International

India-ties not at Pak's cost: USA See on Page 12

Sharif calls for ‘save Pak plan’ See on Page 12

Pak pins peace hopes on Obama India visit See on Page 12

*Crude Oil (brent)$/bbl 83.22

*Crude Oil (WTI)$/bbl 81.74

*Cotton $/lb 122.14

*Gold $/ozs 1,330.50

*Silver $/ozs 23.64

Malaysian Palm $ 986.50

GOLD (NCEL) PKR 36,734

KHI Cotton 40Kg PKR 8,895

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

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

Daily (27-Oct-2010)

Total Portfolio Invest (15 Oct-2010)

76.03

26.81

-0.30

2505

-3.78

0.51

0.69

0.13

0.07

2.90

-0.53

SCRA(U.S $ in million)

Portfolio Investment

FIPI (28-Oct-2010)

Local Companies (28-Oct-2010)

Banks / DFI (28-Oct-2010)

Mutual Funds (28-Oct-2010)

NBFC (28-Oct-2010)

Local Investors (28-Oct-2010)

Other Organization (28-Oct-2010)

(U.S $ in million)

NCCPL

GDR update

Commodities

Forex Reserves (22-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

$16.88bn

13.77%

$5.18bn

$9.03bn

$(3.85)bn

$(545)mn

$2.65bn

$455.10mn

Rs 310bn

$55.63bn

Rs 4863bn

$124.90mn

-3.85%

4.10%

$1,051

170.91mn

Economic Indicators

Symbols

MCB (1 GDR= 2 Shares)

OGDC (1 GDR= 10 Shares)

UBL (1 GDR= 4 Shares)

LUCK (1 GDR= 4 Shares)

HUBC (1 GDR= 25 Shares)

$.Price

2.60

18.70

2.00

1.70

9.85

PKR/Shares

111.57

160.48

42.91

36.47

33.81

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

28-Oct-2010

28-Oct-2010

28-Oct-2010

28-Oct-2010

28-Oct-2010

28-Oct-2010

28-Oct-2010

28-Oct-2010

28-Oct-2010

28-Oct-2010

28-Oct-2010

12.77%

13.08%

13.22%

13.50%

12.83%

12.99%

13.23%

13.62%

13.72%

13.65%

13.75%

13.84%

14.23%

14.36%

14.52%

Money Market Update

Symbols Buy (Rs) Sell (Rs)

Australian $ 84.80 84.90

Canadian $ 84.90 85.00

Danish Krone 14.90 15.30

Euro 118.00 119.00

Hong Kong $ 11.00 11.30

Japanese Yen 1.050 1.076

Saudi Riyal 22.90 23.10

Singapore $ 65.50 66.50

Swedish Korona 12.20 12.70

Swiss Franc 88.20 88.70

U.A.E Dirham 23.30 23.50

UK Pound 134.90 135.20

US $ 85.95 86.20

Open Mkt Currency Rates

Symbols Buying Selling

TT Clean TT & OD

Australian $ 83.78 83.97

Canadian $ 83.55 83.74

Danish Krone 15.90 15.94

Euro 118.64 118.91

Hong Kong $ 11.06 11.09

Japanese Yen 1.063 1.066

Saudi Riyal 22.88 22.93

Singapore $ 66.06 66.21

Swedish Korona 12.71 12.74

Swiss Franc 86.79 86.99

U.A.E Dirham 23.36 23.42

UK Pound 135.62 135.94

US $ 85.82 86.00

Inter-Bank Currency Rates

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CITIES MAX-TEMP MIN

ISLAMABAD 28°C 9°C KARACHI 36°C 19°C LAHORE 30°C 15°C FAISALABAD 31°C 15°C QUETTA 24°C 7°C RAWALPINDI 28°C 11°C

Weather Forecast

Malik, Altaf agreeto go hand in hand

See on Page 12

Shabbir KazmiKARACHI: Global hikein DAP prices and itsimpact on local prices islikely to yield windfallprofit for the sole produc-er of this type of fertiliserin Pakistan.

The Company sold siz-able quantity of DAP inSeptember and mayachieve even higher salesin October.

This was the sum of the

presentation made at ana-lysts briefing of FaujiFertilizer Bin Qasim lim-ited (FFBL) held onThursday. It also becameevident that despite cur-tailment of gas supply tofertiliser manufacturingplants, there will not beany need to import moreurea as the manufacturersas well the governmenthas ample stocks.

See # 17 Page 11

DAP price upat Rs2735/bag

FFBL Analyst Briefing Highlights

ISLAMABAD: PresidentAsif Ali Zardari onThursday said that foodsecurity was critical forpeace and stability and theissue needed to beaddressed by the interna-tional community on pri-ority basis.

He said that the max-imising yield per acre,optimal use of water andland resources and ade-quate storage facilitieswould ensure food securi-ty, and that called forgreater international coop-erative efforts.

During a meeting withDr Jacques Diouf,Director General Food

and AgricultureOrganization (FAO) hereat the Aiwan-e-Sadr,President called uponFAO for setting up earlywarning systems to miti-gate the damages of anynatural calamity and toassist the government indrainage of water from thefields in those areas thatwere hit by the devastat-ing floods.

The President said," theagriculture sector whichcontributes 21 per centshare in national GDP andprovides employment toabout 45 per cent labourforce has suffered huge

See # 15 Page 11

Action soughton food security

Nawaz Ali

KARACHI: Members ofKarachi Stock Exchangeexpressed their seriousconcerns on heavyexpenses of the boursedespite a massive decline

in the income during theannual general meeting onThursday.

The general body of theexchange approved theannual accounts of theexchange for FY10 in the

See # 20 Page 11

Members urgespending-cuts

KSE AGM approves FY10 annual accounts

FAO DG calls on President

New US envoy

Muntermeets

ShaikhISLAMABAD: USAmbassador to Pakistan,Cameron Munter calledon Finance Minister DrHafeez Shaikh here onThursday.

Finance MinisterShaikh briefed the ambas-sador about the steps

See # 18 Page 11

Forexreservesdown at$16.88bn

Staff Reporter

KARACHI: Pakistan'sforeign exchange reservesfell to $16.88 billion in theweek ending Oct 22,down from a record$17.10 billion the previ-ous week, the central banksaid Thursday.

Reserves held by theState Bank of Pakistan(SBP) fell to $13.09 bil-lion from $13.26 billion,while those held by com-mercial banks also fell to$3.79 billion from $3.84billion, said SyedWasimuddin, chiefspokesman of the SBP.

"These were regulardebt payments," saidWasimuddin.

Pakistan's reserves hit arecord high in the weekending Oct 15 because ofan increase in remittancesfrom overseas Pakistanisand a narrowing tradedeficit.

They were furtherboosted last month afterthe IMF sent Pakistan$450 million and said thatthe money would gotoward the budget to helpwith additional spending

See # 16 Page 11

ISLAMABAD: Pakistan andAfghanistan on Thursday signedPak-Afghan Transit TradeAgreement for boosting bilateraltrade and exports for the benefit ofthe people of the two countries.

According to a message receivedhere from Kabul, the agreement was

inked by Pakistani Minister forCommerce Makhdoom Amin Fahimon behalf of government of Pakistanwhile Afghan Commerce MinisterAnwar-ul Haq Ahadi signed theagreement on behalf of his country.

US Special Representative forAfghanistan and Pakistan Richard

Holbrooke also witnessed the signingceremony.

After signing of the agreement,Makhdoom Amin Fahim also calledon President Hamid Karzai and dis-cussed with him matters of mutualinterest with special reference to

See # 13 Page 11

Pak-Afghan trade pact inked in Kabul

MULTAN: PM Syed Yousuf Raza Gilani being briefed by Vice ChancellorBahauddin Zakariya University about Gilani Law Collage Girls Hostel.-APP

MULTAN: Prime Minister SyedYousuf Raza Gilani Thursday saidthat government wanted to keep thecoalition intact and urged the part-ners to work as a group in order toget results, and assist government inthe resolution of issues, added thattogether we can take the country ofthe prevailing crises.

Talking to the media, after a cere-mony in Law College here PM Gilanisaid that talks with PML-Q wouldnot affect their relations with PML-N, to whom PPP is the coalition part-ner in the Punjab government.

PM said government is implement-ing the policy of reconciliation andwould move forward, taking alongall the political parties.

He further said that country is fac-ing economic problems due to recentflooding, however developmentalworks are under way in the federa-tion and provinces as well.

To a query, he stated that the nego-tiations with PML-Q would not dis-turb their relations with PML-N,adding all political parties showedtheir trust by casting vote of confi-dence in his favor, thus they wantedto go ahead in same way.

Commenting on the NRO benefici-aries, he said that indiscriminateaction would be taken all the guiltypersons, no mater it is FederalInformation Secretary MansoorSohail or anyone else.

Gilani further said that the MQM

and JUI are still with the governmentand all allied parties including MQMwere participated in Karachi ceremo-nial.

Commenting on the statement ofNawaz Sharif, 'the governmentshould purify itself otherwise masseswould be on roads', the PM said thatPML-N Quaid would have utteredthese words for the Punjab govern-ment.

Prime Minister passing up thequestion regarding report ofTransparency International, he onlysaid, "no comments".

Earlier, Prime Minister Gilaniaddressing the inauguration ceremo-ny of college said that the legal

See # 12 Page 11

PM vows to pullcoalition together

Gilani says govt sticks to reconciliation policy

ISLAMABAD: Chief Justice ofPakistan, Justice Iftikhar MuhammedChaudhry expressing his annoyanceover the tariffs finalised for rentalpower plants, said the burden of addi-tional power tariffs would be shifted tothe general consumers in the last, andthe report of Asian Development Bank(ADB) raised grave concerns overrental power projects.

A three-member SC bench headed byChief Justice of Pakistan JusticeIftikhar Muhammed Chaudhry heardthe petitions filed against the rentalpower projects.

When asked by the court, the counselof water and power ministry KhwajaTariq Rahim said Faisalabad's power-house was paid out Rs230 million; but,

this rental powerhouse is currentlyclosed owing to the fuel problem.

The Chief Justice told the counsel forthe ministry that he was required to seethe relevant clauses about arbitrationissue outside the country, 61 peopleholding shares inside the country andthe sureties given by the banks.

The CJP said finance ministry alsoshares the responsibility in the rentalpower policy, asking 'was governmenttold in presentation as to how muchrental electricity will cost and howmuch general consumer will be bur-dened with it?'

Khwaja Tariq Rahim said the powertariffs cannot be told in presentation, asthis issues comes afterwards during the

See # 14 Page 11

RPPs tariffs raisetop court’s brows

SC puts off hearing in RPPs issue

Karachi, Friday, October 29, 2010, Zul-Qa’dah 20, Price Rs12 Pages 12

Index Close Change

KSE 100 10,634.99 69.17

Nikkei 225 9,366.03 21.00

Hang Seng 23,210.86 46.28

Sensex 30 19,941.04 64.33

ADX 2,817.04 5.30

SSE COMP. 2,992.58 4.47

FTSE 100 5,676.29 30.27

*Dow Jones 11,105.51 20.77

*Last Updated 20:00 PST

Global Indices

2 Friday, October 29, 2010

TV PROGRAMMES

FRIDAY

Time Programmes

7:00 News

8:00 News

9:05 Subah Savere Maya

ke Sath

11:00 News

12:00 News

13:10 Newsbeat (Rpt)

14:10 Tonight With

Jasmeen (Rpt)

15:00 News

16:00 News

17:30 Samaa Metro

18:00 News

18:30 Samaa Sports

19:30 Crime Scene

20:03 Newsbeat

21:00 News

22:03 Awam Ki Awaz

23:00 News

23:30 24

M Imran Sharif

KARACHI: Fifteen police pickets arebeing set up, equal number of policemobiles are reserved and around 250police personnel are being deputed inShershah area of the city to ensure secu-rity to the people especially traders there.

All humanly possible security arrange-ments will also be taken in other areas ofthe city to maintain peace and security tolife and property of the citizens which isthe prime duty of the government.

This was assured by Sindh Ministerfor Law and Parliamentary AffairsMuhammad Ayaz Soomro in a meetingwith representatives of various marketassociations of the city and leadership ofKarachi Chamber of Commerce andIndustry during his visit to the Chamberon Thursday.

He was accompanied by Advisor toSindh Chief Minister on Investment andformer president KCCI Muhammad

Zubair Motiwala, Sindh Home SecretaryArif Khan and Capital City PoliceOfficer Fayaz Leghari. Among numberof businessmen attending this interactivesession, the prominent were ChairmanBusinessmen Group in KCCI and formerpresident KCCI Siraj Kassam Teli,President KCCI Muhammad SaeedShafiq, Senior Vice President KCCITalat Mehmood, Vice President KCCIMuhammad Junaid Makda, former pres-idents KCCI A.Q. Khalil and HaroonFarooki.

The Provincial Law Minister assuredthe business community that all thoseinvolved in the terrorist incidents mainlyin Shershah, wherein 12 people werekilled in the recent violence, would bepunished soon. More than one hundredsuspects have already been arrested and 3or 4 of them have admitted their involve-ment in terrorist incidents in the city. Theinvestigations are in progress and thepublic will be informed of the results.

Govt rewritingsecurity plan for Karachi

ISLAMABAD: InteriorMinister A Rehman MalikThursday announced Pride ofPerformance for ChairmanNational Database andRegistration Authority(NADRA) Ali ArshadHakeem over successfullaunching and execution ofWatan card project.

Appreciating theAuthority, he said Nadramade it possible for thegovernment to have data offlood affected people and

issue them assistance in ashortest record time.

He said Nadra has worldlargest database of regis-tered population, addingthat so far one millionWatan cards have beenissued to flood affectedpeople, while 300,000CNICs have also beenissued to them.

He further said that thoseemployees of the Authoritywho took part registrationof flood affected people

would be sent on Hajjthrough balloting.

He said floods caused oneof the largest human dis-placements in the historyand the government had todeal with it efficiently andtransparently with the helpof Nadra.

He said with the issuanceof one million Watan CardsNadra has proved its capa-bilities ensuring transparentaid disbursement among theflood affected people.-APP

Nadra Chief earnsperformance awardfor Watan Cards

Staff Correspondent

LAHORE: SamsungElectronics recently donat-ed $10,000 to the 78thVision-Care Eye Camp-Pakistan, for Cataract sur-geries performed by a del-egation of Korean sur-geons and medical staff.This medical camp wasconducted at UCH-SambuKorean Eye Center.

The Korean Embassy inPakistan, Lahore KoreanChurch and the United

Christian Hospital alsoprovided valuable supportto this Eye Camp, where572 Outpatient cases werehandled, while 71 CataractSurgeries were also con-ducted with the donationfunds provided bySamsung.

The General Manager ofSamsung Pakistan, SteveHan said; "This humanitar-ian gesture from Samsungis a reflection ofSamsung's strong commit-ment to social wellbeing.

Samsungdonates $10kfor eye camp

KARACHI: In view ofOctober being observedas the Breast CancerAwareness month, Pfizerheld an internal aware-ness seminar for itsemployees to educatethem regarding BreastCancer and the impor-tance of its early detec-tion, said a statementissued here on Thursday

Prominent Oncologist,Professor Manzoor Zaidi,who is also a professor atBaqai University, deliv-ered a comprehensivelecture on the subject,followed by a questionand answer session.

Speaking at the occa-sion, Prof Manzoor high-

lighted the importance ofearly detection and man-ual self-examinations,which can increase sur-vival rates. He furthershared some statistics asto how breast cancer isthe most prevalent andcommon type of cancerin females, and thatwomen who do not havea family history of breastcancer should also have amammogram and clinicalbreast examination by ahealthcare providerevery year.

In Pakistan, 40,000women die every year dueto breast cancer. Earlydetection is the best way tosurvive breast cancer.-PR

Pfizer mootsbreast cancer

LAHORE: As many as 75disables got registered withLahore BusinessmenAssociation forRehabilitation of Disabled(LABARD) during the 3-day LABARD camp con-cluded on Thursday, it hasbeen learnt.

The camp was inaugurat-ed by the Senior VicePresident of Shahbaz SharifSecretariat Rahat whileZulfiqar Ahmad and ProfAbdul Qayyum alsoextended cooperation.

LABARD would providetraining, education, artifi-cial limbs, tricycles, wheel

chairs and hearing devicesto the disables registeredduring the three-day camp.

Talking about the objec-tives of the establishmentof LABARD camps, theLABARD President,Member NationalAssembly (MNA) andSenior Leader of PML-NMohammad Pervez Maliksaid that as a large numberof disabled persons did nothave access to the free-of-cost services being provid-ed by the LahoreBusinessmen Associationfor the Rehabilitation of theDisabled.

LABARDworking to

uplift disabled

Staff Reporter

KARACHI: MohammadDanish Khan ChairmanSouthern Pakistan LeatherGarments Manufactures &Exporters Association stat-ed that the extensive loadshedding of eight hours byKESC in Tannery Zone ofKorangi Industrial Area ishurting exports of LeatherGarments.

He stated that it is unjus-tified to the LeatherGarment factories andTanneries situated in thisarea even though they arepaying the Electricity Billsto the KESC regularly.

The Electricity lossesmay be occurring in theResidential Area ofKorangi but IndustrialArea factories are wrongly

victimized along withthese defaulters by resort-ing to 8 hours load shed-ding. Leather Garmentsunits and Tanneries ofSector 7/A, KorangiIndustrial Area are directlyaffected by this extensiveload shedding of 8 hours.

The Leather Garmentsexporters are unable to runtheir production smoothlyor make shipments ontime. Operating factorieson generators for 8 hoursdaily is not viable forindustries since they arealready overburdened byhigh cost of inputs. Theelectricity load sheddingresults in delay in exportorders forcing sea ship-ments to be sent throughAir cargo, which is addi-tional cost to exporters.

Power-cutshurtingexports

RAWALPINDI: TheExecutive Committee of theRawalpindi Chamber ofCommerce and Industry(RCCI) unanimouslyrejects the governmentdecision of 3-day gas loadshedding for the Industry ina week.

The ExecutiveCommittee meeting washeld here at Khalid WaheedHaal of the Chamber onThursday. Senior VicePresident Mian MuhammadAteeq and Vice PresidentDr Shimail Daud were alsopresent on the occasion.

On the occasion,President RCCI Syed AliRaza Saeed Shah said thatowing to governmentstance Province would faceRs 1 billion loss and 30 percent increase in unemploy-ment would also be likely.

He stressed that govern-ment must focus the loadmanagement instead of loadshedding. "Governmentmust center the alternateenergy resources", he said.

Syed Ali Raza said thatthree days gas load shed-ding for industries of thePunjab would shatter the

country's economy.He said industrial cities

like Sialkot, Faisalabad andLahore which play vital rolein national exchequerwould face immense prob-lems due to the said loadshedding.

He further said that costof production wouldincrease and it would beintricate for local industryto compete in the interna-tional markets.

The RCCI President saidthat adopting of long, medi-um and short term policiesare need of the hour.-APP

RCCI blows out3-day gas cut plan

Staff Reporter

KARACHI: The Boardof Directors of HBL AssetManagement Limited, theManagement Company ofHBL Income Fund andHBL Money MarketFund, in its meeting heldannounced first interimbonus Units for 'A' and 'B'Classes of Units and Cashdividend for 'C' ClassUnits for the year endingJune 30.

The Board has approvedfirst interim dividend atRs2.25 per Unit in theform of Bonus Units for'A' & 'B' Classes of Unitsand Cash dividend ofRs2.25 per unit for Class'C' Units for the year end-ing June 30, 2011.

The Board has approved

first interim dividend atRs2.25 per Unit in theform of Bonus Units for'A' & 'B' Classes of Unitsand Cash dividend ofRs2.25 per unit for Class'C' Units for the year end-ing June 30, 2011.

The bonus Units will beissued based on the Ex-Dividend NAV as onOctober 31, 2010. Unitholders, who have optedto en-cash the bonusUnits at the Ex-DividendNet Asset Value (NAV),will receive cash payoutbased on Ex-DividendNAV as on October 31,2010. Unit holders whosenames are included in theregister on October 29,2010 will be entitled toCash Dividend / BonusUnits.

HBL asset mgmtdeclares first

interim dividend

KARACHI: The Board ofDirectors of Pak-QatarFamily Takaful has decid-ed to further invest in thecompany by issuing rightshares upto 33 per cent ofthe base capital. This wasdecided in the Board ofDirectors meeting of Pak-Qatar Family Takaful heldin Doha, Qatar recently.

The meeting was chairedby H.E. Shaikh Ali binAbdullah Al-Thani chair-man board of director andwas also attend by all themembers.

CEO, PQFTL P Ahmedapprised the Board on thestate-of-affairs of theCompany and presentedthe progress report; ShaikhThani and other membersof the board expressedtheir satisfaction and

appreciated the perform-ance so far despite the dif-ficult socio-economic con-ditions of the country.

Shaikh Ali bin AbdullahAl-Thani assured his fullsupport to PQFTL. He saidthat PQFTL "has the insti-tutional capacity to cater tothe protection and long-term investment needs ofthe people of Pakistan."The sponsors of Pak-Qatar,who are leading financialinstitutions from the stateof Qatar including QNB,Masraf Al-Rayan, QIIB,QIB, QIIC, The Amwalgroup and German baseFWU group, showed theirlong term commitment tothe country and pledged toprovide assistance to sup-port the cause of Takaful inPakistan.-APP

PQFTL toissue 33pc

rights shares

FRIDAY

Time Programmes

8:00 Pakistan Aaj Raat

(Rpt)

9:00 News

9:15 Pehla Sauda

10:00 News

10:15 Bazaar

11:00 News

11:05 Ghar Ka Kharch

12:00 News

12:05 Islamabad Say (Rpt)

13:00 News

15:05 Siyasat Mana Hai

(Rpt)

14:00 News

15:15 Power Lunch

16:00 News

16:02 Akhri Suada

16:30 Karobari Dunya

17:00 News

17:05 Ghar Ka Kharch

(Rpt)

18:00 News

18:05 Chai Time

19:00 Headlines

19:30 Mang Raha Hai

Pakistan

20:00 Headlines

20:05 Islamabad Say

21:00 Pakistan Aaj Raat

22:00 Headlines

22:05 Dosra Pehlu

23:00 News

23:05 Siyasat Mana Hai

LLB resultannounced

by KUKARACHI: KarachiUniversity on Thursdayannounced the result ofLLB, Part-I annual exami-nation, 2010.

According to a pressrelease issued from theoffice of controller exami-nation, KarachiUniversity, 1010 studentsof LLB, Part-I had beenenrolled.

The press release saidthat 949 candidates hadbeen appeared in theexamination in which 323students were declaredpassed and 626 othersfailed.-APP

EPZAchips in

Rs4mn forvictims

KARACHI: ChairmanExport Processing ZonesAuthority (EPZA) AftabAhmed Memon presented acheque of Rs 4 million toChief Minister Sindh SyedQaim Ali Shah here onThursday at Chief MinisterHouse for "Sindh ChiefMinister's Flood ReliefFund".

Chief Minister Sindhappreciated the contribu-tion by EPZA for the assis-tance and rehabilitation offlood affected people. -NNI

PGJDC

romps in

matrix design

contestKARACHI: PakistanGems and JewelleryDevelopment Company(PGJDC) is proud to getPakistan recognisedthrough another milestoneof success in the interna-tional arena of gems andjewellery, said an officialstatement made here onThursday.

Pakistan, through the plat-form of PGJDC, hassecured top two positions inthe student category of the"2010 Matrix DesignContest" and internationaljewellery designing compe-tition through computeraided jewellery designing.The contest was organisedby Gemvision Corporation,which is a multinationaljewellery technology corpo-ration with facilities in theUSA, UK and a global net-work of authorized dealers,the handout further said.

The position holdersfrom Pakistan have beentrained and qualified atPGJDC's Gems &Jewellery Training andManufacturing Centres(GJTMCs) in computeraided jewellery designingand manufacturing inKarachi and Lahore.-Agencies

APTMAhails new

ITMFhead

KARACHI: CentralChairman All PakistanTextile Mills Association(APTMA) Gohar Ejaz hasfelicitated BashirAlimohammad, formerChairman APTMA, for hisunanimous election asPresident InternationalTextile ManufacturersFederation (ITMF).

The International TextileManufacturers Federation(ITMF) is a Switzerland-based textile organizationand Alimohammad is first-ever Pakistani to be elevatedto such an august office glob-ally. Alimohammad is a lead-ing textile entrepreneur andhe has earned great respectand honour while serving asChairman APTMA andrecently obtaining marketaccess for textile industry inthe EU.-PR

Asiancongress ofarchitectsat Lahore

LAHORE: AsianCongress of Architects,2010 by Institute ofArchitects Pakistan (IAP)continues at Lahore ExpoCentre. Shaukat Awaz Rajaintroduced the theme of thecongress, "Go Green: TheArchitecture of the NewOrder".

Sessions were organisedby Anna Heringer on"Local solutions for GlobalChallenges" and DrNomana Anjum on"Enabling SustainableDesign Practices Focusingon Build Environment".

A large number of corpo-rate visitors attended theBuilding Material andProducts exhibition com-menced on 27th Octobersimultaneously with theCongress at the EXPOCentre Lahore.-Online

NetSol inksagreement

withChinese firm

Staff Correspondent

LAHORE: NetSolTechnologies announcedThursday signing a con-tract with the captivefinance arm of a major autocompany in China toimplement its entire NetSolFinancial Suite (NFS) solu-tion, which includes bothits wholesale and retailplatforms.

The client company, whichis a joint venture betweentwo major Asian auto manu-facturers, has selected theNFS platform to manage allof its finance operations.

LAHORE: Steve Han, Managing Director Samsung Electronics and Injae Lee,Senior Manager at the 78th Vision Care Eye camp along with the team of Vision

Care doctors and patients.-Staff Photo

KARACHI: Prof Manzoor Zaidi delivering a lecture on “Breast CancerAwareness” at Pfizer Pakistan's head-office.-Staff Photo

ISLAMABAD: Newly appointed US Ambassador to PakistanCameron Munter pays a visit at Shah Faisal Mosque,

Prof Sajid-ul-Rehman is also seen in the picture.-Online

MUMBAI: The Indian rupeeedged lower on Thursdayweighed by dollar buying fromoil refiners and importers andchoppy local shares, but sharplosses in the dollar versusmajors prevented further rupeeweakness.

"Spot was fairly stable todayand most of the action was inthe forwards," a senior dealerwith a large state-run banksaid.One-year forward premi-ums closed at 257.5 pointscompared with 266.5 points atprevious close.

India's central bank is likelyto raise rates for the sixth timethis year at its review onTuesday to batten down stub-bornly high inflation pressuresin the fast-growing economy, aReuters poll shows.

The partially convertiblerupee closed at 44.52/53 perdollar, 0.1 per cent weaker thanits close of 44.445/450 onWednesday, after moving in anarrow band of 44.46 to 44.55.

Foreign portfolio invest-

ments of a record $24.7 billionin shares so far this year havebeen a key driver for therupee's 4.5 per cent in 2010.

One-month offshore non-deliverable forward contractswere quoted at 44.83, weakerthan the onshore spot rate.

In the currency futures mar-ket, the most traded near-month dollar-rupee contractson the National StockExchange, MCX-SX andUnited Stock Exchangeclosed 44.8350, 44.8450 and44.8450 respectively, withthe total traded volume on thethree exchanges at a low $4billion. -Reuters

Indian rupee weakenson weak shares

3Friday, October 29, 2010

Currency Rates

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

British Members Association Interest Settlement Rates.

