quantitative easing.

Many analysts say the euro-

zone is still riddled with problemsand speculation about exitingquantitative strategies at a timewhen its recovery is still shaky ispremature. Overall, some analysts

believe the euro-zone's fiscal aus-terity measures will in the longrun derail growth in the region'speripheral countries.

"We are confident in themonths ahead that the currentoptimism will be replaced by agrim reality in the peripheral

countries," wrote Jonathan Clark,FX Concepts president, in a noteto investors. Marc Chandler,global head of currency strategyat Brown Brothers Harriman inNew York, echoed some ofTaylor's views. He believes thedollar's decline against the euro isreaching its final stages.

Chandler pointed out that theEuropean Central Bank seemsdetermined to normalize mone-tary policy, with the terminationof its long-term repo operationsand the planned end of theunlimited nature of the short-term refi transactions.

ECB Council member JuergenStark had suggested that the ECBmight raise rates before it fullyexits some of the measures takenduring the crisis. As a result, thederivatives market has alreadyfactored in a 25 basis-point hikein the first quarter next year.

Technical charts also suggesta dollar recovery is underway.

FXDD's Michalowski said he isencouraged by dollar/yen's priceaction, which has moved awayfrom 81.11, the intermediate floorof the last few days. Mid-after-noon in New York, the dollar isup 0.2 per cent at 81.43 yen.

The next target would be get-ting above the week's high near82 yen and after that, 82.87 yenis in play, the level at whichJapan intervened to weaken itscurrency more than a month ago.

In the case of euro/dollar, thefive-day and 20-day simplemoving averages seemed set toconverge in the next few days,which is a bearish signal, BrownBrothers' Chandler said.

That technical indicator hadaccurately captured the market'sbig moves the last six months,identifying the euro's downtrendfrom mid-April through mid-Juneand its recovery through mid-August, including its latest bullishturn in mid-September. -Reuters

Greenback weekly outlook

Euro seen faltering vsdollar as uptrend stalls

Technicals suggest dollar recovery underway

NEW YORK: Oil prices rose1.4 per cent on Friday on posi-tive German business sentimentdata, French strikes and a stormthreat as the dollar index see-sawed and G20 finance minis-ters met to consider currencypolicy.

Sources said investors werecautious with a Group of 20meeting underway in SouthKorea that looked unlikely toreach a deal on a US-led initia-tive for a commitment fromemerging countries to allowtheir currencies to rise.

US crude for December deliv-ery rose $1.13, or 1.4 per cent,to $81.69 per barrel, as front-month crude eked out a 44 centgain for the week.

But the December contract,which moved to the front-monthposition after the Novembercontract's expiration onWednesday, actually lost 24

cents on the week. The week'strading was volatile. Mondaythrough Thursday saw oil moveup 2.25, down 4.32, up 2.87,and then down 2 per cent.

Friday's $80.41-$81.94 rangewas within Thursday's range,what traders call an "inside day,"and total crude trading volumewas at 341,083 lots with 25 min-utes left in post-settlement trad-ing, putting it on track to be thelowest daily volume since375,005 lots traded on June 28.

"To me, falling volume andnarrower trading ranges implythat both buyers and sellers arerelatively comfortable withprices where they are. Risingvolume and daily trading rangesoccur when people are frantic toexit bad positions," said MikeFitzpatrick, vice president atMF Global in New York.

In London on Friday, ICEBrent December crude rose

$1.13 cents, or 1.4 per cent, tosettle at $82.96 a barrel.

Investors also are waiting forthe US Federal Reserve to takeup the question of another roundof government debt purchases,or quantitative easing, at its pol-icy meeting in November.

Investors also eyed a threatfrom Tropical Storm Richard,which was expected to strength-en into a hurricane this weekendand hit Mexico's YucatanPeninsula next week. The threatto Mexico's oil-rich Bay ofCampeche and US energy facil-ities in the Gulf of Mexicoremained uncertain.

Late on Friday, theCommodity Futures TradingCommission released datashowing that money managerscut net long crude oil positionsheld on the New YorkMercantile Exchange in theweek to last Tuesday. -Reuters

Oil up in thin trade onGerman data, dollar

G20 fin mins meet on currencies, dollar seesaws

NEW YORK: US cotton futuresrose the daily limit on Friday onfund and investment buying afterstorms ripped through the keygrowing state of Texas late lastnight, analysts said.

Hail and heavy rain hit Texas,which harvests about half of theUS cotton crop, igniting arenewed round of speculativefund and investment buying onuncertainty over how muchdamage the storms may havecaused to the crop.

ICE Futures US key Decembercotton contract increased the4.00 cent limit to close at$1.1971 per lb. The session lowwas at $1.1525. It was the thirdconsecutive day of gains for cot-

ton, having topped out last weekat the record top of $1.198.

Volume traded in the cottonmarket stood at 21,430 lots,about 6.0 per cent below the 30-day average at 22,794 lots, pre-liminary Thomson Reuters datashowed.

The market's technical out-look though indicates it hasmoved into overbought ground.

The weekly CFTC reportshowed noncommercials' netlong position as of Oct. 19 ris-ing to 35,362 lots from 35,020lots net long in the precedingreport. Managed moneyaccounts' net long slipped to43,645 lots from 44,026 lots.

The net short of producers, mer-

chants and other reportables fell to81,973 lots, from a net short of88,041 lots, the CFTC said.

In China, the ZhengzhouCommodity Exchange's Maycotton futures was last traded at25,145 yuan per tonne, up 260yuan from its previous close.

Fundamentally, any losses tothe US crop could lead to a fur-ther squeeze in available sup-plies and trades said this maydrive prices higher as a result.

On Thursday, a ThomsonReuters survey of Chinese ana-lysts expect the country's cottonproduction in 2010/11 to reach6.45 million tonnes, sharplybelow the USDA estimate of6.976 million tonnes. -Reuters

US cotton finishes dailylimit up on Texas storms

NEW YORK/LONDON:Arabica coffee futures on ICEclosed easier on profit-taking onFriday, but remained near 13-year highs, underpinned by sup-ply concerns that boosted themarket to make the biggestweekly gains in four months.

Raw sugar consolidated lowerbelow this week's nine-monthpeak. Cocoa climbed on lightshort-covering by investors, withdealers watching top grower IvoryCoast, where elections are due thismonth. Dealers said world coffeeproduction may fall short ofexpectations if key growersincluding Colombia and Vietnamrevise output figures lower.

December arabica coffee brokeabove the key psychological levelof $2.00 a lb on Thursday, peakingat $2.0350 a lb.

ICE December arabica futuresfell 2.15 cents or by 1.1 per centto finish at $1.9885 per lb, aninside day. The spot contract,however, closed the week up 6.7per cent, the steepest weeklygain in four months.

Data released late Friday bythe Commodity Futures TradingCommission (CFTC) showedthe noncommercial net longposition increased to 35,362 lotsin the week ending Oct. 19, up15 per cent from 32,127 lots theprevious week.

Liffe January robusta coffeedropped $76 to settle at $1,826per tonne after setting a two-year peak for the benchmarksecond month of $1,910 onThursday. It finished the weekup 8.6 per cent.

Cocoa was higher with techni-cals supporting further gains.

ICE December cocoa rose $29to settle at $2,846 per tonne, up1.5 per cent from a week ago.Liffe second-month March cocoafinished up 25 pounds at 1,948pounds a tonne. ICE raw sugarclosed lower after a session ofchoppy dealings, hit by profit-tak-ing and investor sales underpinnedby tight supplies and reports ofBrazilian buy backs from industry.

Traders said a move towardthe psychological level of 30cents may not be possible short-term because a correction tolower ground from the 9-monthpeak of 29.23 cents.

ICE March raw sugar futuresfell 0.13 cent to close at 28.22cents per lb, posting losses forthe second day running. It fin-ished the week up 4.29 per cent.

The noncommercial net longposition grew to 160,660 lots byOct. 19, from 153,105 lots previ-ously, according to CFTC data.

London December whitesugar closed down $17 at$706.90 per tonne. -Reuters

Coffee slips but postssteep weekly gain

US corn, soyslip as exportsupport fadesCHICAGO: US corn and soy-bean futures drifted lower onFriday in subdued trade, as con-solidation and late-session sell-ing by investment fundsdragged both markets fromearly highs as support fromrobust export demand faded.

Soybeans have gained nearly9 per cent this month and cornhas climbed about 13 per cent.

Chicago Board of Trade cornhas risen more than 33 per centin two months.

CBOT corn for Decemberdelivery fell 4-1/4 cents to $5.60a bushel, off the session high of$5.71. Corn ended the weekdown 3 cents, or 0.5 per cent.

November soybeans closeddown 2 cents at $11.99-1/2 abushel after rising as high as$12.12-1/2. The spot contractwas down 2 per cent fromThursday's 14-month high of$12.23-1/2 but finished up morethan 8 per cent from a week ago.

Funds sold about 5,000 corncontracts and 2,000 soybeancontracts on Friday, CBOTtraders estimated.

US wheat edged higher, withDecember up 0.3 per cent at$6.70-3/4 per bushel. The con-tract closed down 4.8 per centon the week. -Reuters

Copperends higher

NEW YORK/LONDON:Copper ended up on Friday, butsnapped a streak of five consec-utive weekly gains, as momen-tum stalled as the dollar stead-ied and investors sided withcaution ahead of the Group of20 meeting in South Korea thisweekend.

Copper for December deliv-ery on the COMEX metals divi-sion of the New YorkMercantile Exchange ended up1.55 cents at $3.7970 per lb,after dealing between $3.7515and $3.8155.

Earlier this week, the bench-mark December contract ralliedto fresh 27-month peak at$3.88, but has since fallen backand looked vulnerable foranother challenge of its 20-daymoving average.

On the London MetalExchange (LME), benchmarkcopper closed up $28 at $8,335a tonne. On Tuesday, it vaultedto its highest level since July2008, at $8,492.

Lead hit a nine-month highand zinc hovered close to a six-month peak, buoyed by theshutdown of China's third-largest lead and zinc smelter.

Copper continued to be sup-ported by a tightening funda-mental backdrop. The latestreport from the InternationalCopper Study Group showedthe market deficit widened to356,000 tonnes betweenJanuary and July this year,more than twice the level seenat the same time last year.

Copper inventories held inLME-bonded warehouses fellby 1,175 tonnes to 368,825tonnes, the lowest levels in oneyear, the latest data showed.

Across other metals, aluminumedged up $1 to close at $2,365 atonne. Lead hit its highest sinceJanuary, at $2,548 a tonne, beforeending up $45 at $2,530. Zincgained $38 to $2,512, but backedaway from an earlier six-monthpeak of $2,540.25.

Nickel dropped $325 to closeat $23,225, due to a lack ofapparent demand.

Tin closed down $100 at$26,400. It hit a record high of$27,338.50 on Oct. 14, amidfalling supply from top tinexporter Indonesia. -Reuters

NEW YORK: Gold steadied onFriday after its first weeklydecline in nearly 3 months, withbullion investors keeping an eyeon any statements from the G20meeting.

Any currency reaction to theG20 meeting in South Korea thisweekend could provide freshimpetus to the gold market.

Analysts, however, said it isunlikely for members to reach adeal on a US-led initiative for acommitment from emergingcountries to allow their curren-cies to rise.

"I don't think there was anexpectation that they will come upwith a grand solution becauseeverybody does have a differentinterest," said Axel Merk, portfoliomanager of Palo Alto, California-based Merk Mutual Funds.

"It's just the very beginning ofa currency war. It's going to takea while to brew over. I have nodoubt gold will be the benefici-ary in the long run," he said.

Gold was more than 3 per cent

lower this week, after China'ssurprised rate hike sent the dol-lar up 0.7 per cent sinceMonday. The inverse correlationbetween gold and the dollar hasbeen the closest in a month,Reuters data showed.

Spot gold was up 0.3 per cent at$1,327.65 an ounce at 1925 GMT,having earlier fallen to a 2-1/2 lowat $1,315.09. US gold futures forDecember delivery settled down50 cents at $1,325.10.

A weekly report by the USCommodity Futures TradingCommission showed managedfunds cut the net long position inthe COMEX futures markets byabout 7 per cent this week, asgold prices dropped 3.3 per cent,roughly matched its last signifi-cant weekly decline in earlyJuly.

Gold's 3.3 per cent drop thisweek roughly matched its lastsignificant weekly decline inearly July. Although significantaction is not widely anticipated,traders are awaiting a forthcoming

Fed policy meeting that couldresult in further quantitative easing.

Good physical demand fromtraditional bullion-buying cen-ters such as India is strengthen-ing as prices descend.

Dealers in India reported theywere continuing to stock up forforthcoming festivals, includingthe Hindu festival of Diwali, amajor gold-buying events, asprices corrected this week.

The world's largest gold-backed exchange-traded fund,New York's SPDR Gold Trust,saw a further drop in its holdingson Thursday, however. Goldheld by the fund dropped 0.9tonnes, its 11th session of out-flows in 15.

Among other precious metals,silver was 0.4 per cent higher at$23.20 an ounce, its biggestweekly loss since early July as itfollowed gold prices lower.

Elsewhere platinum edged up0.4 per cent at $1,672.92 anounce, while palladium gained1.1 per cent to $588.05. -Reuters

Gold sets first decline in12 weeks; G20 in focus

TORONTO: The Canadian dollar was flat versusthe US currency on Friday as investors failed tomake any major bets either way amid uncertaintyabout the outcome of a meeting of the G20 lead-ing economies this weekend.

The currency mimicked moves in other markets,including world stocks, which wavered on Fridayas traders took profits after this week's run-up.

The G20 is striving to put the world economy ona more stable footing and defuse currency ten-sions that economists fear could trigger tradewars.

"You've got the sense that the US is basicallyout there saying we're not going to do anything todevalue the dollar.

Those sort of issues have been providing somesupport for the US dollar," said David Watt, sen-ior currency strategist at RBC Capital Markets.

"The bulk of the work for the G20 and the G20communique is not going to be finalized until theweekend so the markets are prepared for, well,just in case there's an agreement, we don't neces-sarily want to be caught short the dollar."

But Watt added the market was cautious in gen-eral about what's going to happen with currencies,given speculation the Federal Reserve willannounce more monetary easing next month, like-ly through direct purchases of US Treasury debt.

The Canadian dollar ended at C$1.0269 to theUS dollar, or 97.38 US cents, down a hair fromThursday's close at C$1.0263 to the US dollar, or97.44 US cents. It was down 1.5 per cent for theweek.

Earlier, the currency firmed to a session high ofC$1.0224 to the US dollar, or 97.81 US cents,supported in part by data showing Canadian retailsales in August beat expectations.

Economists said Friday's September inflationdata, which was largely muted, was unlikely tostrengthen the resolve of those who think theBank of Canada will begin to raise interest ratessoon.

The central bank paused on rate increases earli-er this week, and said that it would have to consid-er any further rate hikes carefully, given thepatchy global recovery. -Reuters

Canadian $ little changed, but cap losses for week

Sterling loglosses for wkLONDON: The pound posted itsbiggest weekly loss against thedollar since August amid specu-lation this weekend's Group of 20meeting in South Korea mayresult in an accord that will sup-port the US currency.

Sterling slid for a sixth weekversus the euro, the longeststretch since November 2004,as G-20 finance ministers andcentral bankers ended round oftalks. The finance chiefs plan tosay members will avoid "com-petitive undervaluation" of cur-rencies, according to an officialfrom a member country, citinga draft statement and speakingon condition of anonymity.

The pound and dollar haveboth dropped versus the eurothis month on concern the Bankof England and Federal Reservewill engage in asset purchases,known as quantitative easing.

"Investors have had shortpositions on the dollar bettingon further quantitative easing inthe US, but there is a risk- fac-tor going into weekend with theG-20," said LaurenRosborough, a senior strategistat Westpac Banking Corp. inLondon. "People are lighteningtheir short positions by buyingback US dollars to reduce theirrisk, so that if we do get anysurprises, it won't hurt theirportfolios as much."

Sterling was 0.2 per centweaker at $1.5672 at 5:07 pmin London, depreciating againstthe US currency in four of thelast five days. The pound fell0.2 per cent to 88.74 pence pereuro and was little changed at127.72 yen.

Bank of England minutesreleased last week showed poli-cy makers were leaning toward asecond round of quantitative eas-ing to boost the economic recov-ery, helping drive the pound toits weakest level in more than sixmonths versus the euro.

The pound has depreciated5.9 per cent this year against abasket of its developed-countrypeers, making it the worst per-forming currency. -Agencies

Spec’s furthertrim betsagainst

USD: CFTCNEW YORK: Currency specu-lators further reduced betsagainst the US dollar for a sec-ond straight week, although netshort positioning was still atextreme levels, data from theCommodity Futures TradingCommission showed on Friday.

The value of the dollar's netshort position fell to $25.8 bil-lion in the week ended Oct. 19,compared to a net short of $29billion the previous week,according to Reuters and CFTCcalculations.

Net short dollars totaledabout $30 billion two weeksago, the biggest bet against thegreenback since at least June2008.

The most significant changein the latest week was in theAustralian, Canadian and NewZealand dollars, with net longssubstantially cut. In the case ofthe Canadian dollar, specspared net longs by about 13,000contracts following a dovishmessage from the Bank ofCanada on Tuesday.-Reuters

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Changingthe mindset

Some of the experts are of the opinion thatthere is a need to bring radical changes in themindset of Pakistanis to make them a coherentnation and the country financially strong. Thehabit of living beyond means and borrowing topay off the outstanding debt has already plungedthe country into serious debt crisis. Weaker insti-tutions are the outcome of giving priority to per-sonal interest over the national objective.However, nothing could be achieved withoutushering change in the national psyche.

The first step is to come up with EducationPolicy capable of producing the learned onesrather than the degree holders. This policy hasto be prepared in the light of clearly definednational objectives and also prioritizing thesame. This has to supported withappropriate curriculum and hiring the righttype of faculty. The focus has to be shiftedfrom imparting aimless education to vocation-al training for producing skilled workforce.After understanding the requirement of gradu-ates in various disciplines, only the needednumber of graduates should be produced --in aparticular discipline-- to avoid unemploymentand sense of deprivation.

While preparing the education policy it mustbe made sure that enough skilled people aremade available to bring change in agriculture,industries and services sector. Pakistan suffersfrom low production and productivity in agricul-ture. This can be overcome by cultivating seedsgiving higher yield, applying right dosage ofnutrients and better crop management.Educating the farmers is not possible withouttraining the trainers.

Pakistan's industrial sector is mostly confinedproducing textiles, sugar, refining, and a fewother basic raw materials. However, most ofthese industries are inefficient, wastages arehigh and sponsors have failed in undertakingBMR. Most of the units are based on obsoletetechnologies and machineries. The result isobvious as local manufacturers can't compete inthe global markets. Following the policy ofimport substitution rather than exploiting thecomparative advantage has led to Pakistan los-ing its market share in the global market of tex-tiles and clothing, becoming net importer ofsugar and fertiliser and remaining highlydependent on import of petroleum products.

Services sector has emerged better because ofthe linkage with the global leaders. Pakistanibanks are often regarded conservative but areinline with the global players due to followingBasel rules. However, sickness of industries isoften reflective in the banking sector. If textilescontributed the largest percentage of delinquen-cies in the past, passing of inter corporate debt ofthe energy sector toxic for the financial sector.

Many of the ills of Pakistan's economy arebecause of myopic vision of the policymakers,who may have high-end degrees but seem to benon-visionary. They often waste time and ener-gy maintaining status quo rather than bringing apositive change. They are afraid of accepting thechallenge and try to kick the problems in longgrass. Many of the countries have gone aheadsimply because they invested in education andbrought a change in the mindset of their people.It is still not too late to start. The choice is ours.

4Saturday, October 23, 2010

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

Editor: Shakil H. Jafri

Executive Editor: Manzar Naqvi

Honorary Advisory Board

Haseeb Khan, FCA

Asim Abbas Ashary, CPA

Akhtar M. Zaidi, FCA

Dr. A. Hadi Shahid, FCA

Muhammad Arif

S. Muneer Hussain Rizvi

Khurram Shehzad, CFA

Prof. Zakaria Sajid (KU)

Zahid Bukhari SVP HBL (retd)

Ismat Sabir

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The Financial Daily InternationalVol 4, Issue 78

Awave of religious fervourand a backlash by secularliberals has left some ordi-

nary Egyptians feeling likestrangers in their own country, andcivil rights activists warn of a dan-gerous drift into sectarianism.

Banker Hussein Khalilsays organising somethingas simple as an evening outwith friends has turnedinto a headache.

"These days in Egypt,either you go out with peo-ple who are very strict andagree not to go anywherethat serves alcohol, or yougo out with others who justwant to get drunk," saidthe 27-year-old.

"Moderates are unable toenjoy their lives... We'reunder pressure to join oneof the two extremes."

Egypt's legal system is based onShariah law yet the country has alarge Christian minority and thestate has sought since independ-ence to cement national identity bypromoting an ideal of citizenshipthat transcends religious affiliation.

Religious observance was seenwidely as a matter of personal con-science until the 1980s, whengrowing numbers of Egyptiansstarted working in Saudi Arabiaand began promoting the strictIslamic ways back home.

When thanked, most Egyptiansused to say: "You are welcome".This has been replaced by the morepious phrase: "May God rewardyou with goodness".

Some women have stopped shak-ing men's hands, saying it is for-bidden. Many Muslim scholars saygreetings are set by society, not byIslam.

In the 1970s it was rare forEgyptian women to cover theirhair. Today it has become thenorm. Fully veiled women in flow-ing black robes are a common sight

and those who show their haircomplain of growing pressure tocover up.

