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International Ogra likely to hike POL prices from Dec 1 Court stays President for letting off Aasia See on Page 12 Pak N-fuel kept US on toes: WikiLeaks See on Page 12 *Crude Oil (brent)$/bbl 85.94 *Crude Oil (WTI)$/bbl 84.04 *Cotton $/lb 114.10 *Gold $/ozs 1,361.80 *Silver $/ozs 26.79 Malaysian Palm $ 1,075 GOLD (NCEL) PKR 37,489 KHI Cotton 40Kg PKR 9,109 *Last Updated 20:00 PST Yearly(Jul, 2010 up to 26-Nov-2010) Monthly(Nov, 2010 up to 26-Nov-2010) Daily (26-Nov-2010) Total Portfolio Invest (19 Nov-2010) 161.20 56.48 -3.24 3796 0.94 -0.95 0.55 -0.60 -0.15 -0.02 0.23 SCRA(U.S $ in million) Portfolio Investment FIPI (29-Nov-2010) Local Companies (29-Nov-2010) Banks / DFI (29-Nov-2010) Mutual Funds (29-Nov-2010) NBFC (29-Nov-2010) Local Investors (29-Nov-2010) Other Organization (29-Nov-2010) (U.S $ in million) NCCPL GDR update Commodities Forex Reserves (19-Nov-10) Inflation CPI% (Jul 10-Nov 10) Exports (Jul 10-Nov 10) Imports (Jul 10-Nov 10) Trade Balance (Jul 10-Nov 10) Current A/C (Jul 10- Oct 10) Remittances (Jul 10-Nov 10) Foreign Invest (Jul 10-Oct 10) Revenue (Jul 10-Oct 10) Foreign Debt (Sep 10) Domestic Debt (Aug 10) Repatriated Profit (Jul- Oct 10) LSM Growth (Aug 10) GDP Growth FY10E Per Capita Income FY10 Population $16.85bn 14.17% $7.17bn $12.25bn $(5.08)bn $(533)mn $3.50bn $569mn Rs 411bn $58.41bn Rs 4863bn $203.80mn -3.85% 4.10% $1,051 171.18mn Economic Indicators Symbols MCB (1 GDR= 2 Shares) OGDC (1 GDR= 10 Shares) UBL (1 GDR= 4 Shares) LUCK (1 GDR= 4 Shares) HUBC (1 GDR= 25 Shares) $.Price 2.60 19.00 2.00 1.70 10.63 PKR/Shares 111.55 163.04 42.91 36.47 36.49 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) 15-Nov-2010 15-Nov-2010 15-Nov-2010 29-Nov-2010 29-Nov-2010 29-Nov-2010 29-Nov-2010 29-Nov-2010 29-Nov-2010 29-Nov-2010 29-Nov-2010 29-Nov-2010 29-Nov-2010 29-Nov-2010 29-Nov-2010 12.86% 13.20% 13.30% 14.00% 13.03% 13.14% 13.41% 13.73% 13.83% 13.70% 13.76% 13.88% 14.23% 14.34% 14.51% Money Market Update Symbols Buy (Rs) Sell (Rs) Australian $ 82.40 82.50 Canadian $ 83.80 83.90 Danish Krone 14.50 15.00 Euro 113.70 114.00 Hong Kong $ 10.90 11.00 Japanese Yen 1.003 1.029 Saudi Riyal 22.60 22.70 Singapore $ 65.60 65.70 Swedish Korona 12.65 12.75 Swiss Franc 86.95 87.05 U.A.E Dirham 23.05 23.50 UK Pound 134.00 135.00 US $ 85.60 85.90 Open Mkt Currency Rates Symbols Buying Selling TT Clean TT & OD Australian $ 82.66 82.85 Canadian $ 84.00 84.20 Danish Krone 15.22 15.26 Euro 113.50 113.77 Hong Kong $ 11.04 11.06 Japanese Yen 1.016 1.019 Saudi Riyal 22.85 22.90 Singapore $ 65.08 65.23 Swedish Korona 12.25 12.28 Swiss Franc 85.66 85.86 U.A.E Dirham 23.54 23.59 UK Pound 133.75 134.06 US $ 85.81 86.00 Inter-Bank Currency Rates Subscribe now Tel: 92-21-5311893-6 Fax: 92-21-5388428 Email: editor@ thefinancialdaily.com www.thefinancialdaily.com CITIES MAX-TEMP MIN ISLAMABAD 24°C 6°C KARACHI 30°C 13°C LAHORE 25°C 8°C FAISALABAD 25°C 8°C QUETTA 16°C -7°C RAWALPINDI 25°C 8°C Weather Forecast Index Close Change KSE 100 11,163.43 18.41 Nikkei 225 10,125.99 86.43 Hang Seng 23,166.22 288.97 Sensex 30 19,405.10 268.49 ADX 2,731.22 18.45 SSE COMP. 2,866.36 5.34 FTSE 100 5,594.60 74.10 *Dow Jones 11,021.31 70.69 *Last Updated 20:00 PST Global Indices Karachi, Tuesday, November 30, 2010, Zil Hajj 23, Price Rs12 Pages 12 Govt will complete its full five years: Sharmila RAWALAKOT: Prime Minister Syed Yousuf Raza Gilani along with UAE Health Minister His Excelency Dr Hanif Hassan Ali offering dua during the inauguration of Sheikh Zayed Hospital.-APP Special Correspondent/ Agencies RAWALAKOT: Prime Minister Syed Yousuf Raza Gilani Monday said his gov- ernment can be held account- able before the people only, for they elected it to power, added Pakistan's nuclear capability was a source of strength to the country. Addressing party workers here, PM Gilani said Pakistan Peoples Party (PPP) had fought anti-state elements to restore democracy. Prime Minister said his party also gave provincial autonomy to Gilgit-Baltistan, adding that Kashmir is an important issue of Pakistani foreign policy. Gilani also said the entire nation is united against the scourge of terrorism. He claimed that the Charter of Democracy signed between the PPP and Pakistan Muslim League Nawaz (PML-N) has been implemented by more than 80 per cent. The prime minister also asserted that the government will complete its 5-year tenure. He further said that the PPP respected political opposition and was open to constructive criticism. Referring to judiciary, he said that he respected it in the past and continues the prac- tice. "Iftikhar Chaudhry knows that PPP members experienced incarceration for the reinstate- ment of judiciary", the PM asserted. See # 12 Page 11 Govt accountable to public only: PM Pakistan nuclear capability a source of strength: Gilani UAE Health Minister calls on Prime Minister Special Correspondent LAHORE: State Bank of Pakistan (SBP) has decided to raise its policy rate by 50 basis points to 14 per cent with effect from today (Nov 30) because of persistent inflation due to gov- ernment borrowing from the central bank. This decision was taken at a meeting of SBP's Central Board of Directors held in Lahore; with SBP Governor Shahid H Kardar in the chair. This was the central bank's third consecutive hike in the past six months. The last one was on September 29 when it raised the rate, its overnight reverse repo, by 50 basis points to 13.5 per cent. SBP's efforts to counterbal- ance the rapid expansion in reserve money and arrest the rising inflation expectations would require an increase in the policy rate, State Bank of Pakistan said in its Monetary Policy Statement for the next two months while explaining the rationale behind the increase in policy rate. The statement said inflation is rising and showing persistence because of relentless govern- ment borrowing from the SBP. The rising Net Domestic Assets (NDA) to Net Foreign Assets (NFA) ratio of SBP balance sheet and its strong association with CPI inflation also suggest See # 8 Page 11 SBP ups key rate by 50bps to 14pc Monetary Policy for next 2-month stated Discount rate hiked for the third-time in 6 months ISLAMABAD: Pakistan said it considered the 'extremely negative reports' carried on Pakistan-Saudi relations attrib- uted to WikiLeaks as 'mislead- ing and contrary to facts'. "It is quite evident that these mischievous reports reveal the utter inadequacy of the author to grasp the essence of the Pakistan-Saudi relationship," Foreign Office spokesman Abdul Basit responded Monday to the WikiLeaks doc- uments that revealed on Sunday. The spokesman said Pakistan enjoys a very special and unique relationship with the Kingdom of Saudi Arabia, adding Pakistani leadership, government and the people held the leadership and the people of Saudi Arabia not only in very high esteem but as true friends and brothers. He mentioned that Saudi Arabia, King Abdullah Bin Abdul Aziz, the Royal family and the people of Saudi Arabia always stood by Pakistan. Basit said the national and international press carried excerpts from documents brought to public light by WikiLeaks, and said these doc- uments reportedly pertained to official communications with- in the US government sys- tem.FO criticised the release of classified US diplomatic cables that reportedly raise concerns that highly enriched uranium could be diverted from its nuclear program to build an illicit weapon Pakistan has always said it is confident its nuclear security is good enough to prevent this from happening - a stance sup- ported publicly by the US But classified cables released by online whistle-blower Wikileaks reportedly reveal the US has doubts and has clashed with Pakistan over the issue. "We condemn the irresponsi- ble disclosure of sensitive offi- cial documents," said Pakistani Foreign Ministry spokesman Abdul Basit. The king of Saudi Arabia reportedly called Pakistani President Asif Ali Zardari the greatest obstacle to the coun- try's progress, The New York Times said. "When the head is rotten, it affects the whole body," the newspaper quoted King Abdullah as saying. Presidential spokesman Farhatullah Babar dismissed the reported comment, saying "President Zardari regards Saudi King Abdullah as his elder brother." "The so-called leaks are no more than an attempt to create misperceptions between two important Muslim countries," he said. Pakistani Presidential spokesman Farhatullah Babar said "The so-called WikiLeaks tried to spoiled relations between Pakistan and Saudi Arabia." He said Pakistan and Saudi Arabia are two brother Islamic countries. He said the WikiLeaks cables are aimed at creating misunderstanding between the two countries. - Agencies Pak says info on Saudi ties misleading FO criticises WikiLeaks; Zardari regards King Abdullah as elder brother: spokesman PESHAWAR: Patron Pakistan Muslim League- Nawaz (PML- N) Nawaz Sharif has warned the government of severe action if corruption and bad gover- nance continues in the country. Addressing his party workers here Monday, Sharif maintained that "corruption rules the roost in Pakistan, and if the situation persists we will not sit silently". "Corrupts are being given key posts, inflation is on the rise; we will take action, we will not remain as silent spectators", Nawaz pledged. He said that the people would have been happier, had the judi- ciary been restored under Charter of Democracy and lamented over non-implemen- tation of court orders. "Musharraf is misguiding the people by telling lies", Sharif said. The PML-N chief said that he with the help of his party work- ers would take the country to greater heights and expedite the pace of progress. "I wish that the incumbent government completes its term", Nawaz claimed. -NNI Sharif gives govt a wake-up call Staff Reporter KARACHI: The business com- munity had rejected the decision of State Bank of Pakistan to increase the interest rates by 50 bps to 14 per cent. President Karachi Chamber of Commerce and Industry (KCCI), Muhammad Saeed Shafiq in a press statement crit- icised the decision of State Bank of Pakistan in the name to miti- gate risks to macroeconomic stability, which is absolutely rejected and baseless. Muhammad Saeed Shafiq said the upward revision would translate in multiplying the already sky-high inflation and increasing the cost of produc- tion that would further paralyze the already numb industries. President stressed that Government should control its money minting enterprises like PIA, Wapda, Railways, See # 9 Page 11 Traders flay key rate hike Govt must take other steps to cut inflation: brokers ISLAMABAD: Supreme Court Monday sought explanation from the private companies over charges of corruption in the rental power projects in Transparency International report. The counsel of private power providers Agha Tariq Rahim informed the court that the cost of the electricity generated by the private power companies will be Rs14 per unit. Chief Justice Iftikhar Chaudhry said this power will reach to the consumers at the cost of Rs18 per unit. The coun- sel replied that the government offering subsidy on power which will be supplied at the same rate. Justice Khalil-ur-Rehman Ramday said the people will suffer the burden of the subsidy, which will be given from the tax money. The court called explanation from Agha Tariq Rahim over the report of Transparency International. The counsel See # 10 Page 11 SC wants RPPs tariffs detailed Corruption charges Inflation decreases 0.9pc WoW Staff Reporter KARACHI: The Sensitive Price Indicator (SPI), for the week ended on November 25, for the lowest income group up to Rs3000, has registered decrease of 0.90 percent over the previous week. The SPI for the week under review in the above mentioned group was recorded at 298.77 points as against 301.48 points registered in the previous week, according provisional figures of Federal Bureau of Statistics (FBS). SPI for the combined group also registered decreased by 0.75 per cent as it fell down from 284.93 points in the previ- ous week to 282.78 points in the week under review. As compared to the corre- sponding week of last year, the SPI for the combined group in the week under review wit- nessed increase of 20.54 per cent. As compared to the last week, the SPI for the income groups ranging from Rs.3001- 5000, Rs.5001-12000 and above Rs.12000 decreased by 0.90 per cent, 0.81 per cent and 0.59 per cent respectively. During the week under review average prices of 13 items registered decrease, while that of 15 items increase See # 11 Page 11 Ministries Transfer PM chairs cabinet meet today ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani would chair Federal Cabinet meeting on Tuesday (today) in PM secretariat regarding transfer of five min- istries to Provinces under the 18th amendment. Chief Ministers of four provinces and all members of Parliamentary Implementation Commission will especially attend the meeting. See # 14 Page 11 Lankan team attack key suspect arrested LAHORE: Security officials have arrested a key suspect alleged- ly involved in the attack on the Sri Lankan cricket team in Lahore in March 2009. The suspect was picked up by officials from the Raiwind area of Lahore, reported a private TV channel. Security officials said the arrested suspect belonged to the banned outfit Lashkar-e-Jhangvi (LeJ) and was involved in a number of other terrorist activities. See # 13 Page 11 Musharraf reaches Jordan ISLAMABAD: Former presi- dent of Pakistan, Pervez Musharraf and members of his delegation joining from Pakistan, United Kingdom and United States arrived in Jordan as special guests of King Abdullah II. His majesty hosted lunch in See # 15 Page 11

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The Financial Daily Epaper

TRANSCRIPT

Page 1: The Financial Daily-Epaper-30-11-2010

International

Ogra likely to hike POL prices from Dec 1

Court stays President for letting off Aasia See on Page 12

Pak N-fuel kept US on toes: WikiLeaks See on Page 12

*Crude Oil (brent)$/bbl 85.94

*Crude Oil (WTI)$/bbl 84.04

*Cotton $/lb 114.10

*Gold $/ozs 1,361.80

*Silver $/ozs 26.79

Malaysian Palm $ 1,075

GOLD (NCEL) PKR 37,489

KHI Cotton 40Kg PKR 9,109

*Last Updated 20:00 PST

Yearly(Jul, 2010 up to 26-Nov-2010)

Monthly(Nov, 2010 up to 26-Nov-2010)

Daily (26-Nov-2010)

Total Portfolio Invest (19 Nov-2010)

161.20

56.48

-3.24

3796

0.94

-0.95

0.55

-0.60

-0.15

-0.02

0.23

SCRA(U.S $ in million)

Portfolio Investment

FIPI (29-Nov-2010)

Local Companies (29-Nov-2010)

Banks / DFI (29-Nov-2010)

Mutual Funds (29-Nov-2010)

NBFC (29-Nov-2010)

Local Investors (29-Nov-2010)

Other Organization (29-Nov-2010)

(U.S $ in million)

NCCPL

GDR update

Commodities

Forex Reserves (19-Nov-10)

Inflation CPI% (Jul 10-Nov 10)

Exports (Jul 10-Nov 10)

Imports (Jul 10-Nov 10)

Trade Balance (Jul 10-Nov 10)

Current A/C (Jul 10- Oct 10)

Remittances (Jul 10-Nov 10)

Foreign Invest (Jul 10-Oct 10)