AT 11:00 LONDON TIME 28/10/2010

A USD GBP CAD EUR JPY

O/N 0.22563 0.55250 1.02667 0.70875 SN 0.09438

1WK 0.24856 0.55500 1.05000 0.74875 0.10688

2WK 0.25000 0.56125 1.07167 0.76563 0.11250

1MO 0.25406 0.56875 1.10917 0.80375 0.12625

2MO 0.27016 0.62813 1.15750 0.85625 0.15438

3MO 0.28688 0.74225 1.21750 0.98500 0.19688

4MO 0.33781 0.82413 1.27667 1.03938 0.28125

5MO 0.40156 0.92688 1.33333 1.12813 0.33813

6MO 0.44981 1.03000 1.40250 1.22438 0.39750

7MO 0.50094 1.10375 1.46250 1.27313 0.45750

8MO 0.55013 1.18600 1.54750 1.31750 0.50375

9MO 0.60063 1.26688 1.61417 1.37063 0.55375

10MO 0.65238 1.34250 1.68250 1.41625 0.58250

11MO 0.70563 1.41000 1.76250 1.46063 0.61063

12MO 0.76400 1.48038 1.84083 1.50594 0.63813

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

U.S.A. 86.00 85.80 85.61U.K. 135.94 135.62 135.31EURO 118.91 118.64 118.35CANADA 83.74 83.55 83.33SWITZERLAND 86.99 86.79 86.56AUSTRALIA 83.97 83.78 83.56SWEDEN 12.74 12.71 12.68JAPAN 1.05 1.05 1.05NORWAY 14.61 14.58 14.54SINGAPORE 66.21 66.06 65.88DENMARK 15.94 15.90 15.86SAUDI ARABIA 22.93 22.88 22.82HONG KONG 11.09 11.06 11.03CHINA 12.86 12.83 12.80KUWAIT 305.22 304.51 303.71MALAYSIA 27.66 27.59 27.52NEW ZEALAND 64.38 64.23 64.06QATAR 23.63 23.57 23.51U.A.E. 23.42 23.36 23.30KR WON 0.08 0.08 0.08THAILAND 2.87 2.86 2.85

London Inter Bank Offered Rates (LIBOR)

Name Bid Ask High Low

EUR-USD 1.3928 1.3929 1.3942 1.3761

EUR-GBP 112.81 112.85 112.88 112.21

EUR-CHF 1.3688 1.3692 1.3707 1.3617

EUR-JPY 112.81 112.85 112.88 112.21

USD-CHF 0.9827 0.983 0.9903 0.9818

USD-CAD 1.0194 1.0198 1.0284 1.0183

GBP-USD 1.5941 1.5945 1.5972 1.576

GBP-JPY 129.12 129.17 129.33 128.09

As per 22.00 PST

Time Source Events Forecast Previous

2:45 NZD Trade Balance -398M -437M

4:01 GBP GfK Consumer Confidence -22 -20

4:30 JPY Household Spending y/y 0.8% 1.7%

4:30 JPY Tokyo Core CPI y/y -0.8% -1.0%

4:50 JPY Prelim Industrial Production m/m -0.5% -0.5%

11:00 EUR German Retail Sales m/m 0.5% -0.4%

14:00 EUR CPI Flash Estimate y/y 1.7% 1.8%

14:00 EUR Unemployment Rate 10.1% 10.1%

14:30 CHF KOF Economic Barometer 2.18 2.21

17:30 CAD GDP m/m 0.3% -0.1%

17:30 CAD RMPI m/m 1.5% 2.2%

17:30 USD Advance GDP q/q 2.1% 1.7%

17:30 USD Advance GDP Price Index q/q 1.9% 1.9%

17:30 USD Employment Cost Index q/q 0.6% 0.5%

18:45 USD Chicago PMI 58.1 60.4

18:55 USD Revised UoM Consumer Sentiment 68.2 67.9

Source Events Actual Forecast Previous

NZD Official Cash Rate 3.00% 3.00% 3.00%

JPY Retail Sales y/y 1.2% 3.2% 4.3%

JPY Overnight Call Rate <0.10% <0.10% <0.10%

GBP Nationwide HPI m/m -0.7% -0.3% 0.0%

GBP CBI Realized Sales 36 40 49

USD Unemployment Claims 434K 453K 455K

Previous Day

Top Economic Events

Central Bank Next Meeting Last Change Current

Interest Rate

Bank of Canada Dec 07 2010 Sep 08 2010 1%

Bank of England Nov 04 2010 Mar 05 2009 0.50%

European Central Bank Nov 04 2010 May 07 2009 1%

Federal Reserve Nov 03 2010 Dec 16 2008 0.25%

Swiss National Bank Dec 16 2010 Mar 12 2009 0.25%

The Reserve Bank of Australia Nov 02 2010 May 04 2010 4.50%

Bank of Japan n/a Dec 19 2008 0.10%

Major Central Banks Overview

Division of National Bank of Pakistan (NBP)KARACHI, October 28,2010 Treasury Management Division of National Bank ofPakistan (NBP) Monday issued the following Exchange rates:

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

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

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

ABLN 12.10 12.60 12.10 12.60 12.25 12.75 12.75 13.00 12.90 13.15 13.10 13.60 13.25 13.75 13.35 13.85

JSBL 12.40 12.90 12.35 12.85 13.45 13.95 12.75 13.00 13.05 13.30 13.20 13.70 13.30 13.80 13.50 14.00

ASPK 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

CIPK 12.30 12.80 12.40 12.90 12.50 13.00 12.70 12.95 13.00 13.25 13.10 13.60 13.20 13.70 13.30 13.80

DBPK 12.10 12.60 12.15 12.65 12.10 12.60 12.70 12.95 12.90 13.15 13.15 13.65 13.25 13.75 13.35 13.85

FBPK 12.15 12.65 12.15 12.65 12.15 12.65 12.65 12.90 13.00 13.25 13.10 13.60 13.15 13.65 13.40 13.90

FLAH 12.30 12.80 12.25 12.75 12.30 12.80 12.75 13.00 12.95 13.20 13.10 13.60 13.20 13.70 13.30 13.80

HBPK 12.25 12.75 12.30 12.80 12.35 12.85 12.75 13.00 13.00 13.25 13.10 13.60 13.20 13.70 13.35 13.85

HKBP 12.20 12.70 12.20 12.70 12.30 12.80 12.75 13.00 12.95 13.20 13.10 13.60 13.20 13.70 13.30 13.80

NIPK 12.25 12.75 12.30 12.80 12.70 13.20 12.95 13.20 13.05 13.30 13.10 13.60 13.20 13.70 13.30 13.80

HMBP 12.20 12.70 12.20 12.70 12.45 12.95 12.80 13.05 13.00 13.25 13.15 13.65 13.20 13.70 13.30 13.80

SAMB 12.25 12.70 12.25 12.75 12.40 12.90 12.80 13.10 13.00 13.25 13.15 13.65 13.25 13.75 13.35 13.85

MCBK 12.20 12.70 12.25 12.75 12.40 12.90 13.00 13.25 13.05 13.30 13.20 13.70 13.30 13.80 13.50 14.00

NBPK 12.30 12.80 12.25 12.75 12.25 12.75 12.75 13.00 12.80 13.05 13.10 13.60 13.20 13.70 13.30 13.80

SCPK 12.20 12.70 12.20 12.70 12.25 12.75 12.70 12.95 12.95 13.20 13.10 13.60 13.15 13.65 13.35 13.85

UBPL 12.25 12.75 12.15 12.65 12.25 12.75 12.70 12.95 13.00 13.25 13.15 13.65 13.25 13.75 13.35 13.85

AVE 12.23 12.73 12.23 12.73 12.33 12.83 12.74 12.99 12.98 13.23 13.12 13.62 13.22 13.72 13.33 13.83

Karachi Inter Bank Offered Rates (KIBOR)

Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)28/10/2010

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

1 week 0.21 0.58 0.82 0.83 -0.84 -0.27 -0.15 0.221 month 0.73 0.83 -0.22 0.85 -0.26 0.62 -0.23 -0.363 months 0.96 0.31 0.73 0.97 0.63 0.91 -0.75 -0.916 months 0.57 0.31 0.63 0.67 0.17 0.50 -0.48 -0.311 year 0.36 0.81 0.86 0.83 0.47 0.21 0.04 -0.282 years -0.16 0.53 0.48 0.51 -0.17 -0.20 0.27 -0.06

Currencies CorrelationEUR/GBP

CMKA BMA INVSR GSL ICSL JSCM AvgRate

0-7days 12.35 12.40 12.40 12.30 12.35 12.45 12.38

8-15dys 12.30 12.30 12.30 12.35 12.30 12.30 12.31

16-30dys 12.40 12.40 12.40 12.40 12.40 12.40 12.40

31-60dys 12.50 12.42 12.45 12.45 12.50 12.45 12.46

61-90dys 12.75 12.70 12.69 12.72 12.70 12.70 12.71

91-120dys 12.80 12.80 12.79 12.85 12.85 12.80 12.82

121-180dys 13.00 12.95 13.00 13.02 13.00 13.00 13.00

181-270dys 13.10 13.02 13.08 13.12 13.10 13.10 13.09

271-365dys 13.20 13.15 13.10 13.22 13.20 13.15 13.17

2-- years 13.40 13.40 13.35 13.40 13.40 13.35 13.38

3-- years 13.65 13.68 13.69 13.65 13.60 13.70 13.66

4-- years 13.70 13.70 13.70 13.68 13.73 13.72 13.71

5-- years 13.75 13.75 13.72 13.74 13.75 13.74 13.74

6-- years 13.75 13.75 13.74 13.75 13.75 13.75 13.75

7-- years 13.75 13.75 13.74 13.76 13.75 13.75 13.75

8-- years 13.75 13.75 13.74 13.77 13.75 13.75 13.75

9-- years 13.75 13.75 13.78 13.65 13.75 13.78 13.74

10--years 13.85 13.80 13.80 13.90 13.80 13.85 13.83

15--years 14.25 14.25 14.25 14.20 14.20 14.25 14.23

20--years 14.35 14.50 14.30 14.35 14.30 14.35 14.36

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

NEW YORK: The dollar fellon Thursday in tandem withTreasury yields, driving backto the weaker end of a well-worn range below $1.40 pereuro, on talk Federal Reservequantitative easing could belarger than expected.

A New York Federal Reservesurvey of dealers and investorson the size of the stimulus pro-gram included scenarios of upto $1 trillion, a figure largerthan recent estimates.

The bigger the move by theUS central Bank to effectivelyprint money, the more it willpush down US Treasury yieldsand reduce the attractivenessof dollar-based assets.

Dollar selling against theeuro and other currencies byreserve managers also sent theUS currency lower.

"The issue is whether the

market believes the Fed willdeliver significant quantitativeeasing over a definitive timeline," said Peter Frank, a cur-rency strategist at SocieteGenerale in London. "If they

do, the dollar will weaken."In early New York trade, the

euro had risen 0.9 per cent onthe day to $1.3898. Thishelped to push the dollar 1 percent lower versus a currencybasket on the day though it isdown only a marginal 0.6 percent for the year to date.

Analysts said the dollar was

also weighed down by a nar-rowing spread between 10-year US and euro-zone gov-ernment bonds.

Euro gains kept it above aone-week low around

$1.3734 hit on electronictrading platform EBS onWednesday, even as debt con-cerns in Ireland and Greeceand a breakdown in budgettalks in Portugal highlightedproblems facing peripheryeuro-zone countries.

Frank said support for theeuro despite sovereign debt

issues illustrated the resilienceof the single currency, and thathe expected it to rise backabove $1.40 in the near term.

But worries about the bank-ing sector and the region's debtproblems could check theeuro's gains. The EuropeanCentral Bank's quarterly BankLending Survey said morebanks expect to tighten theircredit standards for corporateloans in Q4.

Against the yen, the dollarfell 0.9 per cent to 80.93 yen.Small stop loss were cited bytraders in the 80.90 area withbids at 80.60 and 80.40. Thereare also solid 80.00 barriers.

The Japanese currencyshowed little reaction to aBank of Japan decision to keepinterest rates virtually at zerowhile holding off from newpolicy initiatives. -Reuters

Dollar falls on talk ofaggressive Fed easing

SHANGHAI: Spot yuan onThursday ended at its lowestclosing level against the dollarthis month after the People'sBank of China set anotherweak mid-point in a move tocreate two-way trading for theChinese currency.

The central bank needs tocurb speculation on non-stopyuan appreciation after the cur-rency jumped more than 2 percent to the dollar from earlySeptember to mid-October in itsquickest pace of appreciationsince the landmark revaluation.

The government also needs tosoothe a domestic audience,many of them opposing yuanappreciation, particularly underpressure from the United Statesor other China policy critics.

"The PBOC takes pains tocreate an impression of two-way trading," said a dealer at aChinese commercial bank inShenzhen. "But for the timebeing, the yuan's short-termmovements are still very muchaffected by external pressure."

Many dealers expect thePBOC to let the yuan resumerises by early next month,allowing it to appreciate to

around 6.60 against the dollarby late November because of aslew of political events that willadd yuan appreciation pressure.

The yuan closed at 6.6874against the dollar, down fromWednesday's close of 6.6806.It has now risen 2.08 per centsince the PBOC depegged itfrom the dollar on June 19.

In early trade on Thursday,the yuan hit a low of 6.6918, itsweakest intraday level inOctober.

The PBOC set the mid-pointat 6.6986 on Thursday, weakerthan Wednesday's 6.6912, withtraders saying a global dollarrebound on Wednesday gavethe central bank an easy excuseto set a weaker fixing.

Offshore, benchmark one-year non-deliverable forwards(NDFs) fell to 6.4770 bid inlate trade from Wednesday'sclose of 6.5000, with theirimplied 12-month yuan appre-ciation rising to 3.42 per centfrom 2.94 per cent. Traders saidthere was lingering market talkof more currency reforms to beannounced by China soon butthe rumours could not be inde-pendently confirmed. -Reuters

Yuan closes down;2-way trade widens

Swiss franc

gains vs dollarZURICH: The Swiss francrose against the dollar onThursday as the greenbackpaused for breath after itsrecent rally on doubts about thesize of an expected asset pur-chase programme by the USFederal Reserve.

The franc was up 0.3 per centagainst the dollar at 0.9875 perdollar. Commerzbank technicalanalysts said they expected thedollar to continue to recoverfrom the all-time low of 0.9461set earlier this month withinterim support at 0.9683 andresistance at 0.9932, with amedium-term target of parity.

The franc was 0.14 per centweaker against the euro com-pared to the New York close,trading at 1.3652 per euro at0634 GMT. UBS economistReto Huenerwadel noted thatvolumes in euro/franc tradeswere off the highs prompted bythe Swiss National Bank's(SNB) intervention earlier inthe year and said economic fun-damentals were playing a big-ger role. -Reuters

LONDON: Sterling rose oneper cent against a broadlyweaker dollar and outper-formed the euro on Thursdayas investors looked to push thecurrency higher in a choppymarket, offsetting disappoint-ing UK housing data.

Nationwide data showingUK house prices in Octoberfell for the third month in fourearlier knocked the pound to

session lows, but traders saidpersistent buying from MiddleEast accounts helped itrebound higher.

The pound climbed to a 10-day high of $1.5954, withgains accelerating after stoploss orders were triggeredthrough $1.5900 and $1.5910as the dollar weakened versus abasket of currencies. By 1504GMT, it was up 1 per cent at$1.5935.

"These are intra-day fastmoney flows. There's a lot ofstop hunting going on, people

are looking for targets and try-ing to push sterling in thedirection they want," said PeterLuxton, a market analyst withInforma Global Markets.

Traders said a buy sterling,sell euro order at the 1215GMT fix also helped the poundrally. The euro traded down 0.1per cent at 87.25 pence.

Sterling's broad gains took itto a three-week high on a trade-

weighted basis of 80.0. Analysts said trading volumes

were thin, however, as mostinvestors were sidelined aheadof a key US policy decision nextweek, with uncertainty abouthow much quantitative easingthe Federal Reserve will opt forkeeping them cautious. "No onereally wants to stay in extendedpositions ahead of next week,"Luxton said, adding he expectedsterling to stay choppy andrange-bound between $1.5700and $1.6000 over the next fewdays. -Reuters

Stg jumps, helped bysovereign demand

SEOUL: The Taiwan dollarand the South Korean won ledgains in Asian currencies onThursday against the dollar asa short-covering bounce in thegreenback ended.

Still, Asian currencies areunlikely to rise further in theshort term as investors still seethe Federal Reserve's quantita-tive easing programme wouldbe smaller than expected, ana-lysts and dealers said.

Investors also remain waryof potential capital controls asgovernments may seek tocheck hot money inflows.

"I don't think Asian curren-cies will rise any more as manyinvestors are worried the Fed'sQE programme will not beenough to boost the US econo-

my," said Kim Song-yi, aneconomist at HSBC in HongKong. "Investors are gettingmore worried about regulationrisks," Kim added.

Earlier, Malaysia's centralbank chief Zeti Akhtar Azizsaid Asia was better positionedto deal with capital inflows dueto better developed financialmarkets, rigorous surveillanceand a larger regulatory policytoolkit.

The Malaysian ringgit under-performed its Asian peers.

South Korean FinanceMinister Yoon Jeung-hyun alsosaid the government needs toguard against a potential assetbubble caused by excessiveliquidity, hinting at more meas-ures to come from Asia's

fourth-largest economy.The won turned higher against

the dollar as exporters chased itfor settlements and a firm europrompted investors to clear dol-lar-long positions to stop losses.The local currency started tradeweaker as investors reduced betsagainst the dollar on expecta-tions the US Federal Reserve'squantitative easing programmewould be smaller than initiallythought.

Some dealers suspected theforeign exchange authorities ofbuying dollars to stem thewon's strength.

The Thai baht was largelystable as cautious investorssquared positions ahead of theUS Fed's quantitative easingdecision next week. -Reuters

Asian currencies

Won lead gains onweak dollar; FOMC eyed

SYDNEY/WELLINGTON: The New Zealanddollar recovered from lows on Thursday, helpedby a softer greenback and after the ReserveBank of New Zealand stuck to a tightening biasdespite keeping rates unchanged, as expected.

The NZ dollar was up at $0.7477, from$0.7430 before the rate decision. It was seen sup-ported around Wednesday's low of $0.7406, withresistance at the 10- and 21-day moving averageof $0.7500. The RBNZ kept rates steady at 3 percent but said further rate rises will be needed atsome stage. Markets reaffirmed their expecta-tions, seeing little chance of a hike until March atthe earliest given a disappointing domesticrecovery and an uncertain global outlook.

Reflecting the slow speed of rate rises amidtame inflation, market is priced for 68 basispoints of tightening for the next 12 months, lit-tle changed from Wednesday. "With the RBNZtoday pretty much saying and doing nothing,

and very comfortable with market pricing, wehave to look for offshore direction," said ANZ-National senior dealer Alex Sinton.

Indeed, a stronger Aussie dollar and a bouncein the euro from lows combined to pushed theNZ dollar up. A dip in the US dollar also helpedthe Australian dollar climb off lows to $0.9754.It had fallen as far as $0.9651 offshore onWednesday after surprisingly tame inflation datadimmed the chance of a rate rise next week.

Near-term support was seen around Oct 19 and20 lows of $0.9660, with resistance at an old sup-port level of $0.9745. In late trade, the marketwas priced for a less than one-in-four chance ofrates rising to 4.75 per cent next week. But someanalysts warned investors could be under-esti-mating the chance of a policy move next week asthe RBA still sees domestic growth picking up onan Asian-driven trade boom. That means pricepressures can only accelerate from here. -Reuters

NZ$ off lows after RBNZholds rates, as expected

Taiwan dollar

holds firmTAIPEI: The Taiwan dollar roseon Thursday, tracking other Asianassets higher on new global weak-ness in the US dollar, but suspect-ed central bank intervention rolledback some of the day's gains.

The Taiwan dollar ended atT$30.824 to the US currency,compared with its Wednesdayfinal price of T$30.9, after astronger euro pushed investorsto clear US dollar-long positionsand stop losses.

That pushed the US unitbroadly lower, in turn boostingAsian currencies such asTaiwan's. Brisk foreign fundflows into Taiwan stocks, whichclosed 0.76 per cent higher, alsosupported the Taiwan currency.

The currency is seen lackingstrong direction until the USFederal Reserve meets on Nov.2-3. Analysts say the Fed willdecide then on the scale of quan-titative easing as a means of revi-talising US economic recovery.

Taiwan's central bank hasbought roughly $5.2 billion inUS currency since Sept. 27,according to an IFR Markets sur-vey of traders. It was seen inter-vening again on Thursday tocontrol volatility. Taiwan's cen-tral bank will step up interven-tion if easing in the United Statesopens the forex market to hotmoney, making Taiwan dollarsmore expensive for exporters,strategists say. -Reuters

Investors ready for next week’s Fed meeting

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

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information should only be used by investors who are aware of the risk inher-

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International and its employees are not responsible for any loss arising from

use of these reports and recommendations.

Raja Sahib,

the least you

can do is resignElectricity load shedding spells have broken all

the previous records. They are an outcome ofgross mismanagement and in no way can beattributed to limited availability of generationcapacity in the country. Leading politician FaisalSaleh Hayat has already filed a case in theSupreme Court of Pakistan regarding gross viola-tion of rules and blatant corruption in grantingpermissions for establishing rental power plants.Refraining from commenting on the case wouldbe better. However, no one has the slightest doubtthat minister for water & power, Raja PervaizAsharf has grossly failed in managing his min-istry. If he can't do any thing else, he shouldresign if he can’t put an end to energy crisis.

Though, the minister is never tired of accusingthe previous governments for all the woes facingelectricity consumers today, only one sentence issufficient to describe his work, “Mr minsterwhatever you may say, you have failed to deliv-er”. The charges that could be framed against theminister are: 1) power plants are being run at farlower capacities to save fuel but expensive elec-tricity is being bought from IPPs and RPPs, 2)despite issue of around Rs160 billion termfinance certificates, intercorporate debt is stillhovering around Rs180 billion and has brokenall the previous records, 3) repeated tariff hikeshave made electricity expensive by more than 65per cent since he took over the charge of the min-istry but the electric utilities have failed miser-ably in ensuring uninterrupted supply.

The reason for hike in tariff is said to be recov-ery of full cost from consumers. However, nei-ther his ministry nor Nepra has played any role incontaining transmission and distribution (T&D)losses. Sector experts say 'out of stated 40 percent T&D losses 35 per cent is nothing but bla-tant theft'. The key reason for increase in illegalconnections is 'un-affordability' of the cost by theconsumers. However, it is necessary to highlightthat the pilferage goes on with the connivance ofemployees.

The present regime has also failed in coming upwith a comprehensive Energy Policy. It many besaid that such a policy required greater interac-tion between ministry of water and power andministry of petroleum and natural resources. Thedecision to curtail gas supply of fertiliser plantsand diverting it to power plants is a bad decisionand the longer this policy remains in force theworse it will be for the country.

If someone bothers to think, energy crisis iseven worse than militant attacks. Suicide or sab-otage kill a few persons or cause limited damagebut energy crisis is choking the lifeline of coun-try's economy, causing economic assassination ofmillions of Pakistanis and rendering the countryweak and incapable of facing internal and exter-nal challenges. Prime minister and president arerequested to please ask Raja Sahib to relinquishhis charge and find a suitable replacement forhim.

Energy is the lifeline and no one should beallowed to choke it.

4Friday, October 29, 2010

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

Editor: Shakil H. Jafri

Executive Editor: Manzar Naqvi

Honorary Advisory Board

Haseeb Khan, FCA

Asim Abbas Ashary, CPA

Akhtar M. Zaidi, FCA

Dr. A. Hadi Shahid, FCA

Muhammad Arif

S. Muneer Hussain Rizvi

Khurram Shehzad, CFA

Prof. Zakaria Sajid (KU)

Zahid Bukhari SVP HBL (retd)

Ismat Sabir

Head office

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

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

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Email Address: editor@thefinancialdaily.com

The Financial Daily InternationalVol 4, Issue 83

US President Barack Obamafaces a range of trade hurdleswhen he travels to India in early

November to unlock a huge untappedcommercial potential that would helpballast the rise of Asian giant China.

Despite India's growing globalweight, it is only the United States'14th biggest trading partner and obsta-cles, from outsourcing controversies tothe Doha world trade round, have putthe brakes on faster integration.

The stakes on trade are high as theUnited States and India need each otherto meet ambitious export targets amid asluggish US economic recovery, yawn-ing trade deficits with China and fears ofglobal imbalances sparking a standoff.

On the issue of global economicimbalances that have raised fears ofcurrency wars, India and the UnitedStates often differ.

Obama may ask Indian PrimeMinister Manmohan Singh for help inWashington's push to prevent countriesunilaterally devaluing currency tomake exports more competitive in therun-up to the G20 heads of state meet-ing in Seoul next month.

But at the G20 finance ministers'meet in South Korea, India and Chinashot a US proposal to cap currentaccounts of countries with quantitativetargets linked to their GDP.

While ties bloomed during the Bushadministration, the two countries haveentered what a former Indian envoy toWashington told Reuters was a "sober-ing phase".

"It's only natural that people havehigh expectations," Naresh Chandrasaid, adding "now we are coming fromthe general to the specific. The problem

lies in the detail.""When you start concluding agree-

ments then each side wants to have thebest of both worlds and that is wherethe friction starts. So what we aregoing through is what I would call asobering phase of managing thedetails."

A bilateral trade boom has seen totalflows treble to $36.5 billion in goods inthe decade to 2009-10, but the UnitedStates. slipped from number one tothree in India's trade partners. Indialags China, which is the United States'third biggest trading partner.

The Obama administration wants todouble its exports within five years tobolster domestic growth and createjobs. Bilateral trade in goods and serv-ices between India and the UnitedStates stands at $50 billion, a tenth ofAmerica's trade with China, accordingto Ron Somers, President of the USIndia Business Council.

Indo-US business has basked in thewarmth of closer ties underscored by alandmark civilian nuclear deal signedin 2008.

But both must work to overcome irri-tants including fears of growing US

protectionism after the financial crisis,demands on both sides for greater mar-ket access and differences over Doha.

TRADE DEFICITSThe United States can push for deals

including billion dollar defence con-tracts. The powerful lobby group theFederation of Indian Chambers of

Commerce and Industry (FICCI) haspushed for a relaxation in US exportcontrols to speed up high-tech anddefence industry trade.

Such controls prevent, for example,Indian pharmaceutical companies buy-ing US biotechnology to make vac-cines on the grounds it could be use tomake anthrax weapons, FICCI'sSecretary General Amit Mitra toldReuters.

In the absence of a Doha trade deal,India spread its wings to negotiatingtrade deals with the likes of theEuropean Union and, in a mark of eco-nomic power moving from west toeast, the ASEAN bloc of SoutheastAsian nations, Japan and Malaysia.

"India, at least the businesses here,have been looking at their own neigh-bourhood much more," said trade com-mentator Biswajit Dhar.

Indian officials and industry groupshave protested what Trade MinisterAnand Sharma called a "highly dis-criminatory" hike in visa fees byWashington, seen as aimed at India's ITindustry, as well as perceived non-tariffbarriers against Indian goods.

In Washington on Wednesday,reporters peppered White HouseDeputy National Security AdvisorMichael Froman with questions onwhether Obama would raise out-sourcing.

"I would simply say that a key part ofthe message is going to be that we wantto make sure there's opportunities forUS jobs, US exports," he said.

Both sides have accused each otherof policy foot-dragging, especiallyover the Doha trade talks. In Indiathere is a sense that New Delhi is muchkeener to push for a deal thanWashington.

The United States complains thatIndia has not accepted the responsibili-ty that comes with its growing econom-ic strength in the world and insists onshielding many sectors.

But while temperatures have risenover protectionism, India may takethis in its stride given compulsions inWashington ahead of elections,where Obama's Democrats canexpect a pasting.

Both sides talk up the fact that theirtrade is relatively balanced, unlike withChina.

"We understand the need for politi-cians to react in certain ways under cer-tain democratic circumstances. But weare hoping that this is only a passingphase," FICCI's Mitra told Reuters.-Reuters

Obama to India with trade

Saudi Arabia is beingdrawn into efforts toreach a settlement to the

Afghan war, despite its reluc-tance to become tooembroiled with Islamist mili-tants it once backed, diplo-mats and analysts say.

But they say Saudi Arabiawould be unwilling to formal-ly mediate in any peace talks.Like other countries involved,it wants Afghans to take thelead with outside players act-ing more as facilitators.

"Everybody has a very badexperience in their efforts tomediate between Afghans,"said a senior diplomat inKabul.

"It's very simple, if you tryto mediate between them, bothsides will push their luck andit will fall, believe me it willfall. The third party cannothold it," he said.

Saudi Arabia has made nopublic comment on an appealfrom Kabul to help mediate intalks with insurgents to try tobring an end to the nine-yearwar in Afghanistan. But ana-lysts and diplomats say thekingdom, which hosted secrettalks with the Taliban inMecca in 2008, is expected tocome under pressure from theUnited States to helpWashington find an exit strat-egy from an increasinglyunpopular war.

Saudi Arabia enjoys consid-erable influence over theMuslim world both because ofits authority as home toIslam's holiest sites and itshefty financial clout from oilearnings.

"There is a lot of pressure onthe Saudis from the US to helpmediate in Afghanistan," saidone western diplomat inRiyadh.

Official sources say that forthe first time all the main par-ties involved, from the gov-ernment to insurgents, fromWashington to Pakistan, are

seriously considering ways toreach a peace deal.

They have cited SaudiArabia, Turkey and the UnitedArab Emirates as potentialintermediaries, along with

Pakistan, in what are as yetvery preliminary "talks abouttalks".

"Saudi Arabia, UAE,Pakistan can make the rightkind of noises saying: 'we sup-port it' and I think that willmake a difference," said thediplomat in Kabul.