The Koran is not clear on a dresscode for women but a majority ofMuslim scholars consider it a reli-gious obligation for women to

cover their hair and neck.The full veil is most popular

among poor Egyptians, for whomrespectability is a must in their

search for a husband or job.Among wealthier Egyptians it is

a subject of bitter dispute -- advo-cates see it as an antidote to theWest's obsession with a woman'slooks. Opponents see it as a sym-bol of male tyranny.

"It (the face veil) is a sign ofdecline and the enslavement ofwomen," said Bilal Alaa, a 21-year-old university student.

"Islamists got worried that mod-ernisation would take away their

power so they started to Islamiseeverything from politics to dressstyles in order to control the peo-ple," he said.

Sarah Elmeshad, who covers herface behind a black veil, disagrees.

"The face veil is good in a socie-ty such as today's,where people arejudged according totheir looks," said the28-year-old mother ofthree, who works inpublic relations.

SEGREGATIONLast year a group of

face-veiled studentsfiled a lawsuit againstEgypt's leadingIslamic educationalinstitution for banningthe full veil insidefemale-only class-

rooms.Beyond state institutions, segra-

gation has appeared, with women-only taxis and women-only beach-

es growing in popularity.Fully-veiled women arriving at

the expensive Marina resort onEgypt's Mediterranean coast swaptheir black robes for bikinis andtake part in women-only dancingand beauty contests.

Women-only beaches "are theonly places I can go to do what Iwant, to be free, to dance and havefun, and that also goes with myreligious beliefs," said KhadigaSamir, a 21-year-old administrative

assistant who covers her hair inpublic.

"The mixed places are fun, but Idon't feel right acting the same waythere."

A group called the EgyptInitiative For Personal Rightslaunched an anti-sectarian cam-paign this month. Organisers saidthey feared "rising social divisions,sectarian tension and a mindsetthat divides the country into an 'us'and 'them'."

Over 30 per cent of Egypt's 78million people are illiterate and 20per cent live on less than one dollara day, according to the UnitedNations.

Lawyer and rights activist Negadal-Borai said the rise of social con-servatism was due to poor livingconditions, sub-standard educationand bad transport infrastructurethat fostered a ghetto mentality.

"The worst thing this regime didwas to steal the soul of people andwreak intellectual and culturaldamage," Borai said.

Egypt, a staunch western ally, hasbeen wary of extremist religiousgroups since the assassination ofPresident Anwar Sadat in 1981 byIslamist militants. The governmentfought a low-level Islamist insur-gency in the 90s.

A state of emergency in forceduring all of President HosniMubarak's 29-year rule gives thestate sweeping powers to quashdissent and rein in groups such asthe Muslim Brotherhood, Egypt'sbiggest opposition movement.

Yet analysts say the governmentis not putting much effort into turn-ing the conservative tide because itmakes use of religion itself to seeklegitimacy.

"The ruling power uses Islamicmottos to attract Egyptians andinfluence them, given the lack of ademocratic system," said politicalanalyst Nabil Abdel Fattah.-Reuters

A Cultural Sphinx

Egypt, a staunch western ally, has beenwary of extremist religious groups since

the assassination of President AnwarSadat in 1981 by Islamist militants. Thegovernment fought a low-level Islamist

insurgency in the 90s.

Egypt's legal system isbased on Shariah law yet

the country has a large Christianminority and the state has sought

since independence to cementnational identity by promoting

an ideal of citizenship thattranscends religious affiliation.

“

Results withheld!University of Karachi is one of the largest varsities in Pakistan. Almost 25,000 students are studying here.

Strength of such huge magnitude demands organised administration but here the situation is quite differentfrom what it is supposed to be. Almost 100 students of the faculty of science having completed theirresearches of PhD and MS are yet to receive degrees. Specifically speaking, in 2008, two courses ofresearch methodology were taught, tested, and marked, but the results were not sent the semester cell, thusthe degrees were never issued to the students. The students are still waiting for their degrees, though theyhave completed final researches as well. Dean of faculty of sciences is requested to look into the matter andtake steps to resolve it.

Safeena Yaseen, Dept of Mass Communication, University Of Karachi

A dubious

role, isn’t it?Reports highlighting a new dubious role of the

Indian army are doing rounds. They strengthenthe perspective that there are no limits when itcomes to personal gains. It has happened beforeduring Kargil when senior officers of Indianarmy showed their own soldiers dead by usingtomato ketchup as blood. They got awards andrewards, but after the real story leaked there wasonly embarrassment and loss of credibility.

Now, the report reveals that Indian army menare involved in placing bombs and explosivematerial at different places in Indian HeldKashmir. Then by leaking information them-selves they get share in the monetary rewards.The blame of such acts is placed on the innocentKashmiris. They are arrested, humiliated, tor-tured and brutally murdered. What an extraordi-nary example has been set by the army of acountry who has been recently given the statusof temporary membership in rotation at UNSC.

Is anyone going to raise a voice against thedetention and torture on allegations of storingand burying explosives? After such exposurespublished and discussed by Indian media isthere anyone who will try to stop the brutalitiesof Indian army on those who are only askingand struggling for their right of freedomacknowledged by the UN.

Anwar Parween, Islamabad

David HeadleyRemains an Enigma

According to a report in the Oct 22 newspapers, David Headley, a US citizen, was sent on a secret mission toSouth Asia by the American intelligence agencies to join the Lashkar-e-Taiba and other such militant organisa-tions, a fact that the US federal officials have acknowledged. In court papers submitted by the FBI, US federalauthorities have said that they had hoped to reach top al Qaeda leaders through him but Headley slipped out of UShands to become a terrorist himself.

Somehow, the story does not sound plausible as the account of Headley becoming a rogue should have beenimmediately reported to the concerned local authorities. But no such thing occurred. Headley carried on with hisjaunts from India to Pakistan and to the US in complete confidence, befriending many influential people on theway and the CIA and FBI kept mute. Remarkable!

According to reports issued by the Indians, Headley made eight trips to India and in each trip he set up a logis-tic base in Mumbai and opened up various accounts. Headley had orchestrated and organised and well structuredplan with a clear strategy for his escape after the deed was done. Obviously not a very Taliban-like approachtowards terrorism! Seems more of a Western style to the bystanders.

With the deed of inflicting colossal damage to the Indians, shattering Pakistan's reputation as a peaceful nationand dealing a blow to the trust that had built between the two neighbors, Headley kept his composure and was busydevising yet other such horrible plans of destruction.

Could a mere individual be so invincible and unshakable? Who offered him a price greater than what a super-power was capable of, to defy the US dictates and change masters? Were the new masters Pakistanis? If so thenwhat did Pakistan gain out of the situation? What possible benefit could ISI have extracted out of it? A malignedreputation!

The aggravated security conditions profit none in the region, but only the external players, like US, which cangain big time from the chaos and turmoil that South Asia has been subjected to, who legitimises their presence inthe region by fueling the turbulence.

Marya Mufti, Lahore

Hardshipsfor Karachiites

Target killings is the most discussed issue now a days, if not for the killings then for the hardships Karachiitesface due to it. Closed petrol pumps, no public transport, non-availability of basic utilities and the complete aban-doning of city due to the 'mourning days' being observed, are the sufferings which people living in Karachi have toface almost once a week, since the rate of killing is high.

Unfortunately government is making no serious effort to fix such big issues. Not to forget the electricity, water,gas, flour crises.

During the past few months in particular, nothing has been on the show but crises one after the other and govern-ment depicting its consistency by not handling even a single issue properly.

To mention one, gas crises has been so severe that people felt like living in stone-ages.It is a matter of great shame that in this advanced technological world we still are forced to live without the basic

facilities. And to add more to the miseries, these hardships are for the poor areas of the city.

Urooj Fatima, Karachi

Media mustwatch its

wordsIn times when Pakistan is facing one of the

most challenging situation in terms of economy,stability, and politics, it is very disturbing to seethe fourth pillar of state playing a totally irre-sponsible role.

Few days back the news which flashed overthe screens of a private news channel spurredanarchy-like situation. What is even worst is thatnews was not even authentic.

The impact was so huge that it forced the judi-ciary to call for an emergency meeting and laterthe country's premier was forced to gives clarifi-cation that all such news was just a rumour.

This kind of a situation brings a bad name tothe media and contributes negatively to theimage of the broadcasters.

News channels should never forget that beingauthentic and true is their utmost responsibility.

Rameez Ahmed,University of Karachi

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

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

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Sales (July 10) 4,503

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




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




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


Production (July 10) 41

Sales (July 10) 40

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

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

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

Spread (July 2010) 7.51%

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

MS (July 10) 188

Kerosene (Jul 09 to June 10) 164

Kerosene (July 10) 15

JP (Jul 09 to June 10) 1,377

JP (July 10) 129

HSD (Jul 09 to June 10) 7,435

HSD (July 10) 664

LDO (Jul 09 to June 10) 75

LDO (July 10) 7

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

Fuel Oil (July 10) 869

Others (Jul 09 to June 10) 13

Others (July 10) 1

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

MS (1 Aug 10) 41.22

MS % Chg -0.90%

Kerosene (1 Sep 10) 47.14

Kerosene (1 Aug 10) 46.55

Kerosene % Chg 1.27%

JP-1 (1 Sep 10) 47.37

JP-1 (1 Aug 10) 46.78

JP-1 % Chg 1.26%

HSD (1 Sep 10) 50.61

HSD (1 Aug 10) 49.63

HSD % Chg 1.97%

LDO (1 Sep 10) 46.37

LDO (1 Aug 10) 45.29

LDO % Chg 2.38%

Fuel Oil (1 Sep 10) 39,932

Fuel Oil (1 Aug 10) 39,723

Sector Updates

Symbol Close Vol (mn)LOTPTA 10.25 69.29JSCL 10.25 45.43AMTEX 7.49 34.39DGKC 27.92 28.13FFBL 30.43 18.03

Symbol Close ChangeRMPL 1550.00 180.00BATA 514.95 60.90FZTM 376.88 56.88SRVI 231.57 46.24COLG 782.45 42.45

Symbol Close ChangeAPL 296.07 -68.44UPFL 1000.00 -30.00WYETH 801.00 -29.06MUREB 74.40 -20.58THALL 91.12 -19.39

Plus 237Minus 175Unchanged 17

Top 5 Volume Leaders

Major Losers

Major Gainers

KSE-100 Index

LSE-25 Index

ISE-10 Index

Active Issues

AIA IPO poised to beworld's third-biggest IPO

Monday, October 25, 2010 5

Dhiyan

Bullish activities would sustain in the market over easing tension

between judiciary and government, positive Pakistan-US strategic

dialogue, and continued buying by the foreign investors. Investors

are recommended to do trading in cement stocks. Political stabili-

ty in the country and introduction of Margin Trading System

(MTS) would, as has repeatedly been said, would give market a

lasting support. Market would be in the grips of bulls today.

Naeem Rafi, CEO Rafi Securities

Mohammad Imran, AVP Research Arif Habib Limited

Results rally would continue in the market during the next couple of

weeks where the benchmark index is likely to touch 11,000 levels.

E&P and banking sectors are expected to announce good results.

Investors should remain invested in the market and can take positions

in banking and textile sectors. Positive outcome of the meetings with

IMF and launch of Margin Trading System (MTS) would trigger the

market. Positive activities may persist today.

GREEN SHEEN SEEN

Opening 10431.84Closing 10652.48Change 220.64% Change 2.12Turnover (mn) 608.21



NEW YORK: Nicole Sexton, Marlene Sexton, Chele Chiavacci and Michelle Herbet posefor a photo after the closing bell at the New York Stock Exchange.-Reuters

Weekly Review

NEW YORK: US stocks couldsee big swings to the downsidethis week on any remotely"bad" news since volatilityindexes are at levels consid-ered too low.

Investors also will face ablizzard of earnings, whichmany analysts believe willcontinue to support the rallythat began early this month.But any disappointments ineither earnings or outlookscould, of course, trigger asharp sell-off.

What's more, the market islikely to continue to garnersupport from investors' hopesthat the Federal Reserve willtake more steps to stimulate theeconomy, in what's known as"quantitative easing" or "QE2."The Fed is expected to unveilits initial commitment underQE2 at its Nov. 2-3 meeting.

The Chicago Board ofOptions Exchange (CBOE)Volatility Index, or VIX, agauge widely used to measureinvestors' anxiety levels, fell2.54 per cent on Friday to closeat 18.78, its lowest level sinceApril. The VIX, which rose tonear 50 in May, has beenaround or under 20 for the pasttwo weeks.

Options traders note thatthere is a clear sign of extremecomplacency in the VIX andthat it is making the marketmore vulnerable than before.

"The 'market volatility' indexwill see a lot more volatility(this week) since it is at suchlow levels now," said SteveClaussen, chief investmentstrategist at online brokerageOptionHouse.com.

The iPath S&P 500 VIXShort Term Futures exchange-traded note, or ETN is also at anew 52-week low of 12.83.The ETN offers directionalexposure to volatility and isbased off of the front two-

month VIX futures."If you look at VIX futures,

investors seem to be alwayspreparing for something totrigger the volatility to spike upagain, yet there is nothingmajor in the immediate futurethat justifies that," Claussensaid.

The VIX futures were tradedat around 21 for November and24 for December, but goinginto 2011, they were showingan increase of 40 per cent, trad-ing above 26.

The VIX, widely known asWall Street's fear gauge, is a30-day risk forecast of stockmarket volatility. The indextypically has an inverse rela-tionship with the S&P bench-mark as it tracks option pricesthat investors are willing to payas protection on the underlyingstocks.

Earlier last week, the VIXinstantly shot up nearly 12 percent when stocks suffered theirsteepest one-day decline sinceAugust after a surprising ratehike from China.

Earnings will remain the cen-ter of attention this week.Many analysts predict thatearnings will continue to sup-port the market rally thatkicked off October. If morecompanies report strongresults, that could bolster senti-ment, along with hopes formore Fed easing.

In the last week of October,177 S&P 500 companies aredue to report their balancesheets, of which seven are Dowcomponents. Among them areenergy giants Exxon andChevron and technology giantMicrosoft.

S&P 500 earnings are expect-ed to increase 28 per cent forthe third quarter from a yearago, up from a growth estimateof 24 per cent last week,according to Thomson Reuters

data."The earnings are expected

to be good this week as well ...we are not expecting any badnews out of there," said PeterCardillo, chief market econo-mist at Avalon Partners, inNew York.

But Cardillo said that nega-tive news from economic datacould spark market volatility,especially as it would comejust a week before the Nov. 2-3meeting of the Federal OpenMarket Committee, or FOMC,and in the week preceding theNov. 2nd mid-term elections.

Major economic data for thecoming week includes existinghome sales, durable goodsorders and third-quarter GDP.

Elliot Spar, options marketstrategist at Stifel Nicolaus,also said a sell-off could beginas early as this week in antici-pation of the Fed meeting andthe mid-term elections.

"For those that are waitingfor the 'sell on the news' eventon Nov. 3 when the FederalReserve Open MarketCommittee concludes its meet-ing to discuss the prospect ofanother round of quantitativeeasing, I believe that the sell-off in the market will start dur-ing the week of Oct. 25."

All three major indexescapped a third straight week ofgains. For the week, the Dowand the S&P 500 each rose 0.6per cent while the Nasdaqgained 0.4 per cent.

From the technical view-point, a key support for theS&P 500 was seen at the 10-day moving average, whichwas at 1,175 as of Friday.

"A clear one-day break ofthe 10-day moving averagewith a follow-through to thedownside the next day couldbe the catalyst for a meaning-ful pullback in the market,"Spar said. -Reuters

Stocks may face wildswings, earnings blitz

Wall Street weekly outlook

Nawaz Ali

KARACHI: Karachi StockExchange (KSE) remained inthe grip of bulls last weekending above 10,600 pointslevels after 6 months as itgained more than 2 per centin a result-based rally.

The benchmark KSE 100-index increased by 220 points(2.12 per cent) to close at10,652 points, KSE 30-Indexjumped 155 points (1.54 percent) to close at 10,250points and KSE All ShareIndex grew by 147 points(2.03 per cent) to close at7,414 points.

Saeed Khalid, analyst atInvest Cap said that the KSE-100 index showed animproved activity, despiteKarachi tension. The impactof the uncertainties was off-set by the commencement ofresult season and positivenews flow from the politicalarena. Better than expectedcorporate earnings and acompromise between judici-ary and government on theissue of 18th Amendment,also strengthened investors'confidence, said he, adding,towards the end of the week,further positivity was inject-ed by favorable outcome ofPak-US dialogue.

Volumes remained impres-sive throughout the week asabove 608 million sharestraded during the week whichis 158 million more as com-pared to a turnover of 450million shares a week earlier.

Average daily turnoverstood at 121.6 million shares- highest in 25 weeks. It was31.6 million more than anaverage turnover of 90 mil-

lion shares the previousweek.

The week began on a bull-ish note on Monday due tobuying on hopes of healthycorporate results whichallowed the index to close theday with a gain of 52 points.However the tense law andorder situation in the citykept the investors worried.

Some profit taking wasobserved on Tuesday due towhich index ended with aminor loss of 19 points.

The bears couldn't hold thefloor, as buying activitiesrevived on good results andimproved political situationafter Supreme Court's deci-sion on 18th amendment giv-ing a reason to the market totake a rebound. That's whythe market remained bullishduring the last three days.

Moreover, Pakistan-USstrategic dialogue success tooplayed vital role in boostingthe investor sentiments.

The index closed 21, 72,and 93 points up respectivelyduring the last three dayswhere at one moment duringintra-day trading on Friday ittouched its highest level ofthe week of 10,709 points.

Rabia Tariq, analyst at JSGlobal Capital said that SC'sdecision on the 18thAmendment and positiveeconomic data too improvedthe market's mood.

Foreign investors remainedon the buying side showing anet-purchase of $2.8 millionlast week, NCCPL datashowed.

Out of total 429 activeissues; 237 advanced and 175declined while 17 issuesremained unchanged.

Khi stocksbull uplast wk,gain 2pc

Gulf stocks mkt

Abu Dhabisurge led by

Etisalat, WahaDUBAI: Abu Dhabi sharesrose to the highest since Aprilas Waha Capital PJSC saidthird-quarter profit jumped andafter global markets gained lastweek on speculation theFederal Reserve will help stim-ulate the economy.

Waha Capital, an Abu Dhabi-based leasing company,increased 2.5 per cent andEmirates TelecommunicationsCorp., the biggest phone compa-ny in the United Arab Emirates,gained for a second day.

The ADX General Indexadvanced 0.5 per cent to2,821.01, the highest closesince April 25.

"Gains in US and Europeanmarkets last week helped boostinvestor confidence," said ZiadDabbas, a financial analyst atNational Bank of Abu DhabiPJSC, the UAE.'s second-largest lender by assets.

Crude oil for Decemberdelivery jumped 1.4 per cent tosettle at $81.69 a barrel on theNew York MercantileExchange on Oct. 22. The sixnations of the Gulf CooperationCouncil, including the UAEand Saudi Arabia, supply abouta fifth of the world's oil.

Waha climbed to 81 fils.Third-quarter profit soared to37 million dirhams ($10 mil-lion) from 2 million dirhams inthe year-earlier period.

Etisalat, the company withthe highest weighting in AbuDhabi's benchmark index, rose0.4 per cent to 11.75 dirhams.Chairman Mohammed Omransaid the company is confidentin obtaining financing to pur-chase a 46 per cent stake inKuwait's biggest phone compa-ny Mobile TelecommunicationsCo. and has appointed twofinancial advisers. Zain, asMobile Telecommunications isknown, gained 1.5 per cent toclose at 1,400 fils in Kuwait.

Egypt's benchmark indexclimbed 0.3 per cent andDubai's DFM General Indexadvanced 0.2 per cent. Bahrain'sgauge gained 0.3 per cent.Qatar's QE Index advanced 0.6per cent and Kuwait's gaugegained 0.3 per cent, whileOman's MSM30 Index rose lessthan 0.1 per cent. Saudi Arabia'sTadawul All Share Index added0.3 per cent. -Agencies

Coal India IPO covered 15 times on last day

Monday, October 25, 20106

Volume 608,206,540

Value 18,015,531,362

Trades 317,137

Advanced 237

Declined 175

Unchanged 17

Total 429

Current 7,414.60

High 7,452.96

Low 7,264.34

Change h147.29

Current 10,652.48

High 10,709.28

Low 10,431.84

Change h220.64

Current 10,250.08

High 10,287.76

Low 10,025.43

Change h155.28

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

Technical AnalysisFundamental Highlights

As on Dec 31, 2009

Pakistan Reinsurance Company Limited

PAKRI closed up 1.28 at 15.75. Volume was 402 per cent above aver-

age (trending) and Bollinger Bands were 5 per cent wider than normal.

The company's loss after taxation stood at Rs86.639 million which

translates into a Loss Per Share of Rs0.29 for the half year of current

calendar year (1HCY10).

PAKRI is currently 22.6 per cent below its 200-day moving average and

is displaying an upward trend. Volatility is relatively normal as com-

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

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

forecasting oscillators are currently bullish on PAKRI.