Revenue (Jul 10-Oct 10)

Foreign Debt (Sep 10)

Domestic Debt (Aug 10)

Repatriated Profit (Jul- Oct 10)

LSM Growth (Aug 10)

GDP Growth FY10EPer Capita Income FY10Population

$16.85bn

14.17%

$7.17bn

$12.25bn

$(5.08)bn

$(533)mn

$3.50bn

$569mn

Rs 411bn

$58.41bn

Rs 4863bn

$203.80mn

-3.85%

4.10%

$1,051

171.18mn

Economic Indicators

Symbols

MCB (1 GDR= 2 Shares)

OGDC (1 GDR= 10 Shares)

UBL (1 GDR= 4 Shares)

LUCK (1 GDR= 4 Shares)

HUBC (1 GDR= 25 Shares)

$.Price

2.60

19.00

2.00

1.70

10.63

PKR/Shares

111.55

163.04

42.91

36.47

36.49

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)

15-Nov-2010

15-Nov-2010

15-Nov-2010

29-Nov-2010

29-Nov-2010

29-Nov-2010

29-Nov-2010

29-Nov-2010

29-Nov-2010

29-Nov-2010

29-Nov-2010

29-Nov-2010

29-Nov-2010

29-Nov-2010

29-Nov-2010

12.86%

13.20%

13.30%

14.00%

13.03%

13.14%

13.41%

13.73%

13.83%

13.70%

13.76%

13.88%

14.23%

14.34%

14.51%

Money Market Update

Symbols Buy (Rs) Sell (Rs)

Australian $ 82.40 82.50

Canadian $ 83.80 83.90

Danish Krone 14.50 15.00

Euro 113.70 114.00

Hong Kong $ 10.90 11.00

Japanese Yen 1.003 1.029

Saudi Riyal 22.60 22.70

Singapore $ 65.60 65.70

Swedish Korona 12.65 12.75

Swiss Franc 86.95 87.05

U.A.E Dirham 23.05 23.50

UK Pound 134.00 135.00

US $ 85.60 85.90

Open Mkt Currency Rates

Symbols Buying Selling

TT Clean TT & OD

Australian $ 82.66 82.85

Canadian $ 84.00 84.20

Danish Krone 15.22 15.26

Euro 113.50 113.77

Hong Kong $ 11.04 11.06

Japanese Yen 1.016 1.019

Saudi Riyal 22.85 22.90

Singapore $ 65.08 65.23

Swedish Korona 12.25 12.28

Swiss Franc 85.66 85.86

U.A.E Dirham 23.54 23.59

UK Pound 133.75 134.06

US $ 85.81 86.00

Inter-Bank Currency Rates

Subscribe now

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

www.thefinancialdaily.com

CITIES MAX-TEMP MIN

ISLAMABAD 24°C 6°C KARACHI 30°C 13°C LAHORE 25°C 8°C FAISALABAD 25°C 8°C QUETTA 16°C -7°C RAWALPINDI 25°C 8°C

Weather Forecast

Index Close Change

KSE 100 11,163.43 18.41

Nikkei 225 10,125.99 86.43

Hang Seng 23,166.22 288.97

Sensex 30 19,405.10 268.49

ADX 2,731.22 18.45

SSE COMP. 2,866.36 5.34

FTSE 100 5,594.60 74.10

*Dow Jones 11,021.31 70.69

*Last Updated 20:00 PST

Global Indices

Karachi, Tuesday, November 30, 2010, Zil Hajj 23, Price Rs12 Pages 12

Govt will complete itsfull five years: Sharmila

RAWALAKOT: Prime Minister Syed Yousuf Raza Gilani along with UAE Health Minister HisExcelency Dr Hanif Hassan Ali offering dua during the inauguration of Sheikh Zayed Hospital.-APP

Special Correspondent/Agencies

RAWALAKOT: PrimeMinister Syed Yousuf RazaGilani Monday said his gov-ernment can be held account-able before the people only, forthey elected it to power, addedPakistan's nuclear capabilitywas a source of strength to thecountry.

Addressing party workershere, PM Gilani said PakistanPeoples Party (PPP) hadfought anti-state elements to

restore democracy.Prime Minister said his party

also gave provincial autonomyto Gilgit-Baltistan, adding thatKashmir is an important issueof Pakistani foreign policy.Gilani also said the entirenation is united against thescourge of terrorism.

He claimed that the Charterof Democracy signed betweenthe PPP and Pakistan MuslimLeague Nawaz (PML-N) hasbeen implemented by morethan 80 per cent.

The prime minister also

asserted that the governmentwill complete its 5-year tenure.

He further said that the PPPrespected political oppositionand was open to constructivecriticism.

Referring to judiciary, hesaid that he respected it in thepast and continues the prac-tice.

"Iftikhar Chaudhry knowsthat PPP members experiencedincarceration for the reinstate-ment of judiciary", the PMasserted.

See # 12 Page 11

Govt accountableto public only: PM

Pakistan nuclear capability a source of strength: Gilani

UAE Health Minister calls on Prime Minister

Special CorrespondentLAHORE: State Bank ofPakistan (SBP) has decided toraise its policy rate by 50 basispoints to 14 per cent with effectfrom today (Nov 30) because ofpersistent inflation due to gov-ernment borrowing from thecentral bank.

This decision was taken at ameeting of SBP's Central Boardof Directors held in Lahore;with SBP Governor Shahid HKardar in the chair.

This was the central bank'sthird consecutive hike in thepast six months. The last onewas on September 29 when itraised the rate, its overnightreverse repo, by 50 basis pointsto 13.5 per cent.

SBP's efforts to counterbal-ance the rapid expansion inreserve money and arrest therising inflation expectationswould require an increase in thepolicy rate, State Bank ofPakistan said in its MonetaryPolicy Statement for the nexttwo months while explaining

the rationale behind the increasein policy rate.

The statement said inflation is

rising and showing persistencebecause of relentless govern-ment borrowing from the SBP.

The rising Net Domestic Assets(NDA) to Net Foreign Assets(NFA) ratio of SBP balance

sheet and its strong associationwith CPI inflation also suggest

See # 8 Page 11

SBP ups key rateby 50bps to 14pc

Monetary Policy for next 2-month stated

Discount rate hiked for the third-time in 6 months

ISLAMABAD: Pakistan saidit considered the 'extremelynegative reports' carried onPakistan-Saudi relations attrib-uted to WikiLeaks as 'mislead-ing and contrary to facts'.

"It is quite evident that thesemischievous reports reveal theutter inadequacy of the authorto grasp the essence of thePakistan-Saudi relationship,"Foreign Office spokesmanAbdul Basit respondedMonday to the WikiLeaks doc-uments that revealed onSunday.

The spokesman said Pakistanenjoys a very special andunique relationship with theKingdom of Saudi Arabia,adding Pakistani leadership,government and the peopleheld the leadership and thepeople of Saudi Arabia notonly in very high esteem but astrue friends and brothers.

He mentioned that SaudiArabia, King Abdullah BinAbdul Aziz, the Royal familyand the people of Saudi Arabiaalways stood by Pakistan.

Basit said the national and

international press carriedexcerpts from documentsbrought to public light byWikiLeaks, and said these doc-uments reportedly pertained toofficial communications with-in the US government sys-tem.FO criticised the release ofclassified US diplomaticcables that reportedly raiseconcerns that highly enricheduranium could be divertedfrom its nuclear program tobuild an illicit weapon

Pakistan has always said it isconfident its nuclear security is

good enough to prevent thisfrom happening - a stance sup-ported publicly by the US Butclassified cables released byonline whistle-blowerWikileaks reportedly revealthe US has doubts and hasclashed with Pakistan over theissue.

"We condemn the irresponsi-ble disclosure of sensitive offi-cial documents," said PakistaniForeign Ministry spokesmanAbdul Basit.

The king of Saudi Arabiareportedly called Pakistani

President Asif Ali Zardari thegreatest obstacle to the coun-try's progress, The New YorkTimes said.

"When the head is rotten, itaffects the whole body," thenewspaper quoted KingAbdullah as saying.

Presidential spokesmanFarhatullah Babar dismissedthe reported comment, saying"President Zardari regardsSaudi King Abdullah as hiselder brother."

"The so-called leaks are nomore than an attempt to create

misperceptions between twoimportant Muslim countries,"he said.

Pakistani Presidentialspokesman Farhatullah Babarsaid "The so-called WikiLeakstried to spoiled relationsbetween Pakistan and SaudiArabia."

He said Pakistan and SaudiArabia are two brother Islamiccountries. He said theWikiLeaks cables are aimed atcreating misunderstandingbetween the two countries. -Agencies

Pak says info on Saudi ties misleadingFO criticises WikiLeaks; Zardari regards King Abdullah as elder brother: spokesman

PESHAWAR: Patron PakistanMuslim League- Nawaz (PML-N) Nawaz Sharif has warnedthe government of severe actionif corruption and bad gover-nance continues in the country.

Addressing his party workershere Monday, Sharif maintainedthat "corruption rules the roostin Pakistan, and if the situationpersists we will not sit silently".

"Corrupts are being given keyposts, inflation is on the rise;we will take action, we will notremain as silent spectators",Nawaz pledged.

He said that the people wouldhave been happier, had the judi-ciary been restored underCharter of Democracy andlamented over non-implemen-tation of court orders.

"Musharraf is misguiding thepeople by telling lies", Sharif said.

The PML-N chief said that hewith the help of his party work-ers would take the country togreater heights and expedite thepace of progress.

"I wish that the incumbentgovernment completes itsterm", Nawaz claimed. -NNI

Sharif gives govta wake-up call

Staff Reporter

KARACHI: The business com-munity had rejected the decisionof State Bank of Pakistan toincrease the interest rates by 50bps to 14 per cent.

President Karachi Chamber ofCommerce and Industry(KCCI), Muhammad SaeedShafiq in a press statement crit-icised the decision of State Bankof Pakistan in the name to miti-gate risks to macroeconomic

stability, which is absolutelyrejected and baseless.

Muhammad Saeed Shafiq saidthe upward revision wouldtranslate in multiplying thealready sky-high inflation andincreasing the cost of produc-tion that would further paralyzethe already numb industries.

President stressed thatGovernment should control itsmoney minting enterprises likePIA, Wapda, Railways,

See # 9 Page 11

Traders flaykey rate hike

Govt must take other steps to cut inflation: brokers

ISLAMABAD: Supreme CourtMonday sought explanation fromthe private companies overcharges of corruption in the rentalpower projects in TransparencyInternational report.

The counsel of private powerproviders Agha Tariq Rahiminformed the court that the costof the electricity generated bythe private power companieswill be Rs14 per unit.

Chief Justice IftikharChaudhry said this power willreach to the consumers at the

cost of Rs18 per unit. The coun-sel replied that the governmentoffering subsidy on powerwhich will be supplied at thesame rate.

Justice Khalil-ur-RehmanRamday said the people willsuffer the burden of the subsidy,which will be given from the taxmoney.

The court called explanationfrom Agha Tariq Rahim over thereport of TransparencyInternational. The counsel

See # 10 Page 11

SC wants RPPstariffs detailed

Corruption charges

Inflationdecreases

0.9pc WoWStaff Reporter

KARACHI: The SensitivePrice Indicator (SPI), for theweek ended on November 25,for the lowest income group upto Rs3000, has registereddecrease of 0.90 percent overthe previous week.

The SPI for the week underreview in the above mentionedgroup was recorded at 298.77points as against 301.48 pointsregistered in the previous week,according provisional figuresof Federal Bureau of Statistics(FBS).

SPI for the combined groupalso registered decreased by0.75 per cent as it fell downfrom 284.93 points in the previ-ous week to 282.78 points inthe week under review.

As compared to the corre-sponding week of last year, theSPI for the combined group inthe week under review wit-nessed increase of 20.54 percent.

As compared to the lastweek, the SPI for the incomegroups ranging from Rs.3001-5000, Rs.5001-12000 andabove Rs.12000 decreased by0.90 per cent, 0.81 per cent and0.59 per cent respectively.

During the week underreview average prices of 13items registered decrease,while that of 15 items increase

See # 11 Page 11

Ministries Transfer

PM chairscabinet meet

todayISLAMABAD: PrimeMinister Syed Yousuf RazaGilani would chair FederalCabinet meeting on Tuesday(today) in PM secretariatregarding transfer of five min-istries to Provinces under the18th amendment.

Chief Ministers of fourprovinces and all members ofParliamentary ImplementationCommission will especiallyattend the meeting.

See # 14 Page 11

Lankan team attackkey suspect arrested

LAHORE: Security officials have arrested a key suspect alleged-ly involved in the attack on the Sri Lankan cricket team in Lahorein March 2009.

The suspect was picked up by officials from the Raiwind area ofLahore, reported a private TV channel.

Security officials said the arrested suspect belonged to thebanned outfit Lashkar-e-Jhangvi (LeJ) and was involved in anumber of other terrorist activities.

See # 13 Page 11

Musharrafreaches JordanISLAMABAD: Former presi-dent of Pakistan, PervezMusharraf and members of hisdelegation joining fromPakistan, United Kingdom andUnited States arrived in Jordanas special guests of KingAbdullah II.

His majesty hosted lunch in See # 15 Page 11

Page 2: The Financial Daily-Epaper-30-11-2010

2 Tuesday, November 30, 2010

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TUESDAY

Time Programmes7:00 News

8:00 News

9:05 Subah Savere Maya ke Sath

11:00 News

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13:10 Newsbeat (Rpt)

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17:30 Samaa Metro

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ISLAMABAD: EtihadAirways reported prof-itable earnings beforeinterest, taxation, depreci-ation, amortization andrentals (EBITDAR) for2010, said ChiefExecutive Officer JamesHogan, marking an impor-tant step forward in theairline's journey towardsfull break-even in 2011and profitability in 2012.

This will be achieveddespite heavy investmentin new routes, fleet andinfrastructure. All indica-tors show that these tar-gets are in sight.

Hogan was speaking at a

financial road-show eventin London, attended bymore than 170 representa-tives of banks and otherfinancial institutions. Thisroad-show was a part ofthe airline's regular inter-actions with the interna-tional financial communi-ty. Etihad laid out its busi-ness strategy for thefuture highlighting itscommercial performancesince its inception sevenyears ago.

Amer N Khan, CountryManager, Etihad AirwaysPakistan added that; "Ourteam in Pakistan is proudto play a vital role in the

overall development andensuring healthy profit forEtihad Airways. He fur-ther added that the growthof Abu Dhabi, both as aglobal tourist and busi-ness destination, is play-ing a critical role in ourdevelopment. Our share-holders expect a returnand we will deliver thatreturn."

Etihad's financial road-shows are part of the air-line's commercial fund-raising program andEtihad regularly updatesthe financial communityon the performance of thebusiness.-NNI

Etihad profits’ up

Staff Reporter

KARACHI : The 9thPhase of SkillDevelopment Training(SDT) under PakistanReadymade GarmentManufacturers andExporters Association's(PRGMEA) skills-develop-ment project would belaunched next week.

The project GENPROM -Gender promotion in gar-ment and clothing industrythrough skills developmenthas been funded by UnitedNation's DevelopmentProgramme (UNDP) isbeing held at PakistanReadymade GarmentsTechnical Training Institute(PTGTTI), said Maham

Sadique of PRGTTI.The duration of the SDT

project is for 3.5 monthsduring, which fresh gradu-ates preferably with engi-neering background aretrained in theory and practi-cal course work, which isdesigned by KSA-Technopak, India (theworld renowned experts inthe garment/apparel sec-tor). The project has beensuccessfully implementedin 48 garments manufactur-ing units across Pakistan:Karachi, Lahore andFaisalabad and has trainedmore than 487 MasterTrainers/middle manage-ment professionals and8081 workers. Project hasdelivered complete training

system, course curriculum,manuals and consultingguidelines to these facto-ries. Training manuals havealso been translated inUrdu language to transferappropriate knowledge andskills to less literate work-ers of the industry, Mahaminformed.