One source with knowledgeof talks about Afghanistansaid Riyadh might be morewilling to help than beforesince peace efforts now havethe backing of Washington --missing in 2008.

REPUTATION AT RISK

Saudi Arabia, along withPakistan and the UnitedStates, backed Islamist insur-gents fighting the Soviets inthe 1980s, and later becomeone of only three countries torecognise the Taliban govern-ment that ruled Afghanistanfrom 1996 to 2001.

But it is reluctant to becometoo closely associated with

peace talks after working hardto shake off any public per-ception of links to Islamistmilitancy.

Fifteen of the 19 meninvolved in the Sept. 11, 2001,

attacks on the United Stateswere from Saudi Arabia, andal Qaeda shares the kingdom'sfundamentalist Wahhabi inter-

pretation of Islam.Diplomats say Western visi-

tors have been lobbying thekingdom since last year tohelp mediate but it remainswary after the 2008 talks cameto nothing.

"The Saudis might interme-diate but they want to hearfrom the Afghan factions first

in public that they are seriousabout talks this time," said asenior Western diplomat.

"They don't want to put theirreputation at risk by backing apeace project that may notwork."

Afghan diplomats say theyhope Riyadh will getinvolved.

"Saudi Arabia has a majorrole and we hope inAfghanistan that Saudi playsan important role as it did inthe past in Afghanistan and inother countries," said SaidAnwarshah Ghaffari,Afghanistan's charge d'af-faires in Riyadh.

"The kingdom has its weightin the Islamic world and welook at it as our older brother,"he said.

Former intelligence chiefPrince Turki al-Faisal, whohas dealt with the Talibanbefore, last week cited recon-ciliation efforts in the past as asign of Saudi support forAfghanistan, but he gave nohint about revisiting the talks.

Foreign Minister PrinceSaud al-Faisal said in Januarythe Taliban must deny sanctu-

ary to al Qaeda leader Osamabin Laden before the kingdomwould act as mediator.Militants using the al Qaedaname began launching attackson Saudi Arabia in 2003.

Riyadh froze its ties with theTaliban in 1998 over theirrefusal to hand over bin Ladenwho had been stripped of

Saudi citizenship for activitiesagainst the ruling Al Saudfamily.

ALLY Pakistan,

RIVAL Iran

Diplomats and analysts saySaudi Arabia will be heavilyinfluenced by the approach ofPakistan, with which it sharesclose military and intelligencecooperation."If Pakistan sup-ports peace talks then theSaudis will help but they don'twant to get too involved," saidHaroun Mir, an Afghan ana-lyst.

Pakistan is keen for a peacesettlement in Afghanistan toend a war which it sees asincreasing instability at home,though it is also anxious tocurb the influence of rivalIndia. At the same time SunniSaudi Arabia has to balanceout the influence of Shi'iteIran, its main rival in theMiddle East and a powerfulAfghan neighbour. "I thinkSaudi Arabia should get moreinvolved in Afghanistan. If wedon't do it then others will,"said prominent Saudi journal-ist Jamal Khashoggi.

But Saudi Arabia's rivalrywith Iran couldalso mean thatTehran wouldlook askance atany Saudi rolein helpingmediate.

Dubai basedpolitical analystT h e o d o r eKarasik said itwas significantthat Saudi KingAbdullah had

spoken several times toIranian President MahmoudAhmadinejad over the pastfew weeks to discuss regionalissues.

Asked whether Iran andSaudi Arabia could reach anunderstanding onAfghanistan, he said: "It's pos-sible."-Reuters

Saudis into Afghan Peace

Diplomats and analysts say Saudi Arabiawill be heavily influenced by the approach

of Pakistan, with which it shares close militaryand intelligence cooperation."If Pakistansupports peace talks then the Saudis will

help but they don't want to get too involved,"said Haroun Mir, an Afghan analyst.

Saudi Arabia has made nopublic comment on an appeal

from Kabul to help mediate in talkswith insurgents to try to bring an

end to the nine-year war inAfghanistan. But analysts and

diplomats say the kingdom, whichhosted secret talks with the Taliban

in Mecca in 2008, is expected tocome under pressure from the

United States to help Washingtonfind an exit strategy from anincreasingly unpopular war.

“

Despite India's growing globalweight, it is only the United States'

14th biggest trading partner andobstacles, from outsourcing controversiesto the Doha world trade round, have put

the brakes on faster integration

“

Attitude changeneeded for media

It is a matter of great concern that the impact of media has not being positive and satisfactory. Over aperiod of time the ingredient of responsibility is missing from media activists. Its true that once media wasconsidered as the tool of entertainment and information.

The situation has taken an exact 180 degree turn now, news channels are pre- occupied by the news ofbomb blasts or speeches of powerful leaders. These channels with threatening and alarming news make aperson tortured and frustrated. Due to these news channels people's frustration is boiling up.

The true definition of media can now be termed as, "it has the ability to make a guilty innocent and an inno-cent guilty". These house tortures giving news channel should be lessened as its influence on common peopleand basically youth is negative. Media is the most muscular communicating device on earth; bit its not utilis-ing its powers the right way. It's my humble request through this esteemed newspaper that media channels andthe production of programs must be handled with full care and responsibility. Media is a form of expressingviews which is becoming free so freedom of expressions erupted which is not the requirement of our media.

Tahira Abdul Karim, University of Karachi.

Dengue needsattention

Dengue fever has again stroked different parts of thecountry and especially Karachi. Karachiites who werefacing the miseries of target killings are being over bur-dened by this deadly disease

Dengue surveillance report issued by the Sindh healthdepartment announced that about 3,000 patients areadmitted in 46 hospitals in various parts of the city, car-rying symptoms of this viral hemorrhagic fever.

The serious rising toll of the affectees demands atten-tion from the health ministry so that this epidemic diseasecould be managed to wipe out from Karachi.Faizan Khan,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

Sales (July 09 to June 10) 73,993

Production (July 10) 7,509

Sales (July 10) 4,503

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

Sales (July 09 to June 10) 50,823

Production (July 10) 5,162

Sales (July 10) 4,999

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

Sales (July 09 to June 10) 14,120

Production (July 10) 1,560

Sales (July 10) 1,272

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

Sales (July 09 to June 10) 1,371

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)NBP 67.72 12.17 LOTPTA 10.32 11.39 NPL 15.56 7.94 JSCL 9.97 4.99 NCPL 14.62 4.37

Symbol Close ChangeFZTM 435.29 19.96 COLG 838.14 14.25 IDYM 256.66 9.47 ATBA 161.29 7.68 RMPL 1,651.00 7.50

Symbol Close ChangeSIEM 1,205.00 -37.36ULEVER 4,025.13 -24.87BATA 572.60 -23.46SRVI 218.89 -11.52LAKST 328.43 -10.91

Plus 176Minus 209Unchanged 22

Top 5 Volume Leaders

Major Losers

Major Gainers

KSE-100 Index

LSE-25 Index

ISE-10 Index

Active Issues

Friday, October 29, 2010 5

Dhiyan

Technical correction was due in the market and it will continue dur-ing the next few days where 10,600 would be the bottom level for theindex. Thereafter the bullish trend would revive and index may touch11,200 levels. Investors are recommended to invest in POL, MCB,NBP, LUCK, ENGRO, NCL, and NPL. The launch of MarginTrading System (MTS), good corporate results and continued buyingby the foreign investors would trigger the market. Correction wouldcontinue in the today.

Mohammad Azam Khan, CEO Sunrise Capital

Muzammil Khan, AVP BMA Capital

The correction is likely to stay for the next 2-4 sessions where the

apex index could lose further 200-300 points. Investors are there-

fore advised to adopt 'sell on strength' strategy. However after the

end of correction phase they can invest in power stocks, FFC, and

FFBL. Positive change in the management of KSE as per brokers'

will and launch of MTS would will support the market.

CORRECTION TO STAY; SELL WHAT PAYS

Opening 10,704.16

Closing 10,634.99

Change 69.17

% Change 0.65

Turnover (mn) 109.93

Opening 3,344.12

Closing 3,313.50

Change 30.62

% Change 0.92

Turnover (mn) 5.85

Opening 2,715.87

Closing 2,696.37

Change 19.50

% Change 0.72

Turnover (mn) 0.17

ANNOUNCEMENTS

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

Dawood Hercules 3rd Qtr 20%(ii)(D) 2176.963 18.09

*Fazal Cloth Yearly 100%SD 526.707 28.08

Asian StocksXD 1st Qtr - 13.528 -0.05

Ashfaq Textile 1st Qtr - 1.582 0.23

Atlas Battery Ltd. 1st Qtr - 84.293 8.37

Attock Cement XD 1st Qtr - 96.868 1.12

B.F.ModarabaXB 1st Qtr - 2.565 0.38

Crescent Steel 1st Qtr - 90.081 1.60

Crescent Steel(Consolidated) 1st Qtr - 140.466 2.49

Crescent Tex.XD 1st Qtr - 64.030 1.30

Dost Steels Ltd. 1st Qtr - -2.221 -0.03

Dynea PakistanXD 1st Qtr - -1.635 -0.09

East West Life Ass. 1st Qtr - -19.418 -0.43

Escorts Bank 1st Qtr - -21.841 -0.50

Eye Television 1st Qtr - 55.811 1.12

Fazal Cloth 1st Qtr - 249.666 13.31

Fecto Cement 1st Qtr - 24.016 0.48

General Tyre 1st Qtr - 17.622 0.29

Hira Textile XD 1st Qtr - 94.915 1.33

IBL HealthCare Ltd 1st Qtr - 6.175 0.31

Ibrahim FibresXD 1st Qtr - 988.932 3.18

Invest & Fin.Sec.XD 1st Qtr - 0.156 0.00

J.K.Spinning Mills 1st Qtr - 30.122 1.64

JS Global Capit.XD 1st Qtr - 46.390 0.93

Karam Ceramics 1st Qtr - 2.863 0.20

Media Times Ltd 1st Qtr - -27.061 -0.20

Millat TractorsXB 1st Qtr - 559.695 19.11

Murree BreweryXDXB 1st Qtr - 85.555 5.93

Nat.Bank Mod XD 1st Qtr - 6.833 0.27

Pak EngineeringXD 1st Qtr - 0.511 0.09

Reliance WeavingSD 1st Qtr - 110.451 3.58

Sana IndustriesXD 1st Qtr - 18.118 3.29

Sargoda SpinningXD 1st Qtr - 40.323 1.29

Shadab TextileXD 1st Qtr - 26.571 8.86

Shahtaj TextileXD 1st Qtr - 49.684 5.14

Shield Corp XD 1st Qtr - 7.928 2.03

Suhail Jute 1st Qtr - -25.079 -6.70

Sui South GasXDXB 1st Qtr - 1113.771 1.66

Treet Corporation 1st Qtr - 65.484 1.57

Treet Corporation(Consolidated) 1st Qtr - 78.484 1.88

Wah-Noble XD 1st Qtr - 11.736 1.30

Wazir Ali(Consolidated) 1st Qtr - -12.081 -1.51

Zephyr Textile Ltd 1st Qtr - 11.134 0.19

Adamjee Insurance 3rd Qtr - 133.317 1.08

American Life 3rd Qtr - 111.995 2.24

Atlas Insurance 3rd Qtr - 174.367 4.72

Bankislami Pakistan 3rd Qtr - 1.565 0.00

Clariant Pak 3rd Qtr - 535.635 19.62

Cres.Star Insurance 3rd Qtr - -6.635 -0.55

IGI Insurance 3rd Qtr - 290.474 4.04

New Jubilee Insuranc 3rd Qtr - 219.659 2.78

Reliance InsuranceXB 3rd Qtr - 30.847 1.22

SilkBank Limited 3rd Qtr - -700.335 -0.32

United Insur.XB 3rd Qtr - 78.883 2.29

HONG KONG/SHANGHAI:Hong Kong stocks endedslightly higher on Thursday asbanking shares rose on the backof earnings optimism whileinsurers dragged Shanghai mar-kets lower.

The benchmark Hang Sengindex closed 0.2 per cent high-er, recovering slightly fromWednesday's sharp 1.9 per centdrop. Turnover was down 23per cent compared with a dayearlier and fell below HK$80billion for the first time in overa month.

"The market is in bottom-fishing mode, but I don't see

any strong buying interest yet,"said Jackson Wong, investmentmanager at Tanrich Securities.

"I don't expect the market tomove significantly from hereuntil after the Federal Reservemeeting next week."

Market players will be keenlywatching the trading debut ofAIA Group on Friday morningin what will be Hong Kong'slargest ever listing. Traders saidgray market indications call fora 6 to 10 per cent first-day gain.

Shares of mainland banksrose after Bank of China (BOC)and Agricultural Bank of China

See # 6 Page 11

HK up as earningsboost banks stocks

Insurers drag Shanghai down

Ahmed Siddique

KARACHI: Fauji FertilizerCompany Limited (FFCL) hasposted 5.8 per cent growth in itsnet profit for the nine monthsended September 2010. The profit grew to Rs7.02 billionas compared to Rs6.64 billion inthe same period last year.

Earning per share stood atRs10.35 in 9MCY10, fromRs9.78 in the same period lastyear. Furthermore, companyalso announced its third interimcash dividend of Rs2 per sharewhich disappointed investors as

FFC's share prices plunged afterthe announcement of results andpayout.

FFC's sales revenue grew by10.8 per cent to Rs28.5 billion in9MCY10 as against Rs25.73 bil-lion in 9MCY09. The cost ofsales increased at a higher pace --rising 11.1 per cent to Rs15.78billion in 9MCY10 on accountof higher gas prices. However,gross profit surged by 10.3 percent to Rs12.72 billion asagainst Rs11.52 billion in9MCY09, -- translating into adrop of 2bps in its gross marginto 44.6 per cent in 9MCY10.

FFC 9M net surges5.8pc to Rs7.02bn

DPS of Rs2 disappoints investors

Nawaz Ali

KARACHI: Selling at inflatedlevels and some below-than-expected corporate resultsbecame Trojan horses thatreleased bears into KarachiStock Exchange (KSE) onThursday.

The benchmark 100-Indexclosed under 10,700 points

level with reduced volumes asinvestors remained cautiousahead of Pakistan-IMF meet-ing.

The top index closed 69points down at 10,634 points,KSE 30-Index lost 67 points toclose at 10,201 points and KSEAll Share Index fell by 44points to close at 7,410 points.

Samar Iqbal, equity dealer at

Topline Securities said thatprofit taking in leading oil andbanking stocks brought theindex down.

Volumes too remained on thelower side as 109.9 millionshares traded in the overallmarket which is 32.2 millionless as compared to a turnoverof 142.1 millions shares a dayearlier.

According to experts investorswere cautious ahead of Pakistaniauthorities meeting with IMFnext week to discuss the releaseof the sixth tranche of an $11billion emergency loan agreedto in November 2008.

After a positive beginning,bullish momentum continuedtill around 12:00 PST duringwhich index touched its highest

level of the day of 10,772points (+ive 68 points). But itdidn't last long as with corpo-rate results' season close to itsend and stocks on the upsideinvestors jumped to book prof-its. However investors' interestin Nishat Power and NishatChunian power remained intactas both kept gaining.

See # 19 Page 11

100-Index sheds 69 points

Profit-selling, dull results proveTrojan horses for bears at KSE

TOKYO: Japan's Nikkei aver-age slipped to its lowest closein six weeks on Thursday as ashort-covering boost after theBank of Japan unveiled detailsof its asset-buying schemefailed to last.

The Nikkei briefly touched asession high of 9,413.68 shortlyafter the BOJ announcement, butinvestors were unwilling tochase prices higher at the peak ofthe earnings season and before ahighly anticipated US FederalReserve meeting on Nov. 2-3.

Japanese shares were alsoundermined by profit-taking asthe yen edged up against thedollar after dipping to a two-week low near 82 yen the pre-

vious day."The overall impact on the

stock market from the BOJ deci-sions was limited, but the newsthat the central bank is holdinganother meeting next week totalk about the purchase of ETFsand REITs was slightly posi-tive," said Kazuhiro Takahashi,general manager at DaiwaSecurities Capital Markets.

"Still, the focus is on how theFed's meeting will impact cur-rency moves and liquidity inthe global market."

The benchmark Nikkei endeddown 0.2 per cent or 21.00points at 9,366.03, its lowestclose since Sept. 14.

See # 7 Page 11

Nikkei at 6-wk low;BOJ effect fades out

MUMBAI: The BSE Sensexshed 0.3 per cent on Thursdayamid choppy trading mainly onaccount of monthly derivativescontracts expiry on theNational Stock Exchange.

Top private lender ICICIBank led the decline, shedding1.4 per cent ahead of its July-September earnings announce-ment on Friday.

The bank should post a 12-per cent rise in quarterly earn-ings, a Reuters poll of analystsshowed.

Top power producer NTPCextended losses and dropped1.8 per cent. Shares in thestate-run utility had logged

its biggest single-day drop infive months on Wednesday, aday after posting nearly flatSeptember-quarter net prof-it.

The 30-share BSE indexclosed 0.32 per cent or 64.33points lower at 19,941.04, with22 of its components declining.It swung in an around 300-points range, rising as much as0.9 per cent and declining asmuch 0.7 per cent.

"Market was volatile today,which is the case on the day ofexpiry," said Deven Choksey,managing director and CEO ofK.R. Choksey Shares.

See # 11 Page 11

Indian shares drop;

ICICI falls, ONGC up

Commoditieshelp FTSE up LONDON: Britain's top shareindex pushed higher onThursday, helped by a rally inheavyweight commodity issues,notably oil major Royal DutchShell, whose third-quarterresults beat market expectations.

The FTSE 100 ended up31.87 points, or 0.6 per cent, at5,677.89, recovering after itreached its lowest closinglevel since Oct. 5 onWednesday.

See # 10 Page 11

US stocks mid-day

Wall Streetfalls on 3M;jobless datacurbs losses

NEW YORK: US stocks slidon Thursday after 3M Co cut itsfull-year outlook and pulled theindustrial sector lower, but anunexpected drop in new joblessclaims helped limit broaderlosses.

3M reported third-quarterearnings that slightly beatexpectations, but costs relatedto recent acquisitions promptedit to trim its outlook. The stocktumbled 6.9 per cent to $84.11and was the Dow's top decliner.

Heavy equipment makerCaterpillar Inc, down 1.7 Percent at $76.90, ranked as thesecond-heaviest weight on theDow. The S&P Industrial Indexfell 1.1 per cent and was by farthe biggest drag among S&Psectors.

New claims for unemploy-ment benefits fell more thanexpected in the latest week, andthis more encouraging read onthe labor market, along with aweak dollar, gave stocks anearly boost. However, investorsremained cautious about mak-ing large bets ahead of the out-come of next Tuesday's mid-term election and the FederalReserve's expected monetaryeasing. Fed policy-makers areset to meet on Tuesday andWednesday.

"We don't know what's goingto happen in the election orwhat the Fed is going to do, letalone how that's going toimpact the dollar or commodi-ties, so a lot of investors arelaying low until then," saidTimothy Harder, chief invest-ment officer of Peak CapitalInvestment Services in Denver,Colorado.

The Dow Jones industrialaverage fell 62.51 points, or0.56 per cent, to 11,063.77. TheStandard & Poor's 500 Indexdropped 4.63 points, or 0.39per cent, to 1,177.82. TheNasdaq Composite Indexslipped 13.41 points, or 0.54per cent, to 2,489.81.

Bucking the downtrend wasDow component Exxon MobilCorp, the largest US corpora-tion, which rose 0.7 per cent to$66.16 after it reported a better-than-expected quarterly profit.Motorola Inc's profit also

See # 5 Page 11

Moderately higher;Moody's lifts Thai sentiment

South East Asian stocks

European shares buoyed byencouraging earnings

NOTE:*100%SD shares of Fatima Fertilizer Co.ratio of 1:1(D)

AttockCement

1Q profitnosedives

Aamir Abdi KARACHI: Attock CementPakistan Limited's (ACPL) netearnings for the first quarterended September 30, 2010reached Rs97 mil-lion (EPS: Rs 1.12) againstRs236 million (EPS: Rs 2.72)in same period last year,

See # 9 Page 11

MTL rakes in51pc netgrowthStaff Reporter

KARACHI: Millat TractorsLtd (MTL) has posted a higherprofit after tax of Rs559.695million during the quarterended September 30, 2010compared to Rs368.483 millionin same quarter last year. Thistranslates into an increase of 51percent in profitability.

According to informationreaching Karachi StockExchange on Thursday,

See # 8 Page 11

PIAincurslossesStaff Reporter

KARACHI: PakistanInternational Airlines (PIA)Thursday reported higher lossafter tax of Rs11.693 billion forthe third quarter ended Sept 30,2010.

According to financial resultsof the national carrier dis-patched to Karachi StockExchange (KSE), the loss pershare also declined to Rs4.79compared to Rs5.03 during thecorresponding period last year.

SSGC 3Qprofits rise

Staff ReporterKARACHI: According tofinancial results sent to KarachiStock Exchange (KSE) hereThursday net profit of SuiSouthern Gas Company(SSGC) jumped to Rs1.113billion during the third quarterended September 30, 2010.

AS per details the pre-taxprofit went up to Rs1.713 billionas earning per share climbed toRs1.66 against Rs0.10 duringthe same period in 2009.

Friday, October 29, 20106

Volume 109,934,197

Value 3,812,608,321

Trades 64,176

Advanced 176

Declined 209

Unchanged 22

Total 407

Current 7,410.45

High 7,503.80

Low 7,397.60

Change i44.55

Current 10,634.99

High 10,772.71

Low 10,615.58

Change i69.17

Current 10,201.18

High 10,335.44

Low 10,187.87

Change i67.76

Market KSE 100 Index All Share Index KSE 30 Index

Current 16,749.58

High 16,924.56

Low 16,727.59

Change i79.07

KMI 30 IndexSymbolsAlert ! Unusual Movements

Technical AnalysisFundamental Highlights

As on Dec 31, 2009

Pakistan International Airline Corp Ltd

PIAA closed up 0.26 at 2.50. Volume was 2,632 per cent above aver-

age (trending) and Bollinger Bands were 32 per cent narrower than nor-

mal. The company's loss after taxation stood at Rs6.901 billion which

translates into a Loss Per Share of Rs2.86 for the half year of current

calendar year (1HCY10).

PIAA is currently 6.0 per cent below its 200-day moving average and is

displaying an upward trend. Volatility is extremely high when compared

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

cators reflect very strong flows of volume into PIAA (bullish). Trend fore-

casting oscillators are currently bullish on PIAA.

RSI (14-day) 69.18 Total Assets (Rs in mn) 160,013.18

MA (10-day) 2.23 Total Equity (Rs in mn) (20,772.84)

MA (100-day) 2.44 Revenue (Rs in mn) 94,563.77

MA (200-day) 2.66 Interest Expense 9,243.77

1st Support 2.35 Loss after Taxation (5,822.43)

2nd Support 2.20 EPS 09 (Rs) (2.720)

1st Resistance 2.75 Book value / share (Rs) (8.92)

2nd Resistance 3.00 PE 10 E (x) -

Pivot 2.60 PBV (x) (0.28)

Technical AnalysisFundamental Highlights

As on Jun 30, 2009

SAIF closed up 0.86 at 5.24. Volume was 2,058 per cent above average

(trending) and Bollinger Bands were 3 per cent wider than normal. The

company's profit after taxation stood at Rs77.489 million which trans-

lates into an Earning Per Share of Rs2.93 for the year ended FY10.

SAIF is currently 21.5 per cent above its 200-day moving average and

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

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

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

forecasting oscillators are currently bullish on SAIF.

RSI (14-day) 65.77 Total Assets (Rs in mn) 4,000.30

MA (10-day) 4.11 Total Equity (Rs in mn) 317.21

MA (100-day) 3.46 Revenue (Rs in mn) 3,727.82

MA (200-day) 4.21 Interest Expense 346.44

1st Support 4.32 Loss after Taxation (560.23)

2nd Support 3.47 EPS 09 (Rs) (21.210)

1st Resistance 5.70 Book value / share (Rs) 12.01

2nd Resistance 6.23 PE 10 E (x) 1.79

Pivot 4.85 PBV (x) 0.44

Saif Textile Mills Limited

Technical AnalysisFundamental Highlights

As on Jun 30, 2009

DSIL closed up 0.10 at 1.90. Volume was 359 per cent above average

(trending) and Bollinger Bands were 16 per cent wider than normal. The

company's loss after taxation stood at Rs23.381 million which trans-

lates into a Loss Per Share of Rs0.39 for the year ended FY10.

DSIL is currently 24.3 per cent below its 200-day moving average and

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

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

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

lators are currently bullish on DSIL.

RSI (14-day) 66.85 Total Assets (Rs in mn) 838.18

MA (10-day) 1.73 Total Equity (Rs in mn) (298.62)

MA (100-day) 1.95 Revenue (Rs in mn) 653.74

MA (200-day) 2.51 Interest Expense 130.20

1st Support 1.76 Loss after Taxation (984.14)

2nd Support 1.69 EPS 09 (Rs) (16.402)

1st Resistance 1.97 Book value / share (Rs) (4.98)

2nd Resistance 2.11 PE 10 E (x) -

Pivot 1.90 PBV (x) (0.38)

D. S. Industries Limited

Technical AnalysisFundamental Highlights

As on Jun 30, 2009

NETSOL closed up 0.63 at 18.98. Volume was 167 per cent above

average (trending) and Bollinger Bands were 59 per cent narrower than

normal. The company's profit after taxation stood at Rs951.864 million

which translates into an Earning Per Share of Rs12.38 for the year

ended FY10.

NETSOL is currently 27.4 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 moderate flows of volume into NETSOL (mildly bullish).

Trend forecasting oscillators are currently bullish on NETSOL.