RSI (14-day) 67.65 Total Assets (Rs in mn) 12,372.62

MA (10-day) 14.63 Total Equity (Rs in mn) 6,785.66

MA (100-day) 15.98 Revenue (Rs in mn) 2,170.95

MA (200-day) 20.34 Interest Expense 0.00

1st Support 15.25 Profit after Taxation 269.91

2nd Support 14.75 EPS 09 (Rs) 0.90

1st Resistance 16.10 Book value / share (Rs) 22.62

2nd Resistance 16.45 PE 10 E (x) -

Pivot 15.60 PBV (x) 0.70


As on Jun 30, 2009

TELE closed up 0.06 at 2.53. Volume was 23 per cent above average

and Bollinger Bands were 13 per cent wider than normal. The compa-

ny's profit after taxation stood at Rs698.462 million which translates into

an Earning Per Share of Rs2.33 for the year ended FY10.

TELE is currently 12.8 per cent below its 200-day moving average and

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

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

cators reflect very strong flows of volume into TELE (bullish). Trend

forecasting oscillators are currently bullish on TELE.




MA (200-day) 2.91 Interest Expense 494.14

1st Support 2.47 Profit after Taxation 44.07

2nd Support 2.42 EPS 09 (Rs) 0.147


2nd Resistance 2.68 PE 10 E (x) 1.09

Pivot 2.55 PBV (x) 0.27

Telecard Limited


As on Jun 30, 2009

KESC closed up 0.06 at 2.25. Volume was 237 per cent above average

(trending) and Bollinger Bands were 19 per cent narrower than normal.

The company's loss after taxation stood at Rs14.641 billion which trans-

lates into a Loss Per Share of Rs0.74 for the year ended FY10.

KESC is currently 12.5 per cent below its 200-day moving average and

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

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

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

forecasting oscillators are currently bullish on KESC.


MA (10-day) 2.13 Total Equity (Rs in mn) (8,737.47)


MA (200-day) 2.57 Interest Expense 5,619.80

1st Support 2.13 Loss after Taxation (15,484.94)

2nd Support 2.08 EPS 09 (Rs) (1.176)

1st Resistance 2.25 Book value / share (Rs) (0.66)

2nd Resistance 2.32 PE 10 E (x) -

Pivot 2.20 PBV (x) (3.39)

Karachi Electric Supply Corp Ltd


As on Dec 31, 2009

BOK closed up 0.20 at 3.35. Volume was 88 per cent below average

(consolidating) and Bollinger Bands were 7 per cent wider than normal.

The company's profit after taxation stood at Rs251.784 million which

translates into an Earning Per Share of Rs0.50 for the half year of cur-

rent calendar year (1HCY10).

BOK is currently 15.2 per cent below its 200-day moving average and

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

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

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

forecasting oscillators are currently bullish on BOK.



MA (100-day) 3.46 Revenue (Rs in mn) 999.63

MA (200-day) 3.95 Interest Expense 2,390.39

1st Support 3.26 Loss after Taxation (637.18)

2nd Support 3.13 EPS 09 (Rs) (1.273)


2nd Resistance 3.57 PE 10 E (x) 3.35

Pivot 3.35 PBV (x) 0.28

Bank of Khyber Limited

OIL AND GAS

Performance of SR Oil and Gas Index

Open High Low Close Change % Change

1,327.22 1,358.29 1,322.82 1,348.22 21.01 1.58

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

31,957,282 - - 65,194.15 mn 1,063,796.67 mn -

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

11.26 4.17 37.01 68.56 6.09 -

Attock PetroleumXDXB 691 4.55 364.51 369.45 287.99 296.07 -68.44 2516976 374.20 287.99 250 - 300 20

Attock Refinery 853 18.10 90.88 100.49 90.50 99.54 8.66 11696034 100.49 73.47 - - - -

Mari Gas Company 735 17.07 119.40 128.00 120.99 125.94 6.54 841427 138.45 106.00 32.17 100B 31 -

National Refinery XD 800 5.23 226.39 212.50 203.00 210.18 -16.21 669469 230.84 183.25 125 - 200 -

Oil & Gas Development XD 43009 10.57 151.17 154.25 150.92 153.16 1.99 3589350 154.25 133.00 82.5 - 55 -

Pak Petroleum 11950 7.69 186.37 190.48 184.20 189.15 2.78 3689939 214.10 168.70 130 20B 90 20B

Pak Oilfields XD 2365 6.17 248.88 244.30 231.01 243.22 -5.66 6024145 251.24 213.17 180 - 255 -

Pak Refinery Limited 350 - 77.02 85.90 76.00 76.34 -0.68 297430 85.90 48.26 - - - -

PSO XD 1715 4.50 273.06 274.40 262.00 266.00 -7.06 2406884 289.45 233.10 50 - 80 -

Shell Gas LPG 226 17.28 31.36 39.99 31.95 38.37 7.01 59034 39.99 27.32 - - - -

Shell Pakistan XD 685 9.67 194.25 197.00 185.00 188.49 -5.76 166594 244.00 185.00 330 - 40 -

Paid up Last 60 days 2009 2010

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

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

PERSONAL GOODS

Performance of SR Personal Goods Index


917.84 941.28 909.30 936.51 18.67 2.03


92,327,949 - - 47,070.70 mn 117,695.73 mn -


6.14 0.53 8.64 16.68 2.72 -

(Colony) Thal 56 - 1.50 1.99 0.70 0.70 -0.80 13020 2.00 0.70 - - - -

Ali Asghar Textile 222 - 1.00 1.45 0.75 0.75 -0.25 9900 2.21 0.70 - - - -

Amtex Limited XD 2415 2.00 10.71 9.71 6.71 7.49 -3.22 34391109 20.45 6.71 - - 30 -

Artistic Denim XD 840 4.90 22.86 21.00 19.50 19.51 -3.35 30678 24.05 17.55 20 - 20 -

Azam Textile 133 0.52 3.09 3.10 2.65 2.86 -0.23 60048 3.23 1.35 - - 7.5 -

Azgard Nine 4493 284.25 10.19 11.58 10.00 11.37 1.18 15778957 12.81 8.55 - - - -

Bannu Woolen XD 76 0.97 13.60 14.00 10.82 11.19 -2.41 32075 14.00 7.50 - - 20 -

Bata (Pak) 76 5.09 454.05 514.95 446.00 514.95 60.90 34011 560.00 436.00 120 - - -

Chenab Limited 1150 - 3.26 3.90 3.02 3.54 0.28 563212 4.79 2.93 - - - -

Colony Mills Ltd 2442 2.89 2.80 3.33 2.70 3.12 0.32 1069575 4.50 2.23 - - - -

D S Ind Ltd 600 - 1.65 1.82 1.52 1.71 0.06 495684 2.49 1.44 - - - -

Data Textile 99 - 0.16 0.50 0.20 0.32 0.16 11005 0.96 0.02 - - - -

Dawood Lawrencepur 514 47.06 39.85 40.00 37.31 40.00 0.15 6882 50.35 37.08 - - 5 -

Dewan Farooque Spin. 600 2.54 3.97 3.79 3.00 3.20 -0.77 13499 4.00 2.05 - - - -

Dewan Mushtaq Textile 34 0.34 2.51 3.50 1.80 3.50 0.99 5056 3.99 1.52 - - - -

Gadoon Textile XD 234 1.05 45.51 46.75 38.30 39.00 -6.51 137275 48.30 33.80 - - 70 -

Gillette Pakistan 192 50.27 61.70 67.86 58.75 67.86 6.16 25601 73.00 57.50 - - - -

Gulistan SpinningSPOT 146 1.41 6.35 6.50 5.95 6.40 0.05 16679 8.13 5.00 - 10B 10 -

Gulshan SpinningSPOT 185 1.76 9.10 9.80 8.81 9.70 0.60 55643 9.80 5.31 - 10B 10 20B

Hira Textile Mills Ltd.SPOT 716 1.38 4.25 4.88 4.00 4.79 0.54 1848835 4.88 2.52 - - 10 -

Ibrahim Fibres XD 3105 3.39 38.16 37.98 34.98 36.68 -1.48 33837 39.00 34.05 - - 20 -

ICC Textile 100 - 0.98 0.98 0.30 0.81 -0.17 15115 1.58 0.30 - - - -

Ideal Spinning 99 0.63 3.40 3.50 2.85 3.25 -0.15 14525 4.79 2.02 - - - -

Idrees TextileSPOT 180 2.37 4.25 4.45 3.86 4.14 -0.11 158924 5.35 2.56 - - 10 -

Int Knitwear XD 32 5.03 10.20 10.39 8.39 9.50 -0.70 11405 10.90 7.00 - - 6 -

Ishaq Textile XD 97 1.05 4.94 5.50 4.50 5.00 0.06 320789 5.50 3.90 - - 8 -

Kohat Textile 208 1.71 1.49 1.50 1.20 1.35 -0.14 6112 1.95 0.46 - - - -

Kohinoor Ind 303 - 1.42 1.69 1.35 1.57 0.15 128025 1.99 1.01 - - - -

Kohinoor Spinning XD 1300 1.08 1.35 2.00 0.90 1.19 -0.16 152126 2.00 0.56 - - 5 -

Kohinoor Textile 1455 2.83 5.38 5.74 5.13 5.40 0.02 113941 6.30 4.00 - - - -

Maqbool Textile XD 168 1.72 11.25 11.55 9.10 9.10 -2.15 15350 11.55 3.25 - - 22.5 -

Masood TextileSPOT 600 1.08 19.50 21.04 18.51 21.04 1.54 5896 23.25 18.51 15 - 15 100R

Mian Textile 221 - 0.60 0.69 0.25 0.45 -0.15 12448 1.20 0.01 - - - -

Nagina Cotton 187 1.17 17.45 17.50 12.80 15.49 -1.96 8726 17.50 12.00 - - 20SD -

Nishat (Chunian)SPOT 1586 2.63 19.11 20.78 19.11 20.78 1.67 15789720 20.78 14.64 - 50R 15 -

Nishat Mills XD 3516 6.08 50.86 52.99 50.70 51.71 0.85 17219150 53.14 40.81 20 - 25 45R

Pak Synthetic 560 6.67 5.25 6.39 5.45 6.14 0.89 119888 7.90 5.16 12.5 - - -

Paramount Spin.SPOT 158 1.50 9.88 10.50 8.66 10.25 0.37 41038 10.50 6.00 - 10B 10 10B

Prosperity XD 185 1.82 17.85 18.25 12.51 12.52 -5.33 19003 21.47 12.51 20 - 30 -

Ravi Textile 250 4.74 1.79 1.89 1.75 1.85 0.06 333559 4.69 1.38 - - - -

Redco Textile 213 4.67 0.70 0.70 0.70 0.70 0.00 10000 1.20 0.60 - - - -

Reliance Weaving 308 0.73 11.15 11.50 8.01 9.49 -1.66 136351 12.00 6.91 - - 25SD -

Rupali Poly XD 341 4.21 34.90 36.50 31.75 33.50 -1.40 10396 36.75 31.35 40 - 40 -

Salfi Textile XD 33 0.13 26.23 28.50 23.68 28.50 2.27 19491 28.50 20.50 - - 25 -

Sally TextileSPOT 88 0.33 5.35 5.48 4.72 5.12 -0.23 74383 6.20 2.74 - - 10 -

Salman Noman 40 5.00 2.26 2.60 2.33 2.55 0.29 6863 3.11 1.30 - - - 5B

Samin Textile XR 134 - 7.99 7.97 5.61 6.03 -1.96 45973 8.69 5.02 - - - 100R

Sargoda Spinning XD 312 0.47 1.96 2.45 1.75 1.81 -0.15 100378 2.50 0.31 - - 5 -

Service Ind 120 5.96 185.33 231.57 184.00 231.57 46.24 56145 231.57 176.00 200 - - -

Shahpur Textile 140 0.97 0.83 1.00 0.70 0.70 -0.13 12900 2.18 0.25 - - - -

Shahtaj Textile XD 97 - 20.77 21.90 16.00 16.41 -4.36 52736 21.90 14.75 20 - 45 -

Shams Textile 86 1.25 17.50 18.99 17.45 18.99 1.49 24215 18.99 15.00 - - 20 -

Sunrays Textile 69 0.97 34.95 35.00 32.00 32.00 -2.95 79086 35.00 30.03 10 - - -

Suraj Cotton XD 180 1.07 35.00 36.49 30.00 30.00 -5.00 219526 37.50 29.50 15 - 50 -

Tata Textile XD 173 0.19 18.97 21.42 19.00 19.67 0.70 147263 21.42 14.00 - - 25 -

Thal LimitedXDXB 307 3.89 110.51 111.00 88.60 91.12-19.39 605668 114.99 88.60 20 20B 80 20B

Treet Corp 418 9.75 38.27 47.30 38.25 47.30 9.03 1392142 49.49 37.20 - - - -

Yousuf Weaving 400 6.47 1.10 1.15 1.02 1.10 0.00 6162 1.90 0.73 - - - -

ZahidJee Textile 341 1.75 3.25 3.50 2.76 2.76 -0.49 5306 4.00 2.76 - - - -

Zephyr Textile Ltd 594 - 3.25 3.40 2.35 3.40 0.15 65898 4.99 1.50 - - - -



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

HOUSEHOLD GOODS

Performance of SR Household Goods Index


1,136.75 1,163.97 1,130.28 1,152.43 15.68 1.38


2,628,407 - - 3,763.71 mn 5,475.94 mn -


2.74 0.29 10.64 6.27 2.29 -

Pak Elektron 1174 3.08 13.52 14.58 13.51 14.41 0.89 2498285 15.95 12.17 - 10B - 10B

Tariq Glass Ind 231 2.78 17.03 17.75 16.50 17.08 0.05 118509 19.12 14.50 - - 17.5 -



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

FOOD PRODUCERS

Performance of SR Food Producers Index


1,479.46 1,525.57 1,461.18 1,482.95 3.49 0.24


2,298,657 - - 11,335.33 mn 191,181.33 mn -


30.42 9.22 30.30 30.57 1.00 -

AL-Noor Sugar 186 4.27 42.00 42.00 41.00 42.00 0.00 9428 46.89 39.25 40 - - -

Chashma Sugar 287 0.73 8.80 9.89 8.80 9.07 0.27 7901 11.40 8.00 - - - -

Faran Sugar 217 3.19 19.56 20.25 19.05 19.75 0.19 102212 20.25 15.90 17.5 - - -

Habib Sugar 600 6.19 30.74 30.70 29.50 30.00 -0.74 261258 32.25 24.73 35 25B - -

Habib-ADM Ltd XD 200 11.23 12.68 13.00 11.90 12.13 -0.55 23912 16.98 11.90 40 - 40 -

J D W Sugar 490 2.49 71.99 74.45 70.00 74.43 2.44 25816 74.45 60.10 40 - 0 12.5R

Mehran Sugar 143 3.19 55.22 57.89 54.01 57.00 1.78 16142 57.89 48.50 35 30B 25 10B

Mirpurkhas Sugar 70 5.99 59.17 60.00 54.50 57.00 -2.17 22087 65.00 54.50 25 10B - -

National Foods XD 414 20.34 40.66 43.00 39.01 42.51 1.85 14136 65.29 39.01 - 25B 12 -

Noon Sugar 165 - 12.22 12.99 12.00 12.98 0.76 25958 12.99 10.00 50 10B - -

Punjab Oil XD 38 2.70 37.48 38.00 35.50 35.50 -1.98 65500 38.95 32.80 15 25B 15 28R

Quice Food 107 - 3.00 2.75 2.35 2.35 -0.65 25000 3.40 1.60 - - - -

Shahmurad Sugar 211 16.52 11.15 11.44 11.00 11.40 0.25 6300 11.90 7.40 15 - - -

Shak(RCPf)8.5 Perc 346 - 3.80 3.80 3.25 3.25 -0.55 1600000 9.42 2.50 - - - -

Shakarganj Mills 695 - 4.21 6.40 4.15 5.33 1.12 38856 6.40 3.02 - - - -

Tandlianwala 1177 263.64 31.90 32.47 29.00 29.00 -2.90 14364 35.50 22.45 - - - -



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

AUTOMOBILE AND PARTS

Performance of SR Automobile and Parts Index


1,081.24 1,139.41 1,079.29 1,123.44 42.19 3.90


1,636,921 - - 6,768.53 mn 41,363.21 mn -


4.05 1.03 25.35 20.42 5.04 -

Agriautos Ind XD 144 4.97 70.84 72.99 66.00 68.00 -2.84 205378 78.39 63.01 40 - 90 -

Atlas Battery 101 5.80 151.36 157.00 150.50 153.69 2.33 123046 206.95 131.00 100 20B 100 20B

Atlas Honda 626 8.42 96.02 122.51 98.00 120.97 24.95 25784 125.90 92.00 80 30B - -

Dewan Motors 890 - 1.46 1.65 1.45 1.48 0.02 492198 2.09 1.16 - - - -

General Tyre XD 598 6.92 22.50 25.24 22.01 25.24 2.74 35604 27.50 21.71 - - 20 -

Ghandhara Nissan 450 - 4.30 4.69 4.25 4.53 0.23 88887 6.30 4.03 - - - -

Ghani Automobile Ind 200 6.33 4.20 5.25 4.05 4.05 -0.15 26744 5.70 3.55 - - - -

Honda Atlas Cars 1428 - 10.62 12.50 10.80 12.17 1.55 202807 13.50 9.65 - - - -

Indus Motors 786 5.34 229.25 237.99 227.00 233.78 4.53 227638 287.00 212.29 100 - 150 -

Pak Suzuki 823 9.43 75.00 76.50 73.21 75.90 0.90 183986 89.99 69.25 5 - - -

Sazgar EngineeringXDXB 150 5.46 19.77 21.05 19.75 21.04 1.27 15635 27.85 19.50 - 20B 10 20B



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

INDUSTRIAL ENGINEERING

Performance of SR Industrial Engineering Index


1,529.04 1,540.18 1,427.95 1,531.96 2.92 0.19


1,418,787 - - 1,336.62 mn 31,656.00 mn -


7.93 3.02 38.02 131.49 16.57 -

AL-Ghazi Tractor 215 4.93 210.71 212.00 200.60 205.67 -5.04 86786 227.45 200.26 400 - 150 -

Bolan CastingXDXB 104 5.63 45.30 49.50 45.00 48.75 3.45 28681 51.99 36.10 - 20B 25 10B

Dewan Auto Engineering 214 - 0.50 0.55 0.45 0.54 0.04 7501 1.00 0.36 - - - -

Ghandhara Ind 213 2.13 13.20 14.80 13.00 13.54 0.34 205356 19.50 11.29 - - - -

Millat TractorsXDXB 366 6.19 480.90 484.90 443.00 482.98 2.08 1082392 597.90 390.00 450 25B 650 25B



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

GENERAL INDUSTRIALS

Performance of SR General Industrials Index


900.23 913.46 874.97 901.26 1.03 0.11


594,269 - - 3,043.31 mn 33,463.67 mn -


2.55 1.12 43.91 15.55 6.10 -

Cherat PapersackXDXB 115 3.98 34.65 41.70 34.00 41.70 7.05 105055 51.05 34.00 - - 20 25B

ECOPACK Ltd 230 - 2.29 2.50 2.10 2.36 0.07 58878 2.86 1.70 - - - -

Ghani GlassXDXB 1067 4.34 50.05 50.01 45.75 47.25 -2.80 128687 61.99 45.75 30 10B 25 10B

MACPAC Films 389 - 2.51 3.24 2.10 2.63 0.12 12126 4.50 1.60 - - - -

Merit Pack 47 - 16.00 17.06 15.10 17.06 1.06 15436 20.70 11.81 - - - -

Packages Ltd 844 55.64 106.31 110.00 104.50 108.50 2.19 241590 123.00 98.00 32.5 - - -



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

CONSTRUCTION AND MATERIALS

Performance of SR Construction and Materials Index


950.17 1,008.57 937.48 997.78 47.62 5.01


62,454,032 - - 54,792.74 mn 71,857.29 mn -


7.07 0.50 7.10 19.04 2.69 -

Al-Abbas Cement 1828 - 3.10 3.40 2.90 3.30 0.20 217615 4.20 2.80 - - - 100R

Attock Cement XD 866 5.06 63.44 65.78 60.30 63.51 0.07 1054756 71.90 60.30 50 20B 50 -

Berger Paints 182 - 15.01 17.50 14.55 17.50 2.49 46340 20.00 14.01 - - - 122R

Cherat Cement 956 - 10.70 11.25 10.00 11.18 0.48 42170 12.50 8.90 - - - -

Dadabhoy Cement 982 12.54 1.56 1.70 1.31 1.63 0.07 85052 2.74 1.30 - - - -

Dandot Cement 948 - 1.88 2.75 1.11 2.00 0.12 512087 3.90 1.02 - - - -

Dewan Cement 3574 - 1.55 1.70 1.40 1.58 0.03 711862 2.20 1.30 - - - -

DG Khan Cement Ltd 3651 38.78 25.70 28.05 25.52 27.92 2.22 28127444 28.74 23.02 - 20R - 20R

Fauji Cement 6933 12.73 4.99 5.19 4.90 5.09 0.10 2690793 5.50 4.50 - - - -

Flying Cement Ltd 1760 - 1.93 2.06 1.90 2.02 0.09 236925 2.30 1.74 - - - -

Haydery Const 32 - 0.88 0.90 0.63 0.68 -0.20 90437 2.00 0.25 - - - -

Kohat Cement 1288 - 5.90 6.50 5.85 6.39 0.49 448750 6.80 5.50 - - - -

Lucky Cement XD 3234 6.58 73.29 73.43 69.20 73.26 -0.03 4668416 74.00 62.60 40 - 40 -