"Garments and made-upsare no doubt a profitableindustrial sector, but unfor-tunately skill-gap stillexists in the industry out ofwhich majority of thelabour force comprises ofunskilled labour", she saidadding that with suchstrong global competition,Pakistan needs to competeon quality and timelydelivery.

UNDP to traingarment units

TUESDAY

Time Programmes8:00 Chai Time (Rpt)

9:00 News

9:15 Pehla Sauda

10:00 News

10:15 Bazaar

11:00 News

11:05 Ghar Ka Kharch

12:00 News

12:15 Power Lunch

13:00 News

13:05 Islamabad Say (Rpt)

14:00 News

15:02 Akhri Sauda

15:30 Tax Time (Rpt)

16:15 Karobari Dunya

17:05 Ghar Ka Kharch(Rpt)

18:05 Chai Time

19:00 News

19:05 Aap Ka Paisa

19:30 Mang Raha Hai Pakistan

20:00 News

20:05 Islamabad Say

21:00 Pakistan Aaj Raat

22:00 News

22:05 Doosra Pehlu

23:00 News

23:05 Kamyab (Rpt)

0:00 News

ZONG’snew offerreceives

goodresponse

KARACHI: ZONGreceived an overwhelmingresponse to its '100 pay100' offer - a special cam-paign to reward subscriberseach time they rechargetheir balance. The '100 pay100' offer, as the name sug-gests, effectively doublesthe balance of ZONG's pre-paid subscribers automati-cally every time they re-charge it using Rs. 100 ormore denomination scratchcards/mini load.

According to a statementissued here, ZONG cus-tomers, on every load ofRs. 100, will get 100 percent extra recharge in theform of free minutes whichcan be used according totheir tariff plan. 80 per centof the balance can be usedto make on net calls while20per cent can be used tomake off net calls, the freebalance can be used withinthree days.-PR

1280thUrs of

AbdullahShah Ghaziconcludes

KARACHI: The ChiefMinister of Sindh, SyedQaim Ali Shah, here onMonday attended the con-cluding ceremony of the1280th annual Urs ofAbdullah Shah Ghazi.

On the occasion, he alsolaid a floral wreath andoffered `Fateha'. The ChiefMinister also prayed for theprogress and prosperity ofthe country.

Provincial AuqafMinister, Abdul HafeezKhan, Adviser to CM,Siddiqe Abu Bhai,Secretary Works andService, Mukhtiar AhmedSoomro, and ChiefAdministrator Auqaf Sindhwere also present on theoccasion.

The Chief Minister alsoinspected the security sys-tem at the premises of theMazar.

The Secretary Works andServices, Mukhtar AhmedSoomro, briefed SyedQaim Shah about the reno-vation, expansion andsecurity work at theMazar.-APP

Awardfor Allied

BankKARACHI: Allied Bankhas been awarded the"27th CorporateExcellence Award" inFinancial Category byManagement Associationof Pakistan (MAP). TheBank has won this presti-gious award for the secondconsecutive year.

Khalid A Sherwani,CEO, Allied Bankreceived the award fromDr Ishrat Husain, Dean &Director, Institute ofBusiness Administration(IBA) and ex-GovernorState Bank of Pakistan, ata ceremony held hererecently. Also present onthe occasion were WaqarA Malik, President MAPand Sarfaraz A Rehman,Chairman, CorporateExcellence Awards Sub-Committee.

Allied Bank was pre-sented with this award inrecognition of itsCorporate Governance andoverall management bestpractices such as IT infra-structure; strategic plan-ning and communication;leadership; corporatesocial responsibility; cus-tomer and market focus;human resource; and riskmanagement practices.

Established in 1942,Allied Bank today standson a solid foundation ofover 63 years of its exis-tence having strong equity,assets and deposits base.

With a network of 789branches in over 300 citiesand towns offering real-time online banking, AlliedBank offers a full range ofretail, commercial and cor-porate banking serviceswith a focus on servicedelivery through technolo-gy.-NNI

ISLAMABAD: The Pakistan BusinessCouncil (PBC) a private sector businesspolicy think tank cum advocacy groupsupports an across the board implementa-tion of the Revised Sales Tax in theCountry.

According to press release issued hereon Monday, the PBC members whichrepresent 30 of Pakistan's largest businessgroups including multinationals are of theopinion that an across the board imple-mentation of Sales Tax will lead to a

greater documentation of the economy.This greater documentation should leadto higher tax collection and this highertax collection it is hoped will provide thegovernment with the fiscal space requiredto lower tax rates in due course.

The PBC supports the RGST Bill,which has recently been laid beforeParliament and calls on all organisations /individuals who want an equitable distri-bution of the tax burden to support theproposed legislation.-Online

Pak Business Councilbacks Reformed GST

KARACHI: A group photo of NationalConvention Junior Chambers International

President Israr Ulallah Khan. Along with AnwarKashif Mumtaz, Mouhmmad Zubair, Wasif Iqbal,

Nadeem Ahmed and others.-Staff Photo

KARACHI: Outgoing Commander Pakistan Fleet Vice Admiral Tanveer Faiz formally handing overthe command to the newly appointed Fleet Commander Vice Admiral Abbas Raza.-APP

ISLAMABAD: Interior Minister Senator A RehmanMalik in a meeting with Mufti Muneeb-ur-Rehmanand Qari Hanif Jalandhari of Ittehad Tanzeemat-e-

Madaras Pakistan at Ministry of interior.-APP

KARACHI: A group photo after the charity concertorganised by German Consulate for the flood

victims in Pakistan. Seen in the picture is ActingConsul General Dieter Freund at the German

Consulate General. Staff Photo

KARACHI: Waseem Ahmed, Director GeneralFederal Investigation Agency (FIA) addressing themembers of the Stock Exchange on his visit to the

KSE for meeting with the management and themembers of KSE.-Staff Photo

KARACHI: Federal Minister for Science andTechnology Muhammad Azam Khan Swati,

Incharge DG, PSQCA Arshad Virkh, M UmarGhauri Award Coordinator, Khursheed Abbasi

President KUJ and others speaking on the eve ofQuality Standards Award.-Staff Photo

NA body oninfo meets

todayISLAMABAD: Meetingof National Assembly'sStanding Committee onInformation & Broadcasthas been summoned tomeet on Tuesday in whichthe committee will lookinto the complaint receivedby APNS regarding irregu-larity and embezzlement inthe electronic and printmedia on the governmentpolicy for issuance ofadvertisement.

It was learned that thismeeting was called bychairperson standing com-mittee Neelam Hussain onthe complained received byAPNS but surprisingly norepresentative of the APNSwas invited.

Secretariat nationalassembly issued the agendain which 6 points were tobe discussed in the standingcommittee and a reply isasked from the ministry ofinformation to give detailsof the advertisement policyfor print and electronicmedia, and why advertise-ments are being allotted todummy news papers whichdon't even exist.-Online

OFFICE OF THEPROGRAMME MANAGER

HEPATITIS PREVENTION &CONTROL PROGRAM, SINDH

(CHIEF MINISTER'S INITIATIVE) @DIRECTORATE GENERAL HEALTH

SERVICES SINDH, HYDERABADPHONE NO. 022-2671693 FAX NO. 022-2671696.

www.hpcp.com.pk

EXPRESSION OF INTEREST

Government of Sindh has launched major tilted CMYs InitiativeHepatitis Free Sindh to prevent and control the Hepatitis in Sindh. To cre-ate the awareness among the masses to stop the spread of Hepatitis inSindh. Eol required from the reputable firms/ organization for launchingpublic awareness campaign in print & electronic media. In vinyl posters/bus panels, Floats (All over Sindh) giveaways etc:I. The interested parties should apply along with followinginformation:II. Detailed Profile of company including name, registeredaddress, telephone / fax numbers(s) email address and year of establishment.III. Income Tax Certificate.

Rates for 30 to 60 seconds of Radio and T.V, and rates for Posters,Hoardings, Floats, Banners, Bus panels may be quoted nominal rates.

The interested parties should submit their Financial and Technical propos-als to the office of undersigned latest by 24th of December 20 10 at 11:00A.M. On the same day technical proposal shall be opened before the com-mittee and Representative of Firms on same day at 12:OO Noon. Final pro-posals will be opened after evaluations of technical proposals.

The chairman committee reserves the right to accept or reject any / allbe applications subject to provision of relevant class of SPR Rules 2010.

Note: Assignment to successor firm will be awarded for two years 2010- 11 & 2011 - 2012.

PROGRAME MANAGER

HEPATITIS PREVENTION &

CONTROL PROGRAM SINDH

CHIEF MINISTER'S INITIATIVE

HYDERABADINF-KRY 4023/10

Rs71mn tokeep Quaid

tomb ingood shapeISLAMABAD: Quaid-e-Azam MazarManagement Board(QMMB) here onMonday approvedRs71.178 million forfinancial year 2010-2011for the maintenance ofQuaid-e-Azam mau-soleum.

Federal Minister forEnvironment HameedUllah Jan Afridi chairedthe meeting and said thatQuaid-e-Azam Mazar isour national monumentand all possible resourcesneeded to be utilized topreserve this asset. He saidthat QMMB may expediteits affective role to admin-ister related issues on sus-tainable basis.-APP

Page 3: The Financial Daily-Epaper-30-11-2010

MUMBAI: The Indian rupeeslid to more than a 10-weeklow after having traded firmthrough most of the session onMonday as late losses in theeuro and month-end dollardemand from oil refiners andimporters weighed.

The partially convertiblerupee closed at 45.93/94 perdollar, after touching 45.94, itslowest since Sept. 17 and 0.2per cent below its 45.84/85close last Friday.

"The euro crashed in latetrade, and along with that, thebroad dollar strength versusmajors further pushed rupee tofresh lows. A lot of dollarshort-covering was triggeredby the euro's fall," said VikasChittiprolu, a senior forex deal-er with state-run Andhra Bank.

"There was good two-wayinterest through the day.Exporters came out to sell, butgood month-end bids from oiland other importers hurt. Iexpect the rupee to hold in45.50-46.10 range this week,"Chittiprolu added.

Traders said some inflows

were also seen towards theManganese Ore India's initialshare sale, currently underway. Gains in shares, however,prevented a further sharp slidein the rupee, dealers said.

One-month offshore non-deliverable forward contractswere at 46.23, weaker than theonshore spot rate, suggesting abearish near-term outlook.

In the currency futures mar-ket, the most traded near-month dollar-rupee contract onthe National Stock Exchange,MCX-SX and United StockExchange closed at 46.1825,46.1875 and 46.19 respective-ly, with total traded volume onthe three exchanges at a low$5.5 billion. -Reuters

Indian rupee weakens;dollar demand hurts

3Tuesday, November 30, 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 29/11/2010

A USD GBP CAD EUR JPY

O/N 0.23250 0.55313 0.97167 0.38875 SN 0.09188

1WK 0.25203 0.55938 1.01167 0.53875 0.10125

2WK 0.25375 0.56500 1.05250 0.62625 0.10750

1MO 0.25750 0.57625 1.08833 0.75125 0.12000

2MO 0.27750 0.62938 1.14833 0.85000 0.14750

3MO 0.29594 0.73875 1.22083 0.96750 0.18750

4MO 0.34500 0.82250 1.29500 1.03000 0.25000

5MO 0.40375 0.92875 1.36000 1.11000 0.30625

6MO 0.45906 1.03125 1.43417 1.20625 0.35563

7MO 0.51281 1.10875 1.50000 1.25250 0.41000

8MO 0.56563 1.19250 1.57167 1.30375 0.45500

9MO 0.61500 1.27500 1.63583 1.35125 0.50125

10MO 0.66688 1.35125 1.70667 1.39875 0.53000

11MO 0.72313 1.42000 1.79500 1.44500 0.55875

12MO 0.78494 1.48688 1.88583 1.49000 0.58875

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

U.S.A. 86.10 85.90 85.71U.K. 134.37 134.06 133.75EURO 114.03 113.77 113.50CANADA 84.40 84.20 83.98SWITZERLAND 86.06 85.86 85.64AUSTRALIA 83.04 82.85 82.63SWEDEN 12.30 12.28 12.24JAPAN 1.02 1.02 1.02NORWAY 14.00 13.97 13.93SINGAPORE 65.38 65.23 65.06DENMARK 15.29 15.26 15.22SAUDI ARABIA 22.96 22.90 22.84HONG KONG 11.09 11.06 11.04CHINA 12.91 12.88 12.85KUWAIT 305.53 304.82 304.02MALAYSIA 27.32 27.25 27.18NEW ZEALAND 64.42 64.27 64.10QATAR 23.65 23.59 23.53U.A.E. 23.44 23.39 23.32KR WON 0.07 0.07 0.07THAILAND 2.85 2.84 2.83

London Inter Bank Offered Rates (LIBOR)

Name Bid Ask High Low

EUR-USD 1.3083 1.3085 1.3299 1.3063

ESD-CHF 1.3124 1.3128 1.3322 1.3117

GBP-USD 1.5538 1.5542 1.5644 1.5529

USD-CAD 1.0238 1.0243 1.0255 1.0169

AUD-USD 0.9592 0.9595 0.9698 0.9570

EUR-JPY 110.4000 110.4500 111.7500 110.2800

EUR-GBP 0.8422 0.8426 0.8521 0.8410

EUR-CHF 1.3133 1.3137 1.3322 1.3117

GBP-JPY 131.0800 131.1400 131.3500 1.3092

CHF-JPY 84.0500 84.1100 84.1300 83.7600

CAD-CHF 0.9797 0.9801 0.9865 0.9784

Gold 1361.5700 1361.8500 1367.8900 135.9100

Silver 26.7400 16.8000 27.1200 26.4900

As per 22.00 PST

Time Source Events Forecast Previous

NZD Trade Balance -319M -416M -457M

JPY Retail Sales y/y -0.2% 0.8% 1.4%

GBP Final Mortgage Approvals 47K 47K 44K

CAD Current Account -17.5B -14.9B -13.0B

CAD RMPI m/m 1.7% 1.0% -0.5%

CAD IPPI m/m 0.5% 0.2% 0.3%

Source Events Actual Forecast Previous

4:15 JPY Manufacturing PMI 47.2

4:30 JPY Unemployment Rate 5.0% 5.0%

4:50 JPY Prelim Industrial Production m/m -2.6% -1.6%

5:01 GBP GfK Consumer Confidence -19 -19

5:30 AUD Current Account -6.6B -5.6B

10:00 JPY Housing Starts y/y 10.0% 17.7%

15:00 EUR CPI Flash Estimate y/y 1.9% 1.9%

15:00 EUR Unemployment Rate 10.1% 10.1%

18:30 CAD GDP m/m 0.1% 0.3%

19:00 USD S&P/CS Composite-20 HPI y/y 1.2% 1.7%

19:45 USD Chicago PMI 60.1 60.6

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 Dec 09 2010 Mar 05 2009 0.50%

Bank of Japan Dec 21 2010 Dec 19 2008 0.10%

European Central Bank Dec 02 2010 May 07 2009 1%

Federal Reserve Dec 14 2010 Dec 16 2008 0.25%

Swiss National Bank Dec 16 2010 Mar 12 2009 0.25%

The Reserve Bank of Australia Dec 07 2010 Nov 02 2010 4.75%

Major Central Banks Overview

Division of National Bank of Pakistan (NBP)KARACHI, November 29,2010 Treasury Management Division of National Bankof Pakistan (NBP) Monday issued the following Exchange rates:

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

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

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

ABLN 12.50 13.00 12.50 13.05 12.60 13.10 12.90 13.15 13.10 13.30 13.15 13.65 13.20 13.70 13.30 13.80

JSBL 12.70 13.20 12.70 13.20 12.75 13.25 12.90 13.15 13.20 13.40 13.35 13.85 13.35 13.85 13.50 14.00

ASPK 12.50 13.00 12.60 13.10 12.65 13.15 12.90 13.15 13.20 13.45 13.30 13.80 13.35 13.85 13.45 13.95

CIPK 12.40 12.90 12.40 12.90 12.50 13.00 12.90 13.15 13.30 13.55 13.30 13.80 13.40 13.90 13.50 14.00

DBPK 12.15 12.65 12.20 12.75 12.30 12.80 12.75 13.00 12.90 13.15 13.15 13.65 13.25 13.75 13.35 13.85

FBPK 12.60 13.10 12.65 13.15 12.55 13.05 12.80 13.05 13.20 13.45 13.25 13.75 13.30 13.80 13.40 13.90

FLAH 12.40 12.90 12.40 12.90 12.50 13.00 12.85 13.10 13.10 13.35 13.20 13.70 13.30 13.80 13.40 13.90

HBPK 12.40 12.90 12.40 12.95 12.50 13.00 12.90 13.15 13.15 13.40 13.20 13.70 13.30 13.80 13.40 13.90

HKBP 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

NIPK 12.60 13.10 12.60 13.10 12.75 13.25 13.00 13.25 13.15 13.40 13.25 13.75 13.35 13.85 13.45 13.95

HMBP 12.50 13.00 12.50 13.05 12.65 13.15 12.95 13.20 13.20 13.40 13.20 13.70 13.35 13.85 13.45 13.95

SAMB 12.35 12.85 12.30 12.85 12.40 12.90 12.85 13.10 13.10 13.30 13.10 13.60 13.30 13.80 13.35 13.85

MCBK 12.25 12.75 12.30 12.80 12.40 12.90 12.90 13.15 13.20 13.40 13.25 13.75 13.35 13.85 13.50 14.00

NBPK 12.60 13.10 12.50 13.00 12.60 13.10 12.90 13.15 13.10 13.30 13.20 13.70 13.40 13.90 13.60 14.10

SCPK 12.50 13.00 12.30 12.80 12.35 12.85 12.70 12.95 12.95 13.20 13.10 13.60 13.20 13.70 13.30 13.80

UBPL 12.45 12.95 12.40 12.90 12.50 13.00 12.90 13.15 13.20 13.45 13.30 13.80 13.35 13.85 13.40 13.90

AVE 12.47 12.97 12.47 12.97 12.53 13.03 12.89 13.14 13.16 13.41 13.23 13.73 13.33 13.83 13.42 13.92

Karachi Inter Bank Offered Rates (KIBOR)

Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)29/11/2010

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

1 week -0.78 -0.38 -0.20 -0.38 -0.58 -0.74 -0.64 0.131 month -0.58 -0.65 -0.88 -0.12 -0.88 -0.64 -0.35 0.413 months -0.75 -0.74 -0.79 -0.42 -0.81 -0.65 -0.66 0.616 months -0.91 0.40 -0.69 -0.26 -0.91 -0.91 -0.84 0.551 year -0.61 0.67 0.28 0.59 -0.08 -0.40 -0.65 0.142 years -0.63 0.71 0.27 0.66 -0.02 -0.20 -0.62 0.57

Currencies CorrelationUSD/JPY

KASB BMA ELXIR GSL ICSL JSCM AvgRate

0-7days 12.90 12.80 12.65 12.50 12.70 12.70 12.71

8-15dys 12.60 12.60 12.70 12.60 12.50 12.60 12.60

16-30dys 12.60 12.70 12.75 12.65 12.75 12.60 12.68

31-60dys 12.70 12.80 12.85 12.80 12.80 12.75 12.78

61-90dys 12.70 12.85 12.90 12.90 12.90 12.90 12.87

91-120dys 13.00 13.00 13.05 13.00 13.05 13.10 13.03

121-180dys 13.20 13.20 13.24 13.28 13.20 13.25 13.24

181-270dys 13.30 13.25 13.28 13.35 13.30 13.30 13.30

271-365dys 13.30 13.30 13.35 13.40 13.40 13.45 13.38

2-- years 13.48 13.40 13.55 13.47 13.50 13.60 13.50

3-- years 13.70 13.75 13.65 13.72 13.70 13.65 13.70

4-- years 13.72 13.72 13.75 13.75 13.75 13.75 13.74

5-- years 13.75 13.75 13.77 13.78 13.75 13.75 13.76

6-- years 13.78 13.75 13.77 13.80 13.75 13.77 13.77

7-- years 13.80 13.75 13.79 13.81 13.75 13.80 13.78

8-- years 13.80 13.74 13.80 13.82 13.75 13.85 13.79

9-- years 13.82 13.74 13.82 13.83 13.75 13.85 13.80

10--years 13.85 13.78 13.95 13.90 13.90 13.90 13.88

15--years 14.25 14.20 14.25 14.20 14.20 14.25 14.23

20--years 14.35 14.35 14.35 14.35 14.30 14.35 14.34

Revaluation RatesTreasury Bills / PIBs / FIBs Holding Applicable for November 29, 2010

NEW YORK: The euro fell totwo-month lows against theUS dollar on Monday as a res-cue package for Ireland failedto soothe a market worriedabout the next possible debt-stricken euro-zone economy toimplode.

Analysts expect further loss-es in the euro given the uncer-tainty surrounding the fiscaloutlook of the region's periph-eral countries. The next keytarget is $1.30 after the eurofell below the 200-day movingaverage around $1.3130.

European Union financeministers endorsed an 85 bil-lion euro rescue package forDublin and approved outlinesof a permanent crisis-resolu-tion system that could makeprivate bondholders share theburden of restructuring sover-eign debt after 2013.

Sentiment remained fragilewith a sale of Italian bondsmeeting lukewarm demandand highlighting investors'unease about euro-zone debt.

"The markets remain con-

cerned about prospects in theeuro-zone," said MatthewStrauss, senior currency strate-gist at RBC Capital in Toronto."If Spain were to apply for abailout, that would require abigger amount because of thesize of its economy. And thiscontinues to weigh on theeuro."

The euro fell was last at$1.3094 down 1.45 per cent onthe day. Investors took outoption barriers at $1.31,traders said.

Euro/dollar implied volatili-

ties extended a recent rise,reflecting nervousness aboutthe single currency. One-month volatilities rose to15.00 per cent from 13.60 onFriday.

The one-month 25-delta wastrading around 2.0 for europuts versus 1.85 on Friday.

The cost of insuring

Portuguese and Spanish debtagainst default rose to a recordhigh on Monday.

Many traders said theEuropean Financial StabilityFacility, a joint EU-International Monetary Fundreserve created in May, maynot have enough funds to sup-port Spain if it needs help.

Ireland said the emergencyloans would run for an averageof 7.5 years, with an interestrate of around 6 per cent.Many analysts say markets arestill likely to turn on Portugaland Spain, seen as the euro-zone's next weakest links.

The euro's losses helped thedollar index to its highest intwo months, above 81.004, up0.8 per cent on the day.

The dollar also hit a two-month high of 84.34 yen, up0.4 per cent. -Reuters

Euro slides to 2-month lowversus dollar, focus on $1.30

SHANGHAI: China's yuanended slightly firmer againstthe dollar on Monday as deal-ers cited month-end demandfor the currency for trade set-tlements.

Dealers said such purchaseswere temporary and would nei-ther affect the yuan's short-term nor long-term prospectsand the Chinese currency waslikely to resume normal tradingon Tuesday.

Before trade began, thePeople's Bank of China set themid-point at a one-month lowto reflect a strengthening UScurrency.

But the 0.22 per cent fall inthe PBOC's mid-point, or thelevel from which the yuan mayrise or fall 0.5 per cent eachday, lagged a 0.6 per cent jumpin the dollar index last Friday,which reflects the centralbank's wish to keep the yuan ina tight range.

Several dealers said the dol-lar still had potential to riseslightly and the yuan's movewould largely be influenced bythe US currency. The dollarindex hit 80.652 in Asian trade

on Monday. Spot yuan close at 6.6606

against the dollar, up slightlyfrom Friday's close of 6.6675.It is up 2.49 per cent since thePBOC depegged the currencyin mid-June.

Before trade began, thePBOC set the mid-point at6.6700, the lowest level sinceNov. 4, weaker than Friday's6.6557.

"The central bank has nointention to let the yuan risetoo fast," said a dealer at anAsian Bank in Shanghai. "Andthe strong dollar is setting afloor for the yuan to have arest. "The European debt crisisand tensions on the Koreanpeninsula have boosteddemand for the safe haven dol-lar."

Offshore, one-year NDFsrose to a fresh seven-week highon Monday, hitting an intradayhigh of 6.6150 bid later onMonday from 6.5570 atFriday's close, with impliedyuan appreciation in a year'stime falling to 0.83 per centfrom 1.50 per cent shown onFriday. -Reuters

Yuan up, buoyed bymonth-end demand

Swiss francgains vs euro

ZURICH: The Swiss franc

rose against the euro on

Monday as investor focus

switched to euro-zone debt

concerns in Portugal and

Spain, supporting the safe

haven Swissie, after EU min-

isters endorsed a loan package

for Ireland.

Markets will be anxious to

gauge whether the 85 billion

euro debt package aimed at

helping Dublin cover bad

bank debts and close an out-

size budget deficit will pre-

vent fears spilling over to

other troubled euro-zone

economies.

The franc was higher

against the euro compared to

the New York close, trading at

1.3278 francs per euro at 0827

GMT after hitting its highest

level since late September

earlier in the session.

The franc was also higher

against the dollar, pushing

back above parity to 0.9996

francs per dollar. -Reuters

LONDON: Sterling hit a two-month high against a broadlyweak euro on Monday asinvestors looked beyond a debtrescue plan for Ireland anddumped the single currency onconcerns that other euro-zonenations may also require help.

However, sterling was unableto capitalise on a widely expect-ed rise in the growth forecastheld by the UK's fiscal watch-

dog, as it cut is growth forecastfor 2011 and nudged up itsexpectations for public sectorborrowing in the mid term.

While negative euro senti-ment boosted sterling, thepound skidded to a two-monthtrough versus the dollar, whichrallied as the 85 billion eurorescue package for Dublin didlittle to stop investors from sell-ing riskier assets in favour ofthe safe-haven US currency.

"Sterling is getting draggedaround by sentiment in the

euro-zone. While it is modestlyoutperforming the euro, it's tak-ing a hit against the dollar," saidChris Turner, currency strate-gist at ING.

Ongoing speculation aboutwhether more euro-zone nationsincluding Portugal and Spain willrequire bailouts will continue tosting the euro, market partici-pants say, which may boost thepound versus the single currency.

By 1514 GMT, the euro had fall-en around 1 per cent on the day to84.15 pence, its weakest sincelate September and falling belowits 100-day moving average of84.74 pence.

The euro closed above thataverage on Friday, but itsinability to do so on Mondaywas seen keeping the door opento more losses. Sterling traded0.3 per cent lower on the day at$1.5545, having slipped as lowas $1.5533, its weakest sincelate September. -Reuters

Stg climbs vs euroon eurozone woes

HONG KONG: The Thai bahtslid to a two-month low onMonday as the possible dissolu-tion of the ruling party fannedfears of political instability at atime when investors were alreadyreducing risk in their portfolios.

Thailand's highest court ispoised to deliver a ruling in anelectoral funding case, the ver-dict of which could result inPrime Minister AbhisitVejjajiva losing power.

Elsewhere in the region, theSouth Korean won reboundedafter a finance ministry sourcetold Reuters the tense showdownwith the North may affect capitalcurbs that Seoul was considering.

The politics-driven volatility

in emerging Asia has addedmore reasons for traders to goto the sidelines through the endof the year, with trading vol-umes quickly thinning out.

Singapore dollar has brokenthe neckline of an inverted SHSformation targeting 1.3350.1,3150-70 is immediate sup-port, and 1.3070 major support,a break of which neutralisesimmediate bullishness.

Unloading of bonds and stocksfrom offshore names continue tokeep the Thai baht well supportedafter break above 30.20 on Fridaynight. Political concerns seenadding to the THB's weaknessintraday. Markets fear there willbe further declines in stocks

today on a final hearing in theThai courts re misuse of THB29mln grant fund in 2005 to the rul-ing Democrat Party. The court'sruling could lead to political banson senior political leaders in theruling party, including PMAbhisit, newswires reported.

Malaysian ringgit opens at3.1530-3.1580 and poppedback higher above 3.1600 level.The pair continues to track bull-ish dollar overseas, with tradersalso wary of further jitters overKorea's North/South tension.Funds also seen cutting MGSholdings last week ahead of thegovt's 10-year auction andextended weakness in theMYR. -Reuters

Asian currencies

Thai baht falls to 2-mthlow ahead of party verdict

SYDNEY/WELLINGTON: The Australian dollarplumbed two-month lows and the New Zealand dol-lar a one-month low on Monday as doubts thatIreland's bailout package would plug Europe's debtcrisis led investors to shun riskier currencies.

The Aussie hit $0.9584, lows not seen since Oct.15, before popping back above $0.9600 on profit-taking on short positions. It last traded at $0.9633,little changed from late New York levels on Friday.

A clear break of trendline support in the$0.9605/15 area is seen paving the way to majorsupport at $0.9540, the Oct. 5 low. Traders said thinyear-end trade and doubts over the Irish packagemade for a choppy session.

"Scepticism about exactly how much this packagecan really achieve and also geopolitical risks andconcerns about what is going on in the Koreanpeninsular continued to weigh on sentiment," saidSue Trinh, senior currency strategist at RBC CapitalMarkets in Hong Kong.

The Aussie was further hampered by disappoint-ing domestic company profits and inventories data

that suggested Wednesday's third-quarter growthreport could be weaker than initially expected.

The mixed bag of data did nothing to alter marketexpectations that interest rates were on hold forsome months to come, though the next move fromthe Reserve Bank of Australia (RBA) is still likelyto be upward. The New Zealand dollar fell to a lowof $0.7447, before recovering to $0.7484 by latetrade, compared with $0.7492 in New York.

"In the short term at least, downward pressuresremain. Key support is at $0.7400 and if this breaksthen long term support is at $0.7300 and this is notexpected to break," said Derek Rankin of RankinTreasury Advisory.

Two pieces of positive New Zealand data, includ-ing annual trade surplus and business confidencehad only passing influence on the currency.

Neither piece of data was seen as altering the like-lihood that the central bank will hold rates at 3 percent at its final review for the year next week, andcan afford to leave them at that level until Marchnext year at least. -Reuters

Australian, NZ dollarsshaky after sell-off

Taiwan dlr rise

after electionsTAIPEI: The Taiwan dollarrose on Monday after the rulingparty held onto its posts inweekend elections, but anexpected intervention by thecentral bank and tension on theKorean peninsula and the euro-zone's debt crisis could cap thegain.

At around 0300 GMT,Taiwan's currency was up 1.07per cent at T$30.50 against theUS dollar, versus Friday's closeof T$30.83.

The stronger currency comesas part of overall higher localfinancial markets, as the rulingparty maintained its hold onkey seats in weekend elections,indicating that its pro-Chinabusiness policies will stay ontrack.

The Taiwan dollar wasamong the few Asian curren-cies that were trading higher.