RSI (14-day) 54.79 Total Assets (Rs in mn) 2,916.67

MA (10-day) 18.52 Total Equity (Rs in mn) 2,378.92

MA (100-day) 22.34 Revenue (Rs in mn) 1,081.40

MA (200-day) 26.11 Interest Expense 19.53

1st Support 18.47 Profit after Taxation 294.11

2nd Support 17.93 EPS 09 (Rs) 3.775

1st Resistance 19.44 Book value / share (Rs) 30.53

2nd Resistance 19.87 PE 10 E (x) 1.53

Pivot 18.90 PBV (x) 0.62

NetSol Technologies Limited

OIL AND GAS

Performance of SR Oil and Gas Index

Open High Low Close Change % Change

1,358.03 1,369.25 1,343.96 1,350.17 -7.87 -0.58

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

5,875,359 - - 65,194.15 mn 1,064,048.73 mn 1,358.03

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

11.37 4.21 37.01 68.56 6.03 1,348.22

Attock PetroleumXDXB 691 4.57 298.30 300.00 296.00 296.81 -1.49 186004 374.20 287.99 250 - 300 20

Attock Refinery 853 18.44 98.24 102.39 98.75 101.44 3.20 2790961 102.80 73.47 - - - -

BYCO Petroleum 3921 - 10.96 11.20 10.66 10.71 -0.25 1208880 12.87 9.62 - - - -

Mari Gas Company 735 16.52 121.89 123.23 121.10 121.90 0.01 16547 136.88 106.00 32.17 100B 31 -

National Refinery XD 800 3.31 227.40 228.00 223.00 223.69 -3.71 82486 233.50 183.25 125 - 200 -

Oil & Gas Development XD 43009 10.40 154.92 156.00 153.15 153.75 -1.17 216483 156.00 133.00 82.5 - 55 -

Pak Petroleum 11950 7.59 189.21 190.24 186.05 186.63 -2.58 681214 214.10 168.70 130 20B 90 20B

Pak Oilfields XD 2365 6.22 242.93 246.45 242.71 245.00 2.07 1680250 251.24 213.17 180 - 255 -

Pak Refinery Limited 350 - 77.09 79.50 76.10 77.00 -0.09 16466 85.90 48.26 - - - -

PSO 1715 4.50 267.02 268.77 265.30 265.78 -1.24 190101 286.99 233.10 50 - 80 -

Shell Gas LPG 226 - 35.00 35.85 34.00 34.45 -0.55 208 40.28 27.32 - - - -

Shell Pakistan 685 9.38 183.12 186.00 182.80 182.99 -0.13 14639 238.00 182.70 330 - 40 -

Paid up Last 60 days 2009 2010

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

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

PERSONAL GOODS

Performance of SR Personal Goods Index

Open High Low Close Change % Change

953.77 966.45 938.37 950.01 -3.76 -0.39

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

13,413,687 - - 47,070.70 mn 121,575.20 mn 953.77

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

6.47 0.56 8.64 16.68 2.58 936.51

(Colony) Thal 56 - 1.25 1.34 0.85 0.99 -0.26 122002 2.00 0.70 - - - -Al-Azhar Textile 86 - 1.56 2.55 2.54 2.55 0.99 2000 2.58 0.20 - - - -Ali Asghar Textile 222 0.44 1.02 1.05 1.05 1.05 0.03 3000 2.21 0.70 - - - -AL-Qadir Textile XD 76 1.45 4.64 5.64 5.60 5.61 0.97 1346 8.40 2.50 - - 10 -Amtex Limited XD 2415 1.94 7.65 7.75 7.11 7.27 -0.38 3621813 20.45 6.71 - - 30 -Artistic Denim XD 840 5.03 20.00 20.50 20.00 20.00 0.00 200 24.05 17.55 20 - 20 -Azam TextileSPOT 133 0.51 3.00 2.98 2.65 2.78 -0.22 62572 3.45 1.35 - - 7.5 -Azgard Nine 4493 277.50 11.52 11.78 11.05 11.10 -0.42 1708645 12.50 8.55 - - - -Bannu Woolen XD 76 1.00 11.45 12.38 11.35 11.50 0.05 8001 14.00 7.50 - - 20 -Bata (Pak) 76 4.75 596.06 624.00 566.26 572.60-23.46 8953 624.00 436.00 120 - - -Bilal Fibres 141 0.42 1.61 1.90 1.55 1.57 -0.04 13988 2.00 0.55 - - - -Blessed Tex Mills XD 64 0.70 46.21 47.50 46.00 46.50 0.29 105 52.05 40.80 7.5 - 50 -Chenab Limited 1150 - 3.31 3.65 3.31 3.45 0.14 17025 4.61 2.93 - - - -Colgate Palm 316 31.46 823.89 863.80 797.01 838.14 14.25 104 863.80 615.00 115 15B - -Colony Mills Ltd 2442 2.62 3.00 2.95 2.81 2.83 -0.17 11205 4.50 2.23 - - - -D S Ind Ltd 600 - 1.80 2.04 1.83 1.90 0.10 458467 2.49 1.44 - - - -Dar-es-Salaam 80 58.33 3.50 4.50 3.00 3.50 0.00 25002 4.50 2.50 - - - -Dawood Lawrencepur 514 45.88 39.90 39.99 37.92 39.00 -0.90 441 50.35 37.00 - - 5 -Dewan Farooque Spin. 600 3.29 3.15 4.15 3.42 4.15 1.00 5859 4.15 2.05 - - - -Din TextileXDXB 204 1.35 24.99 26.23 25.00 26.23 1.24 12865 30.90 20.80 - - 20 10BEllcot Spinning XD 110 0.61 20.96 20.99 20.22 20.25 -0.71 1026 25.45 17.21 7.5 - 35 -Fazal Cloth 188 0.92 46.63 48.96 45.01 48.96 2.33 4174 51.66 41.00 - -100SD -Fazal Textile XD 62 3.47 415.33 436.00 401.00 435.29 19.96 226 436.00 303.00 15 - 100 -Gadoon Textile XD 234 0.49 42.42 44.54 44.50 44.54 2.12 53200 48.30 33.80 - - 70 -Gulshan SpinningXDXB 222 1.29 7.45 7.80 7.07 7.11 -0.34 3452 10.30 5.31 - 10B 10 20BHajra Textile 138 - 0.96 0.50 0.42 0.50 -0.46 1100 0.99 0.13 - - - -Hira Txt.Mills Ltd XD 716 0.74 3.58 4.05 3.70 3.94 0.36 552712 4.88 2.52 - - 10 -Ibrahim Fibres XD 3105 2.91 37.55 37.50 36.10 37.07 -0.48 71204 39.00 34.05 - - 20 -Idrees Textile XD 180 2.01 3.49 3.68 3.30 3.51 0.02 3049 5.35 2.56 - - 10 -Indus Dyeing XD 181 3.39 247.19 259.54 234.85 256.66 9.47 15166 269.50 206.11 15 - - -J K Spinning 179 1.05 7.15 7.25 6.15 6.92 -0.23 1408 10.30 5.12 - - 20 5BJanana D Mal 43 0.60 18.40 18.40 18.40 18.40 0.00 2500 20.50 9.95 - - - -Kohinoor Ind 303 - 1.58 1.50 1.41 1.46 -0.12 24782 1.95 1.01 - - - -Kohinoor Mills 509 - 2.33 3.25 1.90 2.59 0.26 3500 3.79 1.52 - - - -Kohinoor Textile 1455 4.21 5.37 5.95 5.20 5.89 0.52 69117 6.30 4.00 - - - -Masood Textile XD 600 1.07 20.14 21.13 20.90 20.90 0.76 920 23.00 18.51 15 - 15 100RMehmood Textile XD 150 1.50 55.00 57.75 57.50 57.68 2.68 2379 74.50 55.00 4050.2257B 60 -Mian Textile 221 - 0.50 0.59 0.59 0.59 0.09 1000 0.98 0.01 - - - -Mukhtar Textile 145 - 0.60 0.55 0.50 0.52 -0.08 2015 0.99 0.25 - - - -Nagina Cotton 187 0.76 14.14 15.00 13.96 14.90 0.76 6818 17.50 12.00 - - 20SD -Nishat (Chunian) XD 1586 2.73 21.67 22.40 21.25 21.52 -0.15 3015560 23.55 14.64 - 50R 15 -Nishat Mills XD 3516 4.48 52.45 53.33 51.90 52.17 -0.28 2535013 54.27 40.81 20 - 25 45RPak Leather 34 - 2.95 1.96 1.95 1.96 -0.99 1000 5.95 1.45 - - - -Pak Synthetic 560 6.68 6.51 6.50 6.15 6.15 -0.36 1001 7.90 5.16 12.5 - - -Premium Textile XD 62 0.47 28.20 29.61 26.80 29.57 1.37 112654 30.90 25.71 7.5 - 50 -Prosperity XD 185 1.06 13.21 13.90 12.90 13.90 0.69 7013 21.47 12.51 20 - 30 -Ravi Textile 250 4.41 1.73 1.79 1.66 1.72 -0.01 50023 4.15 1.38 - - - -Reliance Weaving 308 0.70 9.69 10.23 9.01 10.00 0.31 18692 12.00 6.91 - - 25SD -Rupali Poly XD 341 4.16 34.15 35.00 33.10 33.11 -1.04 902 36.75 31.35 40 - 40 -Saif Textile 264 1.79 4.38 5.38 4.00 5.24 0.86 217387 5.44 2.01 - - - -Sally Textile XD 88 0.28 4.54 4.75 4.11 4.33 -0.21 6300 6.20 2.74 - - 10 -Samin Textile XR 134 - 6.42 6.44 6.00 6.02 -0.40 34842 8.69 5.02 - - - 100RSana Ind XD 55 2.39 30.00 31.50 30.60 31.50 1.50 7461 38.40 27.50 35 - 60 -Sargoda Spinning XD 312 0.37 1.96 2.00 1.50 1.91 -0.05 6001 2.50 0.31 - - 5 -Saritow Spinning 133 0.64 2.25 2.84 2.20 2.32 0.07 3500 2.99 1.01 - - - -Service Ind 120 5.64 230.41 231.00 218.89 218.89-11.52 13537 255.29 176.00 200 - - -Shadab Textile XD 30 0.27 10.55 11.50 9.55 9.56 -0.99 303 11.50 7.60 - - 10 -Shahpur Textile 140 1.11 0.70 0.89 0.70 0.80 0.10 1011 1.90 0.18 - - - -Shahtaj Textile XD 97 0.83 16.00 17.00 16.51 17.00 1.00 10049 21.90 14.75 20 - 45 -Shahzad Textile XD 180 0.38 4.00 4.00 4.00 4.00 0.00 474 9.48 3.25 - - 5 -Sunrays Textile XD 69 0.97 32.06 32.10 32.10 32.10 0.04 308 35.00 30.03 10 - - -Suraj Cotton XD 180 1.10 30.50 31.90 29.00 31.00 0.50 2102 37.50 29.00 15 - 50 -Taj Textile 334 - 0.50 0.60 0.25 0.43 -0.07 5000 0.80 0.25 - - - -Tata Textile XD 173 0.18 19.00 19.40 18.50 19.00 0.00 132808 21.42 14.00 - - 25 -Thal LimitedXDXB 307 3.84 90.63 91.00 89.01 89.82 -0.81 35686 112.80 88.60 20 20B 80 20BTreet Corp 418 7.42 49.06 49.35 46.61 46.61 -2.45 180188 52.14 37.20 - - - -Tri-Star Poly 215 - 0.63 0.73 0.73 0.73 0.10 1000 1.00 0.26 4 - - -Yousuf Weaving 400 6.06 1.26 1.20 1.01 1.03 -0.23 1952 1.89 0.73 - - - -Zephyr Textile Ltd 594 5.14 3.05 4.05 3.05 3.91 0.86 106399 4.05 1.50 - - - -Zil Limited XD 53 3.02 46.00 46.20 45.00 45.15 -0.85 1806 48.75 33.00 40 10B 35 -

Paid up Last 60 days 2009 2010

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

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

HOUSEHOLD GOODS

Performance of SR Household Goods Index

Open High Low Close Change % Change

1,163.87 1,176.96 1,149.26 1,157.30 -6.57 -0.56

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

1,713,315 - - 3,763.71 mn 5,518.49 mn 1,163.87

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

3.49 0.37 10.64 6.27 1.79 1,149.96

AL-Abid SilkXBXR 115 2.83 30.70 29.17 29.17 29.17 -1.53 150 35.00 26.60 7.5 - -20B 20R

Diamond Ind 90 19.82 14.28 14.95 13.28 13.28 -1.00 1013 19.70 10.10 - - - -

Pak Elektron 1174 3.11 14.68 15.09 14.42 14.56 -0.12 1666005 15.74 12.17 - 10B - 10B

Singer Pak 341 17.93 18.95 19.01 18.99 19.01 0.06 3242 24.14 16.51 - 10B - -

Tariq Glass Ind 231 2.88 17.26 18.00 16.62 17.68 0.42 42904 19.12 14.50 - - 17.5 -

Paid up Last 60 days 2009 2010

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

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

FOOD PRODUCERS

Performance of SR Food Producers Index

Open High Low Close Change % Change

1,500.54 1,516.83 1,481.97 1,497.25 -3.29 -0.22

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

237,369 - - 11,335.33 mn 193,447.76 mn 1,500.54

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

30.76 9.32 30.30 30.57 0.99 1,482.95

AL-Noor Sugar 186 4.36 42.94 42.95 42.50 42.95 0.01 2800 45.99 39.25 40 - - -Chashma Sugar 287 0.77 9.40 9.89 9.40 9.50 0.10 11127 11.40 8.00 - - - -Colony Sugar Mills 990 - 3.99 4.00 3.00 3.18 -0.81 40056 4.49 2.40 - - - -Dewan Sugar 365 - 1.80 1.80 1.75 1.76 -0.04 1000 2.90 1.11 - - - -Habib Sugar 600 6.01 29.75 29.86 29.00 29.16 -0.59 92416 32.25 25.00 35 25B - -Habib-ADM Ltd 200 11.48 12.45 12.40 12.23 12.40 -0.05 2621 16.98 11.90 40 - 40 -Ismail Ind XD 505 33.79 76.45 77.00 72.63 75.68 -0.77 2001 77.70 53.64 15 - 17.5 110RJ D W Sugar 490 2.64 77.84 80.80 78.11 79.00 1.16 9532 80.80 60.10 40 - 0 12.5RKohinoor Sugar 109 - 3.75 3.80 3.70 3.80 0.05 250 8.50 2.80 - - - -Mehran Sugar 143 3.29 58.12 59.25 58.00 58.75 0.63 1217 59.25 48.50 35 30B 25 10BMirpurkhas Sugar 70 6.32 60.20 60.99 57.31 60.12 -0.08 6761 65.00 54.50 25 10B - -Mirza Sugar 141 0.31 5.00 5.00 4.95 5.00 0.00 1327 5.70 3.55 - - - -Mithchells Fruit 50 7.77 67.26 70.50 63.95 63.95 -3.31 123 76.00 61.50 20 - - -National Foods XD 414 15.90 43.00 43.48 42.50 42.61 -0.39 1831 65.29 39.01 - 25B 12 -Noon Pakistan XD 48 9.81 20.52 21.09 20.00 21.09 0.57 1405 30.85 18.95 - 10B 12 -Noon Sugar 165 - 13.25 13.65 12.85 12.85 -0.40 730 13.65 10.20 50 10B - -Quice Food 107 - 2.25 2.26 2.11 2.25 0.00 11000 3.40 1.60 - - - -S S Oil 57 1.30 3.01 3.01 3.01 3.01 0.00 40000 3.50 2.51 - - - -Sanghar Sugar 119 1.00 13.79 14.00 13.70 14.00 0.21 1320 14.90 11.50 10 - - -Shahmurad Sugar 211 16.67 11.25 11.50 11.49 11.50 0.25 6275 11.90 7.70 15 - - -Wazir Ali 80 - 6.00 6.88 6.40 6.87 0.87 3400 8.74 4.75 - - - -

Paid up Last 60 days 2009 2010

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

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

AUTOMOBILE AND PARTS

Performance of SR Automobile and Parts Index

Open High Low Close Change % Change

1,103.72 1,127.46 1,093.45 1,107.18 3.45 0.31

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

166,672 - - 6,768.53 mn 40,254.21 mn 1,123.44

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

4.04 1.03 25.35 20.42 5.05 1,103.72

Agriautos Ind XD 144 5.15 67.89 67.99 67.00 67.94 0.05 3327 76.98 63.01 40 - 90 -Atlas Battery 101 4.82 153.61 161.29 153.50 161.29 7.68 57875 205.00 131.00 100 20B 100 20BDewan Motors 890 - 1.48 1.55 1.48 1.48 0.00 60558 2.09 1.16 - - - -Exide (PAK) 56 4.35 152.38 155.50 152.00 152.00 -0.38 251 155.99 121.10 50 - 60 -General Tyre 598 19.25 23.50 23.40 22.33 22.33 -1.17 7330 26.70 21.71 - - 20 -Ghandhara Nissan 450 - 4.23 4.60 4.35 4.45 0.22 13002 6.15 4.03 - - - -Honda Atlas Cars 1428 - 11.80 11.95 11.40 11.68 -0.12 2720 13.44 9.65 - - - -Indus Motors 786 5.31 231.53 238.00 230.01 232.59 1.06 15312 280.00 212.29 100 - 150 -Pak Suzuki 823 11.77 73.80 75.00 73.80 73.92 0.12 4608 89.99 69.25 5 - - -Transmission 117 2.00 1.99 2.88 1.70 2.00 0.01 1604 3.25 1.53 2 - - -

Paid up Last 60 days 2009 2010

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

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

INDUSTRIAL ENGINEERING

Performance of SR Industrial Engineering Index

Open High Low Close Change % Change

1,538.54 1,555.26 1,525.72 1,541.45 2.91 0.19

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

219,039 - - 1,336.62 mn 31,931.44 mn 1,557.72

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

8.10 3.08 38.02 131.49 16.23 1,524.26

AL-Ghazi Tractor 215 4.89 204.50 205.95 203.15 204.23 -0.27 1113 227.45 200.00 400 - 150 -

Bolan CastingXDXB 104 - 46.90 46.95 44.80 46.22 -0.68 188 51.99 36.10 - 20B 25 10B

Ghandhara Ind 213 2.04 13.39 13.55 12.99 13.00 -0.39 22646 19.00 11.29 - - - -

Hinopak Motor 124 - 136.59 143.41 136.00 138.83 2.24 3440 143.41 108.11 17.15 - - -

KSB Pumps 132 8.88 72.50 74.18 71.00 74.18 1.68 688 89.55 71.00 35 - - -

Millat Tractors XB 366 6.37 486.16 491.60 483.25 486.89 0.73 190940 597.90 390.00 450 25B 650 25B

Paid up Last 60 days 2009 2010

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

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

GENERAL INDUSTRIALS

Performance of SR General Industrials Index

Open High Low Close Change % Change

907.13 914.15 890.49 896.20 -10.93 -1.20

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

69,799 - - 3,043.31 mn 33,198.04 mn 917.28

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

2.57 1.13 43.91 15.55 6.05 896.20

Cherat PapersackXDXB 115 1.80 48.25 50.66 50.66 50.66 2.41 31353 51.05 34.00 - - 20 25B

ECOPACK Ltd 230 - 2.15 2.49 2.11 2.11 -0.04 10410 2.75 1.70 - - - -

Ghani GlassXDXB 1067 4.41 47.91 48.75 47.90 48.00 0.09 323 61.99 45.75 30 10B 25 10B

MACPAC Films 389 - 2.95 2.95 2.35 2.80 -0.15 790 4.50 1.60 - - - -

Merit Pack 47 43.78 16.51 17.51 16.80 17.51 1.00 1100 19.61 11.81 - - - -

Packages Ltd 844 52.82 104.04 104.89 102.00 103.00 -1.04 10522 123.00 98.00 32.5 - - -

Siemens Engineering 82 9.94 1242.36 1240.00 1205.00 1205.00-37.36 181 1260.00 1040.01 900 - 900 -

Tri-Pack Films 300 7.45 102.11 102.50 100.00 102.15 0.04 15120 105.74 91.00 100 - - -

Paid up Last 60 days 2009 2010

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

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

CONSTRUCTION AND MATERIALS

Performance of SR Construction and Materials Index

Open High Low Close Change % Change

971.84 989.72 960.99 966.92 -4.91 -0.51

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

6,456,817 - - 54,792.74 mn 68,951.83 mn 997.78

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

7.81 0.56 7.10 19.04 2.44 966.92

Al-Abbas Cement 1828 - 3.13 3.20 3.03 3.06 -0.07 28836 4.20 2.80 - - - 100R

Attock Cement XD 866 13.48 63.00 62.40 59.85 60.41 -2.59 887346 71.50 59.85 50 20B 50 -

Berger Paints 182 - 15.77 16.35 15.76 16.10 0.33 1424 19.75 14.01 - - - 122R

Cherat Cement 956 25.84 11.81 12.14 11.26 11.37 -0.44 22353 12.50 8.90 - - - -

Dadabhoy Cement 982 12.85 1.50 1.68 1.67 1.67 0.17 5010 2.74 1.30 - - - -

Dewan Cement 3574 - 1.52 1.60 1.52 1.59 0.07 22661 2.20 1.30 - - - -

DG Khan Cement Ltd 3651 112.38 26.75 27.55 26.80 26.97 0.22 3987475 28.30 23.02 - 20R - 20R

EMCO Ind 350 - 2.87 2.99 2.41 2.87 0.00 4029 4.70 2.11 - - - -

Fauji Cement 6933 14.73 4.91 5.00 4.84 4.86 -0.05 253022 5.50 4.51 - - - -

Fecto Cement 502 3.18 5.10 6.10 5.44 6.10 1.00 27801 7.50 4.25 - 10B - -

Flying Cement Ltd 1760 - 1.86 2.06 1.85 1.90 0.04 18360 2.30 1.74 - - - -

Gharibwal Cement 2319 - 3.02 3.24 3.00 3.24 0.22 2600 7.50 2.11 - - - -

Haydery Const 32 - 0.74 0.80 0.75 0.79 0.05 4670 2.00 0.25 - - - -

Kohat Cement 1288 - 6.00 6.24 5.95 5.96 -0.04 1504 6.60 5.50 - - - -

Lafarge Pakistan Cmt. 13126 - 2.82 2.99 2.87 2.89 0.07 572927 3.65 2.60 - - - -

Lucky Cement XD 3234 6.48 72.57 73.70 71.65 72.07 -0.50 435018 74.00 62.60 40 - 40 -

Maple Leaf Cement 5261 1.32 2.90 2.94 2.82 2.84 -0.06 176436 3.48 2.51 - - - -

Pioneer Cement 2228 - 8.05 8.50 7.80 7.81 -0.24 502 8.58 6.80 - - - -

Safe Mix Concrete 200 - 6.55 7.49 5.90 6.10 -0.45 153116 9.47 5.50 - - - -

Shabbir Tiles 361 - 8.80 8.21 7.90 7.92 -0.88 3228 11.00 7.56 - - - -

Thatta Cement 7981950.00 19.94 20.00 19.02 19.50 -0.44 1494 22.24 17.74 - - - 50R

Paid up Last 60 days 2009 2010

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

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

INDUSTRIAL METALS AND MINING

Performance of SR Industrial Metals and Mining Index

Open High Low Close Change % Change

934.81 950.29 922.95 925.98 -8.83 -0.94

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

350,821 - - 3,596.11 mn 8,870.98 mn 937.93

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

2.94 0.97 33.10 30.91 10.51 925.98

Crescent Steel 565 3.85 24.95 25.39 24.65 24.65 -0.30 10202 28.50 23.75 - - 30 -

Dost Steels Ltd 675 - 2.89 3.10 2.56 2.82 -0.07 227967 3.39 1.65 - - - -

Huffaz Pipe 555 6.38 14.93 15.90 14.83 14.86 -0.07 78129 16.75 12.25 - 30B - -

International Ind 1199 4.48 46.40 46.95 45.96 46.02 -0.38 8912 70.71 45.50 - - 40 20B

Siddiqsons Tin XD 785 10.23 9.05 9.05 9.00 9.00 -0.05 25611 10.80 8.00 10 - 7.5 -

Paid up Last 60 days 2009 2010

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

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

FORESTRY AND PAPER

Performance of SR Forestry & Paper Index

Open High Low Close Change % Change

1,110.95 1,125.73 1,102.09 1,109.34 -1.61 -0.14

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

39,730 - - 1,186.83 mn 3,073.75 mn 1,147.10

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

5.72 0.43 7.47 25.28 4.42 1,109.34

Century Paper 707 - 17.32 17.90 17.01 17.26 -0.06 36425 21.80 17.01 - 425R - -

Pak Paper ProductXDXB 50 7.69 40.13 40.00 39.50 40.00 -0.13 705 62.85 38.61 20 - 25 33.33B

Security Paper 411 6.17 39.99 40.00 40.00 40.00 0.01 2600 48.75 38.10 50 - 50 -

Paid up Last 60 days 2009 2010

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

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

CHEMICALS

Performance of SR Chemicals Index

Open High Low Close Change % Change

1,189.07 1,203.25 1,178.38 1,181.38 -7.69 -0.65

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

17,015,813 - - 52,251.88 mn 265,547.32 mn 1,200.05

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

7.42 2.60 35.00 48.81 6.58 1,181.38

Agritech Limited 3924 10.06 22.48 23.44 22.25 22.74 0.26 111 25.95 21.15 - - - -

Bawany AirXDXR 68 76.33 9.03 10.03 9.00 9.16 0.13 7054 16.49 8.80 - - 5 10R

BOC (Pak) 250 10.74 78.92 79.85 77.10 78.20 -0.72 1712 87.99 66.90 90 - 15 -

Clariant Pak 273 5.85 158.03 161.95 152.55 152.96 -5.07 38294 173.99 152.55 125 - - -

Dawood Hercules 1203 7.07 169.00 176.00 169.50 170.44 1.44 24583 183.25 155.38 40 10B 40 -

Descon Chemical 1996 - 2.48 2.65 2.31 2.45 -0.03 2987 2.98 1.78 - - - -

Descon Oxychem Ltd. 1020 - 5.88 5.92 5.45 5.52 -0.36 299418 6.06 3.20 - - - -

Dewan Salman 3663 - 1.71 1.82 1.66 1.66 -0.05 543529 2.20 1.28 - - - -

Engro Corporation Ltd 3277 9.00 177.61 178.80 175.25 175.56 -2.05 1002037 190.80 165.60 6010B 40R 20 -

Engro Polymer 6635 - 14.12 14.29 13.30 13.38 -0.74 1875895 15.20 10.62 - 27.5R - -

Fatima Fertilizer 22000 - 9.74 9.85 9.55 9.62 -0.12 521614 12.04 9.02 - - - -

Fauji Fertilizer 6785 7.25 107.60 108.20 106.49 106.56 -1.04 354078 112.60 102.96 131.5 10B 75 -

Fauji Fert. Bin Qasim 9341 5.73 30.24 30.55 30.31 30.39 0.15 665175 30.90 26.59 40 - 17.5 -

Ghani Gases Ltd 725 9.14 11.99 12.40 12.01 12.06 0.07 128124 13.85 7.41 - - - -

ICI Pakistan 1388 7.13 126.58 128.50 126.00 126.53 -0.05 214622 131.40 109.50 80 - 55 -

Lotte Pakistan 15142 3.69 10.17 10.65 10.25 10.32 0.15 11386507 10.75 6.75 5 - - -

Mandviwala 74 - 1.43 1.60 1.35 1.44 0.01 44247 3.24 0.80 - - - -

Nimir Ind Chemical 1106 - 1.45 1.53 1.43 1.43 -0.02 49698 1.74 1.16 - - - -

Shaffi Chemical 120 1.92 2.60 2.55 2.55 2.55 -0.05 2650 3.80 1.80 - - - -

Sitara Chem Ind XDXB 214 8.99 108.76 110.00 106.00 109.67 0.91 3864 128.01 104.56 75 - 25 5B

Sitara Peroxide 551 13.47 12.94 13.12 12.30 12.39 -0.55 364415 13.79 7.67 - - - -

Wah-Noble XD 90 6.90 37.75 37.40 35.88 35.88 -1.87 9700 47.10 35.88 50 - 50 -

Paid up Last 60 days 2009 2010

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

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

PHARMA AND BIO TECH

Performance of SR Pharma and Bio Tech Index

Open High Low Close Change % Change

870.57 900.08 867.77 875.94 5.37 0.62

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

103,703 - - 3,904.20 mn 29,220.97 mn 884.49

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

6.53 1.46 22.31 44.54 6.83 870.57

Abbott (Lab) 979 8.77 99.78 104.00 98.00 100.05 0.27 47566 104.00 77.00 120 - 20 -Ferozsons (Lab) 250 6.35 83.96 85.99 84.00 84.02 0.06 6879 124.00 83.09 10 20B - 20BGlaxoSmithKline 1707 12.77 69.63 72.50 70.51 71.00 1.37 10468 82.50 65.00 50 - - -Highnoon (Lab) 165 6.74 24.99 25.00 24.31 24.32 -0.67 3201 25.79 22.10 25 - - -IBL HealthCare Ltd 200 6.49 8.40 8.84 8.05 8.05 -0.35 4607 8.90 6.10 - - - -Otsuka Pak XD 100 7.14 30.55 32.00 32.00 32.00 1.45 1100 33.60 27.50 15 - - -Sanofi-Aventis 96 10.38 131.92 134.79 125.33 130.50 -1.42 339 139.50 115.90 70 - - -Searle Pak XD 306 5.36 62.84 64.50 62.50 62.52 -0.32 29543 64.50 53.36 15 15B 30 -

Paid up Last 60 days 2009 2010

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

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

INDUSTRIAL TRANSPORTATION

Performance of SR Industrial Transportation Index

Open High Low Close Change % Change

762.05 793.81 754.69 762.16 0.12 0.02

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

60,459 - - 3,242.17 mn 13,301.85 mn 762.16

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

5.86 1.50 25.53 11.08 1.89 723.99

Pak Int Cont.Terminal XD 1092 7.39 74.07 77.77 73.10 73.86 -0.21 59859 87.00 60.05 - 20B 40 -

PNSC XD 1321 40.96 37.25 37.75 37.35 37.68 0.43 600 41.00 34.50 30 - 15 -

Paid up Last 60 days 2009 2010

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

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

BOOK CLOSURES

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

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

Hira Textile Mills 29-Oct 04-Nov 10 21-Oct 30-Oct

Latif Jute Mills 29-Oct 05-Nov - - 05-Nov

Mustehkam Cement 29-Oct 05-Nov - - 30-Oct

Nishat (Chunian) 29-Oct 04-Nov 15 21-Oct 30-Oct

Nishat (Chunian) NVCCP 29-Oct 04-Nov 15 21-Oct -

Quetta Textile Mills 29-Oct 05-Nov 20 21-Oct 30-Oct

Sally Textile Mills 29-Oct 12-Nov 10 21-Oct 30-Oct

Azam Textile Mills 30-Oct 05-Nov 7.5 22-Oct 30-Oct

Kohinoor Industries 30-Oct 05-Nov - - 30-Oct

Kohinoor Power Company 30-Oct 05-Nov - - 30-Oct

Salman Noman Enterprises 30-Oct 05-Nov 5B 22-Oct 30-Oct

Saritow Spinning Mills 30-Oct 05-Nov - - 30-Oct

The Royal Bank of Scotland 01-Nov 11-Nov - - 11-Nov

Faysal Bank 02-Nov 10-Nov 25(R) - 10-Nov

Atlas Fund of Funds 03-Nov 10-Nov 2.20(F) 26-Oct 03-Nov

First Paramount Modaraba 03-Nov 10-Jan 18 - 28-Oct

Sapphir Fibres 04-Nov 11-Nov - - 11-Nov

INDICATIONS

# Extraordinary General Meeting

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

OTHER SECTORS

Pakistan Cables 53 53 52 52 -1 930TRG Pakistan Ltd 4.09 4.19 4.01 4.03 -0.06 1037295Murree BreweryXDXB 73 75 73 74.54 1.54 27199Lakson Tobacco 339.34 347.98 325.1 328.43 -10.91 121Pak Tobacco 112.51 112.5 112.5 112.5 -0.01 2200Shifa Int.Hospitals 28 29.39 26.66 28.45 0.45 1013Eye Television 21.77 21.03 21 21 -0.77 13300PIAC (A) 2.24 2.85 2.45 2.5 0.26 3743985AKD Capital 58.59 61.51 60.5 61.51 2.92 9838Pace (Pak) Ltd 3.14 3.25 3.1 3.14 0 720995Netsol Technol XD 18.35 19.33 18.36 18.98 0.63 1453416Pak Telephone 1.95 2.48 1.75 1.76 -0.19 15701

Symbols Open High Low Close Change Vol

Friday, October 29, 20107

Technical Analysis Leverage Position

KSE 100 INDEX

Technical Outlook

KSE 100 INDEX closed down -69.17 at 10,634.99. Volume was 42 per

cent above average and Bollinger Bands were 20 per cent wider than nor-

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

resistance level at 10,733.30 and 2nd resistance level at 10,831.55, while

Index will continue to find its 1st support level at 10,576.15 and 2nd sup-

port level at 10,517.30.