Maple Leaf Cement 5261 - 2.84 3.15 2.80 3.09 0.25 1232334 3.60 2.51 - - - -

Mustehkam Cement 417 - 12.95 12.95 10.95 10.95 -2.00 7321 12.95 10.95 - 177R - -

Pioneer Cement 2228 - 8.02 8.58 7.90 8.11 0.09 297028 8.58 6.80 - - - -

Thatta Cement 7982210.00 21.22 22.24 19.48 22.10 0.88 29325 22.24 17.74 - - - 50R



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

INDUSTRIAL METALS AND MINING

Performance of SR Industrial Metals and Mining Index


918.71 952.53 904.25 931.08 12.37 1.35


2,121,108 - - 3,596.11 mn 8,910.88 mn -


2.92 0.97 33.10 30.91 10.59 -

Crescent Steel 565 3.40 24.97 25.98 24.60 25.07 0.10 200337 31.73 23.75 - - 30 -

Dost Steels Ltd 675 - 2.27 3.39 2.22 3.16 0.89 1078119 3.39 1.65 - - - -

Huffaz Pipe 555 5.52 12.59 13.70 12.51 12.87 0.28 72387 16.75 12.25 - 30B - -

International Ind 1199 4.59 45.99 47.89 45.60 47.12 1.13 738828 70.71 45.60 - - 40 20B



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

FORESTRY AND PAPER

Performance of SR Forestry & Paper Index


1,149.29 1,162.49 1,109.29 1,147.10 -2.19 -0.19


794,901 - - 1,186.83 mn 3,178.97 mn -


5.79 0.43 7.47 25.28 4.37 -

Century Paper 707 - 18.88 18.64 17.50 18.52 -0.36 755834 22.70 17.31 - 425R - -

Pak Paper ProductXDXB 50 4.49 39.10 43.95 38.75 43.15 4.05 18914 62.85 38.61 20 - 25 33.33B

Security Paper 411 4.73 40.00 41.50 39.00 40.01 0.01 20153 50.40 38.10 50 - 50 -



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

CHEMICALS

Performance of SR Chemicals Index


1,179.27 1,209.20 1,175.08 1,196.46 17.19 1.46


107,650,545 - - 52,251.88 mn 268,364.11 mn -


7.46 2.61 35.00 48.81 6.54 -

Agritech Limited 3924 9.73 22.26 23.50 21.35 22.00 -0.26 18088 26.49 21.15 - - - -

Bawany AirXDXR 68 89.58 10.64 10.75 9.53 10.75 0.11 9481 16.78 9.53 - - 5 10R

BOC (Pak) 250 10.15 76.00 79.81 74.00 79.81 3.81 80729 82.50 66.90 90 - 15 -

Clariant Pak 273 5.64 161.01 163.00 159.00 160.25 -0.76 61761 174.00 154.27 125 - - -

Dawood Hercules 1203 7.89 169.01 176.00 167.00 171.00 1.99 18023 185.88 155.38 40 10B 20 -

Dewan Salman 3663 - 1.46 1.70 1.40 1.56 0.10 2191305 2.21 1.28 - - - -

Dynea Pak XD 94 4.33 11.84 12.99 10.21 11.60 -0.24 7877 13.00 10.21 15 - 15 -

Engro Corporation Ltd 3277 9.04 177.14 178.88 174.65 176.23 -0.91 4224227 191.80 165.60 6010B 40R 20 -

Fatima Fertilizer 22000 - 10.61 10.64 9.42 9.91 -0.70 13131765 12.46 9.02 - - - -

Fauji Fertilizer 6785 7.43 108.15 109.70 107.85 109.29 1.14 1753070 113.00 102.96 131.5 10B 75 -

Fauji Fert. Bin Qasim 9341 5.74 29.43 30.88 29.51 30.43 1.00 18034796 30.88 26.59 40 - 17.5 -

Gatron Ind XD 384 4.09 41.80 44.60 39.99 43.79 1.99 9885 48.30 36.80 - - 20 -

ICI Pakistan 1388 7.65 121.50 130.00 121.06 128.37 6.87 3487998 130.00 109.50 80 - 55 -

Lotte Pakistan 15142 3.56 9.62 10.49 9.49 10.25 0.63 69292303 10.49 6.75 5 - - -

Mandviwala 74 - 1.45 2.50 1.30 1.70 0.25 112340 3.24 1.06 - - - -

Nimir Ind Chemical 1106 79.50 1.48 1.64 1.39 1.59 0.11 793060 1.74 1.16 - - - -

Shaffi Chemical 120 1.88 2.43 2.97 2.50 2.50 0.07 8758 3.80 2.00 - - - -

Sitara Chem Ind XDXB 214 8.93 121.40 124.50 104.56 108.99-12.41 143646 128.01 104.56 75 - 25 5B

Sitara Peroxide 551 12.08 9.37 11.11 9.31 11.11 1.74 1589559 11.11 7.67 - - - -

Wah-Noble XD 90 4.52 43.00 43.75 37.00 38.19 -4.81 32068 48.00 37.00 50 - 50 -



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

PHARMA AND BIO TECH

Performance of SR Pharma and Bio Tech Index


843.96 890.22 840.32 872.20 28.24 3.35


354,610 - - 3,904.20 mn 29,057.66 mn -


6.33 1.41 22.31 44.54 7.04 -

Abbott (Lab) 979 8.25 90.90 94.75 89.88 94.16 3.26 37309 96.40 77.00 120 - 20 -

Ferozsons (Lab) XB 250 6.59 87.94 91.99 85.60 87.29 -0.65 17105 124.00 85.60 10 20B - 20B

GlaxoSmithKline 1707 13.18 69.49 75.00 69.39 73.00 3.51 85118 83.00 65.00 50 - - -

Highnoon (Lab) 165 6.61 23.71 24.94 24.00 24.33 0.62 7328 25.79 22.10 25 - - -

Sanofi-Aventis 96 10.72 120.00 139.50 120.00 134.79 14.79 11278 139.50 115.90 70 - - -

Searle Pak XD 306 5.25 63.11 64.00 60.00 61.21 -1.90 58043 64.19 53.36 15 15B 30 -



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

INDUSTRIAL TRANSPORTATION

Performance of SR Industrial Transportation Index


676.82 773.54 652.77 723.99 47.16 6.97


199,237 - - 3,242.17 mn 12,896.84 mn -


5.69 1.45 25.53 11.08 1.95 -

Pak Int Cont. Terminal XD 1092 8.40 63.05 74.60 60.05 68.42 5.37 156284 87.86 60.05 - 20B 40 -

PNSC XD 1321 42.37 38.00 40.42 38.00 38.98 0.98 42953 41.00 34.50 30 - 15 -



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

BOOK CLOSURES

D.M Textile Mills 25-Oct 03-Nov - - 25-Oct

Fateh Textile Mills 25-Oct 31-Oct 15 15-Oct 31-Oct

Ghandhara Nisan 25-Oct 31-Oct - - 28-Oct

Khurshid Spinning Mills 25-Oct 01-Nov - - 30-Oct

N.P Spinning Mills 25-Oct 31-Oct 20 15-Oct 30-Oct

Pak Leather craft 25-Oct 31-Oct - - 27-Oct

Pakistan PVC 25-Oct 30-Oct - - 30-Oct

SG Fibre 25-Oct 30-Oct - - -

SG Power 25-Oct 30-Oct - - -

Shakarganj Foods 25-Oct 02-Nov - - 30-Oct

(TFC) Soneri Bank 26-Oct 04-Nov - - -

Asim Textile Mills 26-Oct 01-Nov - - 30-Oct

East West Life Assurance 26-Oct 01-Nov 10R 18-Oct -

Fatima Enterprises 26-Oct 04-Nov - - -

Idrees Textile Mills 26-Oct 03-Nov 10 18-Oct 29-Oct

JA Textile Mills 26-Oct 01-Nov - - 30-Oct

Mubarak Textile Mills 26-Oct 05-Nov - - 30-Oct

Husein Industries 27-Oct 02-Nov - - 30-Oct

Khalid Siraj Tex Mills 27-Oct 03-Nov - - 30-Oct

Kohinoor Energy 27-Oct 02-Nov 15(F) 19-Oct 27-Oct

Leather Up 27-Oct 02-Nov - - -

Otsuka Pakistan 27-Oct 02-Nov 15(i) - -

S S Oil Mills 27-Oct 02-Nov - - 30-Oct

Atlas Bank 28-Oct 05-Nov - - 06-Nov

D S Industries 28-Oct 02-Nov - - 30-Oct

Gulshan Spinning Mills 28-Oct 30-Oct 10,20B 20-Oct 29-Oct

Masood Textile Mills 28-Oct 05-Nov 15 20-Oct 30-Oct

Nishat Chunian Power 28-Oct 03-Nov - - 30-Oct

Paramount Spinning Mills 28-Oct 30-Oct 10,10B 20-Oct 29-Oct

Pervez Ahmad Securities 28-Oct 02-Nov - - 30-Oct

Summit Bank 28-Oct 05-Nov - - 06-Nov

Bestway Cement 29-Oct 05-Nov - - 30-Oct

Dar Es Salam Textile Mills 29-Oct 05-Nov - - 30-Oct

Gulistan Spinning Mills 29-Oct 31-Oct 10 21-Oct 30-Oct

INDICATIONS

# Extraordinary General Meeting

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

Monday, October 25, 20107

Technical Analysis Leverage Position

KSE 100 INDEX

Technical Outlook

KSE 100 INDEX closed up 220.64 points at 10,652.48. Volume was 121

per cent above average and Bollinger Bands were 18 per cent wider than

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

resistance level at 10,723.30 and 2nd resistance level at 10,794.15, while

Index will continue to find its 1st support level at 10,567.60 and 2nd sup-

port level at 10,482.70.

KSE 100 INDEX is currently 6.7 per cent above its 200-day moving average

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

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

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

ing oscillators are currently bullish on INDEX. Momentum oscillator is cur-

rently indicating that INDEX is currently in an overbought condition.

RSI (14-day) 79.67 Support 1 10,567.60

MA (5-day) 10,529.30 Support 2 10,482.70

MA (10-day) 10,449.22 Resistance 1 10,723.30

MA (100-day) 9,960.09 Resistance 2 10,794.15

MA (200-day) 9,985.53 Pivot 10,638.45


Dera Ghazi Khan Cement Co Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

DGKC closed up 2.22 at 27.92. Volume was 160 per cent above average

(trending) and Bollinger Bands were 24 per cent wider than normal.

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

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

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

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

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

ly indicating that DGKC is currently in an overbought condition.

*Arif Habib Ltd 44 Buy

AKD Securities Ltd 43.29 Buy

TFD Research 36.85 Positive

RSI (14-day) 73.18 Free Float Shares (mn) 182.55

MA (10-day) 26.35 Free Float Rs (mn) 5,096.79

MA (100-day) 25.31 CFS Shares (mn) N/A

MA (200-day) 27.15 CFS Rs (mn) N/A

Mean 27.10 CFS Rate N/A

Median 26.79 ** NOI Rs (mn) 29.62

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


Fauji Fertiliser Bin Qasim Ltd


Technical Outlook

FFBL closed up 1.00 at 30.43. Volume was 17 per cent above average and

Bollinger Bands were 54 per cent wider than normal.

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

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

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

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

currently bullish on FFBL.


AKD Securities Ltd 32.06 Accumulate

TFD Research 29.1 Neutral






Median 30.20 ** NOI Rs (mn) 9.80



National Bank of Pakistan


Technical Outlook

NBP closed up 3.48 at 67.69. Volume was 318 per cent above average


NBP is currently 2.0 per cent above its 200-day moving average and is dis-

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

average volatility over the last 10 trading sessions. Volume indicators

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

ing oscillators are currently bullish on NBP.


AKD Securities Ltd 61.96 Neutral







Median 66.05 ** NOI Rs (mn) 61.14



Nishat Mills Ltd


Technical Outlook

NML closed up 0.85 at 51.71. Volume was 104 per cent above average

and Bollinger Bands were 2 per cent wider than normal.

NML is currently 0.4 per cent below its 200-day moving average and is dis-

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

average volatility over the last 10 trading sessions. Volume indicators

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

oscillators are currently bullish on NML.









Median 51.85 ** NOI Rs (mn) 115.21



Hub Power Co Ltd


Technical Outlook

HUBC closed up 0.65 at 34.19. Volume was 337 per cent above average


HUBC is currently 1.2 per cent above its 200-day moving average and is

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

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

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

tors are currently bullish on HUBC.


AKD Securities Ltd 44 Buy










Bank Al-Falah Ltd


Technical Outlook

BAFL closed up 0.47 at 9.32. Volume was 27 per cent above average and

Bollinger Bands were 46 per cent wider than normal.

BAFL is currently 10.9 per cent below its 200-day moving average and is

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

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

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

oscillators are currently bullish on BAFL.


AKD Securities Ltd 10.25 Accumulate







Median 9.13 ** NOI Rs (mn) N/A



Pakistan Telecommunication Co Ltd


Technical Outlook

PTC closed up 0.02 at 19.31. Volume was 64 per cent above average and

Bollinger Bands were 58 per cent narrower than normal.

PTC is currently 1.6 per cent below its 200-day moving average and is dis-

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

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

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

tors are currently bullish on PTC.










EQUITY INVESTMENT INSTRUMENTS

Performance of SR Equity Investment Instruments Index


1,033.70 1,078.67 1,023.02 1,062.96 29.26 2.83


24,393,498 - - 29,771.58 mn 17,418.94 mn -


7.40 0.30 4.09 104.19 24.75 -

1st Fid Leasing 264 - 1.35 1.48 1.20 1.33 -0.02 122280 2.24 1.01 - - - -

AL-Meezan Mutual F.XD 1375 5.20 6.25 6.39 6.10 6.24 -0.01 602066 7.25 5.85 - - 18.5 -

AL-Noor Modaraba XD 210 4.08 2.56 2.60 2.10 2.16 -0.40 9000 3.44 2.10 - - 5 -

Asian Stocks 900 3.01 3.00 4.18 3.00 4.13 1.13 249783 5.80 2.80 - - 8.2 -

Atlas Fund of Funds 525 2.31 2.70 4.50 2.82 3.00 0.30 62085 4.50 2.53 - - 2.2 -

B R R Guardian Mod. 780 2.82 1.19 1.35 0.90 1.24 0.05 3694768 1.85 0.90 - - 0 -

Constellation Modaraba 65 3.36 1.87 1.92 1.00 1.11 -0.76 6464 2.99 0.90 - - - -

Crescent St Mod. XD 200 2.00 0.65 1.10 0.55 0.80 0.15 733517 1.10 0.16 - - 1.2 -

Elite Cap Modaraba XD 113 3.29 2.63 2.80 2.11 2.14 -0.49 188304 3.44 1.65 4.5 - 5 -

Equity Modaraba 524 - 1.19 1.19 1.05 1.05 -0.14 25449 1.50 0.76 - - - -

First Capital Mutual F. 300 4.57 4.04 4.55 3.16 4.25 0.21 193138 4.55 0.99 - - - -

First Dawood Mutual F. 581 - 1.70 1.75 1.51 1.73 0.03 5627 2.06 1.36 - - - -

Golden Arrow XD 760 3.03 3.65 3.80 2.70 2.79 -0.86 804411 3.88 2.32 - - 17 -

H B L Modaraba XD 397 4.73 5.45 5.50 5.11 5.35 -0.10 31251 6.80 4.80 5 - 11 -

Habib Modaraba 1008 5.16 5.90 6.00 5.80 5.99 0.09 140000 7.45 5.56 20 - 21 -

JS Growth Fund 3180 37.63 2.94 3.20 2.70 3.01 0.07 10672943 3.90 2.70 - - 5 -

JS Value Fund 1186 - 2.80 2.97 2.52 2.95 0.15 1098768 3.98 2.31 10 - 10 -

Meezan Bal. Fund XD 1200 5.29 5.50 5.50 5.45 5.50 0.00 12000 7.00 5.30 - - 15.5 -

Mod Al-Mali 184 - 0.91 1.23 0.56 1.18 0.27 23525 1.25 0.56 - - - -

NAMCO Bal. Fund 1000 2.99 2.55 3.29 2.52 2.99 0.44 11087 3.70 2.25 5 - 15 -

Pak Modaraba XD 125 1.91 1.00 1.16 0.80 1.05 0.05 31907 1.40 0.25 - - 3 -

Pak Prem Fund 1698 3.78 8.02 8.14 7.82 7.93 -0.09 939320 9.86 7.00 - - 18.6 -

Pak Strat Fund 3000 5.48 7.05 7.25 7.00 7.02 -0.03 533859 8.10 6.01 - - 11.53 -

Paramount Mod. XD 59 6.89 8.95 8.90 7.70 7.72 -1.23 6639 9.45 6.55 15 - 18 -

PICIC Energy Fund 1000 1.63 5.50 5.68 5.00 5.60 0.10 342268 6.49 4.00 - - 5 -

PICIC Growth Fund 2835 5.22 8.42 8.60 7.90 8.15 -0.27 1419285 10.55 7.60 - - 20 -

PICIC Inv Fund XD 2841 4.30 3.79 3.95 3.52 3.78 -0.01 227954 5.00 3.50 - - 10 -

Prud Modaraba 1st XD 872 2.45 0.94 1.03 0.90 0.93 -0.01 1008116 1.20 0.70 - - 3 -

Punjab Modaraba 340 7.10 1.29 1.50 1.20 1.49 0.20 605342 2.00 0.57 - - 1 -

Stand Chart Mod.XD 454 5.05 8.85 9.00 8.50 8.89 0.04 18903 10.99 7.75 16.5 - 17 -

Tri-Star 1st Mod. 212 5.21 2.70 4.50 1.80 1.98 -0.72 5511 7.12 0.50 - - - -

Trust Modaraba 298 2.71 2.75 2.74 1.75 2.14 -0.61 531107 4.40 1.00 - - 5 -

U D L Modaraba XD 264 2.83 6.68 6.64 4.71 5.44 -1.24 32153 6.99 4.71 10 - 12.5 -



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

FINANCIAL SERVICES

Performance of SR Financial Services Index


356.16 393.16 350.08 382.58 26.42 7.42


71,776,064 - - 30,336.44 mn 27,374.41 mn -


0.46 0.17 37.22 4.60 9.96 -

AMZ Ventures 225 - 0.52 0.74 0.51 0.59 0.07 690652 1.10 0.42 - - - -

Arif Habib Limited XB 450 6.95 25.96 28.49 25.25 27.85 1.89 526224 45.80 24.62 15 25B - 20B

Arif Habib Securities 3750 2.46 22.22 25.39 22.30 24.97 2.75 17156981 34.99 20.90 - - 30 -

Dawood Equities 250 - 1.99 1.99 1.70 1.99 0.00 57206 2.96 1.55 - - - -

Escorts Bank 441 - 2.74 3.35 2.01 2.55 -0.19 5054 3.35 1.85 - - - -

IGI Investment Bank 2121 12.50 2.01 2.14 1.50 2.00 -0.01 414969 2.39 1.17 - - - -

Invest and Fin Sec XD 600 2.67 8.14 8.79 6.70 7.67 -0.47 21128 9.00 6.70 - - 11.5 -

Invest Bank 2849 - 0.69 0.75 0.53 0.68 -0.01 466091 1.09 0.44 - - - -

Ist Cap Securities XB 3166 1.56 4.49 4.69 3.65 3.80 -0.69 174602 5.29 2.54 - 10B - 10B

Ist Dawood Bank 626 0.32 1.72 2.40 1.55 1.94 0.22 399071 2.84 1.17 - - - -

Jah Siddiq Co 7633 - 9.30 10.43 9.13 10.25 0.95 45427717 14.60 8.80 -243.778B 10 -

JOV and CO 508 - 2.27 2.55 2.16 2.42 0.15 2496928 5.84 1.96 - - - -

JS Global Cap XD 500 - 25.31 26.93 24.76 26.93 1.62 215331 40.99 24.25 150 - - -

JS Investment 1000 13.80 5.80 6.33 5.63 6.21 0.41 2055484 7.93 5.10 - - - -

Orix Leasing 821 4.35 5.25 5.69 4.70 5.53 0.28 97818 5.95 3.66 - - - -

Pervez Ahmed Sec 775 - 1.69 1.95 1.61 1.73 0.04 938137 2.57 1.35 -231.08R - -

Saudi Pak Leasing 452 - 0.54 0.78 0.55 0.60 0.06 90673 1.70 0.40 - - - -

Stand Chart Leasing 978 5.17 2.42 2.49 2.25 2.48 0.06 56184 3.00 1.50 - - - -



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

LIFE INSURANCE

Performance of SR Life Insurance Index


851.23 912.94 843.48 887.16 35.92 4.22


143,476 - - 2,290.72 mn 10,354.63 mn -


85.43 3.29 3.85 355.53 4.16 -

EFU Life Assurance XB 850 42.46 69.97 82.99 72.47 78.13 8.16 131341 82.99 51.25 5513.33B - -

New Jub Life Insurance 627 54.31 43.23 44.00 41.42 43.45 0.22 12135 45.20 34.50 10 - - -