The Korean won retreated byMonday amid ongoing concernabout a stand-off with NorthKorea after an artillery attack bythe North on a southern islandlast week killed four people.Taiwan's central bank has inter-vened aggressively as the curren-cy gained about 3 per cent sincelate September, reflecting expec-tations that US monetary easingwould attract foreign fundinflows to Asia. -Reuters

Politics adding to year-end volatility, risk reduction

Euro-dollar volatilities up as market senses further falls

Page 4: The Financial Daily-Epaper-30-11-2010

Qamar Zaman Kaira,

Federal Minister for

Information & Broadcasting

PPP was founded by ShaheendZulfiqar Ali Bhutto on 30thNovember 1967. He set in motion a

social revolution through his people-orient-ed politics declaring " Socialism is oureconomy, democracy is our politics andpeople are the source of power". Afterinstalling PPP he entered into a social con-tract with the people of Pakistan. He madethe covenant that he, his sons and daughterwill sacrifice their lives for them. He saidthat there were two Bhuttos, one inside hisperson and the other living within everycitizen of the country. He said my spiritdwells in the houses whose roofs seep dur-ing the rains. That was the reason why hebrought the politics out of the drawingrooms of the palaces and took it to the doorsteps of the poor residing in those dilapi-dated dwellings. A renowned intellectual,journalist and a columnist Abbas Atharsays I mention Bhutto's name in mycolumns because it is a divine secret, agreat truth and an irrefutable reality. Thereis no example in the world where a politi-cal leader while launching a political partyever made such a social contract with thepeople like the one made by Zulfiqar AliBhutto. PPP's manifesto is rooted in sucha great philosophy and truth that noenlightened person can deny it provided itis looked at with an unprejudiced mind.

In the General elections held after threeyears of founding of the party, PPP present-ed itself in the court of the people with themanifesto of " Roti, Kapra aur Makan"under the leadership of Zulfiqar Ali Bhutto.The down-trodden masses, tillers, workersand youth whose lives were filled with sor-rows and the women decided to support themanifesto of PPP. On the other side werethe opponents of Bhutto. The great poetJosh Maleeh Abadi analyzing the situationsaid that on one side was the ideology of"Roti, Kapra aur Makan" while on theother side were dreams for paradise andedicts of paganism. The people had tomake the choice. They rejected the dreamsabout paradise and edicts of paganism byaccepting the reality of Roti, Kapra aurMakan as dire human needs. The peoplevoted for the candidates of the PPP andeliminated some of the great stalwarts.

On 20th December 1971, Zulfiqar AliBhutto was given the responsibility to leadthe crest-fallen country. The nation felthumiliated due to defeat in the war.Zulfiqar Ali Bhutto invigorated the spirit ofthe nation by saying that we have lost thewar and not the courage and determination.We Will build a new Pakistan. Immediatelyafter entering the office Shaheed ZulfiqarAli Bhutto started implementing his mani-festo. First of all he launched the initiativeto restore the prestige of the defeatednation in the comity of nations. Within ashort span of time we regained our lostprestige and honour. Zukfiqar Ali Bhuttoheld parleys with Indira Gandhi as a leaderof a dignified country rather than a defeat-ed one which led to an honourable repatri-ation of ninety thousand POWs andretrieval of 5 thousand square miles of landcaptured by India. The PPP also enjoys theunique distinction of hosting the leaders ofthe Islamic world and laying a foundationfor unity among the Muslim countries. It isan unprecedented example of its love forIslam. The founder of PPP made the parlia-ment supreme through politics of democra-cy which gave the nation a unanimous con-stitution of 1973. Freedom of expression isa basic ingredient of democracy. A famouspolitician Ajmal Khatak said in an inter-view that" Whatever we say, even it isagainst Bhutto, we will have to admit thatit is all due to his magic, because he hasgiven a voice and consciousness to everyindividual of this country". BhuttoShaheed bequeathed the ideology "Socialism is our economy" which meantthat all citizens of the country are equal. Infact this ideology was a follow up of thephilosophy of equality presented by theprophet Muhammad(PBUH). Whileunfurling the programme of Roti, Kapraaur Makan, the founder of PPP had in viewthe saying of Caliph Umar that even if adog died hungry on the banks of a river, hewould be answerable for that. But regret-tably, the people with a narrow visioninstead of understanding the wisdombehind this slogan, issued edicts of pagan-ism against him. Now the question is howcan you ensure Roto, Kapra aur Makan forthe people? The founder of PPP not onlycreated avenues of employment by estab-lishing new institutions but also gave theright of a passport to every citizen of thecountry which hitherto was a prerogativeof the rich who used to go abroad for recre-ation. That facilitated millions ofPakistanis to travel to US, Europe, Gulfand other countries of Asia for seekingemployment which became a perennialsource of foreign exchange for Pakistan.Today the Pakistanis are living in all coun-tries of the world. It is indeed a greatachievement of PPP. Shaheed Bhutto alsoprovided those positions to the poor whichwere reserved for the children of the richand thus fulfilled the promise ofRoti,Kapra aur Makan.

The provision of employment is a basicrequirement for providing Roti, Kapra aurMakan. Shaheed Bhutto establisheddozens of industrial concerns like steelMills, Port Qasim , heavy MechanicalComplex, Kamra Aeronautical Complexand Utility Stores Corporation.Educational institutions like cadet colleges,universities, medical colleges, technicalcolleges, schools and skill-learning centresfor women were set up throughout thecountry besides hospitals which providedemployment to millions of Pakistanis.During the first PPP regime, the workerswere bestowed with several rights includ-ing the right to form trade unions. The PPPended the exploitation of the workers in theprivate and government institutions bypromulgating legislation against forcedretrenchments. It also carried out labourreforms. Similarly the students were alsobestowed the right to form unions.Education was made free up to Secondarylevel. National Centres were set up in everydistrict of the country to provide the stu-dents with an opportunity and a forum toexchange views on the national and inter-national issues so that people belonging toevery school of thought including the stu-dents could express their opinions. Thisprocess was designed to strengthen demo-cratic values and to create such a culture oftolerance and accommodation which couldeliminate ignorance and intolerance fromthe society. The first PPP government alsolaunched a programme for adult educationwith a view to increase literacy ratio and toenable the illiterate adults to keep them-selves abreast of the national and interna-tional circumstances by reading newspa-pers. With a view to promote Pakistaniculture, a Ministry of culture and severalinstitutions including museums were estab-lished. Similarly to encourage the intellec-tuals, writers and poets an institutionknown Academy of Letters was founded.All these steps remind of Shaheed ZulfiqarAli Bhutto today. The founder of PPP gavea manifesto based on the philosophy thatpeople were the source of power. Duringhis regime, the bureaucracy was made realservant of the masses. The people whowore thatched clothes and walked barefoot,gained unhindered access to the DeputyCommissioners and Police Chiefs in thedistricts who before this acted like theviceroys. This transformation was a conse-quence of the consciousness given byShaheed Bhutto to the masses. PPP and itsleaders also enjoy the distinction of givingthe country a nuclear progrmme.Addressing the national assembly thefounder of PPP had declared" we would eatgrass but make a nuclear bomb"

On 5th of July 1977, the dictator GeneralZia ul Haq captured power at gun point andwhat followed the coup till 17th of August1988 creates a nauseating feeling. It wasthe courage instilled by the Qaid thatenabled the PPP workers to face hangings,tortures and incarcerations for the ascen-dency of the masses , like their leader. Theyaccepted all this with courage and dignitybecause they had before their eyes the dar-ling of the Bhuttos, Benazir Bhutto. Thedifference between the rhetoric or sacrificeand practically giving a sacrifice is like adifference between life and death.Otherwise people are seen weeping overmosquito biting in the jails. When the rev-olutionary poet Habib Jalib saw BenazirBhutto standing up to and fighting the cal-lous dictatorship and unconstitutional ruleof Zia ul Haq he uttered a couplet describ-ing the courage of Benazir in these words"Dartey Hein Bandooqone Waley Ik nahattilerki sey , Darey Huwey hein Mareyhuwey hein ik Nahatti lerki sey". The menholding the guns are afraid of an unarmedgirl. Their fears of an unarmed girl havemade them dead.

The PPP is proud that its brave sons anddaughters fought a callous dictatorship foreleven years, under the dynamic leader-ship of begum Nusrat Bhutto andMuhtarma Benazir Bhutto. There is nodoubt about the fact that without the lead-ership of these icons, the struggle forrestoration of democracy would not havebeen so enthusiastic and determined as itturned out to be. The dictator perished in anair crash on 17th of August 1988.

In the ensuing general elections, the peo-ple supported the PPP. Despite the fact that44 seats were stolen, the attempts todeprive PPP of simple majority failed tomaterialize. With that the dream of the peo-ple to see the successor of ShaheedZulfiqar Ali Bhutto, Muhtarma BenazirBhutto as Prime Minister, was fulfilled.This was the second power stint for PPP.Muhtarma Benazir Bhutto Shaheed insteadof taking revenge preferred the mission ofthe founder of the party and said thatDemocracy was the best revenge. All thepolitical detainees who opposed the dicta-tor were released and all the exiled leadersincluding Ajmal Khatak(late) and otherBaloch leaders returned to the country.During her regime all the governmentemployees who were sacked during thedictatorship were reinstated. For the firsttime millions of sons of workers andlabourers were provided high rankingemployment. During the second govern-ment of PPP First Women Bank andwomen Police were launched besidesappointing women judges in the higherjudiciary. Roads, hospital and schools wereset up in the backward areas under thePeoples Programme. Muhtarma visitedFrance to revive the project forReprocessing Plant that had been shelvedby the dictator. She also entered into anagreement with the Indian Prime MinisterRajiv Gandhi not to attack each others

nuclear installations. It was because of thisagreement that on several occasion whenthe armies of both the countries weredeployed on the borders the two countriesdid not go to war, which saved South Asiafrom a nuclear holocaust.

The political dwarfs who had no pro-gramme for the welfare of the masses andwho were an extension of the dictatorshiporchestrated a campaign of allegationsagainst PPP and also brought a no-confi-dence motion against the PPP government.Osama Bin Laden, a known terrorist alsojoined these political elements in the con-spiracy against PPP. They used enormousamounts of money to finish the govern-ment but their efforts could not succeed indislodging the government of ShaheedMuhtarma Benazir Bhutto. Within eight-een month the government was sent pack-ing under article 52(2b). In the new elec-tions , the forces that be engineered thedefeat of PPP for which the nation had tosuffer. Through Pressler Amendment USAstopped the delivery of defense equipmentto Pakistan. Pakistan was declared a hub ofnarcotics. Hundreds of thousands of gov-ernment employees were sacked. A newchain of revenge was enacted in the nameof accountability. The economy was in anose-dive. In 1993 new elections were heldand the nation was once again given theopportunity to elect the government oftheir choice. The nation once again electedMuhtarma Benazir Bhutto as PrimeMinister through their vote and PPP for thethird time came into power. The PPP onceagain inherited problems like burgeoningun-employment among the youth, aneconomy in shambles, foreign policy indisarray, the stigma of Pakistan being ahub of narcotics and non supply of defenseequipment to Pakistan under PresslerAmendment.

This was the third PPP regime.Muhtarma Benazir Bhutto reinstated thesacked employees and created newavenues of employment. Her first prefer-ence was to address the foreign affairs andsecond was the revival of the economy.Through her sagacious leadership BrownAmendment was brought to repeal thePressler Amendment paving the way forremoval of embargo on the supply ofdefense equipment to Pakistan. It is also anhonour and distinction for PPP thatbecause of Shaheed Benazir Bhutto thecountry received missile technology,Mirage planes and Augosta submarine thatenhanced our capability to defend ourshores. Muhtarma Benazir Bhutto also hasthe distinction to remove the stigma ofPakistan being the hub of narcotics andintroducing computer technology inPakistan.

Yet another achievement of ShaheedBenazir Bhutto is her initiative for powergeneration. If the PPP had not brought inthe IPPs and Hubco project, the entirecountry would have been submerged indarkness today. The PPP government hadalso conceived Thar Coal and ketty BanderProject which could have provided cheapelectricity to our coming generations forthousands of years. But these projects wereshelved after the deposition of the PPP gov-ernment. During the third PPP government,President Asif Ali Zardari, who wasMinister for investment had chalked out aplan for the establishment of industrialzones at the level of each district so that thepeople could benefit from the produce ofindustrial units in these zones as well as thelocally available minerals. Investors fromall over the world were converging to investin these zones. New Industrial units startedcoming up in the Khyber Pukhtun Khawaprovince in the area where poppy was cul-tivated. Just when the country was well onits way to achieving self-sufficiency inenergy production, the PPP governmentwas once again removed. The elementsbelieving in revenge and politics of allega-tions once again showed their deviousmachinations. In the name of down-sizingand right-sizing thousand of educated youthwere dismissed. The investors were scaredaway in the name of accountability whichhampered the progress in the energy sector.The freezing of foreign currency accountsacted as a last straw triggering a wave eco-nomic instability.

On 12th October 1999, GeneralMusharraf staged a coup and the restora-tion of democracy in the country onceagain became an elusive dream. MuhtarmaShaheed Benazir Bhutto led the strugglefor the restoration of democracy from exilewhile President Asif Ali Zardari resistedthe dictatorship from jail. The dictatorfinally had to resort to a retreat. It must beremembered that the leadership of PPP andits workers again had to sacrifice theirlives.

On 27th December, Shaheed MuhtarmaBenazir Bhutto signed the social contractbequeathed by her Shaheed father with herblood. The democracy was restored as aresult of the sacrifices made by MuhtarmaBenazir Bhutto and her devoted workers.By the grace of God the PPP for the fourthtime is in power today. This time again thePPP inherited the disasters like febrileeconomy, scourge of terrorism, deluge ofunemployment and energy crisis, set inmotion by the wrong policies of the previ-ous regimes.

President Asif Ali Zardari who is the co-chairman of PPP, through his leadershipqualities, political sagacity and strategymade the dictator to abdicate power. PPPrestored peace in Swat and Malakand andre-hoisted the Pakistan flag there by elimi-nating the terrorists. Thousand of employ-ees dismissed during the previous regimeshave been reinstated besides providing

jobs to thousand of youth. Benazir IncomeSupport Programme has been initiated toalleviate the suffering of the poor masses.For the first time poor and indigent arebeing helped through Bait-ul-Mal . Poorwomen in Sindh have been given cul-tivable lands. The present PPP governmenthas withdrawn anti-worker IndustrialRelations Ordinance and secured theirfuture. The workers have been made shareholders in the state-run industrial unitsthrough a legislation. The limit of the mar-riage grant for the children of labourers hasbeen enhanced to seventy five thousand.Domestic violence and harassment ofwomen have been made cognizableoffences. PPP also has the honour ofcleansing the constitutional aberrationsthrough eighteenth amendment with thecooperation of its allies and the membersof the parliament. When the leader of PPPAsif Ali Zardari was elected as President ,he asked the parliament during his addressto revive the 1973 constitution in its origi-nal form. After this the speaker of theNational Assembly constituted a parlia-mentary committee representing all thepolitical parties in the parliament.Consequently the 1973 constitution hasbeen restored in its original form, whichthe nation was demanding for the last 33years. Through eighteenth amendment, thePresident has surrendered his powers to theparliament. Provinces have been givenprovincial autonomy and made strongerwith the abolition of the concurrent list.The power to appoint the Army Chief hasbeen given to the prime Minister while theappointment of the judges of the superiorjudiciary has been handed over to a parlia-mentary committee to ensure undisputedand transparent appointments. The name ofNWFP has been changed to KhyberPukhtun Khawa and the people of theprovince given their real identity. Througheighteenth amendment anti-labour IRO2000 has been repealed. By bringing 89amendments, the 1973 constitution hasbeen made completely parliamentary forwhich PPP has been fighting for the last 31years. We are justified in claiming thatShaheend Zulfiqar Ali Bhutto gave a unan-imous 1973 constitution to the nation.Dictators like Zia ul Haq and Muhsharrafhad disfigured it. The workers of PPP hadgiven their blood, gone to jails and evensacrificed their lives for the restoration ofthis constitution. The political successor ofMuhtarma Benazir Bhutto , president AsifAli Zardari in line with her philosophy hasestablished the ascendancy of the electedparliament. We must not lose sight of thefact that the lives sacrificed by the workersand leaders of PPP for the restoration of theconstitution and democracy outnumber thelives lost in the battle between the twocountries. Yet for some of our detractorswe are perennial culprits. Our crime is thatfrom Zulfiqar Ali Bhutto to ShaheednMuhtarma Benazir Bhutto the nucleus ofour politics have been the down-troddenmasses with whom the privileged anddwellers of the palaces do not even like totalk. But in conformity with the advice ofour leaders we believe in the political para-dise under the feet of the oppressed peopleof Pakistan. It is question of a thinking. Wecannot change the mind-set of those whohate scent of the sweat of the poor.Similarly these elements cannot impress usor force us to change our philosophyregarding people being the source of allpower, by punishing us repeatedly. Wehave started implementation of the AghazeHaqooqe Baluchistan Programme to elimi-nate sense of deprivation and restivenessamong the people of Baluchistan. After along time the four federating units havebeen given substantial money in theirbudget through the NFC Award. There isno doubt that PPP is a party of poor, labour-ers, students and people belonging to allsegments of the society. Its first priority isthe elimination of poverty. Under the BISPa country-wide survey is underway to ban-ish poverty. PPP desires to serve every poorat his door step. With the completion of thissurvey, the poor and indigent would startreceiving financial assistance. Our greatleader, Muhtarma Benazir Bhutto had said"I cannot tolerate the children of my countrysearching for their livelihood among thegarbage heaps"