KSE 100 INDEX is currently 6.4 per cent above its 200-day moving average

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

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

reflect moderate flows of volume into INDEX (mildly bullish). Trend 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) 70.36 Support 1 10,576.15

MA (5-day) 10,670.70 Support 2 10,517.30

MA (10-day) 10,577.94 Resistance 1 10,733.30

MA (100-day) 9,998.97 Resistance 2 10,831.55

MA (200-day) 10,001.99 Pivot 10,674.45

Technical Analysis Leverage Position

National Bank of Pakistan

Brokerage House Fair Value Rs Recommendations

Technical Outlook

NBP closed down -1.04 at 67.72. Volume was 467 per cent above average

(trending) and Bollinger Bands were 8 per cent narrower than normal.

NBP is currently 1.8 per cent above its 200-day moving average and is dis-

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

average volatility over the last 10 trading sessions. Volume indicators

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

forecasting oscillators are currently bullish on NBP.

*Arif Habib Ltd 78 Buy

AKD Securities Ltd 61.96 Neutral

TFD Research 92.3 Positive

RSI (14-day) 61.75 Free Float Shares (mn) 318.37

MA (10-day) 66.43 Free Float Rs (mn) 21,559.81

MA (100-day) 65.62 ** NOI Rs (mn) 77.44

MA (200-day) 71.68 Mean 68.63

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

Technical Analysis Leverage Position

Dera Ghazi Khan Cement Co Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

DGKC closed up 0.22 at 26.97. Volume was 38 per cent above average

and Bollinger Bands were 27 per cent wider than normal.

DGKC is currently 0.3 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 DGKC (bullish). Trend forecasting

oscillators are currently bullish on DGKC.

*Arif Habib Ltd 44 Buy

AKD Securities Ltd 43.29 Buy

TFD Research 36.85 Positive

RSI (14-day) 60.35 Free Float Shares (mn) 182.55

MA (10-day) 26.91 Free Float Rs (mn) 4,923.36

MA (100-day) 25.46 ** NOI Rs (mn) 25.31

MA (200-day) 27.04 Mean 27.02

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

Technical Analysis Leverage Position

Pakistan Telecommunication Co Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

PTC closed down -0.27 at 18.74. Volume was 67 per cent above average

and Bollinger Bands were 53 per cent narrower than normal.

PTC is currently 4.5 per cent below its 200-day moving average and is dis-

playing a downward trend. Volatility is relatively normal as compared to the

average volatility over the last 10 trading sessions. Volume indicators

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

forecasting oscillators are currently bearish on PTC.

AKD Securities Ltd 24.04 Buy

TFD Research 30.5 Positive

RSI (14-day) 43.73 Free Float Shares (mn) 584.63

MA (10-day) 19.13 Free Float Rs (mn) 10,956.06

MA (100-day) 18.66 ** NOI Rs (mn) 7.60

MA (200-day) 19.63 Mean 18.88

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

Technical Analysis Leverage Position

Nishat Mills Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

NML closed down -0.28 at 52.17. Volume was 2 per cent above average

and Bollinger Bands were 0 per cent wider than normal.

NML is currently 1.1 per cent above its 200-day moving average and is dis-

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

average volatility over the last 10 trading sessions. Volume indicators

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

oscillators are currently bullish on NML.

*Arif Habib Ltd 65 Buy

AKD Securities Ltd 59.97 Buy

TFD Research 74.2 Positive

RSI (14-day) 63.66 Free Float Shares (mn) 175.80

MA (10-day) 52.02 Free Float Rs (mn) 9,171.48

MA (100-day) 47.11 ** NOI Rs (mn) 239.17

MA (200-day) 51.62 Mean 52.46

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

Technical Analysis Leverage Position

Pakistan Oilfields Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

POL closed up 2.07 at 245.00. Volume was 59 per cent above average

and Bollinger Bands were 5 per cent wider than normal.

POL is currently 5.9 per cent above its 200-day moving average and is dis-

playing a downward trend. Volatility is extremely high when compared to

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

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

ing oscillators are currently bearish on POL.

*Arif Habib Ltd 261 Buy

AKD Securities Ltd 296.6 Buy

TFD Research 281.35 Positive

RSI (14-day) 58.22 Free Float Shares (mn) 107.94

MA (10-day) 240.24 Free Float Rs (mn) 26,444.50

MA (100-day) 227.87 ** NOI Rs (mn) 118.68

MA (200-day) 231.40 Mean 244.27

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

Technical Analysis Leverage Position

Bank Alfalah Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

BAFL closed up 0.01 at 9.70. Volume was 39 per cent below average and

Bollinger Bands were 40 per cent wider than normal.

BAFL is currently 6.5 per cent below its 200-day moving average and is

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

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

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

oscillators are currently bullish on BAFL.

*Arif Habib Ltd 14 Buy

AKD Securities Ltd 10.25 Accumulate

TFD Research 14.01 Positive

RSI (14-day) 67.03 Free Float Shares (mn) 674.58

MA (10-day) 9.37 Free Float Rs (mn) 6,543.41

MA (100-day) 8.87 ** NOI Rs (mn) N/A

MA (200-day) 10.37 Mean 9.73

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

Technical Analysis Leverage Position

Allied Bank Limited

Brokerage House Fair Value Rs Recommendations

Technical Outlook

ABL closed up 0.08 at 56.35. Volume was 822 per cent above average

(trending) and Bollinger Bands were 46 per cent wider than normal.

ABL is currently 3.7 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 very

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

currently bullish on ABL. Momentum oscillator is currently indicating that

ABL is currently in an overbought condition.

AKD Securities Ltd 55.12 Accumulate

TFD Research 75.11 Positive

RSI (14-day) 71.73 Free Float Shares (mn) 78.21

MA (10-day) 55.19 Free Float Rs (mn) 4,407.14

MA (100-day) 54.51 ** NOI Rs (mn) N/A

MA (200-day) 58.50 Mean 56.48

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

EQUITY INVESTMENT INSTRUMENTS

Performance of SR Equity Investment Instruments Index

Open High Low Close Change % Change

1,059.36 1,073.90 1,038.69 1,057.80 -1.57 -0.15

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

2,769,534 - - 29,771.58 mn 17,372.32 mn 1,062.96

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

7.36 0.30 4.09 104.19 24.88 1,056.87

1st Fid Leasing 264 - 1.38 1.57 1.44 1.50 0.12 100015 2.24 1.01 - - - -

AL-Meezan Mutual F. XD 1375 5.15 6.15 6.20 6.18 6.18 0.03 510 7.25 5.85 - - 18.5 -

Atlas F. of FundsSPOT 525 1.41 3.35 3.52 3.05 3.50 0.15 31508 4.50 2.53 - - 2.2 -

B R R Guardian Mod. 780 2.89 1.21 1.40 1.23 1.27 0.06 2153 1.67 0.90 - - 0 -

Constellation Mod. 65 5.42 1.34 1.90 0.93 1.79 0.45 58704 2.99 0.90 - - - -

Crescent St Mod. XD 200 1.63 0.79 0.87 0.62 0.65 -0.14 186799 1.10 0.16 - - 1.2 -

Equity Modaraba 524 - 1.30 1.30 1.26 1.29 -0.01 10500 1.47 0.76 - - - -

First Capital Mutual F 300 4.86 4.30 4.99 4.30 4.52 0.22 48900 4.99 0.99 - - - -

First Dawood Mutual F 581 0.54 1.73 1.96 1.70 1.70 -0.03 20508 2.00 1.30 - - - -

Golden Arrow XD 760 2.84 2.79 2.85 2.60 2.61 -0.18 42358 3.88 2.32 - - 17 -

H B L Modaraba XD 397 2.11 6.22 6.50 6.31 6.33 0.11 59155 6.80 4.80 5 - 11 -

Habib Modaraba 1008 5.38 6.20 6.25 6.20 6.24 0.04 6259 7.44 5.56 20 - 21 -

I B L Modaraba 202 2.06 2.50 2.00 1.51 1.92 -0.58 116 2.89 1.30 - - - -

Imrooz Modaraba XD 30 9.12 47.63 50.00 49.99 49.99 2.36 140 69.95 42.90 63 - 76 -

JS Growth Fund 3180 35.00 2.95 2.90 2.80 2.80 -0.15 975801 3.70 2.65 - - 5 -

JS Value Fund 1186 10.29 2.79 2.98 2.79 2.88 0.09 655902 3.98 2.31 10 - 10 -

Meezan Bal.Fund XD 1200 5.76 5.55 5.99 5.70 5.99 0.44 111 7.00 5.30 - - 15.5 -

Mod Al-Mali 184 - 0.89 1.18 1.00 1.00 0.11 1010 2.18 0.56 - - - -

Nat Bank Modaraba XD 250 6.44 7.13 6.95 6.60 6.95 -0.18 3526 8.45 6.15 - - 10 -

Pak Prem Fund 1698 11.13 8.01 8.09 7.96 8.01 0.00 140101 9.86 7.00 - - 18.6 -

Pak Strat Fund 3000 6.88 7.10 7.25 6.70 7.15 0.05 163051 8.10 6.01 - - 11.53 -

Paramount Modaraba XD 59 7.37 8.00 8.25 8.00 8.25 0.25 1705 9.45 6.55 15 - 18 -

PICIC Energy Fund 1000 1.64 5.65 5.70 5.60 5.63 -0.02 59344 6.00 4.00 - - 10 -

PICIC Growth Fund 2835 5.19 8.19 8.28 8.03 8.09 -0.10 67811 10.08 7.60 - - 20 -

PICIC Inv Fund 2841 4.39 3.90 3.99 3.86 3.86 -0.04 44240 4.99 3.50 - - 10 -

Prud Modaraba 1st XD 872 2.58 0.89 0.98 0.86 0.98 0.09 60002 1.20 0.70 - - 3 -

Punjab Modaraba 340 7.52 1.45 1.60 1.49 1.58 0.13 18509 2.00 0.57 - - 1 -

Stand Chart Modaraba 454 4.31 8.93 8.80 8.80 8.80 -0.13 8500 10.99 7.75 16.5 - 17 -

Tri-Star Mutual 50 2.43 1.99 2.45 1.70 1.70 -0.29 1011 2.87 0.95 - - - -

Trust Modaraba XD 298 2.88 1.50 2.00 1.50 1.50 0.00 701 4.40 1.00 - - 5 -

U D L Modaraba XD 264 2.81 5.35 5.39 5.39 5.39 0.04 330 6.99 4.71 10 - 12.5 -

Paid up Last 60 days 2009 2010

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

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

FINANCIAL SERVICES

Performance of SR Financial Services Index

Open High Low Close Change % Change

375.37 387.55 367.58 372.97 -2.40 -0.64

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

9,261,612 - - 30,336.44 mn 26,591.24 mn 387.17

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

0.45 0.17 37.22 4.60 10.15 372.85

AMZ Ventures 225 - 0.63 0.70 0.50 0.60 -0.03 215406 1.10 0.42 - - - -

Arif Habib Investments 360 3.35 17.04 17.05 16.99 17.00 -0.04 12201 20.99 13.00 - - - 20B

Arif Habib Limited XB 450 13.02 25.92 26.45 25.21 25.51 -0.41 83047 45.74 24.62 15 25B - 20B

Arif Habib Securities 3750 4.32 23.76 24.25 23.35 23.48 -0.28 1218487 34.99 20.90 - - 30 -

Dawood Equities 250 - 1.70 1.83 1.65 1.80 0.10 41551 2.91 1.51 - - - -

Escorts Bank 441 - 2.85 2.44 2.20 2.25 -0.60 60000 3.35 1.85 - - - -

First Credit & Invest Bank Ltd 650 12.54 3.10 3.75 3.01 3.01 -0.09 25506 4.50 2.00 - - - -

IGI Investment Bank 2121 12.75 2.04 2.10 2.01 2.04 0.00 20040 2.30 1.17 - - - -

Invest and Fin Sec XD 600 725.00 7.69 7.25 7.06 7.25 -0.44 2001 9.00 6.70 - - 11.5 -

Invest Bank 2849 - 0.74 0.80 0.56 0.76 0.02 679 1.00 0.44 - - - -

Ist Cap Securities XB 3166 1.53 3.65 3.99 3.60 3.71 0.06 14965 5.29 2.54 - 10B - 10B

Ist Dawood Bank 626 0.69 1.97 2.05 1.90 1.92 -0.05 111362 2.84 1.17 - - - -

Jah Siddiq Co 7633 - 10.07 10.40 9.91 9.97 -0.10 4989094 13.74 8.80 -243.778B 10 -

JOV and CO 508 - 2.93 3.26 2.93 3.09 0.16 1480853 5.71 1.96 - - - -

JS Global Cap XD 500 7.52 28.20 28.48 27.50 27.97 -0.23 26513 40.50 24.25 150 - - -

JS Investment 1000 24.96 6.02 6.19 5.95 5.99 -0.03 83714 7.89 5.10 - - - -

KASB Securities 1000 - 4.09 4.70 4.11 4.24 0.15 300419 5.25 3.20 - - - -

Orix Leasing 821 4.04 5.40 5.51 5.30 5.50 0.10 28554 5.95 3.66 - - - -

Pervez Ahmed Sec 775 - 1.73 2.00 1.68 1.93 0.20 548952 2.56 1.35 -231.08R - -

Saudi Pak Leasing 452 - 0.50 0.75 0.54 0.55 0.05 23031 1.70 0.40 - - - -

Stand Chart Leasing 978 5.40 2.48 2.59 2.59 2.59 0.11 116 3.00 1.50 - - - -

Trust Inv Bank 586 - 1.65 2.60 1.35 1.41 -0.24 512 3.25 1.24 - - - -

Paid up Last 60 days 2009 2010

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

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

LIFE INSURANCE

Performance of SR Life Insurance Index

Open High Low Close Change % Change

849.48 843.14 812.88 829.56 -19.92 -2.35

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

8,262 - - 2,290.72 mn 9,649.93 mn 887.16

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

92.38 3.56 3.85 355.53 3.85 829.56

American Life 500 6.05 17.50 18.50 18.00 18.09 0.59 1713 21.00 17.50 - - - -

EFU Life Assurance XB 850 38.72 73.04 74.00 70.01 71.24 -1.80 1709 82.99 51.25 5513.33B - -

New Jub Life Insurance 627 27.45 42.01 41.00 39.95 40.90 -1.11 4840 45.20 34.50 10 - - -

Paid up Last 60 days 2009 2010

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

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

BANKS

Performance of SR Banks Index

Open High Low Close Change % Change

1,037.29 1,052.35 1,022.12 1,027.58 -9.71 -0.94

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

21,644,243 - - 257,548.02 mn 623,335.90 mn 1,037.29

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

7.24 0.97 13.45 34.35 4.74 1,023.90

Allied Bank Limited 7821 5.48 56.27 57.25 56.05 56.35 0.08 1086170 59.10 48.51 40 10B 20 -Askari Bank 6427 7.43 15.84 15.90 15.42 15.61 -0.23 736762 16.96 13.99 - 20B - -Atlas Bank 5001 - 1.89 1.90 1.71 1.76 -0.13 179848 2.84 1.52 - - - -Bank Alfalah 13492 12.93 9.69 9.88 9.65 9.70 0.01 1124049 10.19 7.32 8 - - -Bank AL-Habib 7322 6.89 32.00 32.05 31.90 31.99 -0.01 185365 33.75 29.10 20 20B - -Bank Of Khyber 5004 3.54 3.52 3.70 3.50 3.54 0.02 22898 3.99 2.50 - - - -Bank Of Punjab 5288 - 8.74 8.94 8.60 8.65 -0.09 371230 10.49 7.35 - - - -BankIslami Pak 5280 830.00 3.23 3.49 3.30 3.32 0.09 114436 3.69 2.31 - - - -Faysal Bank 6091 3.25 14.16 14.49 14.05 14.11 -0.05 38178 15.19 12.75 - - - -Habib Bank Ltd 10019 6.38 101.40 103.60 100.62 102.16 0.76 131904 109.10 92.00 60 10B - -Habib Metropolitan Bank 8732 6.25 21.45 20.75 20.38 20.43 -1.02 117141 23.30 18.02 10 16B - -JS Bank Ltd 6128 - 2.65 2.69 2.56 2.65 0.00 30381 2.90 2.00 - - - 66RKASB Bank Ltd 9509 - 2.36 2.50 2.36 2.43 0.07 59733 3.70 2.03 - 26B - -MCB Bank Ltd 7602 9.01 204.84 207.00 202.60 203.17 -1.67 1043723 213.50 180.40 110 10B 55 -Meezan Bank 6983 8.09 15.07 15.30 14.86 15.29 0.22 5700 15.95 13.80 - 5B - -Mybank Ltd 5304 - 2.11 2.29 2.12 2.15 0.04 15619 2.79 1.62 - - - -National Bank 13455 5.69 68.76 70.75 67.30 67.72 -1.04 12173827 73.89 60.51 75 25B - -Network Mic Bank 300 - 1.25 1.46 0.80 0.92 -0.33 3533 1.95 0.26 - - - -NIB Bank 40437 - 2.88 2.96 2.79 2.80 -0.08 540489 3.28 2.42 - - - -Royal Bank Ltd 17180 - 6.50 7.35 6.75 6.88 0.38 273188 11.99 5.20 - - - -Samba Bank 14335 - 2.10 2.05 2.00 2.00 -0.10 344802 2.65 1.55 - - -63.46RSilkbank Ltd 26716 - 2.81 2.80 2.68 2.69 -0.12 1946748 3.30 2.15 - - - -Soneri Bank 6023 - 7.50 7.75 7.16 7.35 -0.15 473030 7.84 5.01 - - - -Stand Chart Bank 38716 3.19 6.80 6.58 6.40 6.50 -0.30 155965 8.50 6.00 - - - -Summit Bank Ltd 5000 - 2.99 3.10 2.80 2.90 -0.09 93017 3.78 2.30 - - - -United Bank Ltd 12242 6.65 57.27 58.45 56.45 56.51 -0.76 469524 59.24 49.90 25 10B 10 -

Paid up Last 60 days 2009 2010

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

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

NON LIFE INSURANCE

Performance of SR Non Life Insurance Index

Open High Low Close Change % Change

693.49 700.66 668.97 675.27 -18.22 -2.63

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

1,615,689 - - 11,111.34 mn 43,125.06 mn 711.32

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

11.26 0.59 5.20 79.54 7.07 675.27

Adamjee Insurance 1237 47.05 71.31 72.25 67.75 67.75 -3.56 919018 89.50 63.05 30 10B 10 -

Paid up Last 60 days 2009 2010

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

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

GAS WATER AND MULTIUTILITIES

Performance of SR Gas Water and Multiutilities Index

Open High Low Close Change % Change

1,820.63 1,864.06 1,789.31 1,814.89 -5.74 -0.32

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

1,773,644 - - 12,202.80 mn 38,883.59 mn 1,820.63

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

11.52 1.31 11.41 66.79 5.80 1,703.08

Sui North Gas 5491 9.62 32.21 32.97 32.01 32.31 0.10 815528 33.40 25.00 - - 20 -Sui South GasXDXB 8390 3.80 25.39 26.00 24.76 25.20 -0.19 958116 30.70 16.00 - - 15 25B

Paid up Last 60 days 2009 2010

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

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

ELECTRICITY

Performance of SR Electricity Index

Open High Low Close Change % Change

1,184.93 1,195.01 1,181.50 1,186.78 1.85 0.16

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

14,473,848 - - 95,369.29 mn 98,212.04 mn 1,192.09

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

12.65 1.18 9.35 104.13 8.23 1,184.93

Hub Power 11572 6.20 33.95 33.99 33.80 33.87 -0.08 161350 37.24 32.75 33.5 - 50 -

Japan Power 1560 - 1.70 1.70 1.60 1.64 -0.06 119207 2.25 0.70 - - - -

KESC 7932 - 2.14 2.28 2.18 2.19 0.05 661497 2.50 1.92 - 31R - 7.8R

Kohinoor Energy XD 1695 11.94 22.43 22.00 21.31 21.50 -0.93 17104 26.50 21.31 45 - 15 -

Kohinoor Power 126 2.34 4.84 4.70 4.10 4.70 -0.14 13924 6.70 3.90 - - - -

Kot Addu Power XD 8803 4.83 39.96 40.00 39.70 39.76 -0.20 103731 43.35 38.35 64.5 - 50 -

Nishat Chunian Power Ltd3673 - 13.69 14.69 14.02 14.62 0.93 4373889 14.69 9.50 - - - -

Nishat Power Ltd 3541 25.10 14.56 15.56 15.24 15.56 1.00 7942803 15.56 9.25 - - - -

Sitara Energy Ltd XD 191 3.41 19.50 19.12 19.10 19.11 -0.39 4675 23.49 18.70 20 - 20 -

Southern Electric 1367 - 2.07 2.25 2.09 2.10 0.03 1075164 3.05 2.05 - - - -

Tri-star Power XD 150 - 0.89 0.80 0.80 0.80 -0.09 500 1.58 0.33 3 - - -

Paid up Last 60 days 2009 2010

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

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

FIXED LINE TELECOMMUNICATION

Performance of SR Fixed Line Telecommunication Index

Open High Low Close Change % Change

1,127.18 1,142.70 1,097.59 1,109.74 -17.44 -1.55

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

3,586,002 - - 50,077.79 mn 76,660.87 mn 1,156.57

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

5.98 0.77 12.84 62.56 10.46 1,109.74

Pakistan Telecomm Co A 37740 8.92 19.01 19.23 18.53 18.74 -0.27 2627088 19.77 17.32 15 - 17.5 -Telecard 3000 1.01 2.46 2.50 2.31 2.35 -0.11 244571 2.82 1.80 - - 1 -WorldCall Tele 8606 - 2.65 2.75 2.55 2.57 -0.08 714342 2.98 2.30 - - - -Wateen Telecom Ltd 6175 - 3.80 3.93 3.66 3.69 -0.11 47308 5.85 3.60 - - - -

Paid up Last 60 days 2009 2010

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

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

Atlas Insurance 369 5.33 34.97 34.95 33.51 33.52 -1.45 11507 35.00 27.10 40 10B - -

Central Insurance XB 279 5.87 51.26 53.00 51.25 51.66 0.40 3191 64.90 47.37 20 25B 10 10B

Century Insurance 457 6.57 11.51 11.98 10.51 10.51 -1.00 141522 11.99 9.42 - - - -

EFU General Ins. XB 1250 34.71 44.10 44.75 42.65 43.73 -0.37 21384 54.22 34.76 40 8.7B - -

Habib Insurance 400 2.74 11.13 11.60 11.00 11.49 0.36 4125 13.89 10.04 35 - - -

IGI Insurance 718 15.40 84.53 85.00 81.50 83.00 -1.53 7012 85.00 66.02 35 - 10 20B

New Jub Insurance 791 15.27 58.54 56.64 55.62 56.64 -1.90 4184 60.50 52.21 30 20B - -