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

BANKS

Performance of SR Banks Index


996.01 1,037.89 985.45 1,023.90 27.89 2.80


75,277,358 - - 257,548.02 mn 622,819.82 mn -


7.18 0.97 13.45 34.35 4.78 -

Allied Bank Limited 7821 5.40 53.51 55.89 53.40 55.53 2.02 946880 59.70 48.51 40 10B 20 -Askari Bank 6427 6.46 14.98 15.90 14.65 15.64 0.66 2990981 17.12 13.99 - 20B - -Atlas Bank 5001 - 2.17 2.19 1.79 1.97 -0.20 1084322 2.84 1.52 - - - -Bank Alfalah 13492 12.43 8.85 9.55 8.70 9.32 0.47 10136979 10.25 7.32 8 - - -Bank AL-Habib 7322 6.94 32.25 32.90 31.44 32.19 -0.06 1383286 33.75 29.10 20 20B - -Bank Of Khyber 5004 3.35 3.15 3.54 3.00 3.35 0.20 2982782 3.99 2.50 - - - -Bank Of Punjab 5288 - 8.10 8.88 8.04 8.65 0.55 7403114 10.94 7.35 - - - -BankIslami Pak 5280 - 3.24 3.26 2.77 3.17 -0.07 545999 3.69 2.31 - - - -Faysal Bank 6091 3.31 13.62 14.55 13.60 14.36 0.74 568996 15.58 12.75 - - - -Habib Bank Ltd 10019 6.72 100.01 107.15 98.51 104.38 4.37 1925573 109.10 92.00 60 10B - -Habib Metropolitan Bank 8732 6.06 19.77 20.50 19.01 20.48 0.71 415513 22.38 18.02 10 16B - -JS Bank Ltd 6128 - 2.38 2.50 2.25 2.40 0.02 1748625 2.90 2.00 - - - 66RKASB Bank Ltd 9509 - 2.50 2.69 2.35 2.50 0.00 173139 3.70 2.03 - 26B - -MCB Bank Ltd 7602 9.51 200.08 205.90 196.00 203.95 3.87 5092215 214.99 180.40 110 10B 55 -Meezan Bank 6983 7.48 15.25 15.70 14.71 15.40 0.15 42977 15.95 13.80 - 5B - -Mybank Ltd 5304 - 2.23 2.60 2.08 2.20 -0.03 194409 2.79 1.62 - - - -National Bank 13455 5.68 64.21 67.99 64.10 67.69 3.48 17498766 73.89 60.51 75 25B - -Network Mic Bank 300 - 1.14 1.14 0.62 1.00 -0.14 12500 2.25 0.26 - - - -NIB Bank 40437 - 2.83 3.01 2.76 2.90 0.07 3525099 3.45 2.42 - - - -Royal Bank Ltd 17180 - 6.14 8.10 6.20 6.42 0.28 989085 12.50 5.20 - - - -Samba Bank 14335 - 1.96 2.65 1.90 2.03 0.07 984658 2.90 1.55 - - -63.46RSilkbank Ltd 26716 13.18 2.83 3.00 2.70 2.90 0.07 11544278 3.30 2.15 - - - -Soneri Bank 6023 - 6.25 6.99 5.80 6.41 0.16 269116 6.99 5.01 - - - -Stand Chart Bank 38716 9.44 6.51 6.88 6.25 6.61 0.10 34830 8.50 6.00 - - - -United Bank Ltd 12242 6.40 53.03 54.85 52.15 54.43 1.40 2783236 60.20 49.90 25 10B 10 -



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

NON LIFE INSURANCE

Performance of SR Non Life Insurance Index


666.15 722.38 666.58 708.18 42.04 6.31


12,682,948 - - 11,111.34 mn 44,325.44 mn -


11.72 0.61 5.20 79.54 6.79 -

Adamjee Insurance XD 1237 13.55 71.63 75.69 70.85 74.52 2.89 4931417 89.50 63.05 30 10B 10 -



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

GAS WATER AND MULTIUTILITIES

Performance of SR Gas Water and Multiutilities Index


1,680.18 1,710.25 1,593.68 1,703.08 22.90 1.36


3,111,270 - - 12,202.80 mn 36,613.52 mn -


10.83 1.24 11.41 66.79 6.17 -

Sui North Gas 5491 18.64 32.00 32.07 29.70 31.69 -0.31 1099395 33.40 25.00 - - - -

Sui South GasXDXB 8390 3.50 29.25 29.40 22.10 22.90 -6.35 2011875 30.70 16.00 - - 15 25B



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

ELECTRICITY

Performance of SR Electricity Index


1,173.39 1,194.47 1,159.03 1,186.84 13.45 1.15


42,965,844 - - 95,369.29 mn 97,535.92 mn -


12.54 1.17 9.35 104.13 8.30 -

Genertech 198 - 0.75 1.45 0.62 0.93 0.18 1705520 1.45 0.51 - - - -

Hub Power 11572 6.33 33.54 34.37 33.25 34.19 0.65 10542335 37.24 32.75 33.5 - 50 -

Japan Power 1560 - 1.60 1.70 1.40 1.59 -0.01 120850 2.20 0.70 - - - -

KESC 7932 - 2.19 2.27 2.04 2.25 0.06 3183386 2.63 1.92 - 31R - 7.8R

Kohinoor EnergySPOT 1695 5.97 23.50 24.30 22.75 24.25 0.75 31127 26.50 22.75 45 - 15 -

Kohinoor Power 126 2.24 5.00 5.10 4.50 4.50 -0.50 27796 6.70 3.90 - - - -

Kot Addu Power XD 8803 6.81 39.35 39.50 38.91 39.34 -0.01 555576 44.85 38.35 64.5 - 50 -

S G Power 178 - 0.37 1.69 0.44 0.97 0.60 38559 1.69 0.23 - - - -

Sitara Energy Ltd 191 3.42 21.60 21.49 18.70 19.20 -2.40 23901 23.49 18.70 20 - 20 -

Southern Electric 1367 5.74 2.49 2.60 2.15 2.24 -0.25 2138679 3.19 2.05 - - - -

Tri-star Power XD 150 - 0.75 1.00 0.71 0.90 0.15 34091 1.58 0.33 3 - - -



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

FIXED LINE TELECOMMUNICATION

Performance of SR Fixed Line Telecommunication Index


1,148.39 1,167.25 1,115.31 1,148.30 -0.09 -0.01


14,296,571 - - 50,077.79 mn 79,157.19 mn -


6.18 0.79 12.84 62.56 10.12 -

Pak Datacom XD 78 4.58 104.00 103.00 93.00 93.00 -11.00 5199 120.61 91.00 70 - 80 -

Pakistan Telecomm Co A 37740 9.20 19.29 19.59 18.85 19.31 0.02 6305281 20.22 17.32 15 - 17.5 -

Telecard 3000 1.09 2.47 2.69 2.37 2.53 0.06 4898117 3.08 1.80 - - 1 -

WorldCall Tele 8606 - 2.82 2.90 2.51 2.80 -0.02 3087974 3.25 2.30 - - - -



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

Atlas Insurance 369 4.99 30.75 34.40 31.00 33.80 3.05 40734 34.40 27.10 40 10B - -

Central Insurance XB 279 5.27 50.00 53.75 50.10 50.91 0.91 5514 64.90 47.37 20 25B 10 10B

Century Insurance 457 6.31 10.94 11.50 10.40 11.24 0.30 19280 11.99 9.42 - - - -

Crescent Star Insurance 121 - 4.99 5.85 3.30 3.30 -1.69 10421 7.90 3.30 - - - -

EFU General Ins. XB 1250 36.67 40.03 48.63 41.05 46.21 6.18 319312 54.50 34.76 40 8.7B - -

Habib Insurance 400 2.61 10.89 11.25 10.60 10.95 0.06 45830 13.89 10.04 35 - - -

IGI Insurance 718 14.31 77.60 84.00 78.00 81.00 3.40 38989 84.00 66.02 35 - 10 20B

New Jub Insurance 791 9.71 53.77 58.85 53.19 56.92 3.15 9949 59.99 52.21 30 20B - -

Pak Reinsurance 3000 - 14.47 15.95 14.31 15.75 1.28 6333963 18.69 12.50 30 - - -

Pak Gen Insurance 250 1.43 5.79 7.04 5.56 6.07 0.28 33715 8.20 5.06 5 25B - -

PICIC Ins Ltd 350 67.50 2.38 2.93 2.10 2.70 0.32 70015 4.16 1.66 - - - -

Premier Insurance 303 5.00 8.95 9.91 8.33 9.25 0.30 84023 10.30 8.00 20 15B - -

Reliance Insurance XB 252 4.53 7.38 7.70 6.61 6.61 -0.77 5285 7.70 6.02 - - - -

Shaheen Insurance 200 - 12.35 14.30 12.30 14.30 1.95 646701 16.49 11.51 -14.28B - -

Silver Star Insurance 253 1.74 7.10 7.95 6.10 7.01 -0.09 70239 10.00 6.00 - 20B - -

United Insurance XB 400 1.51 5.05 6.10 4.71 6.02 0.97 16094 6.54 4.02 - 16B - -

UPTO 5000 VOLUME

SING 17.80 18.88 16.51 17.15 -0.65 4655SMCPL 6.20 7.48 6.02 6.89 0.69 4597AASM 35.00 35.00 31.97 31.97 -3.03 4592GWLC 3.49 4.39 3.01 3.59 0.10 4518ADOS 15.50 16.40 15.30 16.40 0.90 4495PMRS 36.53 38.99 35.60 36.25 -0.28 4422TREI 2.00 2.25 1.56 1.80 -0.20 4405TRPOL 0.74 0.91 0.42 0.53 -0.21 4320SHEZ 95.00 96.50 92.01 93.85 -1.15 3999KSTM 0.69 0.79 0.36 0.75 0.06 3920PNGRS 5.80 6.20 4.25 5.01 -0.79 3878SSML 2.10 2.50 1.10 1.50 -0.60 3775DWSM 1.42 1.85 1.42 1.80 0.38 3570DCM 1.20 1.48 1.10 1.41 0.21 3517SKFL 1.10 1.20 1.10 1.20 0.10 3500KCL 8.53 10.75 8.90 10.24 1.71 3468SNAI 29.75 31.00 28.40 30.00 0.25 3411BAFS 51.90 54.00 50.83 50.83 -1.07 3315GFIL 4.40 4.80 2.55 2.60 -1.80 3245PRET 29.00 29.50 25.71 26.94 -2.06 3067KASBM 1.85 1.83 1.26 1.30 -0.55 3004HAJT 0.68 0.68 0.30 0.31 -0.37 3000KOHS 3.90 5.24 2.80 5.24 1.34 2991FECTC 5.78 5.78 5.10 5.65 -0.13 2868TRIBL 1.26 2.00 1.26 1.57 0.31 2683EXIDE 142.90 155.99 144.99 148.00 5.10 2655JVDC 60.00 61.00 57.00 60.00 0.00 2589SAIF 4.00 4.85 3.10 3.94 -0.06 2468CRTM 23.50 23.80 17.89 20.87 -2.63 2421MZSM 4.94 5.30 4.20 5.19 0.25 2410CJPL 0.99 1.05 0.62 0.76 -0.23 2265PCAL 54.50 56.60 51.15 53.85 -0.65 2223KSBP 77.70 78.90 74.26 76.56 -1.14 2215RMPL 1370.00 1554.00 1380.00 1550.00 180.00 2201MUKT 0.46 0.90 0.25 0.49 0.03 2171BWHL 30.40 31.92 29.40 30.20 -0.20 2154EMCO 3.50 3.40 2.55 2.88 -0.62 2089NOPK 21.27 24.99 21.90 23.50 2.23 2077PAKL 4.95 5.95 3.95 3.95 -1.00 2056ISIL 74.00 77.70 70.00 74.97 0.97 2024KML 2.01 2.75 1.52 2.70 0.69 2012OTSU 29.26 32.00 29.59 32.00 2.74 2003GAEL 0.20 0.20 0.20 0.20 0.00 2000FZCM 49.20 51.66 51.00 51.66 2.46 2000SERF 0.20 0.30 0.18 0.30 0.10 2000ICL 22.57 26.49 23.50 26.49 3.92 1929BUXL 10.00 10.87 10.00 10.87 0.87 1837DADX 24.77 28.50 23.83 23.83 -0.94 1816WAZIR 5.21 6.20 4.80 5.40 0.19 1750WYETH 830.06 830.00 761.00 801.00 -29.06 1740NPSM 22.00 23.00 20.56 20.56 -1.44 1623CWSM 1.98 2.59 1.00 1.43 -0.55 1622BCML 13.25 16.11 12.25 15.00 1.75 1603FNEL 10.25 10.25 7.03 8.50 -1.75 1517BIFO 38.00 40.04 36.10 40.04 2.04 1504HUSS 13.40 13.40 12.19 12.19 -1.21 1420GATM 22.52 25.40 23.51 23.80 1.28 1411SHDT 8.60 9.60 7.60 9.60 1.00 1399LEUL 1.89 1.89 1.50 1.50 -0.39 1384ELSM 21.10 21.50 17.21 19.40 -1.70 1267SHCM 11.00 13.00 10.00 10.95 -0.05 1266UVIC 3.00 3.02 3.00 3.02 0.02 1248FZTM 320.00 384.24 320.02 376.88 56.88 1234GRAYS 48.00 51.00 47.00 50.16 2.16 1206JKSM 6.70 7.57 5.58 6.09 -0.61 1148STCL 8.95 9.10 7.70 7.70 -1.25 1132GUTM 24.40 23.18 18.89 18.89 -5.51 1128BROT 0.89 0.85 0.33 0.39 -0.50 1125ADAMS 12.50 13.20 12.46 12.51 0.01 1109SSOM 3.00 3.00 3.00 3.00 0.00 1000ACCM 0.85 0.85 0.85 0.85 0.00 1000QUAT 9.00 9.00 7.51 7.51 -1.49 1000CLOV 49.45 49.50 47.19 49.48 0.03 953SCL 57.36 59.85 56.10 56.20 -1.16 881MFTM 1.00 1.00 0.99 1.00 0.00 801SFWF 8.49 8.49 7.48 7.48 -1.01 800BAWS 1.50 1.50 1.40 1.40 -0.10 731BGL 1.80 1.90 1.70 1.70 -0.10 700HINO 119.99 124.99 114.01 118.00 -1.99 685PECO 307.98 305.00 296.00 300.00 -7.98 676SAPT 97.50 100.50 90.00 90.05 -7.45 631FASM 34.95 34.00 32.75 32.75 -2.20 600QUET 27.15 30.99 25.80 30.94 3.79 506SJTM 0.43 0.97 0.21 0.97 0.54 503ARPAK 12.00 15.00 13.00 13.00 1.00 501MFFL 61.81 67.77 61.50 67.77 5.96 493SIEM 1189.99 1190.00 1128.00 1183.48 -6.51 465LPGL 14.45 19.24 15.25 19.24 4.79 403FIMM 48.65 48.76 42.90 43.21 -5.44 400NESTLE 1941.00 1999.00 1844.00 1942.10 1.10 357BILF 1.10 1.20 0.61 0.76 -0.34 355DIIL 14.69 15.60 13.59 14.89 0.20 349GRYL 2.19 2.38 1.21 2.00 -0.19 338ALQT 3.26 3.99 3.30 3.50 0.24 300ULEVER 4007.50 4168.99 3960.00 4000.02 -7.48 295MEHT 64.98 66.40 55.10 55.10 -9.88 291GAMON 2.14 2.48 1.42 1.51 -0.63 286FRCL 3.90 4.80 2.90 4.80 0.90 279SIBL 2.60 3.55 1.67 2.50 -0.10 277BFMOD 4.30 4.20 3.80 3.80 -0.50 267AGIC 11.94 12.25 11.00 11.95 0.01 219PSEL 154.58 160.00 146.90 150.00 -4.58 179BTL 51.25 51.90 45.50 45.50 -5.75 150COLG 740.00 782.45 740.00 782.45 42.45 127JOPP 9.50 10.00 8.25 10.00 0.50 117ILTM 90.11 90.00 85.19 90.00 -0.11 104AABS 96.00 96.99 95.90 96.99 0.99 102SFAT 3.17 5.10 4.10 5.10 1.93 102LIBM 55.00 59.99 55.00 55.50 0.50 101FNBM 7.05 7.05 6.98 6.98 -0.07 100SASML 5.00 5.00 5.00 5.00 0.00 99FTHM 113.00 113.00 113.00 113.00 0.00 95BHAT 189.00 204.45 180.50 180.50 -8.50 89SZTM 6.49 5.49 4.49 5.26 -1.23 85TSMF 1.99 2.22 1.80 2.00 0.01 63MLCFPS 4.49 6.55 4.00 4.03 -0.46 61SANSM 13.90 14.00 13.90 13.90 0.00 60SHJS 68.00 67.23 63.90 65.00 -3.00 53LMSM 2.50 3.25 2.50 3.25 0.75 50DMTX 2.50 2.50 1.50 1.50 -1.00 34PHDL 47.95 45.61 37.54 37.54 -10.41 30UPFL 1030.00 1030.00 1000.00 1000.00 -30.00 21NATM 13.60 13.60 9.65 9.65 -3.95 19POAF 12.48 13.98 13.00 13.48 1.00 19SFL 112.00 121.80 115.91 116.68 4.68 14TOWL 20.00 20.00 20.00 20.00 0.00 10DSML 3.50 3.50 3.00 3.00 -0.50 10ARM 16.00 16.00 14.01 14.50 -1.50 10HUSI 10.79 10.90 9.90 9.99 -0.80 7MSCL 9.10 9.10 8.12 8.12 -0.98 6LATM 7.50 8.00 7.50 7.50 0.00 5FIBLM 1.99 2.85 1.99 2.84 0.85 5DINT 23.10 24.71 23.50 24.71 1.61 4RCML 29.16 30.61 29.16 30.61 1.45 3FECS 40.95 45.12 42.99 44.99 4.04 2IDYM 213.59 223.99 213.59 223.99 10.40 2IDEN 12.00 12.00 11.80 11.80 -0.20 2

Symbols Open High Low Close Change Vol

Al-Abbas Cement 51.41 3.15 3.05 3.40 3.55 3.30

Allied Bank Limited 70.81 55.05 54.60 55.95 56.35 55.45

Attock Cement 43.89 63.05 62.60 63.90 64.30 63.45

Arif Habib Limited 50.83 27.40 26.95 28.40 28.95 27.95

Arif Habib Securities 61.35 24.50 24.00 25.45 25.90 24.95

Adamjee Insurance 65.70 73.60 72.70 75.55 76.60 74.65

Askari Bank 65.67 15.50 15.35 15.85 16.05 15.70

Azgard Nine 66.33 10.80 10.30 11.75 12.10 11.20

Attock Petroleum 32.29 294.15 292.25 298.80 301.55 296.90

Attock Refinery 78.57 98.00 96.45 100.80 102.05 99.25

Bank Alfalah 66.86 9.20 9.05 9.50 9.65 9.35

BankIslami Pak 50.82 3.10 3.00 3.25 3.30 3.15

Bank Of Punjab 60.65 8.50 8.35 8.80 8.95 8.65

Dewan Cement 52.65 1.55 1.50 1.65 1.70 1.60

DGK Cement 73.18 27.45 26.95 28.25 28.55 27.75

Dewan Salman 55.84 1.50 1.45 1.65 1.75 1.60

Dost Steels Ltd 78.78 2.85 2.55 3.40 3.70 3.10

EFU General Insurance 74.02 45.50 44.80 47.45 48.70 46.75

EFU Life Assurance 73.82 74.25 70.40 81.25 84.40 77.40

Engro Chemical 50.22 174.90 173.60 178.20 180.20 176.90

Faysal Bank 63.92 14.25 14.10 14.50 14.70 14.40

Fauji Cement 59.46 5.00 4.90 5.20 5.25 5.10

Fauji Fert Bin 69.45 30.25 30.10 30.65 30.90 30.50

Fauji Fertilizer 67.63 108.80 108.30 109.75 110.20 109.25

Habib Bank Ltd 66.14 103.20 102.05 106.35 108.35 105.20

Hub Power 56.86 33.80 33.45 34.45 34.75 34.10

ICI Pakistan 68.73 127.45 126.50 129.65 130.90 128.70

Indus Motors 59.99 228.55 223.25 238.50 243.25 233.25

JOV and CO 41.40 2.25 2.05 2.55 2.75 2.40

Japan Power 53.80 1.50 1.40 1.70 1.80 1.60

JS Bank Ltd 49.92 2.35 2.30 2.50 2.55 2.40

Jah Siddiq Co 44.21 10.10 9.95 10.40 10.60 10.25

Kot Addu Power 32.89 39.05 38.80 39.55 39.80 39.30

KESC 62.86 2.15 2.10 2.30 2.35 2.20

Lucky Cement 59.85 72.25 71.25 73.85 74.45 72.85

MCB Bank Ltd 67.94 202.00 200.05 205.90 207.85 203.95

Maple Leaf Cement 57.62 3.00 2.95 3.15 3.25 3.10

National Bank 67.45 65.95 64.20 68.70 69.75 66.95

Nishat (Chunian) 77.85 20.15 19.55 21.10 21.40 20.45

Netsol Technologies 47.01 17.90 17.50 18.65 19.00 18.25

NIB Bank 54.99 2.85 2.80 2.95 3.05 2.90

Nimir Ind.Chemical 63.84 1.50 1.45 1.65 1.70 1.60

Nishat Mills 65.00 51.00 50.25 52.25 52.75 51.50

Oil & Gas Dev. XD 72.69 151.70 150.20 154.45 155.70 152.95

PACE (Pakistan) Ltd. 64.72 3.10 3.00 3.30 3.40 3.20

Pervez Ahmed Sec 55.21 1.65 1.55 1.90 2.05 1.80

PIAC (A) 55.20 2.10 1.95 2.40 2.60 2.25

Pioneer Cement 53.11 8.05 7.95 8.25 8.40 8.15

Pak Oilfields 57.32 238.60 234.00 246.05 248.90 241.45

Pak Petroleum 57.88 187.30 185.40 190.75 192.35 188.90

Pak Suzuki 54.67 75.15 74.35 76.35 76.75 75.55

PSO XD 47.76 263.30 260.60 268.10 270.20 265.40

PTCLA 56.65 19.10 18.90 19.55 19.80 19.35

Shell Pakistan 31.43 183.30 178.15 195.30 202.15 190.15

Sui North Gas 56.65 31.50 31.30 31.95 32.20 31.75

Sitara Peroxide 76.87 10.55 9.95 11.40 11.70 10.80

Sui South Gas 30.78 22.35 21.85 23.15 23.45 22.65

Telecard 64.02 2.45 2.40 2.60 2.70 2.55

TRG Pakistan 62.19 4.25 4.15 4.50 4.65 4.40

United Bank Ltd 65.37 53.55 52.65 55.10 55.75 54.20

WorldCall Tele 61.05 2.75 2.70 2.85 2.90 2.80

Company RSI 1st 2nd 1st 2nd Pivot

(14-day) Support Resistance

TECHNICAL LEVELS

ABL Cash Fund 25-Oct 4:00

ABL Income Fund 25-Oct 4:00

ABL Islamic Cash Fund 25-Oct 4:00

ABL Stock Fund 25-Oct 4:00

Agriauto Industries Limited 25-Oct 11:30

Arif Habib Investments Ltd 25-Oct 10:30

Arif Habib Securities Limited 25-Oct 4:00

Berger Paints Pakistan Ltd 25-Oct 3:00

BMA Chundrigar Road Saving Fund 25-Oct 10:30

BMA Empress Cash Fund 25-Oct 10:30

Century Insurance Company Ltd 25-Oct 4:30

BOARD MEETINGS

Company Date Time

Monday, October 25, 2010 8

Taiwan’s Fudonmulls life JV in China

Tough rulesokayed forUS health

insurance cosWASHINGTON: US stateinsurance commissioners unani-mously backed tough rulesrequiring health insurance com-panies to direct more of the pre-miums they collect to medicalcare, rather than corporatesalaries and profits.