The PPP government is relentlesslyengaged in fulfilling the philosophy ofQaid-e-Awam which was the mission ofShaheed Muhtarma Benazir Bhutto. Wehave accepted the responsibility for therehabilitation of the flood affected peoplein Gilgit-Baltistan, Khyber PukhtunKhawa, Punjab, Sindh and Balochistan.Although the provinces have been givensubstantial money through eighteenthamendment and NFC, but the first priorityof the PPP government is the rehabilitationof the flood affected people. President AsifAli Zardari and Prime Minister YousufRaza Gilani are seized of the matter. Weneither have any complaints about whoopposed the assistance under Kerry-LugerBill meant for social welfare and the provi-sion of potable water to the people norcringe about who tried to put a questionmark on the sincerity and honesty of thedemocratic government when the interna-tional community was coming forward tohelp the flood victims. The question iswhether their opposition and prejudice wasagainst us or the aggrieved human beings?It is the pledge of the PPP that the peopledevastated by the floods, will by the Graceof God, be rehabilitated. Their rehabilita-tion and prosperity is a mission ofPresident Asif Ali Zardari and PrimeMinister Syed Yousaf Raza Gilani. Godwilling we will succeed, we will succeed.

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

only. Summary and Analysis are not recommendation to buy or sell. This

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

ent in securities trading. The facts, information, data, indicators and charts

presented have been obtained from sources believed to be reliable, but their

accuracy and completeness cannot be guaranteed. The Financial Daily

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

use of these reports and recommendations.

Anotherair crash

in Karachi The second air crash within a month in

Karachi has made the residents jittery. Sinceboth the planes crashed soon after take offfrom Karachi International Airport and alsocrashed within a radius of a few kilometersthe incidents demand thorough probe.Though, one should avoid theorising aboutthe possible causes of crash, it is difficult toignore a few conspiracy theories.

The first and immediate cause can be negli-gence on the part of air traffic control depart-ment of Civil Aviation Authority (CAA). Thestaff handles hundred of flights daily andfinding any negligence in these two casesspecifically requires extreme expertise. Thegeneral perception is that CAA does not havethe requisite expertise to investigate suchincidents and will have to depend on the for-eign experts.

The second cause can be downing the air-craft from the ground. The route being fol-lowed by the aircraft for landing at and takingoff from Karachi airport is surrounded bykatchi abadis and presence of some militantscannot be ruled out. The intelligence agencieshave been issuing regular warnings that somemilitants groups are hibernating in variouslocalities and are using the residents ashuman shields.

One may wonder why anyone should aim atan otherwise harmless passenger or cargo air-craft. Shooting down an aircraft may not bethe prime reason but the motive is to causethe maximum destruction in the vicinity. Itmust be kept in mind that an aircraft has themaximum fuel when it takes off, which cancause the worst damage to area where itcrashes.

Both the planes crashed in the area wherecentral ordnance depot and strategic navaland air force installations are located.Therefore, one is forced to draw the inferencethat shooting the aircraft was aimed at caus-ing them to hit these strategically importantand sensitive installations with all the fuel.

It is necessary to reiterate that combing outthe terrorists from Karachi has become mostimportant now. Various intelligence reportsconfirm that terrorists are hibernating inKarachi. Their potential targets are strategicinstallations, airport, ports, oil storage facili-ties, and even commercial buildings. The solepurpose of attacking these installations is toweaken Pakistan's defence and economy.

It is feared that many foreign militants havetaken refuge in Karachi after the militaryoperation in the northern areas of Pakistan. Ithas been repeatedly demanded that all theillegal aliens residing in Karachi should berepatriated at the earliest. However, if theywish to reside in Karachi, they must be regis-tered by Nadra and issued NICs.

4Tuesday, November 30, 2010

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

Editor: Shakil H. Jafri

Executive Editor: Manzar Naqvi

Honorary Advisory Board

Haseeb Khan, FCA

Asim Abbas Ashary, CPA

Akhtar M. Zaidi, FCA

Dr. A. Hadi Shahid, FCA

Muhammad Arif

S. Muneer Hussain Rizvi

Khurram Shehzad, CFA

Prof. Zakaria Sajid (KU)

Zahid Bukhari SVP HBL (retd)

Ismat Sabir

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The Financial Daily InternationalVol 4, Issue 113 Founding Day Of PPP

Page 5: The Financial Daily-Epaper-30-11-2010

FERTILISER000 tonnesUrea Offtake (Jan to Sep 10) 4,190Urea Offtake (Sep 10) 324Urea Price (Rs/50 kg) 851DAP Offtake (Jan to Sep 09) 680DAP Offtake (Sep 10) 226DAP Price (Rs/50 kg) 2,628

AUTOMOBILE ASSEMBLERPAK SUZUKI MOTORUnitsProduction (July 10 to Oct 10) 26,842

Sales (July 10 to Oct 10) 25,279

Production (Octy 10) 7,311

Sales (Oct 10) 7,459

INDUS MOTOR COProduction (July 10 to Oct 10) 17,013

Sales (July 10 to Oct 10) 16,622

Production (Octy 10) 4,827

Sales (Oct 10) 4,830

HONDA ATLAS CARProduction (July 10 to Oct 10) 5,481

Sales (July 10 to Oct 10) 5,172

Production (Octy 10) 1,514

Sales (Oct 10) 1,340

DEWAN FAROOQ MOTORSProduction (July 10 to Oct 10) 186

Sales (July 10 to Oct 10) 70

Production (Octy 10) 0

Sales (Oct 10) 18

BANKING SECTORScheduled bank (Rs in mn)Deposit (Nov 6,10) 4,729,932

Advances (Nov 6,10) 3,011,868

Investments (Nov 6,10) 1,897,426

Spread (Sep 10) 7.57%

OIL MARKETING CO(000 tons)MS (Jul 10 to Oct 10) 744

MS (Oct 10) 198

Kerosene (Jul 10 to Oct 10) 53

Kerosene (Oct 10) 15

JP (Jul 10 to Oct 10) 452

JP (Oct 10) 122

HSD (Jul 10 to Oct 10) 2,182

HSD (Oct 10) 664

LDO (Jul 10 to Oct 10)) 22

LDO (Oct 10) 6

Fuel Oil (Jul 10 to Oct 10) 3,086

Fuel Oil (Oct 10) 854

Others (Jul 10 to Oct 10) 3

Others (Oct 10) 1

PRICES (Ex-Refinery) RsMS (1 Nov 10) 44.53

MS (1 Oct 10) 40.71

MS % Chg 9.38%

Kerosene (1 Nov 10) 51.25

Kerosene (1 Oct 10) 47.31

Kerosene % Chg 8.33%

JP-1 (1 Nov 10) 51.48

JP-1 (1 Oct 10) 47.54

JP-1 % Chg 8.29%

HSD (1 Nov 10) 54.24

HSD (1 Oct 10) 50.38

HSD % Chg 7.66%

LDO (1 Nov 10) 49.51

LDO (1 Oct 10) 46.13

LDO % Chg 7.33%

Fuel Oil (1 Nov 10) 42,046

Fuel Oil (1 Oct 10) 39,276

Sector Updates

Symbol Close Vol (mn)DSFL 2.15 17.26 DFML 1.54 6.43 NCL 22.84 5.30 AHCL 25.80 4.15 KAPCO 39.41 4.12

Symbol Close ChangeRMPL 1,909.00 58.40 NESTLE 2,049.84 54.87 UPFL 1,050.00 14.50 COLG 895.51 10.51 EXIDE 171.11 8.14

Symbol Close ChangeSIEM 1,295.01 -30.61BATA 589.41 -10.94INDU 260.06 -5.44SHEZ 95.26 -4.99SCL 83.00 -3.98

Plus 189Minus 180Unchanged 17

Top 5 Volume Leaders

Major Losers

Major Gainers

KSE-100 Index

LSE-25 Index

ISE-10 Index

Active Issues

Tuesday, November 30, 2010 5

Dhiyan

Following a rise in the discount rate, ongoing technical correctionwould continue in the market with index losing 200-250 points more,but it must be said that after that we might see a rebound. Investorsare advised to wait and invest at dips in oil, cement, and bankingstocks. Launch of Margin Trading System (MTS) and injection of liq-uidity would act as triggers for the market. We believe, market is like-ly to decline today in reaction to discount rate hike, however if gov-ernment institutions jump in to support, it may end positive.

Naeem Rafi, CEO Rafi Securities

Khurram Schehzad, Head of Research Invest CapThere won’t be any significant correction today as 50bps increase in discountrate has already been priced in by the market. Moreover support would alsoseen at lower levels. In the short-term, market is expected to stay mixed in theabsence of triggers, however foreign buying can take market upwards gradu-ally. Investors are recommended to remain on the sidelines and accumulate atdips in oil, power, fertiliser, and telecom sectors. Launch of Margin TradingSystem (MTS), appointment of Farrukh Khan as Chairman SECP andimprovement in the economic indicators would spur the market.

CORRECTION, BUT NOT A BIG ONE

Opening 11,145.02

Closing 11,163.43

Change 18.41

% Change 0.17

Turnover (mn) 90.29

Opening 3,473.52

Closing 3,487.77

Change 14.25

% Change 0.41

Turnover (mn) 5.30

Opening 2,854.89

Closing 2,857.21

Change 2.32

% Change 0.08

Turnover (mn) 0.21

ANNOUNCEMENTS

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

Exide (PAK) Half Yearly - 119.63 21.17

HONG KONG/SHANG-HAI: Hong Kong stocksrebounded from an eight-week low on Monday asinvestors scooped up beat-en-down shares such as oilfirm PetroChina Co Ltd ,while Shanghai extended itsrecent losses.

But turnover in both cen-tres remained sluggish,indicating most investorswere still unwilling to makenew bets amid worriesabout what policy stepsChina will take next tobring down inflation, whichhit a 25-month high inOctober.

"Investors are still cau-tious about China's mone-tary tightening and the USdollar is strengthening asinvestors worry about thefinancial deterioration insome of the European coun-tries," said Peter So,research head at CCBInternational, referring toEurope's weekend move toendorse an 85 billion euroaid package for debt-strick-en Ireland.

Investors were sceptical

that the rescue deal willprevent the euro zone debtcrisis from engulfingPortugal and Spain.

"In December, when mostof this news is digested,there will be another buyingopportunity," So added.

Dealers expect at least a25-basis point interest raterise in China in December,and more increases inbanks' reserve ratios nextyear as part of Beijing'sefforts to keep lendinggrowth from fueling infla-tionary pressures.

The benchmark HangSeng Index finished the ses-sion up 1.3 per cent at23,166.22 points.

The Shanghai CompositeIndex ended down 0.2 percent at 2,866.4, extendingits fall below the 250-daymoving average, now at2,880 points.

In Hong Kong,PetroChina jumped 3.1 percent as a rebound in oilprices inspired some bar-gain hunting, dealers said.

The stock has shed 11 percent in the last two weeks,

underperforming the broad-er market, and hit a two-month low on Friday. TheHSI has fallen 7 per centduring the same period,echoing a global retrace-ment as investors reducedexposure to riskier assetsand booked profits headinginto the year end.

Chinese automakers, par-ticularly those with a tie-upwith foreign companies,such as Dongfeng Motors ,dropped since these firmswould no longer be exempt-ed from paying some taxesincluding the city construc-tion tax from Dec 1.

Dongfeng slid 5.3 per centand GAC Group dropped8.2 per cent.

Exporter Li & Fung added4.7 per cent to hit a recordhigh, extending last week'sgains, as the start of the USholiday shopping seasonsaw brisk consumer spend-ing.

Turnover fell for a fourthstraight day to HK$65 bil-lion ($8.4 billion), the low-est in more than twomonths.-Reuters

HK shares rebound;Shanghai stocks weak

Nawaz Ali

KARACHI: Activities at theKarachi Stock Exchange(KSE) remained slow at thestart of the week which closedwith marginal gains asinvestors preferred to stay offtrade ahead of the monetarypolicy announcement, laterduring the day.

The benchmark KSE 100-Index ended 18 points up at alevel of 11,163 points onMonday while KSE 30-

Index went down by 3 pointsand KSE All Share Indexgained 15 points to close at10,745 and 7,765 pointsrespectively.

"The local bourse witnessedyet another range-bound ses-sion, with investors stayingsidelined before the monetarypolicy announcement", saidAhmed Rauf, equity dealer atJs Global Capital.

The monetary policy for thenext two months was sched-uled to be announced later

during the day and many ana-lysts expected a 50bpsincrease in the key interestrates.

After a slight positive startmarket showed some lacklus-ter performance throughout theday moving in a limited rangeof 11,176 points (+ve 31) and11,120 points (-ve 24) asinvestors remained cautiousahead on fears of rise in dis-count rate.

Foreigners' activities tooremained slow as according to

NCCPL they did a net- buyingof $0.93 million on Monday.Local companies and mutualfunds did a net-selling of $0.95and $0.6 million respectivelywhile banks did a net-buyingof $0.5 million.

Investor participation waslittle higher as 90.2 millionshares traded during the day --6.1 million shares more ascompared to a turnover of 84.1million on Friday.

However activities wererestricted mainly in Dewan

Group stocks over theannouncement that the groupis in the process of sell-off ofBawany Sugar.

Dewan Salman FiberLimited was the volume leaderwith 17.26 million shares fol-lowed by Dewan FarooqMotors with 6.43 millionshares and Nishat Chunianwith 5.3 million shares.

Out of total 386 active issues189 advanced and 180declined while 17 issuesremained unchanged.

KSE flat as fingers staycrossed ahead of MPS

MUMBAI: Indian sharesrose for the first time in fivesessions and gained 1.4 percent on Monday, trackingworld equities, while tradersopted for large-cap bets assome of the companies underfederal investigation in thebribes-for-loan scandal fell.

Eight executives from thepublic and private financialinstitutions were arrested bythe Central Bureau ofInvestigation last week inthe scandal, one of several todog the government of PrimeMinister Manmohan Singhand test India's ability tocrack down on corruption.

Shares of Money Matters ,a company at the centre ofthe controversy, dived 10 percent and have lost nearlyhalf the their market valuesince the news broke lastweek.

DB Realty , named in courtdocuments filed by the CBI,plunged 6.5 per centalthough the company hasdenied any wrongdoing.