Pak Reinsurance 3000 - 15.20 15.40 14.81 14.89 -0.31 481504 18.38 12.50 30 - - -

Premier Insurance 303 5.03 9.46 9.58 9.30 9.30 -0.16 1058 10.30 8.00 20 15B - -

United Insurance XB 400 1.88 6.20 7.18 5.23 5.73 -0.47 20131 7.18 4.02 - 16B - -

Universal Insurance 210 - 2.75 3.02 3.02 3.02 0.27 1000 4.00 1.77 - - - -

UPTO 100 VOLUME

FANM 2.55 2.50 2.50 2.50 -0.05 100

SHCM 11.95 12.50 12.50 12.50 0.55 100

FTSM 1.84 1.94 1.94 1.94 0.10 99

SHEZ 94.93 97.00 96.00 96.00 1.07 90

FRCL 3.01 3.50 2.90 2.93 -0.08 85

GRYL 1.42 1.10 1.10 1.10 -0.32 71

QUET 30.99 29.45 29.45 29.45 -1.54 60

GRAYS 46.90 48.00 46.05 46.68 -0.22 53

BWHL 32.55 34.00 30.93 34.00 1.45 51

PAKMI 0.72 0.70 0.70 0.70 -0.02 50

MQTM 9.22 9.01 9.01 9.01 -0.21 50

ICL 26.48 27.48 27.48 27.48 1.00 50

PKGI 6.79 6.49 6.11 6.12 -0.67 49

ULEVER 4050.00 4080.00 4000.01 4025.13 -24.87 48

NESTLE 1944.94 1987.00 1900.01 1949.06 4.12 39

DATM 0.36 0.36 0.36 0.36 0.00 38

GLPL 70.89 68.00 68.00 68.00 -2.89 35

DNCC 2.00 1.76 1.75 1.76 -0.24 34

PGCL 20.25 19.25 19.24 19.24 -1.01 27

HUSS 10.98 11.00 11.00 11.00 0.02 25

CLOV 51.21 51.00 51.00 51.00 -0.21 25

DCM 1.48 1.45 1.43 1.43 -0.05 23

KOSM 1.11 1.10 1.00 1.00 -0.11 22

PECO 299.98 300.00 295.00 299.99 0.01 22

ATLH 109.40 109.00 108.00 108.00 -1.40 20

FNEL 9.35 9.78 8.35 9.40 0.05 19

SGML 4.72 5.25 4.50 4.70 -0.02 16

GUTM 17.85 18.80 18.00 18.05 0.20 15

DYNO 12.25 13.25 11.25 11.30 -0.95 12

RMPL 1643.50 1680.00 1640.00 1651.00 7.50 12

CWSM 1.36 2.00 0.90 1.41 0.05 11

SAZEW 20.94 21.33 20.22 20.94 0.00 11

IDSM 3.10 3.49 3.48 3.48 0.38 10

UDPL 11.01 11.58 11.58 11.58 0.57 10

NBF 2.50 2.94 2.94 2.94 0.44 5

LMSM 3.13 2.13 2.13 2.13 -1.00 5

FASM 29.51 30.98 30.98 30.98 1.47 5

AGSML 5.01 6.01 6.00 6.00 0.99 5

MDTL 53.16 54.90 54.00 54.90 1.74 5

GENP 0.87 1.02 0.90 0.95 0.08 4

AWTX 85.00 89.00 89.00 89.00 4.00 3

GATM 23.70 24.88 24.70 24.70 1.00 3

PNGRS 5.00 5.84 5.75 5.77 0.77 3

SCL 51.01 49.90 48.57 49.90 -1.11 3

SSIC 7.05 7.89 7.06 7.06 0.01 2

QUAT 8.80 9.00 9.00 9.00 0.20 2

JUBS 3.94 3.46 2.94 3.46 -0.48 2

CJPL 0.70 1.00 0.95 0.95 0.25 2

ADAMS 13.95 13.95 13.95 13.95 0.00 2

GAIL 4.84 4.60 4.60 4.60 -0.24 2

PHDL 39.32 38.01 38.01 38.01 -1.31 2

TSBL 2.44 3.44 3.00 3.00 0.56 1

AGIC 10.06 10.98 10.95 10.95 0.89 1

PIL 3.00 3.25 3.00 3.00 0.00 1

BROT 0.39 0.69 0.69 0.69 0.30 1

GUSM 5.36 5.01 5.01 5.01 -0.35 1

KSTM 0.74 0.90 0.85 0.85 0.11 1

SJTM 1.49 0.51 0.51 0.51 -0.98 1

ICCT 0.81 0.99 0.99 0.99 0.18 1

BHAT 189.00 189.00 189.00 189.00 0.00 1

CRTM 22.18 23.28 23.00 23.00 0.82 1

TOWL 20.00 20.00 20.00 20.00 0.00 1

PASM 8.91 8.26 8.25 8.26 -0.65 1

SHJS 65.60 66.90 66.90 66.90 1.30 1

MLCFPS 5.98 6.90 6.90 6.90 0.92 1

ADOS 15.90 15.98 15.90 15.90 0.00 1

DWAE 0.54 0.78 0.75 0.75 0.21 1

ATEL 17.90 18.90 18.88 18.88 0.98 1

PAKD 92.00 94.50 94.50 94.50 2.50 1

Symbols Open High Low Close Change Vol

FUTURE CONTRACTS

NBP-NOV 69.45 70.60 68.00 68.26 -1.19 545500

DGKC-NOV 26.91 27.60 27.00 27.09 0.18 326000

ENGRO-OCT 177.75 178.70 175.50 175.79 -1.96 277000

MCB-OCT 204.84 206.70 202.75 203.35 -1.49 228500

NBP-OCT 68.32 70.50 67.50 67.79 -0.53 218000

ENGRO-NOV 177.65 178.55 175.70 175.92 -1.73 211500

NML-NOV 53.05 53.60 52.50 52.66 -0.39 206000

ANL-NOV 11.66 11.89 11.10 11.13 -0.53 180000

AICL-NOV 71.90 72.49 68.31 68.31 -3.59 178500

POL-NOV 244.08 246.70 243.50 245.65 1.57 159500

POL-OCTB 243.08 246.48 243.15 245.07 1.99 159500

MCB-NOV 204.03 206.00 202.66 203.29 -0.74 155000

DGKC-OCT 26.77 27.75 27.00 27.02 0.25 154500

NML-OCT 52.55 53.25 52.10 52.16 -0.39 99500

NCL-NOV 21.50 22.00 21.50 21.50 0.00 92500

ANL-OCT 11.57 11.70 11.00 11.03 -0.54 84500

LUCK-NOV 73.86 74.40 72.50 72.56 -1.30 83000

PSO-NOV 267.01 268.00 266.00 266.05 -0.96 57500

PSO-OCT 267.07 268.49 266.00 266.18 -0.89 52500

AICL-OCT 71.61 71.50 68.03 68.03 -3.58 37000

PPL-NOV 190.00 190.51 187.75 188.15 -1.85 34500

LUCK-OCT 72.50 73.90 72.01 72.14 -0.36 26500

OGDC-OCT 155.00 155.41 153.63 154.03 -0.97 23000

FFBL-NOV 30.68 30.60 30.50 30.50 -0.18 20000

PPL-OCT 189.67 190.01 186.65 186.74 -2.93 14000

FFBL-OCT 30.25 30.55 30.50 30.55 0.30 10500

UBL-NOV 57.50 57.00 56.65 56.68 -0.82 10000

OGDC-NOV 154.30 154.50 153.02 153.15 -1.15 8000

UBL-OCT 57.70 57.00 56.60 56.60 -1.10 4000

PTC-OCT 19.11 18.60 18.60 18.60 -0.51 3000

HUBC-OCT 34.01 33.50 33.50 33.50 -0.51 1000

AICL-COCT 71.41 0.00 0.00 67.75 -3.66 0.00

Symbols Open High Low Close Change Vol

ZERO VOLUME

ACCM 0.84 0.79 0.79 0.79 -0.05 0.00

BWCL 23.47 23.40 23.40 23.40 -0.07 0.00

CSIL 4.01 4.05 4.05 4.05 0.04 0.00

DMTM 4.39 3.99 3.99 3.99 -0.40 0.00

EWLA 2.85 2.75 2.75 2.75 -0.10 0.00

Symbols Open High Low Close Change Vol

Al-Abbas Cement 42.33 3.00 2.95 3.15 3.25 3.10

Allied Bank Limited 71.73 55.85 55.35 57.05 57.75 56.55

Attock Cement 32.85 59.40 58.35 61.95 63.45 60.90

Arif Habib Limited 38.28 25.00 24.50 26.25 26.95 25.70

Arif Habib Securities 49.23 23.15 22.80 24.05 24.60 23.70

Adamjee Insurance 42.80 66.25 64.75 70.75 73.75 69.25

Askari Bank 57.25 15.40 15.15 15.85 16.10 15.65

Azgard Nine 57.18 10.85 10.60 11.55 12.05 11.30

Attock Petroleum 33.76 295.20 293.60 299.20 301.60 297.60

Attock Refinery 73.43 99.35 97.20 102.95 104.50 100.85

Bank Alfalah 67.03 9.60 9.50 9.85 9.95 9.75

Bank Islami Pak 54.63 3.25 3.20 3.45 3.55 3.35

Bank Of Punjab 55.98 8.50 8.40 8.85 9.05 8.75

Dewan Cement 52.85 1.50 1.45 1.60 1.65 1.55

DGK Cement 60.35 26.65 26.35 27.40 27.85 27.10

Dewan Salman 59.97 1.60 1.55 1.75 1.85 1.70

Dost Steels Ltd 61.93 2.55 2.30 3.10 3.35 2.85

EFU General Insurance 59.89 42.65 41.60 44.75 45.80 43.70

EFU Life Assurance 55.43 69.50 67.75 73.50 75.75 71.75

Engro Chemical 47.95 174.30 173.00 177.85 180.10 176.55

Faysal Bank 55.10 13.95 13.80 14.40 14.65 14.20

Fauji Cement 45.15 4.80 4.75 4.95 5.05 4.90

Fauji Fert Bin 65.87 30.30 30.20 30.55 30.65 30.40

Fauji Fertilizer 44.93 105.95 105.35 107.65 108.80 107.10

Habib Bank Ltd 57.17 100.65 99.15 103.65 105.10 102.15

Hub Power 50.71 33.80 33.70 34.00 34.10 33.90

ICI Pakistan 60.24 125.50 124.50 128.00 129.50 127.00

Indus Motors 57.01 229.05 225.55 237.05 241.50 233.55

JOV and CO 61.35 2.90 2.75 3.25 3.40 3.10

Japan Power 55.03 1.60 1.55 1.70 1.75 1.65

JS Bank Ltd 61.04 2.55 2.50 2.70 2.75 2.65

Jah Siddiq Co 44.21 9.80 9.60 10.25 10.60 10.10

Kot Addu Power 41.82 39.65 39.50 39.95 40.10 39.80

KESC 56.22 2.15 2.10 2.25 2.30 2.20

Lucky Cement 53.28 71.25 70.40 73.30 74.50 72.45

MCB Bank Ltd 62.73 201.50 199.85 205.90 208.65 204.25

Maple Leaf Cement 44.71 2.80 2.75 2.90 3.00 2.85

National Bank 61.75 66.45 65.15 69.90 72.05 68.60

Nishat (Chunian) 66.72 21.05 20.55 22.20 22.85 21.70

Netsol Technologies 54.79 18.45 17.90 19.40 19.85 18.90

NIB Bank 47.62 2.75 2.70 2.90 3.00 2.85

Nimir Ind Chemical 48.38 1.40 1.35 1.50 1.55 1.45

Nishat Mills 63.66 51.60 51.05 53.05 53.90 52.45

Oil & Gas Dev XD 67.95 152.60 151.45 155.45 157.15 154.30

PACE (Pakistan) Ltd. 58.41 3.05 3.00 3.20 3.30 3.15

Pervez Ahmed Sec 61.14 1.75 1.55 2.05 2.20 1.85

PIAC(A) 69.18 2.35 2.20 2.75 3.00 2.60

Pioneer Cement 46.55 7.60 7.35 8.30 8.75 8.05

Pak Oilfields 58.22 243.00 241.00 246.75 248.45 244.70

Pak Petroleum 50.62 185.05 183.45 189.25 191.85 187.65

Pak Suzuki 46.29 73.50 73.05 74.70 75.45 74.25

PSO XD 47.37 264.45 263.15 267.95 270.10 266.60

PTCLA 43.73 18.45 18.15 19.15 19.55 18.85

Shell Pakistan 23.66 181.85 180.75 185.05 187.15 183.95

Sui North Gas 59.44 31.90 31.45 32.85 33.40 32.45

Sitara Peroxide 74.12 12.10 11.80 12.90 13.40 12.60

Sui South Gas 44.05 24.65 24.10 25.90 26.55 25.30

Telecard 50.86 2.30 2.20 2.45 2.60 2.40

TRG Pakistan 49.05 3.95 3.90 4.15 4.25 4.10

United Bank Ltd 69.14 55.85 55.15 57.85 59.15 57.15

WorldCall Tele 45.18 2.50 2.40 2.70 2.80 2.60

Company RSI 1st 2nd 1st 2nd Pivot

(14-day) Support Resistance

TECHNICAL LEVELS

Ados Pakistan Ltd 29-Oct 11:30

AKD Income Fund 29-Oct 3:00

AKD Index Tracker Fund 29-Oct 3:00

AKD Investment Management Ltd 29-Oct 3:00

AKD Opportunity Fund 29-Oct 3:00

Al-Abid Silk Mills Ltd 29-Oct 11:00

Amtex Ltd 29-Oct 11:30

Artistic Denim Mills Ltd 29-Oct 4:00

Aruj Garment Accessories Ltd 29-Oct 11:00

Asim Textile Mills Ltd 29-Oct 9:30

Attock Refinery Ltd 29-Oct 11:00

Bestway Cement Ltd 29-Oct 3:30

Biafo Industries Ltd 29-Oct 11:30

Central Forest Product Ltd 29-Oct 10:00

Dar es salaam Textile Mills Ltd 29-Oct 10:00

EFU General Insurance Ltd 29-Oct 9:30

EFU Life Assurance Ltd 29-Oct 10:45

Emco Industries Ltd 29-Oct 12:30

First Capital Mutual Fund Ltd 29-Oct 2:00

First Constellation Modaraba 29-Oct 9:30

BOARD MEETINGS

Company Date Time

Bahrain's Elaf eyes syariahbanking licence

Deutsche posts Q3 profit

Friday, October 29, 2010 8

KARACHI: Meezan Bank has inaugurated a new branch at Abul Hasan Isphani road, its 204th branch so far.Picture shows Irfan Siddiqui, President & CEO Meezan Bank Ltd, Ariful Islam,

COO Meezan Bank Ltd, along with other .-Staff Photo

JAKARTA: A teller helps a customer with a transaction in a branch of CIMB Niaga Syariah bank.-Reuters

Staff Reporter

KARACHI: State Bank ofPakistan earlier this week con-vened a meeting of commercialbanks and development financeinstitutions (DFIs) to work outa strategy in response to theobservations made by theSupreme Court regarding writ-ten-off loans.

The meeting, which waschaired by SBP Governor,Shahid H Kardar, discussed atlength the issues pertaining towritten-off loans.

Presidents and chief execu-tives of banks apprised theSBP governor that banks hadalready issued notices todefaulters in line with the

directives of the SupremeCourt.

The banks' representativesinformed the meeting that awrite-off is undertaken after allremedies to recover loans havebeen exhausted. They said thatthe writes-offs are allowed bytheir boards.

Banks' representativesinformed the meeting that anumber of prominent industri-alists were made to suffer jailsentences and large scale liqui-dations or auction sales werecarried out.

At the same time it was alsopointed out that a substantialnumber of borrowers, 47,911 tobe precise having loans ofRs500, 000 and below were

allowed write-off under BPDcircular No.29.

It was agreed in the meetingthat the apex court must befacilitated by providing all nec-essary information/data and allefforts should be made to dealwith respect to write-offs.

The participants of the meet-ing were of the view that thisinitiative of the Supreme Courtcould be used as an opportunityand hoped that it would resultin discouraging willfuldefaults, improve recoveryposition and bring stringentlaws on recovery.

The meeting resolved thatthey are committed to adhere tothe directives of the SupremeCourt to satisfy the apex court.

SBP, lenders to actionSC bid on waived-loans

SBP, banks/DFIs term it an opportunity

Staff Reporter/ Agencies

KARACHI: State Bank ofPakistan in its Annual Reportfor fiscal year 2009-10 (FY10)showed country's macroecono-my grew at a rate of 4.1 percent compared with 1.2 percent growth in FY09.

While, GDP growth for thecurrent fiscal year (FY11) isseen between 2 and 3 per cent,annual average inflation hasbeen predicted to fall between13.5 to 14.5 per cent or there-abouts. Fiscal and currentaccount deficits are likely toremain between 5 and 6 percent & 3 and 4 per cent of theGDP, respectively. Workers'remittances are expected tohover at between $9.5 billionand $10.5 billion. Exports andimports value is expected to bebetween $20-$21 billion and$34-$35 billion respectively.

SBP report said that theimpact of the floods has

strengthened the inflationaryexpectations for FY11 --theAugust 2010 CPI, included a15.6 per cent year-on-year risein its food component.

However, SBP assessmentssuggest that the direct impact ofthe flood-related supply shockis likely to be limited.

For example, the impact offlood damages and shortages ofminor crops are not expected topersist beyond 2-3 months assupply line improves and freshcrops (e.g., vegetables) enterthe market.

Similarly, for some otherproducts, any rise in domesticprices would be capped by lowinternational prices.

It is important to note thatprices of dairy products werealready continuing on a secularrise, even prior to the floods,due to sustained strong domes-tic and external demand.Livestock losses in the

See # 4 Page 11

SBP’s FY11growthoutlookgets cuts

FY10 Annual Report shows economy improved

ISLAMABAD: The NationalAssembly's StandingCommittee on Finance,Revenue, Planning, andDevelopment met here underthe chair of Fauzia Wahab anddiscussed the performance ofthe First Women Bank Limited(FWBL).

The Standing Committeetook serious note of the prob-lems and the challenges facedand assured its management ofsolving them at priority basis sothat this special purpose publicentity could successfully be runand made an asset for Pakistanfinancial sector and provide fairopportunities to the women ofPakistan.

According to NationalAssembly Spokesman,President, First Women BankLimited, told the committeethat FWBL's paid up capitalstands at Rs284 million and theshareholders equity at Rs1093million. The bank president fur-ther stated that FWBL hasRs11,566 million deposits andhas advanced Rs7,393 million.The bank has gatheredRs13,596 million as total assetswith the profit of Rs44 millionand, net asset value of per share

of Rs.38.55, she added.The bank not only provides

complete banking service butalso some support servicesexclusively for the women likecomputer literacy etc and thebank has a collaboration withdifferent national, internationalprivate, public and non-govern-mental organisations likeUNDP, MOWD, NRSP etc, shetold the body. The standingcommittee was also informedthat since the government hasearmarked the bank for the pri-vatisation, its activities havebeen stopped.

She further elaborated thatthe Bank is facing challengeslike implementation of Basel II,minimum capital requirement,organisational restructuring andhuman resource re-organisationetc wherein it looks forward tothe government for immediateintervention.

Meeting was attended by,Syed Faisal Saleh Hayat,Abdul Rashid Godil, NighatParveen Mir, MNAs KashmalaTariq and Khwaja MuhammadAsif besides officers fromMinistry of Finance, Revenue,Planning and Developmentand FWBL.-Online

FWBL promisedfull govt backing

Ahmed Siddique

KARACHI: Data released bythe State Bank of Pakistan(SBP) has revealed that weight-ed average banking spreadssurged by 19bps YoY in themonth of September, mainlyled by fall in deposit rate.

Average spreads of the banksin the country stood at 7.57 percent in September 2010 against7.38 per cent witnessed in thesame period last year.

During the month, outstand-ing loans issued by banks were

charged at an average interestrate of 13.34 per cent (includingzero mark-up) while outstand-ing deposits were rewarded atan average rate of just 5.77 percent (including zero mark-up).

Month on month basis thespread was also up by 1bps at7.56 per cent in August 2010.

Cost of deposits decreased by5bps to settle down at 5.77 percent while it was 5.82 per centin the previous month.Likewise, lending cost dippedby 4bps on monthly basis to13.34 per cent.

Banking spreads up19bps YoY in Sept

Staff Reporter

KARACHI: Pakistan's biggestlender by market value MCBBank Ltd has posted a 12.5 percent increase in its profit for thethird quarter of current calendaryear said a notice issued toKarachi Stock Exchange (KSE).

Bank's net income rose toRs4.55 billion -- earning pershare of Rs5.99 a share fromRs4.05 billion a year earlier.

According to details revenueof the bank climbed to Rs15.4billion from Rs13.5 billion forthe period under review.

MCB Bank's interest incomerose 12 per cent to Rs13.8 bil-lion in the third quarter, whileits interest expense rose 19 percent during the three months.

The notice also revealed thatbank's provisions againstdefaults fell to Rs9.75 million inthe third quarter from Rs1.13billion a year ago. Net incomein the nine months ended Sept.30 rose to Rs12.5 billion,(EPS: Rs16.44), from Rs11.8billion, (EPS: Rs15.53), a yearearlier. Revenue rose toRs44.8 billion from Rs42.2billion previously.

MCB 3Q profitup 12.5pc

First GulfBank Q3

profit downDUBAI: Abu Dhabi-basedFirst Gulf Bank posted a 9.0per cent drop in net profits forthe third quarter on Thursdayas it announced allocatingnew provisions for bad debts.

The bank said its net earn-ings fell to 849 milliondirhams (231.3 million dol-lars) for the quarter endingSeptember 30, compared to930 million dirhams in thecorresponding period lastyear.

Revenues for the core bank-ing operation were up 3.0 percent in the third quarter to1.52 billion dirhams, but totalrevenues for the group as awhole, including its propertyarm and overseas operation,dropped 8.0 per cent to 1.55billion dirhams.

Revenues from subsidiariesand associates fell 86 percent to 31 million dirhams inthe third quarter, puttingpressure on the bank's overallprofit.

The financial statement tothe Abu Dhabi SecuritiesExchange said that the profitof the bank, excluding sub-sidiaries and associates, hadeffectively increased 15 percent to 821 million dirhams inthe third quarter.

The statement revealed thatthe bank has provisioned 406million dirhams for doubtfuldebts and impairments, com-pared to 510 million dirhamsin the third quarter of 2009. -Agencies

SBP de-schedulesAl Baraka Bank

after mergerwith EGIBL

Staff ReporterKARACHI: The State Bankof Pakistan (SBP) Thursdaynotified the de-scheduling ofAl Baraka Islamic BankPakistan Operations onaccount of its merger with andinto Emirates Global IslamicBank Limited (EGIBL).It takes effect from the closeof business on October 29,2010.

The State Bank has alsonotified the change of name ofEmirates Global Islamic BankLtd to AlBaraka Bank(Pakistan) Ltd with effectfrom the above mentioneddate.

UBL postsrecord net

Staff ReporterKARACHI: United BankLimited (UBL) has posted arecord consolidated profitbefore tax of Rs7.907 billionfor nine months endingSeptember 30, 2010.

According to financialresults sent to Karachi StockExchange (KSE), the pre-taxprofit of the bank also surgedto Rs12.804 billion as earningper share also improved toRs6.50 during the periodunder review compared toRs5.66 in 2009.

Silkbanksloss down

Staff Reporter

KARACHI: Silkbank Ltd hasreported a lower loss after taxof Rs700.335 million for thethird quarter ending September30, 2010 compared to Rs1.33billion in the correspondingperiod last year.

According to financialresults of the company dis-patched to Karachi StockExchange (KSE) hereThursday, the pre-tax lossalso declined to Rs0.83 bil-lion as loss per share droppedto Rs0.32 compared toRs0.99 billion in the sameperiod last year.

Meezan Bank9M earningsjump 52pc

Staff Reporter

KARACHI: Meezan BankLimited, the largest IslamicBank in Pakistan has recordedan impressive growth in prof-itability, deposits and totalassets for the first nine monthsof the calendar year 2010, saida notice issued to KarachiStock Exchange (KSE).

Bank's profit after tax grewby 52 per cent to Rs995 millionfor the nine months periodended September 30, 2010 ascompared to Rs654 million inthe corresponding period lastyear.

During the period underreview its earnings per share(EPS) also increased to Rs1.42Rs against Rs1.07 in the sameperiod last year. Meezan Bank'stotal assets crossed Rs143 bil-lion during the period underreview. This growth has beenspurred by the increase in theits branch network as a result ofwhich deposits increased fromRs100 billion in December2009 to Rs119 billion inSeptember 2010, an increase of19 per cent.

HBL netswells in 3Q

Staff Reporter

KARACHI: According tonotice issued to the KarachiStock Exchange (KSE) hereHabib Bank Ltd (HBL) hasposted a higher profit after taxof Rs12.170 billion for thethird quarter ending Sept 30,2010.

AS per details bank's pre-taxprofit increased to Rs119.382billion as earning per share alsoimproved to Rs12.01 for theperiod under review againstRs10.21 last year.

NBP holdsmeetingof board

executives Staff Reporter

ISLAMABAD: A meeting ofthe representative of NationalBank of Pakistan's (NBP) allcentral board executives andmanagement was held to dis-cuss key issues, it is learnt.

According to details variousissues related to employees'were discussed in the meeting.During the moot all the partici-pants reposed full confidencein the leadership of thePresident of the Bank andassured maintenance of indus-trial peace in the institution.The CBA also expressed itsgratitude for liberal and highlymotivating salary packages ear-lier announced by theManagement.

LONDON: Copper rose onThursday helped by reneweddollar weakness, supplythreats and strong US joblessclaims data, but gains werecapped by uncertainty overthe scope of possible mone-tary easing by the US FederalReserve.

Three-month copper on theLondon Metal Exchangeended at $8,340 a tonne ver-sus $8,300 at the close onWednesday, having earlier hita session high of $8,408.

"Essentially this market ismoving broadly sidewaysahead of US Federal OpenMarket Committee meetingnext week. Yes US employ-ment figures have giventhings a little pop but copperis capped above $8,500," saidCredit Suisse analyst TomKendall.

"Commodities (have been)rallying on the back of quanti-tative easing expectations, butas uncertainty has grown,you've seen momentum fallaway from these markets andthat's why we're moving side-ways."

The US Federal Reserve isexpected next week to discusswhether to embark on a new

round of government debtpurchases, or quantitative eas-ing, to boost the world'slargest economy.

The discount for cash cop-per narrowed to around $8.00a tonne against the benchmarkcontract, indicating tighteningmarket conditions and worriesabout availability of prompt

metal. The discount had beenas wide as $20 a week ago.

Copper prices have beenbenefiting from a tighteningmarket. That can be seen infalling stocks of copper inLME warehouses, down morethan 30 per cent sinceFebruary, when they touchedaround 555,000. Latest datashowed stocks down 575tonnes to 368,025 tonnes.

Three-month zinc ended at$2,494 a tonne versusWednesday's close of $2,510,retracing from nine-monthpeaks of $2,638.75 touchedon Tuesday.

LME data showed zincstocks rose 5,325 tonnes to616,850, with a second day oflarge inflows into LME-bond-ed warehouses in NewOrleans weighing on prices.

Tin ended at $26,250 atonne from $26,050 a tonne.The Chinese commerce min-istry said on Thursday Chinawill cut export quotas of tinproducts in 2011 to 18,900tonnes from 21,000 tonnesthis year.

Among other metals, alu-minium ended at $2,347 atonne versus $2,323 atWednesday's close. Leadended at $2,505.50 a tonneversus $2,543.

Nickel was last bid at$23,100 from $22,805 atonne. -Reuters

Copper rises but gainscapped ahead of Fed

9Friday, October 29, 2010

POLYPROPYLENE(PP) LINEAR LOW (LL)

Cash & Settlement 1240 1180

October (3rd Wednesday) 1250 1160

November (3rd Wednesday) 1265 1160

LONDON METAL EXCHANGE (PLASTIC)

LME Official Prices, US$ per tonne for October 27 2010

LME Official Prices, US$ per tonne for October 27 2010

ALUMINIUM ALUMINIUM COPPER LEAD NICKEL TIN ZINC NASAAC

ALLOY

Cash buyer 2250 2331 8465 2540.5 23180 26545 2556 2281

Cash seller 2255 2332 8466 2541 23185 26550 2556.5 2282

3-months buyer 2220 2361 8473.5 2568 23295 26500 2584 2295

3-months seller 2230 2362 8474.5 2569 23300 26550 2585 2305

15-months buyer 2185 2405 8305 2535 22800 26000 2608 2345

15-months seller 2195 2410 8315 2540 22900 26050 2613 2355

27-months buyer 2185 2462 7940 2503 21750 2563 2400

27-months seller 2195 2467 7950 2508 21850 2568 2410

LONDON METAL EXCHANGE (METALS)

NEW YORK: Oil prices see-sawed on Thursday asinvestors weighed positive job-less claims data against wor-ries about the extent of anexpected US Federal Reservemonetary easing and weakerequities.

All eyes remain on the USFederal Reserve, which isexpected toannounce a sec-ond round of eas-ing after its policysetting committeemeets on Nov. 2-3.

By 1625 GMTUS crude forDecember delivery rose 6 centsat $82 a barrel, after droppingearlier to $81.50. ICEDecember Brent crude gained24 cents at $83.47.

Prices were much higher ear-lier, supported by a weakerdollar and upbeat jobless bene-fits first-time filings, which felllast week to a three-month low.

"The weekly claims numberprovided some support tocrude Oil but the ruminationsover the election and the com-

ing QE2 regime are acting ashead winds," said JohnKilduff, partner at AgainCapital LLC in New York.

"The market looks somewhatdirectionless until the electionand the Federal reserve detailsnext week are known," Kilduffadded.

Earlier, the Oil market was

also supported by Shell andEni beating analyst forecastswith sharp gains in third-quar-ter profits, helped by higher oiland gas prices.

The dollar extended lossesagainst a basket of currenciesand was down 1.20 per cent. Aweaker dollar typically rendersdollar-denominated commodi-ties cheaper for non-dollarbuyers, but can also signal atempered growth outlook at theworld's largest oil consumer.

Another indication on thepace of growth is due onFriday, when the United Statesis expected to show a 2 percent increase in third-quarterGDP growth, up from 1.7 percent in the prior quarter liftedby an acceleration in consumerspending, a Reuters pollshowed. US Oil demand

jumped lastweek resultingin a big 4.4million-barreldrop in gaso-line invento-ries, theE n e r g yInformat ion

Administration reported onWednesday.

Still, the overall bearisheffect of the latest inventorydata remained as crude stock-piles rose more than 5 millionbarrels.

Strike action at six FrenchOil refineries ended, but Oilshortages are likely to continueto bite as workers voted to con-tinue protests at France's twolargest Oil ports of Fos-Laveraand Le Havre. -Reuters

Oil seesaws on QE2worry, equities, dollar

Europeanvegetableoil prices

ROTTERDAM: The follow-ing were the Thursday'sRotterdam vegetable oil price'sat 21:00 PST.

SOYOIL: EU degummedeuro tonne fob exmillNov10/Dec10 878.00,Jan11/Mar11 875.00,Apr11/Jun11 872.00.

RAPEOIL: Dutch/EU eurotonne fob exmill Nov10/Jan11875.00, Feb11/Apr11868.00+16.00, May11/Jul11870.00+13.00, Aug11/Oct11860.00+20.00.

LINOIL: Any origin dlrstonne extank RotterdamOct10/Nov10 310.00+12.50.

CRUDE PALM OIL:Sumatra/Malaysia slrs optiondlrs tonne cif R'dam Nov101050.00+20.00, Dec101045.00+15.00, Jan11/Mar111040.00+15.00, Apr11/Jun111040.00+12.50.

PALMOIL: RBD dlrs tonnecif Rotterdam Dec10 1070.00,Jan11/Mar11 1067.50.

PALMOIL: RBD dlrs tonnefob Malaysia Dec101025.00+12.50, Jan11/Mar111022.50+15.00.

PALM OLEIN: RBD dlrstonne fob Malaysia Dec101035.00+12.50, Jan11/Mar111032.50+15.00, Apr11/Jun111035.00+15.00, Jul11/Sep111035.00.

PALM STEARIN: Dlrs tonnefob Malaysia Nov101010.00+5.00, Dec101010.00+5.00.

PALM FATTY ACID DIS-TILLATE: Dlrs tonne fobMalaysia Nov10905.00+10.00.

COCONUT OIL: Phil/Indondlrs tonne cif RotterdamOct10/Nov10 1445.00+15.00,Nov10/Dec10 1445.00+15.00,Dec10/Jan11 1445.00+15.00,Jan11/Feb11 1445.00.