Although the percentages aremandated in the new healthcarelaw, insurers including Aetna Incand WellPoint Inc sought looserdefinitions of some spending,arguing changes were needed forthem to stay competitive.

In a final vote on the recom-mendations, called for under thenew law, the NationalAssociation of InsuranceCommissioners (NAIC) onThursday rejected most of theinsurance industry's requests.

NAIC's proposal moves earlynext week to the Department ofHealth and Human Services,which will decide whether toadopt the proposals as regulationor first make changes.

By law, the changes must takeeffect by January 1.

The Morgan StanleyHealthcare Payor Index wasdown 0.9 per cent in Thursdayafternoon trading, comparedwith the broad S&P 500 Indexwhich was up 0.1 per cent.

Consumer advocates andDemocratic lawmakers hadargued for strict limits on theindustry, which has come underfire for rising rates and denial ofcoverage. Under the law passedin March, large group healthplans must allocate at least 85cents per premium dollar tomedical care, not administrativecosts or profit. Plans for individ-uals or small groups must spend80 cents per dollar.

Such spending ratios, known asa medical-loss ratio, or MLR, havebeen closely watched by WallStreet as a sign of potential prof-itability. Under the law, customerscould see rebates if insurers spendless than required on care.

"This is placing on them somepretty stringent requirements,"Kansas Insurance CommissionerSandy Praeger, head of a NAICworking committee, said of insurers.

The goal is to ensure that whenindividuals or employers buycoverage "that a good portion ofthat premium dollar goes tomedical activities and is not justbeing used to enhance profits orenhance large salaries," she toldreporters.-Reuters

SHANGHAI:The AIA building is seen the Chinese metropolis.-Reuters

ISLAMABAD: Prime Minister

Syed Yousuf Raza Gilani has

said we are reviewing exempt-

ing flood affectees from the

fees of life/health insurance and

gas/electricity bills payments.

He said this while talking to

media at Nadra Headquarters at

Islamabad.

He said so far 66 per cent of

affectees have been issued Watan

cards as part of initial aid.

He said it is a transparent pro-

gramme adding that we will

make distribution of Watan

Cards transparent as well, which

is the largest cash aid in the short-

est time program in the world.

He reiterated that rehabilitation

of the flood affectees is the top

priority of the government.

He said a strategy would be

devised to ensure peace in

Karachi with consultation of

political forces.

He said that the purpose of

his visit to Nadra is to see what

steps Nadra has taken for the

relief of flood affectees and to

review the progress.

He said that he has asked the

provinces to send verified lists

of affectees at the earliest so

that Watan cards should be

issued as soon as possible. He

said that most of the affectees

are pensioners and he has asked

Nadra to make special arrange-

ments for them.-Online

Flood-hit may getinsurer-fees’ let-off

PM vows transparent Watan Card distribution

NEW YORK/HONG KONG:AIA, the Asian life insurancearm of AIG sold $17.9 billion(11.4 billion pounds) of sharesin its Hong Kong IPO asinvestors clamoured for a com-pany seen as a good way to buyinto the world's hottest finan-cial market.

The pricing of the initial pub-lic offering, set to be theworld's third biggest, comes asnew listings proliferate in Asia.It puts an end to a long-runningsaga for American InternationalGroup, which tried and failedto sell AIA to Britain'sPrudential earlier this year.

AIG plans to use some of theproceeds of the AIA sale to payback the roughly $100 billion itstill owes the US governmentafter its 2008 bailout.

The successful IPO madeAIG one of the top gainersamong US insurance sharesFriday, adding more than 1 percent. Analysts said the sale wasgood for AIG's balance sheet,but the company still facesother difficulties, including thepotential for future writedowns.

AIA said on Friday that theIPO was priced at HK$19.68each and that it exercised itsoption to boost the size of thesale. If the underwriters exer-cise the overallotment option,the IPO size would rise 15 percent to $20.5 billion. AIA willstart trading on October 29.

"Investors did not dare tomiss this jumbo deal as themarket has ample liquidity andthe sentiment is very strong,"said Antonny Cheng, a fundmanager at Gain Asset

AIA has been in Asia formore nearly a century, and hasa forecast pre-tax operatingprofit of $2 billion for 2010.

Life insurance premiums inthe Asia-Pacific region areforecast to grow by 12.3 per

cent a year through 2014,Sigma Swiss Re estimates,compared with flat to modestgrowth in other parts of theworld.

Still, expanding in China willnot be easy. The mainland's topindustry players dominate themarket and foreign competitorsare flooding in.

AIA sold 5.86 billion of sec-ondary shares and exercised itsoption to sell an additional 1.17billion secondary. The IPO willvalue AIA at $30.5 billion, withAIG holding a 41.6 per centstake that would drop to 33 percent if it exercises an option toissue more shares.

"It's more or less fully valuedafter the shares were sold at thetop end," said Francis Lun, gen-eral manager with FulbrightSecurities. "Still, one couldexpect a 5 per cent upside ondebut."

Unlike many other foreigninsurers, AIA has 100 per centownership of entities in China,Indonesia, Malaysia, Thailandand Vietnam. AIA has morethan 300,000 agents in Asia.

Meanwhile a judge has heldMaurice R Greenberg, the for-mer chief executive ofAmerican International Group,liable for damages on a reinsur-ance transaction that the NewYork attorney general, AndrewM Cuomo, said helped theinsurer hide losses.

In a ruling, Justice Charles ERamos of New York StateSupreme Court also foundHoward Smith, A.I.G.'s formerchief financial officer, liable onthe transaction, which involvedan entity called CapcoReinsurance Company. Theattorney general's office saysthe company hid more than$200 million in losses from anauto warranty insurance pro-gram.-Reuters

AIG raises$17.9bnthroughAIA IPO

Ex-AIG CEO Greenberg gets a legal black eye

GENEVA: Swiss regulatorswill keep an eye on banks andinsurers to ensure they are com-plying with laws and regula-tions abroad, with the manage-ment of risks from cross-borderbusiness a part of their regularsupervision.

In a position paper presentedin Geneva on Friday, Swissfinancial market regulatorFINMA told banks and insurersin the country they must knowthe rules abroad and take stepsto mitigate or eliminate risksstemming from cross-borderbusiness.

Should banks and insurersfail to take all necessary meas-ures to ensure compliance withregulations in countries wherethey are doing business,FINMA could force them to actunder current legislation.

Swiss banks have come underheavy fire abroad as govern-ments hunt down tax cheats,and Switzerland has had tosoften its cherished bank secre-cy, caving in to global pressure.

The government and regula-tors have vowed to end the

country's history as a safe placefor tax evaders and pledged toallow in only taxed money inthe future.

"Risks have always beenthere. But laws toughened insome countries while otherssimply decided to apply alreadyexistent laws in a more system-atic way," said Urs Zulauf,General Counsel of theFINMA, at a media briefing inGeneva.

The regulators also said theyhad to be informed immediate-ly if a bank or an insurer facedlegal troubles abroad.

To end a damaging tax case,the Swiss government had toallow UBS to hand over to U.S.authorities the details of around4,450 clients that UBS hadhelped to dodge taxes.

In Germany, the governmenthas paid for stolen data fromSwiss banks to catch tax cheatsand raided the German officesof Switzerland's No.2 bankCredit Suisse.

The recent high-profile caseshave highlighted the legal andreputational risks associated with

cross border-business, banks andinsurers must thoroughly assesstheir operations and the risksattached, FINMA said.

"Appropriate measures tomitigate or eliminate risk mustalso be taken," the regulatorybody said. "FINMA expectsinstitutions to take due accountof foreign supervisory legisla-tion in particular and to define aservice model appropriate foreach individual target market,"the regulator said.

In some cases, banks or insur-ers may have to change theirstrategy as a consequence of therisk assessment, FINMA said.

"Institutions may decide todispense with cross-borderservices in certain target mar-kets, or the provision of servic-es to certain categories ofclients, and to adjust their busi-ness models accordingly,"FINMA said.

Many Swiss banks havedecided for risk-related reasonsto stop doing business with cer-tain categories of US clients orto at least discontinue someservices to them.-Reuters

Swiss watchdog toeye overseas banks

WASHINGTON: TheFederal Deposit InsuranceCorp said on Friday that USregulators closed seven morebanks, bringing the total sofar this year to 139.

The biggest was HillcrestBank of Overland Park,Kansas, which had approxi-mately $1.65 billion in totalassets and $1.54 billion intotal deposits.

Regulators also closed FirstArizona Savings, Scottsdale,Arizona; First SuburbanNational Bank, Maywood,Illinois; First National Bank ofBarnesville, Barnesville,Georgia; Gordon Bank,Gordon, Georgia; ProgressBank of Florida, Tampa,Florida; and First Bank ofJacksonville, Jacksonville,Florida.

A newly chartered banksubsidiary of NBH HoldingsCorp, Boston, Massachusetts,will assume all of the depositsof Hillcrest Bank.

The new NBH subsidiary,also called Hillcrest Bank,also agreed to purchase essen-tially all of the failed bank'sassets, the FDIC said.

First Arizona Savings hadapproximately $272.2 millionin total assets and $198.8 mil-lion in total deposits.

At the time of closing, thebank had an estimated $1.8million in uninsured funds.

The FDIC said it wasunable to find another finan-cial institution to take over

the banking operations ofFirst Arizona Savings. As aresult, checks to depositorsfor their insured funds will bemailed on Monday.

First Suburban NationalBank had about $148.7 mil-lion in total assets and $140.0million in total deposits.

Seaway Bank and TrustCompany, Chicago, Illinois,assumed all of FirstSuburban's deposits andagreed to purchase essentiallyall of the failed bank's assets.

First National Bank ofBarnesville had approximate-ly $131.4 million in totalassets and $127.1 million intotal deposits.

United Bank of Zebulon,Georgia, assumed all of theBarnesville bank's depositsand agreed to purchase essen-tially all of the assets. GordonBank had approximately$29.4 million in total assetsand $26.7 million in totaldeposits.

Morris Bank of Dublin,Georgia, paid a premium of0.5 percent for the deposits ofGordon Bank and agreed topurchase about $11.5 millionof the failed bank's assets.The FDIC will keep theremaining assets for later dis-position.

Progress Bank of Floridahad approximately $110.7million in total assets and$101.3 million in totaldeposits.

Bay Cities Bank of Tampa,

Florida, assumed all ofProgress Bank's deposits andagreed to purchase essentiallyall of the failed bank's assets.

First Bank of Jacksonvillehad approximately $81.0 mil-lion in total assets and $77.3million in total deposits.

Ameris Bank of Moultrie,Georgia, assumed all of theJacksonville bank's depositsand agreed to purchase essen-tially all of the failed bank'sassets.

FDIC Chairman Sheila Bairhas said she expects the num-ber of bank failures this yearto exceed the 2009 total of140, but that total assets ofthe failures will probably belower.

This week, the FDIC saidestimated bank failures willcost the Deposit InsuranceFund $52 billion from 2010through 2014, down from anearlier estimate of $60 billion.

The Deposit InsuranceFund, financed by banks thatpay into the fund, guaranteesindividual accounts up to$250,000.

While failures are stilloccurring at a fairly briskpace, it is now mostly smallerinstitutions, communitybanks, that have been collaps-ing.

Washington Mutual, whichhad $307 billion in assetswhen it was seized inSeptember 2008, remains thelargest bank to fail during thefinancial crisis.-Reuters

Regulators close 7more banks in US British firm

Cooperativelooks at life

unit disposalLONDON: Britain'sCooperative Group couldoffload its life insurance arm asit reorganises its financial serv-ices division following lastyear's merger with Britannia, asource familiar with the situa-tion said on Sunday.

Mutually-owned Cooperative,which runs businesses rangingfrom supermarkets to funeralhomes, has appointed DeutscheBank to review options for thelife arm including a possible sale.

The society has sent informationpacks to potential bidders for theunit, which sells pensions and pro-tection insurance and has 18 billionpounds ($28.25 billion) in assets,in an effort to gauge the level ofbuyer interest, the source added.

Cooperative and DeutscheBank both declined to comment.Potential suitors for the businessinclude listed insurers Legal &General, Aviva, Resolution andPhoenix Group, as well as rivalcustomer-owned insurer RoyalLondon, the Mail on Sunday andSunday Times newspapersreported.

The review of Cooperative'slife unit follows the Jan. 2009merger between its financialservices division, which alsoincludes banking, asset manage-ment and general insuranceoperations, and Britannia, theUK's second-biggest buildingsociety.-Reuters

Local insurersride bulls atKSE last wk

Staff Reporter

KARACHI: During the lastweek insurance stocks fol-lowed the overall bullish trendat the Karachi Stock Exchangewith more than 12.8 millionshares traded together in lifeand non-life insurance stocks.

Pak Reinsurance was the vol-ume leader with 6.33 millionshares followed by AdamjeeInsurance with 4.93 millionshares. Top gainers of the weekinclude EFU Life Assurancewhich increased by Rs8.16 toclose at Rs78.13 and EFUGeneral Insurance jumped byRs6.18 to close at Rs46.21while Crescent Star Insuranceby losing Rs1.69 to close atRs3.3 and Reliance Insuranceby falling Rs0.77 to close atRs6.61 turned out to be themajor losers of the week.


F1 driver Alonso jumps as he celebratesafter winning the South Korean GP

Americanswimmer

dies inWC race

NEW YORK: US openwater swimmer Francis'Fran' Crippen, a worldchampionship bronzemedallist, died during aMarathon Swimming WorldCup 10km event in theUnited Arab Emirates onSaturday, world governingbody FINA said.

Crippen, 26, won a 10kmbronze medal at the 2009world championships inRome and a 5km bronze atthe world open water cham-pionships in Canada thisyear.

"While the causes of thisdeath remain under investi-gation, FINA and the entireaquatic community address,in this moment of grief,their deepest and sincerecondolences to his family,friends and to US AquaticSports and the USASwimming family," FINAsaid in a statement.

Crippen, who won two UStitles in the pool in the800m freestyle beforeswitching to open water in2006, died during the lastleg of the World Cup eventin Fujairah, FINA said.

On his Facebook page,Crippen posted a messageon Thursday saying he was"in Dubai for the finalWorld Cup of the seasonand then off to Italy forvacation!"

SWIMMING FAMILYCrippen, who was hoping

to become the first USmedallist in open waterswimming at an OlympicGames in 2012, came froma family that is well knownin the swimming world.

His oldest sister, Maddy,competed in the SydneyOlympics in 2000 whileyounger sister Claire wasan All-American at theUniversity of Virginia.Another younger sister,Teresa, swims for theUniversity of Florida andthe U.S. National team.

"Fran was a championswimmer but, more impor-tantly, a tremendous person,and he will be rememberedfor so many extraordinaryqualities," USA Swimmingsaid in a statement.

The United StatesOlympic Committee(USOC) said in a statementit was saddened to learn ofCrippen's death.

"While details of thistragedy are still forthcom-ing, we shall keep this out-standing young athlete andhis family in our thoughtsand prayers."-Reuters

LONDON: Goals by FlorentMalouda and Salomon Kalou and aclub record eighth consecutive homeclean sheet helped Chelsea open afive-point lead in the PremierLeague with a 2-0 win overWolverhampton Wanderers.

Malouda struck his seventh leaguegoal of the season and Kalou cameoff the bench to seal victory after thebreak for Carlo Ancelotti's sidewhose early-season torrent of goalshas slowed to a trickle in recentweeks.

Tottenham Hotspur rose to third,seven points behind Chelsea, afterDutchman Rafael van der Vaartmade it five goals in seven sincejoining the north London club.

The midfielder notched theequaliser in a 1-1 draw at home toimproving Everton.

West Bromwich Albion continuedtheir dream start to life back in the

top flight, moving into fourth placewith a 2-1 home defeat of Fulhamwhile Birmingham City beatBlackpool 2-0.

Sunderland edged Aston Villa 1-0and Wigan Athletic's home matchagainst Bolton Wanderers ended 1-1.West Ham United stayed bottomafter a 2-1 home defeat byNewcastle United.

Second-placed Manchester Citycan reduce Chelsea's lead on Sundaywhen they host Arsenal whileManchester United, down in sixthspot, end their turbulent week atStoke City.

Liverpool are also at home againstBlackburn Rovers on Sunday.

Chelsea were not the fluent forcethat racked up 21 goals in their open-ing five league matches but werewatertight at the back againstWolves.

It took them 23 minutes to break

through against a lively visiting sideand it was not until the 81st minutethat Wolves were finally subdued.

"It was a tough game because wedidn't play so well," Ancelotti toldreporters. "We suffered from somedangerous situations in the first halfand in the second half we concededtoo many shots from distance.

"We could have closed the gamebefore the second goal, we had a lotof chances, but we didn't play as wellas we usually do."

ANELKA ENTERPRISEThe opening goal owed much to

the enterprise down the left ofNicolas Anelka. He played in YuriZhirkov and the Russian pulled theball back into the path of Maloudawho was unmarked eight metresout.

Chelsea have not conceded aleague goal at home since March butWolves came close to breaching the

Blue wall on several occasions, mostnotably when Stephen Hunt's headerwas cleared off the line by MichaelEssien.

Kevin Doyle also forced keeperPetr Cech to save a low shot andthere was a growing sense of uneasein the crowd before Kalou made it 2-0 after Essien and Didier Drogbalinked up well.

Ancelotti picked out right backJose Bosingwa for special praiseafter the Portuguese made his firstleague start for a year following aserious knee injury.

"Bosingwa was one of the bestplayers on the pitch," said the coach."He put a lot of pressure on in thesecond half by pushing up withoutthe ball and he had opportunities toscore.

"He played very well and he is animportant player for us in thefuture."-Reuters

Chelsea keep lead, breaking club record

MARGAO: The third andfinal one-dayer betweenIndia and Australia onSunday was called off aftersteady rain over the past twodays waterlogged the out-field, handing the hosts a 1-0series win.

Australia, the number oneranked ODI side in the

world, ended their disap-pointing tour of India losingboth the test and one-dayseries. India swept the testseries 2-0.

The series had lost somesheen with top cricketersfrom both teams, includingSachin Tendulkar and RickyPonting, giving it a miss.

The first match in Kochilast Sunday was also calledoff due to rain. India's five-wicket win on Wednesdaydecided the outcome of theseries.

India next host NewZealand for a three test andfive match ODI series, start-ing next month.-Reuters

India claims serieswin over Aussies

Monitoring Desk

KARACHI: The InternationalCricket Council (ICC) Anti-Corruption and Security Unit isprobing why the Board ofControl of Cricket in India(BCCI) kept quiet about a reportof its player Suresh Raina beingseen in the company of a womanlinked to an associate of an ille-gal bookmaker.

Making it clear that Raina wasnot suspected of any wrongdo-ing, a senior ICC source, wasquoted as saying the incidentwas related to India's tour of SriLanka earlier this year.

CCTV cameras installed at theIndian team's hotel showed thaton more than one occasionRaina was in the company of a

woman known to be an associ-ate of a man allegedly linked toa bookmaker.

A report, including the CCTVfootage, was submitted by theSri Lankan Cricket Board totheir Indian counterparts.

With the heightened securityconcerns following the 2009 ter-rorist attack on the Sri Lankanteam in Pakistan, the SriLankans deputed a former gen-eral to look after the Indianteam.

According to the newspaperreport, it is the reaction of theBCCI secretary N Srinivasanthat has led to the ICC investiga-tion. Instead of acting on thereport, Srinivasan is alleged tohave asked the Sri Lankans towithdraw it.

BCCI silencedover Raina’sbookie-links

YEONGAM: Ferrari'sFernando Alonso won a rain-hit and chaotic Korean GrandPrix to seize back theFormula One world champi-onship lead on a nightmareSunday for his Red Bullrivals.