The CBI is looking intobad loan write-offs by somebanks and financial institu-tions involved in the scan-dal, the Times of India news-paper said on Monday.

The 30-share BSE indexrose 268.49 points, to19,405.10 points, with 23 ofits components advancing.

The 50-share NSE Niftyclimbed 1.4 per cent to 5,830

points. "We bounced back today

after the sharp decline lastweek. B ut then, there is def-initely a slight dent in theimage of Indian corporatesin the near term,' saidSanjeev Patni, president andhead of institutional equitiesat Prabhudas Lilladher.

"In the long run, if funda-mentals prove themselves,things would stabilise again.

The real estate sectorrecovered from early lowsand closed 0.9 per cent high-er, while the banking sectorindex gained 1.4 per cent.

The CBI said those arrest-ed included the chief execu-tive of LIC Housing Financeand senior officials at state-run Central Bank of India ,Punjab National Bank andBank of India.

LIC Housing erased earlylosses and added 1.7 per centas Kotak Securities raisedthe stock to "add" from"reduce," saying it believesthe recent price correction ofthe company's stock alreadyfactors in business modera-tion.

Bank of India rebounded6.2 per cent as Bank ofAmerica-Merrill Lynchupgraded the stock to "buy"from "neutral," dealers said.

Punjab National Bankclosed 2.4 per cent higher,while Central Bank shed 1.4per cent.-Reuters

Indian shares snap4-day losing streak

TOKYO: Japan's Nikkei aver-age rose 0.9 per cent onMonday to its highest close infive months as the yen softenedagainst the dollar, but the gainswere capped by profit-takingand concerns over the eurozone and North Korea.

The yen hit a fresh two-month low against the dollar inearly Asia trade, lifting sharesof exporters such as Sony Corpand helping the market toregain a positive tone that hasfueled a rally of about 10 percent this month.

Market participants said an85 billion euro ($112 billion)bailout of Ireland had calmedmarkets for now, but in the longrun there were fears that conta-gion would strike fellow strug-glers Spain and Portugal.

"The dollar moving above 84yen is the biggest supportingfactor today," said KoichiNosaka, a market analyst atSecurities Japan, Inc.

The benchmark Nikkei added86.43 points to 10,125.99, itshighest finish since June 21.

The broader Topix indexadvanced 0.9 per cent to 874.59.

But market players saidTokyo stocks will struggle topost further quick gains.

"There are too many econom-ic and political uncertainties forthe market to go much higherthan this. We don't know what

North Korea will do next," saidMitsushige Akino, chief fundmanager at IchiyoshiInvestment Management.

Caution ahead of eagerlyawaited US employment fig-ures due on Friday was alsopreventing investors from tak-ing more active positions.

"Above 10,100, profit-takingtends to emerge, because theNikkei has risen so much oversuch a short period of time,"Akino said.

EXPORTERS HELPIf the Nikkei can hold above

10,100 in the near term thatwould boost the confidence ofretail investors, and in turn pos-sibly set the stage for a climb ashigh as 10,700, he added.

Foreigners have been shiftingfunds back to lagging Tokyoequities after US monetary eas-ing lifted expectations of moreliquidity in financial markets.

If the Nikkei ends Novemberup more than 9.5 per cent - it isup 10.6 per cent as of Monday'sclose - it would score itsbiggest monthly per centagegain since last December.

Shares of exporters gained asthe yen weakened, with SonyCorp rising 2.8 per cent to2,970 yen and Kyocera Corp up1.9 per cent at 8,600 yen.Honda Motor Co was up 0.7per cent at 3,095 yen.

See # 17 Page 11

Weak yen helpsNikkei hit 5-mth top

FTSE takestumbles on

commodities LONDON: Britain's top shareindex ended sharply lower onMonday, seeing two months ofgains wiped out, as heavy-weight commodity issuesdropped back with weakermetal prices, and only twobanks managed modest gains.

The FTSE 100 indexdropped 117.75 points, or 2.1per cent to close at 5,550.95,the day's low, having reversedfrom a session peak of5,722.70.

The UK blue chip indexended below the 5,600 levelfor the first time since Oct 1,just holding above that month'sopening level of 5,548.62.

"A monthly closing pricereversal top could be a bearishsign that this market is gettingready to roll-over to the down-side with 5,483 to 5,385 thenext likely major downside tar-get," said James A. Hyerczyk,an analyst at Autochartist.

"A failure to hold the lastswing bottom at 5,566 sets upthis market for a further accel-eration to the downside."

Energy issues were thebiggest blue-chip sector fallers,although the crude price heldfirm, with BG Group down 3.2per cent and Royal Dutch Shelloff 2.2 per cent.

BP fell 1.8 per cent. The firmhas agreed to sell its stake inArgentina-based oil and gasgroup Pan American Energy toBridas Corp for $7 billion.

See # 18 Page 11

US stocks mid-morning

Wall Streetfalls as eurowoes weigh,retailers off

NEW YORK: Stocks fell morethan 1 per cent on Monday onlingering worries aboutEurope's ability to contain acredit crisis despite a weekendbailout agreement for Ireland.

The euro fell to more thantwo-month lows against the USdollar, hurting commodityprices and shares in the materi-als and energy sectors.

European Union finance min-isters endorsed an 85 billioneuro loan package to helpIreland bridge its deficit.Nervousness that the credit cri-sis could spread to other eurozone members has weighed onglobal stocks in recent weeks.

Anxiety grew, with theCBOE Volatility index, WallStreet's so-called fear gauge,hitting its highest level sinceearly October.

Adding to the fundamentalweakness, the S&P 500 failedto hold a technical support as itbriefly traded below its 50-daymoving average for the firsttime since early September.

"This seems to be more of amacro selloff based on fears ofwhat's happening in Europe,"said Angel Mata, managingdirector of listed equity tradingat Stifel Nicolaus CapitalMarkets in Baltimore.

"A lot of people don't under-stand the ramifications here. IfEurope is having these sys-temic problems, it brings thequestion of whether our eco-nomic recovery is put on hold."

The Dow Jones industrialaverage dropped 133.73 points,or 1.21 per cent, to 10,958.27.The Standard & Poor's 500 lost12.16 points, or 1.02 per cent,to 1,177.24. The NasdaqComposite fell 32.11 points, or1.27 per cent, to 2,502.45.

The S&P materials indexdeclined 1.3 per cent, while theenergy sector was off 0.8 percent. US consumers appearedto be spending again as about212 million shoppers hit storesbetween the US ThanksgivingDay holiday on Thursday andSunday, an increase of 8.7 percent from 2009, according to aprivate survey.

Still, the S&P retail index fell1.2 per cent after climbing 3.5per cent in the last two weeks.

See # 16 Page 11

Mostly recover; Thailandup after court ruling

South East Asian stocks

Europe shares hit 7-week closing low; banks fall

Page 6: The Financial Daily-Epaper-30-11-2010

Tuesday, November 30, 20106

Volume 90,293,439

Value 2,319,528,738

Trades 45,660

Advanced 189

Declined 180

Unchanged 17

Total 386

Current 7,765.82

High 7,776.55

Low 7,738.68

Change h15.81

Current 11,163.43

High 11,176.08

Low 11,120.95

Change h18.41

Current 10,745.17

High 10,759.98

Low 10,707.80

Change i3.13

Market KSE 100 Index All Share Index KSE 30 Index

Current 17,826.34

High 17,894.53

Low 17,780.96

Change i14.26

KMI 30 IndexSymbolsAlert ! Unusual Movements

Technical AnalysisFundamental Highlights

As on Jun 30, 2009

Dewan Salman Fibre Limited

DSFL closed up 0.62 at 2.15. Volume was 2,579 per cent above

average (trending) and Bollinger Bands were 20 per cent wider than

normal

DSFL is currently 15.6 per cent above its 200-day moving average

and is displaying an upward trend. Volatility is extremely high when

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

Volume indicators reflect very strong flows of volume into DSFL

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

Momentum oscillator is currently indicating that DSFL is currently in

an overbought condition.

RSI (14-day) 57.48 Total Assets (Rs in mn) 16,668.04

MA (10-day) 1.67 Total Equity (Rs in mn) (5,909.01)

MA (100-day) 1.61 Revenue (Rs in mn) 4,169.62

MA (200-day) 1.86 Interest Expense 2,050.22

1st Support 1.79 Loss after Taxation (6,233.79)

2nd Support 1.38 EPS 09 (Rs) (17.017)

1st Resistance 2.41 Book value / share (Rs) (16.13)

2nd Resistance 2.62 PE 10 E (x) -

Pivot 2.00 PBV (x) (0.13)

Technical AnalysisFundamental Highlights

As on Jun 30, 2010

JPGL closed up 0.16 at 1.70. Volume was 2,360 per cent above aver-

age (trending) and Bollinger Bands were 48 per cent narrower than nor-

mal. The company's loss after taxation stood at Rs403.263 million

which translates into a Loss Per Share of Rs2.58 for the 1st quarter of

current fiscal year (1QFY11).

JPGL is currently 17.7 per cent below its 200-day moving average and

is displaying a downward trend. Volatility is relatively normal as com-

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

indicators reflect moderate flows of volume into JPGL (mildly bullish).

Trend forecasting oscillators are currently bearish on JPGL.

RSI (14-day) 59.99 Total Assets (Rs in mn) 7,598.16

MA (10-day) 1.57 Total Equity (Rs in mn) (1,042.83)

MA (100-day) 1.65 Revenue (Rs in mn) 2,731.94

MA (200-day) 2.07 Interest Expense 691.43

1st Support 1.45 Loss after Taxation (449.11)

2nd Support 1.20 EPS 10 (Rs) (2.89)

1st Resistance 2.05 Book value / share (Rs) (6.68)

2nd Resistance 2.40 PE 11 E (x) -

Pivot 1.80 PBV (x) (0.25)

Japan Power Generation Limited

Technical AnalysisFundamental Highlights

As on Dec 31, 2009

MYBL closed up 0.49 at 2.50. Volume was 1,718 per cent above aver-

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

mal. The company's loss after taxation stood at Rs1.392 billion which

translates into a Loss Per Share of Rs0.74 for the nine months of cur-

rent calendar year (9MCY10).

MYBL is currently 18.1 per cent below its 200-day moving average and

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

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

indicators reflect moderate flows of volume into MYBL (mildly bullish).

Trend forecasting oscillators are currently bearish on MYBL.

RSI (14-day) 65.84 Total Assets (Rs in mn) 35,490.71

MA (10-day) 2.10 Total Equity (Rs in mn) 5,104.86

MA (100-day) 2.27 Revenue (Rs in mn) 3,368.22

MA (200-day) 3.05 Interest Expense 2,881.90

1st Support 2.11 Loss after Taxation (1,639.83)

2nd Support 1.72 EPS 09 (Rs) (3.092)

1st Resistance 2.79 Book value / share (Rs) 9.63

2nd Resistance 3.08 PE 10 E (x) -

Pivot 2.40 PBV (x) 0.26

Mybank Limited

Technical AnalysisFundamental Highlights

As on Dec 31, 2009

KASBB closed up 0.29 at 2.54. Volume was 559 per cent above aver-

age (trending) and Bollinger Bands were 51 per cent narrower than nor-

mal. The company's loss after taxation stood at Rs1.571 billion which

translates into a Loss Per Share of Rs2.20 for the nine months of cur-

rent calendar year (9MCY10).

KASBB is currently 24.0 per cent below its 200-day moving average

and is displaying a downward 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 KASBB at a rel-

atively equal pace. Trend forecasting oscillators are currently bearish

on KASBB.

RSI (14-day) 55.65 Total Assets (Rs in mn) 59,223.06

MA (10-day) 2.39 Total Equity (Rs in mn) 4,958.87

MA (100-day) 2.71 Revenue (Rs in mn) 5,061.63

MA (200-day) 3.34 Interest Expense 5,490.40

1st Support 2.35 Loss after Taxation (4,227.75)

2nd Support 2.15 EPS 09 (Rs) (4.446)

1st Resistance 2.65 Book value / share (Rs) 5.22

2nd Resistance 2.75 PE 10 E (x) -

Pivot 2.45 PBV (x) 0.49

KASB Bank Limited

OIL AND GAS

Performance of SR Oil and Gas Index

Open High Low Close Change % Change

1,455.22 1,464.80 1,444.78 1,457.50 2.28 0.16

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

4,876,468 - - 65,194.15 mn 1,141,498.95 mn 1,457.50

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

10.75 3.50 32.54 55.94 5.20 1,451.96

Attock Petroleum 691 5.52 318.37 319.00 315.80 318.44 0.07 326332 374.20 287.99 250 - 300 20

Attock Refinery 853 7.19 127.10 129.89 126.90 128.34 1.24 2532293 129.89 76.20 - - - -

BYCO Petroleum 3921 - 12.06 12.14 11.85 11.91 -0.15 1405296 12.49 9.84 - - - -

Mari Gas Company 735 16.14 119.59 119.93 118.72 119.08 -0.51 20964 128.90 106.00 32.17 100B 31 -

National Refinery 800 3.89 260.71 264.85 261.00 262.75 2.04 85215 273.00 189.08 125 - 200 -

Oil & Gas Development 43009 11.08 163.34 164.20 162.00 163.76 0.42 136641 167.00 136.90 82.5 - 55 -

Pak Petroleum 11950 8.19 202.09 202.95 200.30 201.47 -0.62 218074 214.10 168.70 130 20B 90 20B

Pak Oilfields XD 2365 6.30 265.25 268.85 264.00 266.87 1.62 1389159 272.25 215.40 180 - 255 -

Pak Refinery Limited 350 - 81.74 82.29 81.41 81.46 -0.28 2600 87.39 48.26 - - - -

PSO 1715 4.79 283.27 284.10 282.01 282.76 -0.51 153182 292.15 233.10 50 - 80 -

Shell Gas LPG 226 - 37.96 39.80 37.35 38.05 0.09 7601 40.28 27.75 - - - -

Shell Pakistan 685 10.26 201.34 203.00 198.12 200.00 -1.34 4407 204.00 182.05 330 - 40 -

Paid up Last 60 days 2009 2010

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

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

PERSONAL GOODS

Performance of SR Personal Goods Index

Open High Low Close Change % Change

967.34 975.11 956.55 964.36 -2.98 -0.31

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

10,757,497 - - 47,070.70 mn 127,595.79 mn 967.41

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

6.64 0.57 8.64 16.68 2.51 964.36

(Colony) Thal 56 - 1.10 1.10 1.10 1.10 0.00 500 2.00 0.52 - - - -

Ali Asghar Textile 222 27.50 1.00 1.10 1.10 1.10 0.10 2000 2.21 0.61 - - - -

Amtex Limited XD 2415 10.80 4.80 4.96 4.73 4.75 -0.05 163513 18.88 4.40 - - 30 -

Artistic Denim 840 5.81 19.90 20.90 20.16 20.90 1.00 12319 24.05 17.55 20 - 20 -

Azgard Nine 4493 - 11.14 11.19 10.90 10.96 -0.18 783791 12.32 8.80 - - - -

Bannu Woolen XD 76 0.46 13.70 13.80 12.95 12.96 -0.74 501 14.50 7.50 - - 20 -

Bata (Pak) 76 4.89 600.35 607.00 580.00 589.41-10.94 1314 747.48 436.00 120 - - -

Chakwal Spinning XD 400 0.46 1.13 1.75 1.00 1.05 -0.08 6273 2.59 0.56 - - 5 -

Chenab Limited 1150 - 3.20 3.48 3.21 3.29 0.09 23406 3.95 3.00 - - - -

Colgate Palm 316 33.62 885.00 920.00 890.00 895.51 10.51 232 930.00 615.00 115 15B - -