CASTOROIL: Any origindlrs tonne extank RotterdamOct10/Nov10 1925.00+0.00. -Reuters

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

Date Quotation in lots Settlement Settlement in Lots

Price Price

28-Oct-2010 CRUDE100 DE10 US$ Per Barrel 81.92 82.52 80.62 82.47 162 82.08 82.47 54

28-Oct-2010 CRUDE100 JA11 US$ Per Barrel 82.35 83.20 81.30 83.18 45 82.82 83.18 7

28-Oct-2010 CRUDE100 FE11 US$ Per Barrel 82.26 83.79 82.26 83.79 - 83.44 83.79 -

28-Oct-2010 SILVER - SL500 DE10 US$ Per Troy Ounce 23.57 23.81 23.40 23.78 210 23.69 23.78 37

28-Oct-2010 SILVER - SL500 JA11 US$ Per Troy Ounce 23.66 23.80 23.66 23.80 - 23.71 23.80 -

28-Oct-2010 GOLD 01oz DE10 US$ Per Troy Ounce 1330.00 1337.50 1319.30 1335.80 1,164 1329.10 1335.80 637

28-Oct-2010 GOLD 01oz JA11 US$ Per Troy Ounce 1329.80 1338.30 1320.00 1336.80 1,686 1330.00 1336.80 1,503

28-Oct-2010 GOLD 01oz FE11 US$ Per Troy Ounce 1328.00 1338.90 1325.30 1338.60 132 1331.00 1338.60 107

28-Oct-2010 GOLD 100oz DE10 US$ Per Troy Ounce 1323.80 1336.70 1321.80 1335.80 17 1329.10 1335.80 6

28-Oct-2010 GOLD 100oz JA11 US$ Per Troy Ounce 1331.30 1336.80 1331.30 1336.80 - 1330.00 1336.80 -

28-Oct-2010 GOLD 100oz FE11 US$ Per Troy Ounce 1331.00 1336.80 1331.00 1336.80 - 1331.00 1338.60 -

28-Oct-2010 GOLD NO10 Per 10 grms 36599.00 36922.00 36559.00 36922.00 5 36734.00 36922.00 49

28-Oct-2010 GOLD DE10 Per 10 grms 36600.00 36931.00 36600.00 36931.00 1 36743.00 36931.00 10

28-Oct-2010 GOLD JA11 Per 10 grms 36758.00 36948.00 36758.00 36948.00 - 36760.00 36948.00 -

28-Oct-2010 Kilo GOLD NO10 Per 10 grms 36704.00 36894.00 36704.00 36894.00 - 36707.00 36894.00 1

28-Oct-2010 Kilo GOLD DE10 Per 10 grms 36713.00 36903.00 36713.00 36903.00 - 36715.00 36903.00 -

28-Oct-2010 Tola Gold50 NO10 Per Tola 42821.00 43033.00 42821.00 43033.00 - 42814.00 43033.00 -

28-Oct-2010 Tola Gold100 NO10 Per Tola 42811.00 43033.00 42811.00 43033.00 - 42814.00 43033.00 -

28-Oct-2010 Mini Gold 1-Aug Per 10 grms 37775.00 37955.00 37775.00 37955.00 - 37765.00 37955.00 -

28-Oct-2010 Mini Gold 2-Aug Per 10 grms 37815.00 37994.00 37815.00 37994.00 - 37804.00 37994.00 -

28-Oct-2010 Mini Gold 3-Aug Per 10 grms 37828.00 38008.00 37828.00 38008.00 - 37817.00 38008.00 -

28-Oct-2010 Mini Gold 4-Aug Per 10 grms 37749.00 38021.00 37749.00 38021.00 - 37831.00 38021.00 -

28-Oct-2010 Mini Gold 5-Aug Per 10 grms 37762.00 37941.00 37762.00 37941.00 - 37752.00 37941.00 -

28-Oct-2010 TT Gold 1-Sep Per Tola 43393.00 43603.00 43393.00 43603.00 - 43382.00 43603.00 -

28-Oct-2010 TT Gold 2-Sep Per Tola 43439.00 43649.00 43439.00 43649.00 - 43427.00 43649.00 -

28-Oct-2010 TT Gold 3-Sep Per Tola 43454.00 43664.00 43454.00 43664.00 - 43442.00 43664.00 -

28-Oct-2010 IRRI6W 28OC10 Per 100 kg 2402.00 2402.00 3310.00 3310.00 - 3326.00 3310.00 -

28-Oct-2010 Rice IRRI - 6 NO10 Per 100 kg 3347.00 3347.00 3331.00 3331.00 - 3347.00 3331.00 -

28-Oct-2010 RBD Palm Olein NO10 Per Maund 4500.00 4528.00 4500.00 4528.00 - 4500.00 4528.00 -

28-Oct-2010 KIBOR3M 10-Dec Per Rs. 100 86.77 86.77 86.74 86.74 - 86.77 86.74 -

28-Oct-2010 KIBOR3M 11-Mar Per Rs. 100 86.19 86.19 85.80 85.80 - 85.79 85.80 -

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

Indian sugaredges higherMUMBAI: India's spot sugarrose for the first time in fourdays on Thursday on animprovement in retail demandand tracking a rise in the over-seas markets, dealers said.

"Retail demand was goodtoday. It should remain strongin next few days due toDiwali," said a member ofBombay Sugar MerchantsAssociation (BSMA).

Demand for sugar usuallygoes up ahead of Diwali, theHindu festival of lights, whichfalls in the first week ofNovember.

In Kolhapur, a key market intop-producing Maharashtrastate, the most traded S-varietyrose 0.35 per cent to 2,589rupees ($58.2) per 100 kg.

Firmness in overseas marketsand hopes government willallow exports also supportedsentiment, the member said.

New York raw sugar futuresprices pushed up to a nine-month high of 29.59 cents a lbas dealers predicted the marketwas likely to break above thekey 30 cents a lb level soon.

India is likely to take a deci-sion on sugar exports after thesecond week of November,Farm Minister Sharad Pawarsaid on Wednesday. -Reuters

JAKARTA: Farmers carry their crops in Babadan, one of the most dangerous villages

located on the north side of the Mount Merapi volcano. -Agencies

LONDON: Gold rose backabove $1,345 an ounce onThursday as rising uncertaintyover the scope and impact ofpotential US monetary easingto be announced by the FederalReserve next week knockedthe dollar sharply lower.

Spot gold touched a high of$1,345.50 an ounce and wasbid at $1,341.94 an ounce at

1540 GMT, against $1,324.70late in New York onWednesday. US gold futuresfor December delivery rose$20.00 to $1,342.60.

Spot prices quickly retreatedafter hitting a record high at$1,387.10 an ounce earlier thismonth, as concerns that poten-tial US quantitative easing wastoo heavily priced into thefinancial markets led to abounce in the dollar.

Support came for gold onThursday, however, as the dol-lar fell 1 per cent against theeuro and slipped against a cur-rency basket. All eyes are onthe Fed meeting on Nov. 2-3.

"(Gold) is just tracking thedollar now until nextWednesday," said Deutsche

Bank trader MichaelBlumenroth. "Everything isdependent on the Fed meet-ing... but in general, I wouldthink we have seen a large partof the correction.

"In the medium term goldshould trade higher because thefundamentals are strong regard-less of what the Fed will do," hesaid. "This is a time of the year

when physical demand is prettygood, and at the end of the daywe should trade higher again."

Gold's recent price droptempted buyers back to themarket in India, the world'sbiggest bullion consumer.Traders hunted bargains tomeet ongoing festival and wed-ding demand, aided by a strongrupee, while scrap sellers in theregion held back after pricesretreated from record levels.

Among other precious met-als, silver was bid at $23.91 anounce against $23.53. Platinumwas at $1,685.67 an ounceagainst $1,672, while palladi-um was at $627.05 versus$612.63. The metals are cur-rently well supported by funda-mentals, analysts said. -Reuters

Gold rises as $ slipsahead of Fed meet

NEW YORK: US cotton futuresclosed Wednesday six cents lowerafter dropping by their tradinglimit at the open and remainingthere for much of the day.

Brokers said, speculativeprofit taking triggered a rush tothe exits, a day after fiber con-tracts pushed up to recordprices, reaching their upsidelimit on heavy volume.

Traders said cotton futuresfell limit-down on technicalselling and in reaction to astronger dollar. ICE FuturesUS key December cotton con-tract tumbled their 6.0-centlimit to end at $1.2359 per lb, a4.63 per cent decline. OnTuesday, December futures ranup to a new all-time record of

$1.2854 per lb on sizable vol-ume by mill and speculativefund buyers. Tuesday's futurestally jumped to 52,707 lots andfollowed Monday's 17,012-lotvolume. Tuesday's open interestgrew by 1,176 lots to 239,499.

"The market appears to bedown on speculative profit tak-ing that began yesterday. All thesigns of a high volume, panicblow-off were there, includingoptions reaching 60 per centvolatility in a frustrating, paniceffort to grab anything for pro-tection," said Mike Stevens, anindependent cotton analyst inMandeville, Louisiana.

Most important, he added,"even after being locked limitup at (Tuesday's) close,

December sold off 144 pointsand March by 132 points in the15 minute post-close, a sign ofexhaustion."

March cotton finished 5.67cents, or 4.52 per cent, lower at

$1.1964 per lb. The contract fellas low as $1.1931, also reach-ing its 6-cent downside limit.

Overnight in China priceswere higher. Many market play-ers have been keeping an eye onthe pace of buying in theChinese market, where cottondemand has been rapidly heat-ing up. -Reuters

US cotton ends loweron profit-taking

KUALA LUMPUR:Malaysian palm oil futures hitmore than a two-year high onThursday on a firmer soy com-plex driven by lingeringweather concerns and theweaker US dollar.

The palm oil market, whichbroke a two-day losing streak,was also supported by the startof the annual monsoon seasonthis month that brings morerainfall and can hamper har-vesting in major oil palmgrowing areas in Indonesiaand Malaysia.

The benchmark Jan 2011crude palm oil contract onBursa Malaysia Derivativesended 1.6 per cent higher at3,064 ringgit ($986.5), afterrising as much as 3,086 ringgit($993.5) -- its strongest levelsince July 28. 2008. Tradedvolume more than doubled to20,472 lots of 25 tonnes each.

"The uptrend may continueas edible oil and grain marketsentiment was high on dollarweakness and weather con-cerns," said a trader with for-eign brokerage in KualaLumpur. "Palm oil will try tohit 3,100 the earliest tomorrowor next week."

Reuters technical analysisshowed Malaysian palm oil ispoised to rise towards a bullishtarget at 3,194 ringgit pertonne, as the uptrend is stillintact.

Traders are also on the look-out for end-October exportsdata due on Nov. 1, which willgive the market more direc-tion.

In Asian trade on Thursday,US soyoil for December deliv-ery rose 0.8 per cent andChina's most active Septembersoyoil contract gained half aper cent. -Reuters

Palm oil at 2-yearhighs on dollar

weakness, weather

Coffee, sugarhit fresh peaks,dollar supportsLONDON: Robusta coffee hit atwo-year high on Thursday, whileraw sugar futures prices peakedat their highest level in ninemonths and looked set to test 30cents a lb soon, as commoditymarkets rose on a weaker dollar.

Cocoa prices were steady asdealers tracked political develop-ments in top grower Ivory Coastbefore its October 31 election.

Robusta coffee eased in lightvolumes, trading down $22, or1.1 per cent at 1510 GMT, havingearlier touched a two-year high of$1,975 a tonne. ICE Decemberarabica coffee was down 2.20cent or 1.1 per cent at $1.9810 alb, below the 13-year peak of$2.0460 a lb touched on Tuesday.

Both markets are underpinnedby supply concerns and a strongappetite by investment funds,dealers said. ICE raw sugarfutures prices pushed up to anine-month high of 29.59 centsa lb as dealers predicted the mar-ket was likely to break above thekey 30 cents a lb level soon.

ICE March raw sugar futureswere up 0.74 cent or 2.6 per centat 29.33 cents a lb. LondonDecember white sugar traded up$14.70 or 2.1 per cent at$726.20 per tonne in modestvolume of 2,042 lots.

ICE December cocoa wasdown $5 or 0.2 per cent at$2,878 per tonne. Liffe second-month March cocoa was down 8pounds or 0.4 per cent at 1,942pounds a tonne in thin turnoverof 1,901 lots. -Reuters

Tokyo rubber

edges lowerTOKYO: Key Tokyo rubberfutures edged down onThursday as worries about aglobal economic slowdowncapped rises after other com-modities fell the day before, butprices recouped most of theirearlier losses and stayed neartwo-year highs.

The key Tokyo CommodityExchange rubber contract forApril delivery ended nearlysteady at 336.8 yen per kg com-pared to the previous settle-ment of 337.0 yen, after fallingas low as 334.0 yen earlier.

The April contract had risenas high as 343.3 yen onTuesday when it debuted, thehighest for any benchmark con-tract since July 2008.

The most active Shanghairubber futures for May deliv-ery closed on Thursday at32,320 yuan ($4,838) pertonne, up from the previousday when it settled limit-down at 31,210 yuan pertonne. Trading volume inchedup further to 1.29 million lotson Thursday from 926,076lots the day before. -Reuters

Shanghai metals fallBenchmark third-month

Shanghai copper fell 0.5 percent to 63,700 yuan. Shanghaizinc also shed 0.2 per cent to20,330 yuan.

Doubts about Fed’s expected QE2 worry investors

NY cotton early-tradeICE December cotton futures

fell 1.57 cents to $1.2202 per lbon volume of 17,605 lots.

10Friday, October 29, 2010

Samantha Stosur serves to Elena Dementievaof during WTA Tour C'ships in Doha

India’sSaina getting

Rs10mnper ad deal

Monitoring Desk

KARACHI: After herthrilling victory inCommonwealth Gameswomen's badminton singlesfinal Saina Nehwal becameprobably India's best lovedsportsperson after SachinTendulkar.

Corporate India seems toagree. India's badminton sen-sation, riding high after threeconsecutive tournanment wins,apart from the CWG triumph,is now being signed up bymajor brands for an annual feewhich is touching the Rs10million mark.

To put that in perspective,Saina now commands a fee thatwas earlier the preserve of onlycricket superstars like VirenderSehwag. Only MS Dhoni andTendulkar get significantlymore than her. Dhoni, appar-ently, is now offering advertis-ers the option of paying him bythe day, rather than charging anannual fee.

Interestingly, Sania Mirza,who was once eagerly soughtafter by advertisers, is now saidto get a fee of around Rs2.5million. Industry sources sayher brand value has been hit byher indifferent form as well asher marriage to Pakistani crick-eter Shoaib Malik.

Barely a couple of years ago,Saina's brand equity was valuedat a mere 1-1.5 million perendorsement and she didn'thave any top brands in her kitty.

From being a brand ambas-sador of Cancer Society ofIndia and a herbal product,Saina has come a long way tonow have on her list compa-nies such as Airtel, AdaniWilmar, Yonex, JaypeeCements and Star Plus. Andthe word is that the queue isgetting longer by the day, atthe head of which is a famousnoodle company.

German

captain Lahm

waiting for

Bayern’s offerBERLIN: Germany defenderPhilipp Lahm said Thursday heis waiting for a signal fromBayern Munich's bosses toextend his contract past 2012and wants to commit his long-term future to the Germangiants.

Lahm, 26, who has beennominated for FIFA's Ballond'Or award, is under contract atBayern until June 2012 andwants to sign an extension.

"Things are going well at themoment and I am waiting for asignal from the board," he toldMunich newspaper TZ.

Lahm and fellow Ballon d'Ornominee BastianSchweinsteiger, also 26, are ina special category, accordingto Bayern's sporting directorChristian Nerlinger.

"We will do everything wecan to keep them - preferablyfor their entire careers," saidNerlinger.

Bayern traditionally useJanuary's winter break to dis-cuss contracts with players.

Lahm has said he wants towin titles at Bayern and sayshe is happy with the way theteam are playing under coachLouis van Gaal.

He has won 75 caps for hiscountry and with regular cap-tain Michael Ballack injured,Lahm led Germany to thirdplace at the World Cup inSouth Africa.

Bayern are currently 11th inthe Bundesliga and 12 pointsbehind leaders Mainz after apoor start to the season, but aretop of their Champions Leaguegroup with three wins.-APP

InjuredOz players

to be fitbefore AshesSYDNEY: Australia's SimonKatich, Doug Bollinger andRyan Harris should be fit forthe first Ashes test againstEngland, Cricket Australia(CA) said on Wednesday.

Reliable opening batsmanKatich damaged a thumb andleft-arm fast bowler Bollingersuffered a stomach injury dur-ing the recent tour of India butthey are on course to faceEngland in Brisbane starting onNov 25.

"Simon Katich injured athumb ligament prior to the firsttest in India," team physiother-apist Alex Kountouris said in astatement.-Reuters

UAE assuresfull support

to PCBABU DUBAI: United ArabEmirates (UAE) has assured itsfull cooperation to PakistanCricket Board (PCB) for organ-ising the Pakistan cricket homeseries in UAE in future.

As per sources, after the attackon Sri Lankan cricket team inLahore, International cricketteams are avoiding to visit ofPakistan, however under theInternational Cricket Council(ICC) future tour programme SriLankan and England cricketteams will play home seriesagainst Pakistan in 2012.

Sources further revealed thatofficial of UAE cricket Boardhas confirmed to PCB that itwould provide its grounds toPCB.-Online

Salmanhopeful

for returnISLAMABAD: SuspendedPakistan captain SalmanButt believes he will be ableto return to play for hiscountry this weekend.

Butt was provisionally sus-pended by the ICC alongwith team-mates MohammadAamer and Mohammad Asif.International CricketCouncil will hold a two-dayinvestigation of the allega-tions against the trio in Dohaon October 30-31.

Butt said in an interviewwith an overseas TV NewsChannel," I hope soon theallegations and suspensionwill be over and I will be eli-gible to play again for mycountry. I hope it (the chanceto play for Pakistan) willcome again one day, that'ssomething I can say. God hasgiven me one chance and Iam pretty sure he will giveme another one."

"I am sure that these thingscome up in life and you haveto stand up and take them,"he added.-APP

LONDON: Theo Walcott andNicklas Bendtner madegoalscoring returns from injuryon Wednesday as Arsenalthrashed Newcastle United 4-0away to reach the last eight ofthe League Cup.

Also through to the quarter-finals are West Ham United,who came from behind to beatStoke City 3-1, and Aston Villa,who beat Championship (sec-ond division) Burnley 2-1 atVilla Park, both after extra-time.

Despite the lure of a EuropaLeague place for the winners ofEngland's "third trophy", mostclubs continue to treat it as achance to try out young playersand give run-outs to squadmembers -- as well as those on

the comeback trail from injury.That certainly worked out

well for ArseneWenger, without a tro-phy for five years.

At the end of a fran-tic first half, Bendtner,making his first startof the season afterrecovering from agroin problem,thumped a headergoalwards and RyanTaylor's attempt toclear it ended with theball bouncing off hisgoalkeeper Tim Kruland over the line.

Walcott, in his firststart since injuring hisankle playing forEngland in early

September, broke clear to putArsenal two up eight minutes

into the second half.Bendtner completed his busy

night when he collected a passfrom substitute Cesc Fabregas

to cut in and curl homean excellent third goalfour minutes fromtime, with Walcottadding a breakawayfourth in stoppage-time. West Hambriefly lifted some ofthe gloom surroundingthe Premier League'sbottom club with theirwin.

Kenwyne Jonesheaded Stoke into anearly lead, ScottParker equalised sixminutes from time andMark Noble provedthe key man in extra-time as he set up goals

for Manuel da Costa and VictorObinna.

Emile Heskey came off thebench to fire Villa ahead in the86th minute of their gameagainst Burnley but ClarkCarlisle equalised in the lastminute.

Winger Stewart Downingblasted Villa back into the leadafter six minutes of extra-timebut they had to hang on for thelast 20 after Marc Albrightonwas sent off.

Birmingham City, WiganAthletic, West BromwichAlbion, Manchester United andChampionship Ipswich Townwere already through to the lasteight and the draw for the quar-ter-finals will be made onSaturday.-Reuters

Arsenal crush Newcastle in League Cup

ZURICH: FIFA's executivecommittee begins a two-daymeeting on Thursday with thetask of reducing the confusionsurrounding a World Cup bid-ding process being played outagainst the backdrop of a cor-ruption scandal.

FIFA's executive committeeis due to choose the hosts forthe 2018 and 2022 World Cupsin Zurich on December 2 but,with barely more than onemonth to go, the voting processhas not been announced and itis not clear how many votersthere will be.

The bidders -- Russia,England, Spain/Portugal andBelgium/ Netherlands for 2018and Japan, South Korea,Australia, United States andQatar for 2022 -- say they arecarrying on regardless of thetroubles.

"Actually, it hasn't had anyeffect," Alexei Sorokin, theRussian bid's chief executiveofficer, told the InternationalFootball Arena conference inZurich.

"We're doing as we didbefore. Today, we don't knowthe number of executive com-mittee members who will vote.

Other than that, we don't seeany impact. We are still con-centrating on presenting ourcase."

Last week, FIFA provisional-ly suspended two members ofthe executive committee --Amos Adamu of Nigeria andReynald Temarii of Tahiti ---over allegations they offered tosell their votes to undercovernewspaper reporters from theSunday Times.

FIFA's ethics committee isdue to make a definitive deci-sion on the pair by midNovember. It could extend thesuspensions, meaning thatthere will be only 22 or 23 vot-ers at the December 2 election.

FIFA are also investigatingclaims of collusion and vote-swapping between unnamedbidders for the 2018 and 2022bids, which is banned by therules. The ultimate penalty forthis is disqualification.

This week, the Swiss parlia-ment's legal committee said itwas considering an amendmentto the country's anti-corruptionlaws, which do not currentlycover officials from the inter-national sports organisationsbased in the country.-Reuters

FIFA untanglesWC voting fiasco

ISLAMABAD: The 16th Asiangames would start in China nextmonth and games organisingcommittee has announced thedraw of Volleyball matches.Pakistani team will play its firstmatch against the China onNovember 13.

As per details that Asiangames will start from theNovember 12 to 27 in theGhuwanzo city in China. 18Wali Ball teams would partici-pate in event and organizersdived in four pools.

China, Pakistan, Taiwan andThailand are in pool "A" anddefending champion Korea,

Vietnam, India and Kazakhstanare in pool "B" and SaudiArabia, Iran, Indonesia,Turkmenistan and Magnoliaare in pool "C", however Qatar,Japan, Kuwait, Malaysia andHong Kong are in pool "D".

Pakistan would play its firstmatch against China onNovember 13, Second againstThailand on November 14 andthird against Taiwan onNovember 17.

According to the schedule,first quarter final of the eventwould be played on November20, semi finals on 22 and finalon November 26.-Online

Asian Games Volleyball draws announced

Pakistan to playChina on Nov 13

NEW DELHI: Hundreds oftax inspectors raided scores ofoffices across India onThursday probing allegationsof corruption linked to theDelhi Commonwealth Games,reports said.

Companies contracted to pro-vide sports surfaces, trainingequipment and landscaping forthe Games were visited in NewDelhi, Kolkata, Bangalore andMumbai, television news chan-nels reported.

The budget for the Games,which were held in the Indiancapital earlier this month, bal-looned to an estimated six bil-lion dollars but the event wasstill hit by delayed venues andorganisational problems.

Prime Minister Manmohan

Singh set up a panel to investi-gate claims of financial irregu-larities, and two other govern-ment bodies are also runningseparate probes.

"The raids are aimed atunearthing unaccountedincome," the NDTV newschannel reported, saying 300tax inspectors had raided 60premises in total.

Tender and contract docu-ments were being seized,reports said, though the taxdepartment declined to com-ment when contacted by AFP.

The Central VigilanceCommission (CVC) watchdoghas received complaints allegingup to 1.8 billion dollars of Gamesmoney was "misappropriated",officials said last week.-APP

Tax raids in Indiaover CWG graft

MUMBAI: Former IndianPremier League commission-er Lalit Modi perceives threatto his life from "unwantedelements" and won't return toIndia till the situationimproves, his lawyer said onThursday.

Advocate Mehmood Abdialso said that in response toRegional Passport Office'sshow cause notice to Modi asto why his passport should notbe cancelled, his client hadsought clarification as towhen the deadline forresponse expires.

"We have also asked theRPO what documents theyhave relied on while issuingthe notice on October 15,"Abdi said.

He said that before respond-ing to the notice, Modi mustknow what was the "referenceof Enforcement Directorate"to the RPO, following whichnotice was issued.

Notice requires that Modifile reply within 15 days, butAbdi said that the period of 15days should start from thedate of receipt, which wasOctober 20. "So according tous, deadline expires onNovember 4. We have sent aletter to RPO seeking clarifi-cation on October 26, butthere has been no reply," hesaid.

Asked when Modi wouldreturn to India, Abdi said,"There is threat to his lifefrom some unwanted ele-

ments, and he will not returntill the situation alters."

Abdi denied that Modi was"absconding". "He is commu-nicating with ED and otherauthorities from London," hesaid.

Abdi said that even onThursday he sent a "reminder"to RPO, seeking clarificationabout deadline, but noresponse came.

Two days ago, Abdi hadsaid that his client was readyto make himself available inLondon for interrogation byEnforcement Directorate andhe would bear the expenses ofED personnel travelling to theBritish capital to question himfor alleged FEMA violationsby IPL franchises.-Agencies

Modi won’t returntill life threat ends

KARACHI: Pakistan'sHockey Chiefs plan to push forthe revival of bilateral matchesagainst India during nextmonth's International HockeyFederation (FIH) meeting inSwitzerland.

Pakistan Hockey Federation(PHF) Secretary Asif BajwaThursday said he will be meet-ing his Hockey India counter-part Narinder Batra inMontreux (Switzerland) toexplore the possibilities ofholding a Pakistan-India Testseries in the near future.

"We are all for reviving bilat-eral hockey series with India,"Bajwa said.

"Such matches, if held on aregular basis, will benefit hock-ey in both the countries."

Pakistan and India haveexchanged bilateral tours in thepast but sporting ties betweenthe two nations are sufferingbecause of an unofficial freeze

following the Nov 26, 2008 ter-rorist attacks in Mumbai.

In the last couple of years,Pakistan and India have playedagainst each other on the hock-ey field but only in internation-al tournaments run by the FIHor the Asian Hockey Federation(AHF). Even though hockeywhich was once a very popularsport in the sub-continent haslost its gloss, matches betweenPakistan and India continue todraw huge crowds.

Earlier this month, a packedstadium witnessed an electrify-ing clash between the formerAsian giants during theCommonwealth Games in NewDelhi. Even the event's finalfailed to produce a similaratmosphere.

Bajwa, a former Olympian,believes that unless Pakistanand India resume exchanginghome-and-away matches on aregular basis, hockey will find

it difficult to regain its lostglory in the sub-continent.

"For hockey to regain its lostpopularity we have to attractfans and one great way to dothat is to have regular Pakistan-India matches," he told TheNews.

The problem, however, is thatthe Indian government seemsunwilling to allow its team totravel to Pakistan, the PHF sec-retary said. Security of playersis a concern, especially after theMarch 3, 2009 attack by terror-ists on a bus carrying SriLankan cricketers in Lahore.

Bajwa is of the view that thetwo teams can play at neutralvenues like Dubai, Doha orKuala Lumpur.

"It would be great if we canhave Pakistan-India matches inLahore, Karachi, Delhi orChandigarh but if that's notpossible then we can stage theseries on neutral soil.-Agencies

Pak keen to revivehockey with India

ISLAMABAD: National hockey team players busy in exercise atSports Complex in Islamabad .-October

NEWCASTLE: Arsenal's Bendtner prepares to shoot against Newcastle Unitedduring their English League Cup soccer match.-Reuters

11Friday, October 29, 2010

International & Continuation

Germaninflationdips to

18-year low NUREMBERG: Germanunemployment fell to an 18-year low in October, datashowed, breaching a keythreshold and offering freshevidence of a sustained recov-ery by Europe's top economyincreasingly fuelled by domes-tic demand.

The number of unemployedfell, in unadjusted terms, to2.945 million, the LabourOffice said on Thursday, con-firming a headline figureannounced a day earlier.

The reading was the firstbelow the politically sensitive 3million mark since November2008, and the lowest sinceOctober 1992.-Reuters

Indonesiadeath toll

raisedup to 500

JAKARTA: The death tollfrom a tsunami which struckwestern Indonesia this week islikely to pass 500, an officialsaid Thursday as hopes fadedfor many of the 338 listed asmissing.

The official death count roseto 370 but disaster managementofficial Ade Edward said thetoll would climb possibly by asmuch as 200.

"Of those missing people wethink two-thirds of them areprobably dead,either swept outto sea or buried in the sand," hetold AFP.

"When we flew over the areayesterday we saw many bodies.Heads and legs were stickingout of the sand, some of themwere in the trees. If we addanother 200 to the toll it wouldbe at least 543 dead."