In an inaugural race thatturned out to be one of thelongest in Formula One his-tory -- delayed by a down-pour, started, stopped andthen re-started behind thesafety car after a 48 minutewait before ending almost inthe twilight -- the Spaniardcould scarcely believe hisgood fortune.

With two races to go, and amaximum 50 points to bewon under the new 25-18-15-12-10-8-6-4-2-1 scoring sys-tem, Alonso celebrated hisfifth win of the year to turn a

14-point deficit into an 11-point lead over Red Bull'sAustralian Mark Webber.

Webber crashed out earlyon, handing the champi-onship baton to team mateSebastian Vettel before theGerman suffered an agonis-ing engine failure nine lapsfrom the end while leading.

McLaren's 2008 championLewis Hamilton finished sec-ond, 14.9 seconds behind,and moved up to third overallwith 210 points, 21 behindAlonso. Brazilian FelipeMassa took the final podiumplace for Ferrari.

Vettel fell to fourth on 206points with McLaren's reigningchampion Jenson Button finish-ing 12th. The Briton is now 42points off the lead and effective-ly, if not mathematically, out ofthe title equation.-Reuters

Alonso wins F1Korean circuit

SL’s onlyCWG gold

turneddown

COLOMBO: Sri Lanka'sonly gold medallist at thismonth's CommonwealthGames, boxer ManjuWanniarachchi, has testedpositive for a bannedsteroid, a report saidSunday.

The privately runLakbima News newspapersaid Wanniarachchi, 30,who had brought home theisland's firstCommonwealth boxinggold in 72 years, had testedpositive for the perform-ance-enhancing steroid nan-drolone.

The paper said theCommonwealth Gamesorganizers had sent a reportto Sri Lanka's NationalOlympic Committee andinformed the boxer of theresult with his urine "A"sample.

There was no immediateconfirmation from the com-mittee or Sri Lanka's sportsauthorities. Wanniarachchihad beaten Welshman SeanMcGoldrick in the finalround of the Bantamweightcategory to clinch the gold.

The boxer can request a"B" sample test. If the out-come remains unchanged,he risks being stripped ofhis gold medal and couldface a two-year ban from allcompetition.

Sri Lanka also won onesilver and one bronze medalfor boxing and weightliftingduring the October 3-14Delhi games.-APP

STOCKHOLM: World num-ber two Roger Federer over-came an early break of serve todefeat Croatian Ivan Ljubicic7-6 6-2 in the semi-finals of theStockholm Open on Saturday.

The Swiss will meet GermanFlorian Mayer, who beatFinland's Jarkko Nieminen 4-66-4 7-6, in Sunday's final.

The big-hitting Ljubicicstarted strongly before Federerbroke back to take the first seton a tie-break.

He then gained an earlyadvantage in the second when alucky bounce off the net cordhelped him convert a breakpoint.

"It was mentally very diffi-cult to deal with that," Ljubicictold Swedish TV.

Federer said he had enjoyed aslice of luck but added he hadfelt his opponent had tried toforce his game too much andhad started to make too manyerrors.

"(In the first set) I had atough service game that didn'treally work well. I missed acouple of shots, next thing youknow you're down breakpoint.

"I missed another stupid fore-hand because I was still lackingrhythm and that's how it goesagainst big servers.-Reuters

Federer winsin Stockholm

KARACHI: Pakistan pacebowler Mohammad Asif saidon Saturday he had withdrawnhis appeal against a suspensionfor alleged spot-fixing nextweek in order to give hislawyers more time to prepare adetailed challenge.

Asif, Mohammad Amir andSalman Butt have been sus-pended by the InternationalCricket Council (ICC) after aninvestigation into a newspaperreport that they had deliberate-ly arranged for no-balls to be

delivered in the fourth testagainst England at Lord's lastAugust.

On Friday the ICC said Asifhad withdraw his appeal andarrangements were now beingmade for test captain Butt andfast bowler Amir to challengetheir suspensions in Dubai onOct 30 and 31.

"I decided to withdraw theappeal against the suspensionfor now since we got thedetailed documents relating tothe case late from the ICC and

my lawyers need more time toprepare for a detailed chal-lenge," Asif told Reuters.

Asif said he had done noth-ing wrong and would eventual-ly contest both the suspensionand the spot-fixing allegations."I am innocent," he said.

Butt told Geo TV Asif's deci-sion to withdraw his appealwould not affect his challenge.

"I have no intentions of with-drawing my appeal. I havedone nothing wrong and thissuspension means loss of valu-

able cricket time for me andI will challenge it," Buttsaid.

He said he remained opti-mistic that the ICC wouldremove the suspension atthe forthcoming hearing.

"I am clear in conscienceas I have done nothingwrong. The onus of provingtheir allegations against meis now on the accusers,"Butt said.

British police are alsoinvestigating the spot-fixingallegations against the triowho have denied anywrongdoing.-Reuters

Asif buys timeto prepare appeal

LONDON: Chelsea's Drogba challenges Wolverhampton Wanderers'Stearman during their English Premier League soccer match.-Reuters

GOA: Grounds men remove a rain tarp during a delayed start of the last one-day international matchbetween India and Australia in Margao.-Reuters

10 Monday, October 25, 2010Analysis & Feature

His ratings are in tattersand most of Franceloathes his pension

reform, but President NicolasSarkozy hopes to turn the pageswiftly with a cabinet reshuf-fle and some image-boostinginitiatives as G20 president.

Facing a tough 2012 electionbattle to win a second term,Sarkozy will score pointsinternationally, with financialmarkets and in his centre-rightUMP party for standing up tounions to push through areform of the generous pen-sions system.

The bill to make peoplework two extra years for theirpensions to stem a growingfunding shortfall should besigned into law this week afterSenate approval on Friday,ending a historic Socialistsymbol of retirement at 60.

Unions vow to continue thefight and have called forstrikes and demonstrations inthe next two weeks. A singlespark such as an incident ofpolice brutality could stillreignite a national conflagra-tion.

To overcome dismal opinionpolls and lingering protests,the president aims to startafresh with a new cabinet anda tax overhaul aimed at woo-ing mainstream centre-rightvoters and bolstering hischances against a more popu-lar left.

"Social cohesion is a priori-ty. The new government's mis-sion must be a social revivaland trying to rebuild that per-spective with the tradeunions," former prime minis-ter Jean-Pierre Raffarin, a con-servative close to Sarkozy,told RTL radio.

He called for progress in

areas such as equal pay formen and women, improvingworking conditions and help-ing people in arduous work.

The energetic president isexpected to switch several keyministers in November whenhe returns from a Seoul sum-mit of the Group of 20 eco-nomic leadership forum,including possibly the primeminister and those in charge oflabour, transport, foreignaffairs and budget.

Raffarin, tipped for a possi-ble comeback in a smaller,more focused cabinet, citedEnvironment Minister JeanLouis Borloo as a potentialprime minister with good tiesto the trade unions.

Commentators say anotherformer prime minister, AlainJuppe, may also get a seniorrole to add weight to the gov-ernment.

ACTIVIST DIPLOMACYMid-November also marks

France's takeover of the G20presidency. Sarkozy hopes thatwill give him influence on hotglobal issues such as exchangerates and commodities specu-lation that will enhance hisimage, just as activist diplo-macy during France'sEuropean Union presidencyboosted his ratings in 2008.

The biggest coup he couldachieve would be coaxing ahitherto reluctant China intomultilateral cooperation oncurrency stability, an objectivehe hopes to advance whenChinese President Hu Jintaovisits France in earlyNovember.

Sarkozy has also told mem-bers of parliament he wants tolook at a fiscal reform in thespring that is expected to focuson ending widely criticised tax

benefits for the wealthy whichhe enacted to reward core sup-porters as soon as he tookoffice.

The so-called "tax shield"which ensures that no onepays more than 50 per cent oftheir income to the treasuryhelped earn Sarkozy the dam-aging label of "president of therich" in a deeply egalitariancountry which abhors theflaunting of wealth.

Ministers have hinted at apossible package deal inwhich the tax shield goes inreturn for changes to a wealthtax, which has driven manymillionaires into exile but alsohit a growing number of mid-dle-class households as houseprices rise.

A burst of diplomacy, out-reach to the unions and taxreform may help Sarkozydraw a line under a long seriesof protests and oil refinery andtransport strikes that have dis-rupted travel and dried up aquarter of petrol pumps acrossthe country.

"He's so low in the polls thathe can't go much lower. In asense it's an advantage,"remarked political analystStephen Ekovich at theAmerican University of Paris.

C R O W D - P L E A S I N GREFORMS?

Hurt by a funding scandalinvolving his centre-rightUMP party and stung byEuropean criticism of his massexpulsion of illegal Romamigrants, Sarkozy's ratingsdipped below 30 per cent inone recent poll.

Two-thirds of voters opposehis move to lift the minimumretirement age by two years to62 and the often vitriolic streetprotests of recent weeks sug-

gest Sarkozy will have a hardtime reconquering public sup-port.

Yet the mercurial presidentis known for bouncing backfrom adversity. Analystsexpect him to focus on crowd-pleasing initiatives aimed atboth far-right and centrist vot-ers for the last 18 months ofhis term. Nationalist gesturesmight include fighting for EUfarm funds or more immi-grant-targetted legislation like

his law banning burqas.Sarkozy may also glean

more support on the right forhaving taken a firm stanceagainst strikers blocking fueldepots and youths who wenton the rampage in sporadicriots.

"I think he's actually doingokay in all this conflict," saidJean-Thomas Lesueur, head ofthe economically liberalInstitut Thomas More think-tank which follows Sarkozy

closely."It's worked in his interest to

take on the unions and let thesituation deteriorate to thepoint where discontent mountsand he can say: look, I amfighting this nuisance."

Sarkozy has stuck fast to hisline that his reform is the onlyway to safeguard France's pay-as-you-go pension system andprotect a coveted AAA creditrating which enables France tofinance its large debt at lowest

market rates.Many observers think this

week's half-term school holi-days could suck the momen-tum out of two more nation-wide protests planned for Oct.28 and Nov. 6.

"As soon as (the law) isapproved, the end-of-matchwhistle is blown. The demon-strations will fade away," saidJerome Fourquet, deputydirector at pollster IFOP. -Reuters

SARKOZY AIMS TO TURN PAGE

FROM PENSION BATTLEl Sarkozy scores a victory as Senate passes pension bill l Cabinet reshuffle and G20

presidency will be new focus l Unions scorn reshuffle and tax plan as diversion tactics

The Indian government islikely to price state runCoal India's initial pub-

lic offering at the top end of theprice range, raising about $3.5billion, four sources withdirect knowledge of the mattersaid.

A panel of ministers willfinalise the offer price late onMonday, the sources, whodeclined to be identified, said.

India is selling stakes insome 60 firms over the nextfew years, and the strongappetite for Coal India con-trasts with the sluggish

demand for some of its recentofferings and adds pressure onthe government to price futuredeals attractively.

Coal India's IPO, the largestin the country's history, wassubscribed more than 15 timesby close on Thursday, withmost bids at the top end of the225 to 245 rupees price range.

Individual investors andCoal India staff will get a fiveper cent discount on the offerprice.

At this price, Kolkata-basedCoal India, which accounts fornearly 80 per cent of coal out-

put in Asia's third-largest econ-omy and is the world's largestcoal miner, would be worth$35 billion, ranking it seventhamong India's listed firms.

Its shares will begin tradingon Nov 4. The governmentsold 631.6 million shares in theIPO, which received robustresponse from investors seek-ing exposure to an economygrowing at 8.5 per cent.

The institutional order bookwas heavily oversubscribed,with orders worth $27 billionfrom foreign investors. Thosefunds poured in on top of

record flows from overseasinto Indian stocks this year thatrecently pushed the rupee to a25-month high.

A Reuters poll of fund man-agers had expected the IPO tobe priced around 250 Indianrupees a share, with most ofthose surveyed keen to investin the Indian miner.

Coal India's IPO will surpassReliance Power's $3 billionlisting in 2008 as India'slargest new issue, and comes tomarket amid a flurry of bigdeals in Asia.

ON TRACK FOR

GROWTH

A dominant position in acountry that is heavily relianton coal-fired power and a val-uation considered attractiverelative to peers has made CoalIndia a near must-own forinvestors.

Demand for coal is forecastto grow 11 per cent a year inIndia, which aims to halve itspeak-hour power deficit ofnearly 14 per cent over thenext two years and triple itsgeneration capacity over thenext decade. Coal Indiaexpects profits to rise by a

quarter this fiscal year, helpedby rising demand, and has setaside $1.2 billion for overseasacquisitions in the year toMarch 2011. It is currentlyevaluating proposals to buystakes in coal firms in the US,Australia and Indonesia. Itreported earnings per share of15.60 rupees for the fiscal yearended March 2010 and wouldbe valued at 15.7 times trailingearnings at the offer price.

China's Shenhua Energy, theIndian miner's closest rival,trades at 16 times earnings,while smaller Indonesian peer

Adaro Energy has a ratio of 20times. US miner PeabodyEnergy trades at 25 times earn-ings. Local and foreign broker-ages estimated that Coal Indiacould see upside of roughly 30per cent from its IPO valuationrange, given its lower earningsvolatility, a large undevelopedresource base and potential toincrease prices.

Morgan Stanley, Citigroup,Kotak Mahindra Capital,Enam Securities, DeutscheBank and Bank of America-Merrill Lynch are managers onthe offer. -Reuters

Coal India IPO likely at 245 rupees per sharel Final decision by ministerial panel on Monday l Values Coal India at discount to

global peers l IPO had been covered more than 15 times by close

Copper, oil and other

growth-linked com-

modities may benefit

this week from the G20's hard-

ened stance towards exchange

rates, but anticipation of more

US policy easing is likely to

remain in the spotlight.

The Group of 20 major

economies agreed on Saturday

to shun competitive currency

devaluations but stopped short

of setting targets to reduce

trade imbalances that are

clouding global growth

prospects. This consensus

could prove positive for risk

assets, although the meeting

yielded no major policy inia-

tive and nothing close to the

grand bargain in which partici-

pants would agree to allow

their currencies to appreciate

that some more optimistic mar-

ket watchers were hoping for.

"There's some token partner-

ship in working together, but

there's nothing formal that's

going to change the amount of

liquidity," said Patrick

Armstrong, a fund manager

with Armstrong Investment

Managers

"The same forces that have

been driving commodities up

over recent months will remain

and countries will continue

with short-term thinking about

trying to give themselves com-

petitive advantages."

For the commodities com-

plex, much will depend how

the outcome of the G20 is

viewed by the foreign

exchange markets.

The possibility of an all-out

currency war that could, in

turn, have triggered greater

protectionism and further

weighed on global growth,

seems to have been averted for

now, which could embolden

investors to take on more risk

at the expense of perceived

safe havens such as gold.

QE2 IN FOCUS

But the prospect of mass-

scale bond purchases that most

expect the US Federal Reserve

to detail at its next policy

meeting on Nov. 2 and 3 could

prove a more powerful driving

force for the markets.

"There are fundamentals of

supply and demand in various

of these base metals, but what's

really driving the markets

these days is what the dollar is

doing," said Gary Mead, an

analyst with Virtual Metals.

"I'm afraid I take a rather dim

view of these meetings any-

way. I think they are generally

quite promising ... and then

don't translate into any hard

action," he said. "Everybody

expects ... the US to do its sec-

ond round of quantitative eas-

ing, so the question is to what

extent that expectation is going

to drive things, much more

than what the G20 says."

Gold is now around 4.5 per

cent below the record high

struck at $1,387.10 an ounce

on Oct. 14 after the US dollar

rose last week for the first time

in five weeks.

Yet the price is still on track

for a 21 per cent gain this year,

largely as a result of investor

concern over the European

sovereign debt crisis, slowing

US growth and the risk of

China's economy overheating.

The gold price ended last

week with a 2.3 per cent loss,

marking its first week of

decline since early August as

the strength in the dollar erod-

ed investor appetite for non-

yielding assets and other dol-

lar-priced commodities.

Virtual Metals' Mead said cop-

per could build on Friday's

gains, supported by evidence

of demand continuing to out-

pace supply. This tighter fun-

damental backdrop coupled

with the recent weakness in the

dollar has pushed London

Metal Exchange copper futures

to their highest in over two

years. Three-months LME

copper futures ended last week

with a 0.8 per cent loss at

$8,334 a tonne.

NOD TO EMERGING

POWER

At the meeting in South

Korea, G20 finance ministers

recognised the quickening shift

in economic power away from

Western nations by inking a

surprise deal to give emerging

nations a bigger voice in the

International Monetary Fund.

Raw materials such as cop-

per and oil depend heavily on

demand from emerging

economies, and in particular

China, the world's top con-

sumer of a number of key com-

modities.

"There was not that much

expected out of it. There was

always a risk of it bringing a

surprise and they managed to

provide a surprise with the

IMF (two seats)," said Olivier

Jakob, an analyst with

Petromatrix.

"That's a surprise, but it does

not really do anything to trad-

ing the dollar next week," he

said, adding: "Oil market sup-

ply and demand are relatively

well-balanced. It's going to be

difficult for crude oil to move

higher if there is not continued

support from the correlation

with the dollar."

International benchmark US

crude oil has traded in a most-

ly $70-$85 range all year. It

began rising towards the top of

that range in September and

this month hit five-month

highs above $84 a barrel in

response to expectations of

further quantitative easing and

a falling dollar.

Analysts say without the dol-

lar effect, the market would

have been under pressure from

high levels of inventory in the

United States, the world's

biggest oil burner. -Reuters

G20 nod to FX may help risk assets but Fed still keylRisk assets may benefit from G20 l Fresh Fed action still in

spotlight l No new drivers for oil


International & Continuation

CONTINUATION

Shi’itegroup wins18 seats in

Bahrain pollMANAMA: Bahrain's mainShi'ite opposition group wonalmost half the seats in Bahrain'sparliament on Sunday, althoughthe gains are expected to havelimited impact in the Sunni-runstate where the assembly has lit-tle clout.

The Gulf Arab country's Shi'iteopposition group Wefaq won allthe 18 seats it contested, out of atotal of 40, election officialsannounced as they read outresults from Saturday's poll. Itheld 17 seats in the outgoingassembly.

The result was expected as thedistricts the group contested con-sisted mainly of Shi'ite popula-tions. The opposition says thegovernment has apportioned dis-tricts to prevent the Shi'ite oppo-sition from gaining a majority inthe assembly.

The run-up to the vote wasovershadowed by a broad securi-ty crackdown against someShi'ite opposition groups inAugust that also targeted blog-gers and human rights activists.

Bahrain, home to the US FifthFleet, has a Shi'ite Muslimmajority population but is gov-erned by the Sunni al-Khalifadynasty, which allies SaudiArabia and the United States seeas a bulwark against the regionalinfluence of Shi'ite power Iran.

Sunni groups allied to the gov-ernment, Al Asalah and AlMenbar, as well as independents,were also contesting. The twoSunni Islamist groups Al Asalahand Al Menbar that held a com-bined 15 seats in the outgoingassembly looked set to lose someof their seats to independents asthey only won three seats direct-ly, with another seven of theircandidates having to enter a sec-ond round of voting nextSaturday.

The justice ministry saidturnout was 67 per cent of eligi-ble voters, down from 72 per centin 2006.

Bahrain's parliament has limit-ed powers as its bill need to passan upper house whose membersare appointed by the king.Ultimate power in the countryrests with the ruling family.-Reuters

HurricaneRichardheading

for BelizeTEGUCIGALPA: HurricaneRichard formed in the Caribbeanon Sunday and bore down onBelize on a track that could takeit and into the energy-rich Gulfof Mexico, the US NationalHurricane Center said.

Richard, packing maximumsustained winds of 85 miles perhour, was located about 95 mileseast of Belize City, although thestorm continued to dump rain onHonduras.

Richard was expected to barrelthrough southern Mexico andemerge in Mexico's oil-rich Bayof Campeche on Tuesday as atropical depression, the USNational Hurricane Center said.

Richard was the 10th hurri-cane of the busy 2010 Atlanticstorm season.

Five of those hurricanes havebeen major, but the United Stateshas escaped a significant landfallso far. Richard might eventuallyveer north toward US oil andnatural gas production facilitiesin the Gulf of Mexico, accordingto forecasts by some computerweather models.

Honduran authorities evacuat-ed residents and tourists fromseveral coastal areas as the stormbrushed its coast, said RandolfoFunez, an emergency responseofficial.

Richard was moving west-northwest at 12 mph and wasexpected to strike Belize andsoutheastern Mexico later onSunday, the Miami-based hurri-cane center said. Mexico start-ed evacuating fishermen on theYucatan peninsula onSaturday.-Reuters

RAMALLAH: A pledge of$100 million from SaudiArabia and other internation-al aid is easing thePalestinian Authority's (PA)financial crisis, PalestinianPrime Minister SalamFayyad said on Sunday.

The PA is relying on helpfrom foreign backers to pluga budget deficit projected at$1.2 billion for 2010. Theslow arrival of funds, espe-cially from Arab states, hasforced Fayyad to take auster-ity measures.

At a Sept. 20 donors' meet-ing in New York, Fayyadsaid the PA needed $500 mil-lion to meet its fundingshortfall for the year.Speaking to Reuters onSunday, he said there hadrecently been progress,

including a $40 millionWorld Bank grant.

Saudi Arabia told the PA onSunday that it was about totransfer $100 million "inaddition to other commit-ments it had made to the PAtreasury", Fayyad added.