The tsunami roared throughthe remote Mentawai islandsoff Sumatra after a powerful7.7 magnitude earthquake onMonday, wiping out entire vil-lages.-APP

CONTINUATION

TOKYO: The Bank of Japanheld fire on policy on Thursday,but said boosting its 5-trillion-yen (38 billion pounds) assetbuying plan was a "strongoption" if the outlook for theeconomy sharply deteriorated.

The BOJ brought forward itsnext policy review to November4-5, right after the US FederalReserve meets, which marketstook as a sign it was ready to actswiftly if the outcome of theFed's November 2-3 meetingtriggered heavy dollar selling.

Governor Masaaki Shirakawasaid, however, the change of thedate from the originally plannedmid-November had nothing todo with the Fed and aimed at

speeding up the roll-out of thebank's asset buying plan, partic-ularly purchases of less conven-tional instruments.

"If there is a big change in oureconomic and price outlook,expanding it is a strong option,"Shirakawa told reporters whenasked whether the BOJ wouldtop up its asset purchases.

The BOJ unveiled the schemeearly this month when it alsopegged its benchmark rate at 0-0.1 per cent and vowed to keepit near zero until the end ofdeflation was in sight.

Its updated price and growthforecasts were slightly moreoptimistic than markets hadexpected, but still showed it

could take perhaps two yearsbefore prices started rising at apace the BOJ wants to seebefore lifting rates.

While new economic powerssuch as China, India and Brazilhave swiftly recovered from theglobal financial crisis and theeconomic slump that followed,Japan, the United States andother rich nations have strug-gled to sustain economicgrowth.

Furthermore, the side effectsof the trillions of dollars theyspent on economic stimulus andrecord low lending rates haveaggravated strains in currencymarkets, fuelling fears of cur-rency and trade wars.-Reuters

BOJ holds fire andsays boosting assetbuying an option

WASHINGTON: Newclaims for unemploymentbenefits unexpectedly felllast week to a three-monthlow but the underlying trendstill points to labor marketstagnation.

Initial claims for stateunemployment aid dropped21,000 to a seasonally adjust-ed 434,000, the LaborDepartment said.

Economists had forecastthey would edge up to453,000. The prior week'sfigure was revised up to455,000 from 452,000.

Thursday's data, however,will likely carry little weightat the Federal Reserve's poli-cy meeting on Tuesday andWednesday, where furthermonetary stimulus for thesluggish economy is expect-ed to be announced.

The weak recovery is hang-ing over congressionalDemocrats, who appear like-ly to lose their majority in theUS House of Representativesin elections on Tuesday.Their Senate majority is alsoseen at risk.

Some analysts said difficul-ties adjusting the data, whichfollowed the Columbus Dayholiday, for seasonal factorsmay have skewed the num-bers but others disagreed.

Claims tend to rise in theweek after a public holidayand a department officialnoted that the rise in applica-tions had not been as large asthe model used to smooth thedata had expected, leading toa decline.

"My sense is today's num-ber was organic, thereweren't any weird quirks init," said Neil Dutta, an econ-omist at Bank of AmericaMerrill Lynch in New York.

The four-week average of

new jobless claims, consid-ered a better measure ofunderlying labor markettrends, fell 5,500 to 453,250,but remained in the rangeseen for much of this year.

"That's consistent with alabor market that is funda-mentally stagnant.Anecdotally there is hugeuncertainty hanging in themarket right now, there reallyis no impetus for a leg up injob growth," said Dutta.

US financial marketsremained focused on theFed's Nov. 2-3 meeting, withtraders on Wall Street shyingaway from taking big bets.Stocks were also hurt bydiversified manufacturer 3MCo, which trimmed its full-year forecast, citing costsrelated to a recent buyingspree.

Prices for US governmentdebt traded higher, while thedollar fell against the euroand yen.

The US economy's painful-ly slow recovery from theworst recession since theGreat Depression has left thelabor market subdued and theunemployment rate at 9.6 percent.

TARGET INTERESTRATES

The US central Bank cutovernight interest rates tonear zero in December 2008and has bought about $1.7trillion worth of Treasury andmortgage-related debt sincethen in an effort to stimulatethe sluggish economy bymaking money cheaper.

But it is concerned aboutthe high level of unemploy-ment and the low level ofinflation, and analysts lookfor the Fed to launch a freshround of bond purchases nextweek.

Some analysts believe itcould also begin targetinginterest rates to ward off thepossibility of deflation -- apernicious downward spiralin prices.

"The Fed is going to bemore novel than most peoplebelieve," said Haag Sherman,chief investment officer atSalient Partners in Houston,Texas.

"They may actually targetinterest rates and leave theactual amount of bond pur-chases vague, which willallow them to save some oftheir ammunition. The mar-ket will recalibrate the(Treasury) yield curve basedon their interest rate target-ing."

The government is expect-ed to report on Friday that theUS economy expanded at a 2per cent annual rate in thethird quarter, a touch fasterthan the second quarter's 1.7per cent but too sluggish tomake a dent in the ranks ofthe jobless.

"We think the slow pace ofhiring will not be sufficientto absorb growth in the laborforce and that the unemploy-ment rate will tick up to 9.7per cent," said JuliaCoronado, an economist atBNP Paribas in New York.

In the week ended Oct. 16,the number of people stillreceiving benefits after aninitial week of aid dropped122,000 to 4.36 million, thelowest since November 2008.

The continuing claims datacovered the period for thehousehold survey from whichthe unemployment rate isderived.

The number of people onemergency benefits fell258,102 to 3.78 million in theweek to Oct. 9.-Reuters

US jobless claimsfall to threemonth low

been taken on an individual rather than a coordinated basis," he said."So we feel that if we talk to each other more and perhaps coordinateour efforts more then they would be more effective." Washington haslong accused China of keeping the yuan artificially low.

Beijing in turn says the Federal Reserve's loose monetary poli-cy risks undermining emerging economies, now grappling with aninflux of hot money as investors seek higher returns amid lowinterest rates elsewhere. -Reuters

Continued from page 12No #1

Audit officials further told that gun club has been established on300-acre land adjoined to sports complex, against the rules andregulations. PAC also took notice of the situation and directed topresent the report within one month. The committee took reviewof audit objections of ministry of sports, ministry of religiousaffairs and ministry for tourism for year 1990-91 and 2001-02 andsettled many audit objection. -Online

Continued from page 12No #2

very important countries. "Obviously, the pace, scope and char-acter of that dialogue is something that Indians and Pakistanishave to shape. But we'll continue to both welcome and encourageit," Burns said in response to a question. "We do support effortsby India and Pakistan to pursue a dialogue with one another, sowe'll express support for that, as we always do," Rhodes said.

"We believe that a positive relationship between the US andPakistan, a deepening relationship between the US and India, doesnot in any way, shape or form have to be seen through a zero-sumlens as it relates to India, and that we want to take the US-Indianrelationship to a new level on this visit," he said. -Online

Continued from page 12No #3

flood would exacerbate this rising trend, but only to a smallextent, the report added. It also acknowledged that the worseningin most of the Pakistan's macroeconomic variables has furthercomplicated the monetary debate in FY11.

"On the one hand, there is the argument that the central bankshould respond to the rising inflationary pressures and excessiveincrease in the fiscal deficit, and on the other, the demand-shockstemming from the flood damages argues for a countervailingmonetary easing to help revive the faltering economy," it added.

It said that while developments marked an improvement fromthe FY09, fundamental structural weaknesses in the economyremained un-addressed. The report pointed out that the principalstructural problem, however, was the weak fiscal performance --the fiscal deficit bounced back to 6.3 per cent of GDP in FY10,i.e. 1.1 per centage points higher than in the previous year (FY09).

FY10 fiscal performance was characterised by continuingexpansion in fiscal and quasi-fiscal operations that crowded outand otherwise undermined private sector activities, supported thepersistence of double-digit inflation, and increased the total pub-lic debt and liabilities substantially, from 68.7 per cent of GDP inFY09 to 69.5 per cent in FY10, the report asserted.

Continued from page 8No #4

topped consensus, and the stock gained 2.1 per cent to $8.26 and"Earnings have largely been strong, but the market isn't exuberantabout them right now because we're all waiting for the big newsnext week," Harder said.

Most leading economists expected the Fed to buy between $80billion and $100 billion in assets per month under a new programto bolster the struggling economy, a Reuters poll found.-Reuters

Continued from page 5No #5

the pre-tax profit of the company surged to Rs804.915 millionduring the period under review as earning per share also climbedto a record Rs19.11.

Continued from page 5No #8

a decrease of 58.9 per cent YoY.The decline was mainly due to slow cement dispatches owing to

devastating floods which hampered construction activities. In addi-tion, globally, cement prices remained weak around $42 per tonnewhich further dragged the earnings down, as per TFD analyst.

On account of lower dispatches net sales fell by 2.9 per cent atRs1.75 billion as against Rs1.807 billion during 1QFY10. Grossprofit declined by 45.9 per cent to Rs253 million against Rs467million. Administrative expenses remained in control as they fallby only 0.9 per cent to Rs44 million compared with Rs44.5 mil-lion during same period last year. Distribution cost increased by23.8 per cent to Rs99 million as against Rs80 million recordedcorresponding period last year.

Continued from page 5No #9

posted record third-quarter profits that pointed to a strong year-end for the sector.

Continued from page 5No #6

The broader Topix fell 0.4 per cent to 814.33.Traders said the Nikkei initially gained support after the central

bank announced details of its asset-buying scheme unveiled on Oct.5. The BOJ said it would buy 1.5 trillion yen ($18.4 billion) in long-term government bonds and 2 trillion yen in short-term governmentsecurities. As widely expected, the BOJ decided to keep interestrates unchanged at a range of zero to 0.1 per cent by a unanimousvote. The central bank also said it would bring forward its next pol-icy board meeting to Nov. 4-5 from Nov. 15-16 to make arrange-ments to start buying exchange-traded funds and J-REITs at anearly date. Still, property-related shares fell after the BOJ said itplans to spend 50 billion yen to buy REITs as part of the asset-buy-ing scheme, disappointing some investors who had expected a larg-er purchase amount. Nippon Building Fund Inc fell 4.1 per cent to772,000 yen. Global shares prices have been under pressure asinvestors shift away from risk assets on speculation that US mone-tary easing will not be as pronounced as originally thought, and thishas also hurt stocks, some market participants said.

"Investors are selling stocks to lighten their risks on speculationabout the Fed. Global share prices have been under pressure andweighing on the Nikkei," said Kenichi Hirano, operating officer atTachibana Securities.-Reuters

Continued from page 5No #7

Energy issues were in demand as Shell, up 0.5 per cent, postedan 18 per cent jump in third-quarter profits thanks to higher oil andgas prices, setting a benchmark for the sector. Peer BG Groupadded 0.8 per cent after saying it had begun production from Tupi,one of its key fields, in the Santos basin off the coast of Brazil.Miners found support as investors switched out of the dollar fol-lowing recent strength boosting metal prices, with BHP Billitonthe best off, up 2.7 per cent.

Continued from page 5No #10

"But the market will not go down in a hurry. It will be rangebound in the near term, eyeing how theQE2 pans out," he said referring to the US Federal Reserve's expected second tranche of quantitativeeasing. He said he expects support at 5,900 points Nifty level. The benchmark BSE-30 index is up14.2 per cent year to date, but is down 0.6 per cent this month. Foreign funds have poured in $24.7billion in Indian equities so far this year, of which nearly half has arrived since the start of September.

So far in 2010, India's benchmark index has outperformed the broader MSCI's index of Asia ex-Japan stocks and MSCI's emerging markets index which have risen 10.4 per cent and 11.4 per centrespectively. Top mobile operator Bharti Airtel recouped 2.6 per cent after sliding 4.5 per cent over theprevious two sessions. Bharti and smaller rival Aircel are in a race to buy Qualcomm's wireless broad-band business in India, the Economic Times reported. Oil & Natural Gas Corp rose 0.4 per cent aheadof its quarterly earnings announcement likely after market hours, on hopes of robust performance.

The state-run explorer is expected to report a 15-per cent rise in quarterly net profit on higher oilprices and helped by an increase in gas price, a Reuters poll showed. -Reuters

Continued from page 5No #11

BOC shares closed up 2.2 per cent while larger rival ChinaConstruction Bank, which reports on Friday, rose 1.1 per cent.

Banking shares have seen strong interest from investors sincemid-September on robust loan growth, China's strong economyand as the broader markets rallied. Some traders and analysts,however, are concerned trade in the sector was getting a littlestretched, and are cautious about it in the short-term.

Insurers dragged down Shanghai markets, with China's key stockindex slipping 0.2 per cent on lighter volume. Disappointing earn-ings from Ping An weighed on the sector, with its shares falling 0.8per cent while rival China Life dropped 1.2 per cent. Insurers' earn-ings have been hit by uncertain conditions in the domestic market,but a rise in interest rates this month is expected to boost their returnsin the coming quarters as yields on bond investments rise.-Reuters

The UK blue-chip index drifted off a session peak above the 5,700 level late in the afternoon asWall Street turned lower after opening gains.-Reuters

fraternity played vital role in the recent past in restoration of democracy and rule of law in thecountry. Therefore, promotion of legal education and strengthening of legal institutions is of para-mount importance for the progress of our society, he added. -Agencies

Continued from page 1No #12

strengthening of trade relations between the two brotherly countries. It may be mentioned here thatthe cabinets of the two countries have accorded approval to the new Pak-Afghan Transit Trade whichwas formally signed by the two countries in Kabul Thursday. -Online

Continued from page 1No #13

bid. CJP said the Asian Development Bank in its report had leveled serious allegations, whichcould not be ignored. He said "We have to keep a collective thinking over such an issue of nationalimportance. If you succeed over the transparency issue, it will be good enough and if not we haveto depend upon petitioners."

Justice Ramday said out of 19 rental power plants (RPPs) only one was functional. "You shouldconsider the issue. On Feb 18 2008, the new government was set up, on Feb 24 RPPs were signedand on March 17 approval was given for release of Rs 30 billion. Probably, fall-out of the previousgovernment was telling upon you," he added while addressing the counsel.

Chief Justice remarked why alternate resources in the country were not used instead of bankingupon such costly projects. The case hearing was adjourned till November 29. -Agencies

Continued from page 1No #14

losses during the recent floods and needs to be accorded priority for not only rehabilitation of the landsbut also to re-engage the huge labour force that lost their livelihood due to devastation by the floods".

The President said that there was an urgent need for establishment of R&D (Research andDevelopment) facilities in Pakistan on the impact of climate change on agriculture so that any suchsituation in the future could be dealt with effectively. The President said that the government wasencouraging the farmers to sow canola in the flood affected areas by assisting them with seed, inputsand land preparation to make optimal utilization of the land.

The President said that the establishment of rain water harvesting and water lifting schemes inwater deficit areas for increasing agricultural productivity was another area where Pakistan neededassistance of international bodies especially FAO.Dr Jacques Diouf thanked the President for meet-ing and assured that the FAO would continue its operation in the agricultural sector and would con-tinue to assist the Government of Pakistan in overcoming the impacts of unprecedented havoc. -APP

Continued from page 1No #15

for flood relief and immediate foreign exchange needs.This was separate from the $11 billion IMF bailout programme, agreed in 2008.

Continued from page 1No #16

However, some solution has to be found to ensure running of plants at optimum capacity utilisa-tion. Average retail price of DAP during October 2010 stood at Rs2735 per bag compared to Rs2628per bag in September 2010. FFBL is expected to register DAP sale of 285,000 tonnes in 4QCY10as compared to an offtake of 172,000 tonnes during the corresponding quarter last year, a whoppinggrowth of 67.5 per cent YoY.For the first nine months of CY10 the Company posted profit after taxof Rs2.93 billion (EPS: Rs3.14) against profit of Rs1.8 billion (EPS: Rs1.93) for the correspondingperiod last year, a substantial growth of 62.4 per cent. The factors contributing to this stellar per-formance also include better DAP margin, lower financing cost and profit from Pakistan MarocPhosphore (PMP), a subsidiary of FFBL.

However, picture for the industry is not all that rosy for the industry as urea offtake during the4QCY10 is likely to be down by 14.4 per cent to 1.58 million tonnes against sale of 1.849 milliontones during the corresponding quarter last year.Against this, DAP offtake is expected to grow by9.2 per cent to 620,000 tonnes compared to 568,000 tonnes in 4QCY09. For the full year cumula-tive, urea offtake is likely to decline by 10.9 per cent to 5.77 million tonnes in CY10 compared to6.48 million tonnes in CY09.However, DAP sales is expected to decline by 20.2 per cent to 1.3 mil-lion tonnes as compared to 1.63 million tonnes in CY09.

Continued from page 1No #17

taken by the government for the improvement of national economy. The ambassador assured thefinance minister that his country would continue to support Pakistan in the field of trade and invest-ment.Senior officials of the ministry of finance were also present on the occasion. -APP

Continued from page 1No #18

On the other side, lower-than-expected result announcements by some fertiliser and insurance sec-tors stocks too triggered the selling wiped off all the gains the index had made during the day. Theindex did show some resistance for at least a couple of hours moving on both sides but eventuallysuccumbed to bears and closed red. Therefore during the last half an hour of the session it touchedan intra-day low of 10,617 points (-ive 86 points) and called it a day near this level.

"Most of the results announced including Engro, FFC, AICL, and UBL were slightly below expec-tation that's why investors preferred to trim their positions", an analyst said commenting onThursday's stock movements. Out of total 407 active issues 209 declined and 176 advanced while22 remained unchanged.

Continued from page 5No #19

annual general meeting which was presided by the Chairman Zubyr Soomro and the ManagingDirector Adnan Afridi while about 60-70 members attended the meeting. According to the details,members of the exchange raised many questions on the heavy expenses of the exchange includingbonuses for the MD despite substantial decline in exchange's income. It should be noted that profitafter tax of the exchange heavily fell by 78.3 per cent to Rs68.09 million in FY10 as compared to aprofit of Rs314.085 million in FY09. The total income of the exchange reduced to Rs730.55 milliondeclined Rs183 million as compared to a total income of Rs913.64 million in FY09.

However, the expenses of the exchange increased by Rs157.51 million to Rs692.22 million duringthe year as compared to the expense of Rs534.71 million in FY09. These expenses include a bonus ofRs11 million in FY10; and of Rs14.4 million in FY09 for the managing director of the exchange. It isworth mentioning here that MD Adnan Afridi's tenure is going to end on October 31 and according tosources he will not continue for the post due to his other commitments.The members of the exchangewere told that the management would try to reduce the expenses by 20-25 per cent through a numberof actions like reducing the employee benefits and other extra expenses while downsizing may also becarried out if needed. Further, a resolution was passed in the meeting that the Chairman of the HumanRecourse Committee of the exchange should be an elected member while it was also demanded tochange the auditors for the exchange but finally it was decided to retain the current auditors for FY11.

Continued from page 1No #20

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ISLAMABAD: Federal Minister for Interior Senator Rehman Malik addressing a press conference regarding Watan Card at Nadra Headquarter. -Online

ISLAMABAD: Pakistan onThursday expressed hope that dur-ing his forthcoming visit to India,US President Barack Obama wouldtake up issues that are central toensuring peace and stability in theregion.

Addressing weekly briefing here atForeign Office, spokesman AbdulBasit said," Pakistan hopes that theUS being a big power can play itsrole for regional peace".

Commenting on the Indian PrimeMinister's statement expressingreadiness for dialogue with Pakistanto resolve all issues, the spokesmanpointed out that there was markeddifference between what Indians sayand what they do.

He said had this not been the casethe two countries would surely havebeen able to normalise relations bysettling bilateral disputes includingJammu and Kashmir.

The spokesman said, "Dialoguedoesn't mean that we sit across thetable and reiterate our respectivepositions."

"Pakistan wants a meaningful andresult-oriented dialogue process andit will welcome if India movesbeyond rhetoric and blame game, butthere is nothing on the ground toinspire hope," he said.

The spokesman also pointed outthat India was killing innocentKashmiris and hoped that New Delhiwould bridge the gap between itswords and deeds.

Commenting on the IndianDefence Minister's remarks about ISIand its involvement in different inci-dents in his country, the spokesmansaid, "Unfortunately India seems tobe obsessed with the ISI and loses itscapacity to be objective."

He said India should shun the ten-dency of accusing ISI for all its

problems, including Naxalite insur-gency which is spread over a largenumber of Indian districts.

Replying to another question hereiterated Pakistan's stand that droneattacks constitute breach of its sover-eignty and the United States mustrevisit the policy that is also counter-productive. The spokesman told aquestioner that there was no linkagebetween American assistance forPakistan and operation in FATA. Thetwo countries are finalizing projectsthat would be funded throughAmerican assistance under Kerry-Lugar-Berman act, he added.

He hoped that the situation inAfghanistan would improve allow-ing project for import of gas fromTurkmenistan to complete.

He said, "Our missions are in touchwith those countries where majorityof Pakistanis are in jails to seek con-sular access to them." -Agencies

Pak pins peace hopeon Obama India visit

US can play role for regional peace: FO weekly briefing

LAHORE: PML-N Quaid NawazSharif has underscored the need toformulate a unanimous 25-yearagenda to steer the country out of theprevalent crisis.

Talking to media men at Lahoreafter meeting senior journalists ofSouth Asia Free Media Association,Sharif said "National reconciliationpolicy is need of the hour to take thecountry out of the crises."

He said to expect from an opposi-tion party to set a 25-year agenda forcountry is unprecedented anywherein the world but we believe that inorder to save the country a national

consensus is needed as we are allPakistanis. We are judges, generals,politicians and journalists, but afterwe are Pakistanis.

"Meesaq-e-Pakistan (PakistanCharter) is the name that I give to theagenda to be formulated soon inwhich all the stakeholders wouldhave their say", Sharif said.

Sharif said that a unanimous strat-egy would be hammered out for thegood of the nation, adding thateveryone should put his share intoPakistan Charter (Meesaq-e-Pakistan) to put the country on thepath of progress and prosperity.

He called to give due respect to theballot for the sovereignty of parlia-ment and the Constitution. When hisattention was diverted to the proba-ble merging of PML, Sharif asked,"Is it so, who is getting the partiesmerge?"

He said in his meeting in SAFMAit was decided that we would meetagain in a couple days to review theMeesaq-e-Pakistan agenda.

He said that all stakeholdersshould be included and no oneshould attempt to become a sacredcow than we can move forward. -Online

Sharif calls for ‘save Pak plan’‘N’ leader urges unanimous agenda for next 25 years

PAC seeksJinnah Park

tourist villagescam report

ISLAMABAD: SpecialCommittee of Public AccountsCommittee (PAC) taking noticeof awarding of contract oftourists village in Jinnah Park toZardari group has sought reportfrom ministry of tourism in thisconnection.

As per details, meeting of spe-cial committee of PAC presidedby Zahid Hamid was held hereon Thursday.

During the meeting audit offi-cials told that Pakistan TourismDevelopment Corporation start-ed establishment of tourist vil-lage in Jinnah Park with collab-oration of Cant Board in 1977.Tourist's village limited compa-ny was given the land at Rs0.8million at lease for 30 years butthe money has not yet beenrecovered from the company.

Audit objections werereviewed in DAC in which ithas been told that the companyissued the tender and giveresponsibility to Hakim AliZardari but he tried to constructa petrol pump as against the vil-lage.

The tourist village companyobjected the construction ofpetrol pump due to which theconstruction of the villagestopped.

The company raised the issuewith NAB but further action onthe issue stopped due toissuance of NRO. Now the com-pany has directed that NRO hasbeen abolished therefore thiscase should be reopened and thereport should be presented to thecommittee.

See # 2 Page 11

HANOI: Southeast Asian leaders,faced with rocketing exchange ratesthat risk destabilising their economies,called Thursday for more cooperationbetween regional central banks to calmthe currency tensions. While China haskept a tight grip on the yuan, manyemerging Asian economies have seentheir currencies soar against the USdollar, making their exports less com-petitive and inviting a massive inflowof foreign capital.

The leaders of Thailand and thePhilippines believe stronger coordina-tion would give Association ofSoutheast Asian Nations (Asean) coun-tries more clout as China and the UnitedStates trade blows over currency.

"It's important for us to be more coor-dinated and speak with one voice, par-ticularly with regard to things like cur-rency," said a spokesman for PhilippinePresident Benigno Aquino on the side-lines of the Asean summit.

Currency tensions were set to be ahot issue at the meeting of the 10-mem-ber Association of Southeast AsianNations, and wider 16-nation talksSaturday that also include China,

Japan, South Korea, Australia, Indiaand New Zealand.

Host nation Vietnam is something ofan anomaly as its dong currency isunder pressure amid spiraling inflation.

Aquino and Thailand's PrimeMinister Abhisit Vejjajiva discussedtheir concerns on rising exchange ratesat two-way talks Wednesday, saidspokesman Ricky Carandang.

"The agreement (with Abhisit) wasthat central bankers and finance minis-ters talk a little bit more frequentlybecause right now the actions have

See # 1 Page 11

Asia cbanks readyto boost coactions

Easing currency woes

WASHINGTON: Maintaining that itis for India and Pakistan to decide onthe pace and scope of their bilateralties, Obama Administration has saidthat its relationship with New Delhiwould be not be flourished at the costof Pakistan.

"The President Barack Obamabelieves that the US ties with India andthe US relationship with Pakistan doesnot take place within any kind of zero-sum dynamic," Deputy NationalSecurity Advisor for StrategicCommunication Ben Rhodes toldreporters.

However, it is often been viewed thatway in the past, that if the US becomecloser to one it's at the expense of theother, he noted.

"And we've tried to send the signalthat it's the opposite with this adminis-tration; that, in fact, actually you seethat borne out in the fact that we had avery successful strategic dialogue here,

with the Pakistanis in town last week,discussing greater security cooperationin governance and economic issues,"Rhodes said.

"As a part of that, the President metwith the Pakistani delegation andended up speaking to President AsifAli Zardari to discuss that strategic dia-logue and said that he'd very much liketo visit Pakistan next year and is plan-ning to visit Pakistan next year," hesaid.

I think the strategic dialogue speaksto the fact that we're cooperating close-ly with Pakistan just as this visit speaksto a deepening relationship withIndia," Rhodes said.

Under Secretary of State for PoliticalAffairs Bill Burns said the ObamaAdministration has always welcomeddialogue between India and Pakistanand certainly encouraged efforts toimprove relations between those two

See # 3 Page 11

US vows equalityin Pak, India ties

LONDON: Interior Minister RehmanMalik has assured the MQM chiefAltaf Hussain that exemplary punish-ment would be awarded to criminalsinvolved in Shershah incident andaffectees would be compensated.

Interior Minister Rehman Malik helda detailed telephonic conversation withMQM chief Altaf Hussain on theShershah incident.

MQM leader Altaf Hussain toldMalik that the culprits involved in theShershah incident are threatening theshopkeepers of Shershah scrap marketnot to open their shops again or elsethey will share the same fate as thedeceased.

Due to the threats shopkeepers areafraid to open their businesses andbecause of that they are facing finan-cial crunch and unable to provide food

to their families, he also said that it'sthe job of the provincial government totake effective immediate steps to pro-vide safety, and families of thedeceased should be given financialhelp and those injured in the incidentshould be treated on official level.

Interior Minister also assured theMQM leader that he shall go toKarachi himself to get the first handknowledge about the whole scenarioand will also advise the Karachiadministration to do a full inquiry andthat police and rangers should bedeployed at once in the area.

He also appreciated the measurestaken by MQM for ensuring peace inthe city and said that he is expectingthat in the future also PPP and MQMwould cooperate in making theKarachi situation better. -Online

Malik, Altaf agreeto go hand in hand

Minister assures to act against Shershah incident culprits

Attack onJapanese

consulate carleaves 2 hurtKARACHI: Two people,including a security guard andan embassy employee wereinjured when unknown armedmen attacked a vehicle of Japanconsulate in Cantonment Boardarea of the city.

Officials said the incidentoccurred near the Cantt Stationwhere two unidentified gunmenriding a motorbike opened fireon an official vehicle of Japan'sconsulate in Karachi, injuringtwo people sitting in the car.

The injured -- identified assecurity guard and an official ofthe consulate -- were immediate-ly rushed to Jinnah hospital fortreatment where medics saytheir condition was serious.

Talking to media men at thespot TPO Saddar, SSP JavedAkbar Riaz said that accordingto initial reports gathered fromthe injured persons, the guardand embassy employee werecoming from the moneyexchanger and stopped for pur-chasing the breads in Cantt areawhen a motorcyclist fired attheir vehicle as a result of whichboth consulate employees iden-tified as Gul Mohammad andGhulam Haider were injured.

TPO further said that he can-not say something about inci-dent before completion theinvestigation. -Online