Slow disbursal of fundspledged by Arab states hasbeen the main cause of thefinancial squeeze. No expla-nation has been given for thepayment delays.

Gulf oil exporters SaudiArabia and the United ArabEmirates have been the PA'smain Arab backers in recentyears, according to officialfigures seen by Reuters inAugust. The figures showedthat, as of August, paymentsfrom those states in 2010 hadbeen well below previous

years.Donor support has been

one of the main drivers ofeconomic growth in theIsrael-occupied Palestinianterritories. Real economicgrowth in the West Bank andthe Gaza Strip is forecast at 8per cent in 2010, comparedwith 6.8 per cent in 2009,according to theInternational MonetaryFund.

Salaries paid to around150,000 PA employees are amajor support for the econo-my. They include some67,000 people in the GazaStrip, where the Western-backed adminstration hascontinued to pay wages topeople it employed when theHamas group seized controlin 2007.-Reuters

Saudi payout easesPalestinian funding

crisis: Fayyad

TEHRAN, Oct 24 (Reuters)- Iran will not allow its univer-sities to begin teaching certaindisciplines it deems too"Western", and existing cours-es will be revised, a seniorEducation Ministry was quot-ed as saying on Sunday.

"Expansion of 12 disciplinesin the social sciences like law,women's studies, humanrights, management, sociolo-gy, philosophy....psychologyand political sciences will bereviewed," Abolfazl Hassaniwas quoted as saying in theArman newspaper.

"These sciences' contentsare based on Western culture.The review will be the inten-tion of making them compati-

ble with Islamic teachings."Hassani said Iranian univer-

sities will not be allowed toopen new departments in thesedisciplines and the curriculafor existing departmentswould be revised.

Iran's hard-line rulers accusethe West of trying to harm theIslamic state by influencingthe country's young genera-tion with "decadent" culture.

Pointing to the enrolment ofsome 2 million out of a total of3.5 million university studentsin the humanities, in AugustIran's most powerful figureAyatollah Ali Khameneicalled for modification ofthese studies.

"Many disciplines in the

humanities are based on prin-ciples founded on materialismdisbelieving the divineIslamic teachings," Khameneisaid in a speech reported bystate media.

"Thus such teachings...willlead to the dissemination ofdoubt in the foundations ofreligious teachings."

Access to the Internet andillegal satellite televisionmean Western popular cultureis king among young Iranians,a vital constituency in a coun-try where 70 per cent of thepopulation is under 30 and hasno real memory of the 1979Islamic revolution which top-pled the US-backed Shah.-Reuters

Iran says someacademic courses

too “Western”

LANZHOU: Chinesepolice on Sunday broke upprotests against Japan in thenorthwestern city ofLanzhou over a territorialdispute that has stoked ten-sions between Asia's twobiggest economies.

The protest, by about 200people who were calling fora tougher line by their gov-ernment against Japan, fol-lowed similar demonstra-tions by thousands ofChinese and Japanese lastweek that centred aroundthe status of islands claimedby both nations.

In a sign that the two gov-ernments are to a certainextent trying to defuse ten-sions, their foreign min-istries exchanged state-ments encouraging cooper-ation over the past twodays.

Chinese foreign ministryspokesman Ma Zhaoxunoted a statement byJapanese Foreign MinisterSeiji Maehara that theyshould strive to improveties.

"We expect Japan to workwith us in joint efforts tomaintain and advance thestrategic bilateral relation-ship of mutual benefit," Masaid in a statement posted

on the ministry's website onSaturday.

Along with a long-stand-ing dispute over a chain ofislands in the East ChinaSea, Japan is also worriedthat China has started hold-ing back shipments of rareearth metals, vital in themanufacturing for electron-ic goods and auto parts.

Japanese Trade MinisterAkihiro Ohata on Sundaytold Jiang Yaoping, aChinese vice commerceminister in Tokyo for aforum, to stop restrictingrare earth exports, Japan'sKyodo news agency report-ed.

China has denied cuttingshipments to Japan forpolitical reasons, and says itrestricts overall productionand exports of rare earths toavoid depleting its reservesand causing harm to theenvironment.

In the demonstration inLanzhou, the crowd ofmainly students gathered inthe city's central square andmarched about two kms(1.2 miles), unfurling ban-ners and demanding a boy-cott of Japanese products,before police in riot gearhalted them. There was noviolence.

"We want to boycottJapan. Little Japan, returnour China, return ourDiaoyu islands," a universi-ty student surnamed Li said.

Sino-Japanese relationshave been on edge since lastmonth after Japan detaineda Chinese trawler captainwhose boat collided withJapanese patrol ships nearthe disputed islands --called Senkaku in Japan andDiaoyu in China.

A smaller group of about100 people reassembled fora second protest in Lanzhouafter the first was brokenup.

Students dragged theJapanese national flagthrough the mud andstamped on it. A youngwoman ripped another flagwith her teeth to the cheersof onlookers.

Dozens of police soonarrived and dispersed thecrowd.

In a separate demonstra-tion in Baoji, Shaanxiprovince, anti-Japan pro-testers also turned theiranger against the Chinesegovernment, Kyodo report-ed. It said that marcherscarried banners decryingcorruption and high housingprices.-Reuters

China breaks upanti-Japan protests

MOGADISHU: Somalipirates have hijacked aSingapore-flagged liquifiedpetroleum gas (LPG) tanker offthe coast of east Africa, theEuropean Union anti-piracytaskforce and a regional mar-itime official said on Sunday.

Andrew Mwangura of theEast African Seafarers'Assistance Programme said thepirates seized the Greek-man-aged MV York off Kenya onSaturday afternoon, less than 12hours after it sailed out of theKenyan port city of Mombasa.

The European naval force,EU Navfor, said the vessel hada crew of 17, including aGerman master, two Ukraniansand 14 Filipinos, and wasseized 50 miles (80 kilometres)

from Mombasa."She was taken at 1730 local

time. She was sailing emptyafter discharging her LPGcargo a the Shimanzi oil termi-nal in Mombasa," Mwanguratold Reuters.

A pirate who identified him-self as Hassan told Reuters bytelephone that the tanker wasnow heading for Garad, apirate base on the coast of cen-tral Somalia. A lack of effectivecentral government in the law-less Horn of Africa nation hasallowed piracy to floursih offits shores. Somali pirates areholding 19 vessels with 428hostages. Typically they earn aransom for their release.

The vessel has a deadweightof 5,076 tonnes. -Reuters

Somali pirateshijack LPG tanker

CAIRO: Egyptian policefound 55 Sudanese migrantshidden in a container on a truckheading into the Sinai region,where they planned to cross theborder into Israel, securitysources said on Sunday.

The migrants, 40 men, ninewomen and six children agedas young as four, were arrestedat a checkpoint near theentrance to a tunnel under theSuez Canal separating Sinaifrom the rest of Egypt, thesources said.

The driver told police he had

smuggled them from a moun-tainous area in Egypt's easternRed Sea region after striking adeal with a people trafficker inSinai.

The migrants were exhaustedafter three days on the road andthe children were taken to ahospital in the city of Suez, thesources said.

The route through Sinai toIsrael is a common target forAfrican migrants fleeingpoverty or conflict and seek-ing work or asylum inIsrael.-Reuters

Egypt arrests 55Sudanese headedto Israel-sources

January next year, as the world's top two economies seek a wayto sort through a host of disputes.

Beijing has bristled at criticism from Washington about thevalue of the Chinese yuan, which some lawmakers have chargedis undervalued by as much as 40 per cent, giving Chineseexporters an unfair trade advantage.

The US trade deficit with China ballooned to a new record inAugust, sharply widening the overall trade gap, according to offi-cial US data released this month. -Reuters

Continued from page 12No #1

Shaukat Aziz Bhatti, Samina Khawar Hayat, Ejaz Ahmad,Sohail Kamran, Farah Deeba, Badshah Khan Qaisarani, SafdarGul and Saima Aziz. Sindh MPA, Mukesh Kumar, and BalochMPA Yar Muhammad Rind, have also been summoned. -Online


exert enough military pressure to force the Taliban and othermilitants to the negotiating table to end the war.

Petraeus said last week "there have been several very seniorTaliban leaders who have reached out to the Afghan governmentat the highest level, and have also in some cases reached out toother countries engaged in Afghanistan."

"These discussions to this point can only be characterised aspreliminary in nature," said Petraeus, who was in London to meetwith Prime Minister David Cameron and defense ministry coun-terparts. "They certainly cannot be characterised as negotiations,he added.-Online


unemployment through faster, job-creating growth in the emerg-ing markets," Ahmed added.

For the MENAP oil exporters, economic activity is picking upconsiderably, the IMF said, adding that crude oil production wasprojected to grow to 25 million barrels per day in 2010 and 26million in 2011 because of a pick-up in global demand.

The rise in oil prices by 23 per cent in 2010 and more than 3 percent in 2011 would lead to a marked turnaround in external bal-ances, the global lender said. The IMF expects Saudi Arabia'sGDP growth of 3.4 per cent in 2010 and 4.5 per cent next year,and for the United Arab Emirates to grow by 2.4 per cent and 3.2per cent respectively, repeating forecasts from its WorldEconomic Outlook earlier this month. -Reuters


TAIWAN: Soldiers survey a damaged bus on Highway No 9, after it was damaged by landslides caused byTyphoon Megi, in north-eastern Taiwan.-Reuters

and focused tour of Pakistan. To a question, he said Pakistan has avery clear energy policy and has expertise of thirty five years safe oper-ation of civilian nuclear technology. He said the United States shouldnot do discriminatory policy but should treat Pakistan equally to Indiaand should provide us with civilian nuclear technology. About a ques-tion on North Waziristan, Foreign Minister said that our forces havemade successful operations and have consolidated their positions.

Foreign Minister said that if United States wants peace in theregion then it has to play its role for the resolution of the longstanding Kashmir issue, added otherwise there will be a questionmark on the peace and on the working of the Saarc, if this vitalimportant issue is not being addressed.


Rs19 billion was for PSPD. It is pertinent to note that Prime Minister Syed Yousuf Raza Gilanihad always claimed that health was on priority list of government's programs. -Online


Contrary to this, biggest weekly selling was witnessed from the banks, selling $25.74 millionworth of shares in the local bourse against buying of $20.9 million, thus ejecting on net basis of$4.83 million.

Moreover, NBFC, other organisations and local individuals also sold their positions worth $3.09million, $1.9 million and $0.27 million respectively on net basis.


generation would have to come forward for technical education. He said a conspirator group isdoing media trail against President Asif Ali Zardari and other party leaders, however they would notbe succeeded in its aims. Commenting on the target-killing of Karachi, he stated that all the politi-cal parties including MQM, ANP and PPP decided to take stern action against people involved intarget killing incidents. Earlier the CM inaugurated Sachal Yadgar Committee at DCO officeKhairpur. -Agencies


Diplomatic sources told UK home secretary will hold talks with her Pakistani counter part RehmanMalik on a range of issues including terrorism, drug trafficking, legal matters, accord on exchangeof criminals and security matters. Certain crucial decisions are likely to be taken during these talksfor restarting strategic dialogue in anti terrorism and security related fields.

These dialogues were held during the erstwhile labor party led government. British home secretaryduring her stay will meet President Asif Ali Zardari, Prime Minister Syed Yousuf Raza Gilani, politi-cal leadership and other functionaries. The members of UK foreign affairs committee will also accom-pany her and they will hold talks with Pakistan foreign affairs committee on October, 26. -Online


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QINGDAO: Chinese Vice Premier Wang Qishan, right, meets with US Treasury Secretary Timothy Geithner, in Qingdao. -Reuters

BEIJING: US Treasury SecretaryTimothy Geithner held talks with hisChinese counterpart Sunday on eco-nomic ties, likely touching on thethorny issue of China's currency,which Washington believes is under-valued.

Geithner met Vice Premier WangQishan in the eastern coastal city ofQingdao a day after a Group of 20finance ministers meeting wrappedup in South Korea, a US official said.

"The two sides exchanged views onUS-China economic relations and thepreparation for the (G-20) leaders'summit in Seoul," a statementreleased by the US Embassy said fol-lowing the talks.

US President Barack Obama islikely to meet Chinese President HuJintao on the sidelines of the summitin Seoul from November 11-12.Obama is scheduled to attend themeeting, but Hu's attendance has not

been officially announced.US officials refused to detail the

specifics of the Geithner-Wang talks,but they likely included China's cur-rency, the yuan, which Washingtonbelieves is being kept grossly under-valued in order to help Chineseexporters.

China counters that irresponsiblyloose US monetary policy is drivingdown the dollar and causing a waveof capital to flood emerging marketsin search of higher yields.

In a statement released Saturday,the US Treasury chief said the G20meeting agreed that a "gradual appre-ciation" in the currencies of majortrade-surplus nations was required.

"Countries with significantlyundervalued exchange rates commit-ted to move towards more market-determined exchange-rate systemsthat reflect economic fundamentals,as China is now doing," Geithner said

in a statement.But further efforts to stabilise inter-

national economic imbalances werenecessary if the recovery from theglobal financial crisis was going to besuccessful, he added.

"This requires a shift in growthstrategies by countries that have tra-ditionally run large trade and currentaccount surpluses, away from exportdependence and toward strongerdomestic demand-led growth,"Geithner said.

"This entails a range of policychanges, as you can see in the verybroad range of domestic reformsbeing undertaken by China."

Geithner was scheduled to return tothe United States Sunday followinghis talks with Wang, US officialssaid.

Last week, China announced thatHu would visit the United States in

See # 1 Page 11

Geithner in Chinato walk trade talk

BAGHDAD: Iraq's highest courtSunday ordered parliament toresume its sessions despite a dead-lock among politicians who havefailed to agree on the formation of agovernment seven months after aninconclusive election.

The ruling may pressure Shi'ite,Sunni and Kurdish factions to speedup efforts to reach a deal, but it doesnot mean an immediate end whenparliament reconvenes to animpasse that has stoked tensions justas Iraq emerges from the worst ofthe war.

Parliament's temporary speaker,Fouad Masoum, said he expected toset a date for the session withindays.

"I think that this decision willaccelerate the government forma-tion," he told Reuters.

"When I receive the court's ruling,I will call on all parliamentary blocsto sit down and discuss a date for thesession. At the session there shouldbe a consensus among them."

The deadlock has mainly pittedincumbent Shi'ite Prime MinisterNuri al-Maliki against a bloc heavi-ly backed by Iraq's once dominantminority Sunnis.

Under Iraq's constitution drawn upin the chaotic wake of the 2003 US-led invasion, the new 325-seat par-liament should pick a speaker in itsfirst session and a new presidentwithin 30 days.

The president would in turn selecta prime minister from the biggestbloc and ask the nominee to form agovernment.

Iraqiya, led by former prime min-ister Iyad Allawi, is vying to form itsown governing coalition in talkswith the Supreme Islamic IraqiCouncil (ISCI), a main faction in theINA, which opposed backing Malikifor a second term.

Both Maliki's and Allawi's groupsare trying to woo the Kurds, whose57 or so seats would give either themuscle needed to form Iraq's nextgovernment.

Politicians welcomed the court'sruling as a step towards ending thedeadlock. -Reuters

Iraq court steps in to mediatePoliticians fail to agree on govt formation

LAHORE: Federal Law MinisterBabar Awan Sunday said that thenext budget would be the budget ofmasses and government would pro-vide relief to the poor segments ofthe society.

Talking to media persons atLahore airport, federal law ministersaid Punjab government should payattention to dengue virus instead ofpolitical virus, adding the formercould catch mosquitoes, if not theabsconders.

Replying to a question about theinterim short order by the SupremeCourt regarding the judges'appointment issue in 18th amend-ment, the minister said "the SCorders are being implemented inletter and spirit and the governmentwould assist the apex court andbars in the formation of judicialcommission, which would be set upsoon".

When asked for his take on thecourt ruling, he said "I would speakon it in the Parliamentary

Committee for ConstitutionalReforms (PCCR) meeting, sched-uled to be held on November 1.

About Safdar Abbasi's partymembership suspension, the minis-ter said that nothing such hap-pened.

"Public has no interest in thepolitical cases, they just want therulers to address their grievances",Babar maintained.

He also called upon Punjab ChiefMinister Shahbaz Sharif to treat hisallies in the same way as he treatshis party MPAs.

Federal Law and ParliamentaryAffairs Minister Babar Awan hassaid that during the coming sessionsof the National Assembly andSenate the process of legislationwould be geared up.

To a question about the denguevirus spread the minister said a taskforce doctors and elected represen-tatives should be made to controlthis disease and make efforts to con-trol the industrial waste. -Agencies

New budget to bepro-masses: Awan

NEW DELHI: Amid global fearsthat Pakistan's nuclear arsenal mayfall into the hands of terrorists, IndianArmy Chief Gen V K Singh says con-cern remains over this aspect but hefeels these weapons are secure.

“Probably Pakistan also has suchconcerns and they are taking extrameasures. I don't think, there is anyreason to say things are not secure.Things are secure," the Army Chieftold PTI in an interview.

He, however, added that this will

remain a concern given "the wayinternal dynamics of Pakistan are".

General Singh recently raised hack-les in Pakistan which had criticisedhim for his comments that Pakistanand China are "major irritants" andIndia was ready to fight a conven-tional warfare in a nuclear scenario.

Rejecting Pakistan's contentionthat his recent comments were "jin-goistic", he said such views werenot only his but of the entire world.-Online

India sees Paknukes as secure

Pak internal situation matter of concern: Gen Singh

WASHINGTON: US specialrepresentative for Afghanistanand Pakistan, Richard Holbrookesaid recent links between Afghangovernment and Taliban leadersdidn't reach to the level of nego-tiations for peace.

Holbrooke said in an interviewon CNN that staging any kind offormal negotiations would beparticularly difficult because ofthe variety of militant groups tar-geting the US and its allies inAfghanistan.

He cited at least five groups,including Haqqani network andthe leadership of the Afghan-Taliban, both of which are basedin neighboring Pakistan.

"There is no clear singleaddress that you go to" that rep-resents all the forces fighting theUS-backed Afghan government,said Holbrooke, who gatheredthe top leaders in each of three

warring factions in Bosnia to endthat 1990s conflict.

Negotiations with al Qaeda, thegroup responsible for theSeptember 11, 2001, terrorattacks, are out of the question,Holbrooke said.

And the role of Mullah Omar,the Afghan Taliban leaderbelieved to be holed up in thePakistani city of Quetta, in shel-tering Osama bin Laden beforethe attacks "presents unique dif-ficulties to anyone talking aboutreconciliation," Holbrooke said.

Holbrooke's assessmentreflects the view of ArmyGeneral David Petraeus, the topUS and North Atlantic TreatyOrganization commander inAfghanistan, and other officialsthat the Afghan talks are prelim-inary.

Nato-led coalition is trying to See # 3 Page 11

Kabul-Talibantalks still a far cry

Peace in Afghanistan not easy: Holbrooke

Crucial Cases

Chief Justiceconstitutes6 benches

ISLAMABAD: Chief Justice ofPakistan Iftikhar MuhammadChaudhry has constituted six benchesat the Principal seat to hear number ofimportant cases in the next weekstarting from Oct 25 (today).

The first bench includes ChiefJustice Chaudhry Iftikhar, JusticeGhulam Rabbani and Justice Khalil-ur Rehman Ramday, the secondbench of Justice Javed Iqbal, JusticeMuhammad Sair Ali and JusticeAnwar Zaheer Jamali, third bench ofJustice Tassadduq Hussain Jillani,Justice Khilji Arif Hussain andJustice Asif Saeed Khan Khosa,fourth bench of Justice Nasir ul Mulkand Justice Mahmood Akhtar ShahidSiddiqui, fifth bench of Justice RajaFayyaz Ahmed and Justice TariqParvez while the sixth bench ofJustice Jawwad S Khawaja andJustice Mian Saqib Nisar will hear anumber of cases.

According to cause lists, no appli-cation for adjournment through faxwill be placed before the Court.

If the counsel is unable to appearfor any reason the Advocate-on-Record will be required to argue thecase. Besides, no adjournment on anyground will be granted. -APP

Politics ismore than

power: RashidISLAMABAD: Head of AwamiMuslim League (AML) SheikhRashid Ahmad has said that politicshad more to do with brains than withmoney and power, adding that noth-ing is ever blocked in politics.

Talking to a private TV channel, hesaid that any unity of PML factionswould benefit Mian Nawaz Sharif,while any damage occurring wouldalso affect him (Nawaz), only.

He said that if Mian Nawaz Sharifwas willing to survive in a subordi-nate position to President Asif AliZardari, than it was his sweet will.

He expressed his regrets that MianBrothers had failed to devise anycredible strategy for Punjab duringtheir tenure, and said that it was toounfortunate of a politician, wholacked vision and yet managed thetop party slot of leadership. -Online

20 MPs frontEC today

ISLAMABAD: TwentyParliamentarians holding fakedegrees are to appear before theElection commission of Pakistan(ECP), today (Monday).

These 20 parliamentarians includeseven MNAs, eleven PunjabAssembly MPAs, and one each fromprovincial assemblies of Sindh andBalochistan.

MNAs include Salman Mohsin,Dewan Aashiq, Ghulam DastagirRajar, Mir Hamdam Bugti, MazharHayat, and Hayatullah Tareen.

Punjab assembly MPAs includes,Shabeena Riaz, Iqbal Langrial,

See # 2 Page 11

the financial daily-epaper-25-10-2010

Documents

c rawalpindi

c karachi

c lahore

c faisalabad

c quetta

lsm growth

japanese yen

domestic debt