Colony Mills Ltd 2442 4.06 2.44 2.64 2.60 2.60 0.16 1001 3.40 2.23 - - - -

Crescent Jute 238 - 0.85 0.80 0.60 0.60 -0.25 42098 1.90 0.16 - - - -

D S Ind Ltd 600 - 1.84 1.97 1.85 1.86 0.02 21051 2.37 1.44 - - - -

Dawood Lawrencepur 514 45.75 38.57 39.85 38.15 38.89 0.32 2421 44.50 36.10 - - 5 -

Dewan Farooque Spin. 600 4.83 5.00 6.00 4.03 5.99 0.99 1484 8.00 2.05 - - - -

Dewan Khalid Textile 57 0.19 1.50 2.48 2.29 2.45 0.95 17000 2.90 0.26 - - - -

Dewan Mushtaq Textile 34 0.17 4.90 5.80 4.30 5.50 0.60 1085 6.88 1.60 - - - -

Din Textile 204 0.58 26.30 27.00 25.75 26.85 0.55 4508 30.90 20.80 - - 20 10B

Gadoon Textile XD 234 0.52 47.44 47.50 47.01 47.50 0.06 446 52.50 33.80 - - 70 -

Gul Ahmed Textile 635 3.45 24.75 24.01 24.00 24.01 -0.74 323 25.96 19.99 5 - 12.5 -

Gulistan Spinning 146 1.40 8.34 8.86 7.35 7.35 -0.99 2028 8.86 5.00 - 10B 10 -

Hira Textile Mills Ltd. 716 0.72 3.85 4.00 3.80 3.81 -0.04 442379 4.88 3.35 - - 10 -

Ibrahim Fibres 3105 3.13 38.49 40.41 38.50 39.75 1.26 10002 40.41 34.05 - - 20 -

Khalid Siraj 107 - 0.79 0.79 0.70 0.70 -0.09 15101 1.20 0.25 - - - -

Kohinoor Ind 303 - 1.54 1.79 1.47 1.60 0.06 26547 1.93 1.01 - - - -

Kohinoor Spinning XD 1300 0.36 0.90 1.20 1.00 1.00 0.10 150 2.00 0.16 - - 5 -

Kohinoor Textile 1455 4.21 5.85 5.89 5.73 5.89 0.04 101 6.30 4.51 - - - -

Maqbool Textile XD 168 2.02 7.15 7.26 7.25 7.26 0.11 400 11.55 3.25 - - 22.5 -

Mehmood Textile XD 150 0.70 54.10 56.80 56.80 56.80 2.70 901 68.80 51.46 4050.2257B 60 -

Mukhtar Textile 145 - 0.45 0.60 0.22 0.33 -0.12 1140 0.97 0.16 - - - -

N P Spinning XD 147 7.92 22.25 22.50 22.45 22.49 0.24 550 24.66 19.19 - - 20 -

Nishat (Chunian) 1586 1.90 24.04 24.03 22.84 22.84 -1.20 5299023 25.14 15.25 - 50R 15 -

Nishat Mills 3516 4.96 57.47 58.20 56.80 57.73 0.26 3608089 58.99 40.81 20 - 25 45R

Pak Synthetic 560 2.26 6.36 6.98 6.40 6.70 0.34 14821 7.48 5.16 12.5 - - -

Paramount Spinning 174 0.60 8.99 8.25 8.25 8.25 -0.74 500 11.25 6.00 - 10B 10 10B

Premium Textile 62 0.45 29.00 28.50 28.00 28.15 -0.85 520 31.03 25.71 7.5 - 50 -

Prosperity 185 1.11 14.88 14.80 14.00 14.50 -0.38 1003 21.47 12.51 20 - 30 -

Quality Textile 160 0.75 11.74 12.49 12.49 12.49 0.75 500 12.49 7.51 - - 15 -

Ravi Textile 250 - 1.52 1.52 1.45 1.50 -0.02 13926 2.38 1.38 - - - -

Redco Textile 213 - 0.70 0.70 0.70 0.70 0.00 25000 1.20 0.61 - - - -

Reliance Weaving 308 0.63 9.23 9.49 9.02 9.02 -0.21 4501 12.00 8.01 - - 25SD -

Saif Textile 264 0.46 5.90 6.85 4.90 5.78 -0.12 193 6.85 2.01 - - - -

Salfi Textile 33 0.24 50.41 52.93 48.00 51.96 1.55 501 52.93 20.50 - - 25 -

Sally Textile XD 88 0.20 3.72 4.05 3.80 4.05 0.33 803 6.20 2.92 - - 10 -

Samin Textile 134 4.77 6.00 6.05 5.72 5.72 -0.28 25001 8.69 5.02 - - - 100R

Sana Ind 55 2.80 35.99 37.25 34.50 36.87 0.88 43365 38.40 27.50 35 - 60 -

Service Ind 120 7.81 229.59 231.99 218.12 228.03 -1.56 34012 255.29 169.00 200 - - -

Shadab Textile XD 30 0.34 11.00 12.00 11.90 11.92 0.92 120 12.00 7.56 - - 10 -

Shadman Cot 176 1.80 10.90 9.90 9.90 9.90 -1.00 3480 15.00 8.00 - - - -

Shahpur Textile 140 0.83 0.55 0.60 0.49 0.60 0.05 500 1.90 0.18 - - - -

Suraj Cotton 180 0.80 35.00 35.50 34.00 35.50 0.50 1185 37.50 29.00 15 - 50 -

Tata Textile 173 0.30 30.48 32.00 31.00 31.10 0.62 1442 35.50 15.00 - - 25 -

Thal Limited 307 4.25 99.05 99.50 98.63 99.38 0.33 5267 112.80 86.50 20 20B 80 20B

Treet Corp 418 8.64 53.93 55.00 53.70 54.28 0.35 83251 55.25 37.20 - - - -

Yousuf Weaving 400 0.42 1.30 1.29 1.00 1.20 -0.10 2501 1.80 0.73 - - - -

Zil Limited 53 3.30 48.49 49.25 47.50 49.25 0.76 3008 49.25 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

1,090.21 1,100.77 1,090.14 1,095.19 4.98 0.46

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

29,178 - - 3,763.71 mn 5,126.26 mn 1,098.64

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

2.87 0.30 10.64 6.27 2.19 1,082.94

Pak Elektron 1174 3.59 14.16 14.25 14.05 14.24 0.08 26612 15.43 12.82 - 10B - 10B

Singer Pak 341 20.22 18.01 18.00 18.00 18.00 -0.01 200 24.14 16.51 - 10B - -

Tariq Glass Ind 231 1.93 16.39 16.80 16.15 16.15 -0.24 2308 18.80 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

1,554.54 1,603.09 1,538.40 1,571.52 16.98 1.09

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

1,084,814 - - 11,335.33 mn 203,147.23 mn 1,571.52

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

34.10 10.33 30.30 30.57 0.90 1,547.85

Adam Sugar 58 0.88 16.70 16.55 16.50 16.51 -0.19 1201 16.90 10.50 10 - - -

AL-Noor Sugar 186 5.08 50.00 51.70 50.00 50.00 0.00 604 52.00 39.25 40 - - -

Bawany Sugar 87 - 2.42 3.29 2.77 3.24 0.82 604120 3.29 0.85 - - - -

Chashma Sugar 287 1.06 13.35 13.48 13.10 13.11 -0.24 810 15.47 8.50 - - - -

Clover Pakistan 94 9.17 53.73 56.40 53.90 56.14 2.41 850 56.40 33.33 - - 15 -

Colony Sugar Mills 990 - 3.40 3.65 3.26 3.40 0.00 750 4.00 2.54 - - - -

Crescent Sugar 214 11.60 5.50 6.15 6.14 6.15 0.65 17500 6.95 5.50 - - - -

Dewan Sugar 365 - 1.82 2.82 1.99 2.81 0.99 371529 2.82 1.11 - - - -

Faran Sugar 217 3.31 20.55 20.51 20.50 20.51 -0.04 500 20.99 16.01 17.5 - - -

Habib Sugar 600 6.85 33.53 33.70 33.05 33.22 -0.31 22593 36.00 25.90 35 25B - -

Habib-ADM Ltd 200 11.39 12.49 12.30 12.30 12.30 -0.19 300 16.98 11.90 40 - 40 -

Haseeb Waqas 324 - 17.50 18.00 16.50 17.75 0.25 17060 22.00 16.50 - - - -

Ismail Ind 505 32.50 73.87 72.80 72.80 72.80 -1.07 210 77.70 66.25 15 - 17.5 110R

J D W Sugar 490 2.58 79.25 78.00 77.10 77.11 -2.14 1410 81.95 60.10 40 - 0 12.5R

Mehran Sugar 143 3.50 61.60 63.69 59.01 62.50 0.90 571 64.00 48.50 35 30B 25 10B

Mirpurkhas Sugar 70 6.11 58.19 60.00 57.10 58.15 -0.04 2478 62.77 53.64 25 10B - -

Mirza Sugar 141 0.37 6.39 6.33 5.57 5.99 -0.40 3506 6.48 4.20 - - - -

National Foods 414 16.15 43.20 43.30 41.52 43.28 0.08 663 57.00 39.01 - 25B 12 -

Nestle Pakistan XD 453 22.52 1994.97 2055.00 1980.00 2049.84 54.87 9506 2060.00 1710.00 600 - 450 -

Noon Sugar 165 - 12.44 12.67 12.50 12.63 0.19 1525 14.84 10.20 50 10B - -

Pangrio Sugar 109 0.47 5.65 5.84 5.60 5.74 0.09 401 6.50 4.00 - - - -

Premier Sugar 38 8.53 44.28 46.49 45.00 46.49 2.21 3627 48.00 32.50 30 - - -

Quice Food 107 - 2.10 2.05 2.05 2.05 -0.05 6000 3.40 1.60 - - - -

Sanghar Sugar 119 0.98 13.25 13.70 13.25 13.70 0.45 7510 14.90 13.00 10 - - -

Shahmurad Sugar 211 18.22 12.64 12.57 12.55 12.57 -0.07 4000 13.20 8.25 15 - - -

Shakarganj Mills 695 - 6.55 6.58 5.92 6.20 -0.35 632 7.24 3.21 - - - -

Tandlianwala 1177 300.09 31.51 33.08 32.99 33.01 1.50 2301 35.50 27.50 - - - -

Wazir Ali 80 - 6.90 7.90 7.50 7.50 0.60 2600 7.96 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

1,182.56 1,190.60 1,152.99 1,170.25 -12.31 -1.04

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

6,520,496 - - 6,768.53 mn 42,151.38 mn 1,196.95

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

4.35 1.10 25.35 20.42 4.70 1,170.25

Agriautos Ind 144 5.30 70.00 70.01 69.00 70.00 0.00 3855 72.99 63.01 40 - 90 -

Atlas Battery 101 4.72 157.80 160.00 157.55 158.00 0.20 1520 188.90 131.00 100 20B 100 20B

Atlas Honda 626 7.41 104.00 104.00 102.20 102.27 -1.73 693 122.51 92.50 80 30B - -

Dewan Motors 890 - 1.42 1.63 1.48 1.54 0.12 6430658 1.80 1.16 - - - -

Exide (PAK) 56 4.04 162.97 171.11 164.00 171.11 8.14 1472 171.11 121.10 50 - 60 -

Ghandhara Nissan 450 3.28 4.83 4.90 4.70 4.72 -0.11 7001 6.09 4.03 - - - -

Ghani Automobile Ind 200 6.88 4.31 4.40 4.31 4.40 0.09 999 5.75 3.55 - - - -

Honda Atlas Cars 1428 - 12.16 12.48 11.90 12.00 -0.16 25045 13.40 9.65 - - - -

Indus Motors 786 5.94 265.50 267.00 255.00 260.06 -5.44 33652 282.45 212.29 100 - 150 -

Pak Suzuki 823 11.78 73.25 74.00 73.11 73.99 0.74 7596 79.50 69.25 5 - - -

Sazgar Engineering 150 3.61 19.33 19.98 19.32 19.37 0.04 8002 27.58 17.92 - 20B 10 20B

Paid up Last 60 days 2009 2010

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

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

INDUSTRIAL ENGINEERING

Performance of SR Industrial Engineering Index

Open High Low Close Change % Change

1,542.30 1,553.27 1,533.15 1,539.82 -2.48 -0.16

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

75,352 - - 1,336.62 mn 32,178.69 mn 1,547.41

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

8.15 3.10 38.02 131.49 16.14 1,531.72

AL-Ghazi Tractor 215 5.09 211.64 214.50 211.02 212.48 0.84 2090 227.45 200.00 400 - 150 -

Bolan Casting 104 - 44.70 45.01 45.00 45.00 0.30 260 51.99 40.30 - 20B 25 10B

Ghandhara Ind 213 10.28 11.03 11.39 11.10 11.10 0.07 6055 18.80 10.55 - - - -

Hinopak Motor 124 - 133.50 134.25 130.00 134.08 0.58 604 147.89 108.11 17.15 - - -

KSB Pumps 132 8.38 69.95 69.99 68.83 69.95 0.00 337 88.00 68.81 35 - - -

Millat Tractors XB 366 6.43 494.18 496.95 490.01 491.84 -2.34 66002 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

951.68 969.36 928.25 949.56 -2.12 -0.22

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

222,955 - - 3,043.31 mn 35,366.53 mn 956.76

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

2.67 1.17 43.91 15.55 5.83 948.86

Cherat Papersack 115 2.43 65.01 68.26 64.50 68.26 3.25 69705 68.26 34.00 - - 20 25B

ECOPACK Ltd 230 - 2.17 2.25 2.02 2.12 -0.05 33756 2.64 1.70 - - - -

Ghani Glass 1067 4.55 49.49 50.50 49.25 49.50 0.01 1970 61.99 45.75 30 10B 25 10B

MACPAC Films 389 - 2.81 2.95 2.43 2.58 -0.23 1200 3.84 1.60 - - - -

Packages Ltd 844 53.90 105.18 106.50 103.62 105.11 -0.07 646 112.75 98.00 32.5 - - -

Siemens Engineering 82 10.69 1325.62 1340.00 1259.34 1295.01-30.61 1070 1381.00 1068.75 900 - 900 -

Tri-Pack Films 300 8.19 107.29 112.65 107.21 112.34 5.05 114608 112.65 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

993.08 1,002.99 978.05 992.46 -0.63 -0.06

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

6,641,902 - - 54,792.74 mn 71,414.73 mn 1,013.88

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

7.05 0.50 7.10 19.04 2.70 992.46

Al-Abbas Cement 1828 - 3.25 3.25 3.11 3.20 -0.05 4568 4.20 2.80 - - - 100R

Attock Cement 866 6.62 64.44 64.85 62.71 62.92 -1.52 6189 69.86 57.60 50 20B 50 -

Berger Paints 182 - 19.03 20.03 18.50 20.00 0.97 54362 20.10 14.01 - - - 122R

Cherat Cement 956 27.25 11.80 12.30 11.58 11.99 0.19 414 12.75 9.51 - - - -

Dadabhoy Cement 982 13.08 1.65 1.70 1.68 1.70 0.05 13000 2.20 1.30 - - - -

Dewan Cement 3574 - 1.69 2.05 1.66 1.95 0.26 3916433 2.05 1.30 - - - -

DG Khan Cement Ltd 3651 115.88 28.08 28.10 27.67 27.81 -0.27 705841 31.05 23.02 - 20R - 20R

EMCO Ind 350 3.90 3.00 3.99 2.47 3.28 0.28 181 4.70 2.11 - - - -

Fauji Cement 6933 15.09 5.00 5.05 4.96 4.98 -0.02 251267 5.50 4.52 - - - -

Flying Cement Ltd 1760 - 1.80 1.92 1.76 1.88 0.08 57965 2.20 1.70 - - - -

Gharibwal Cement 2319 - 5.70 6.50 4.87 5.91 0.21 57705 6.50 2.11 - - - -

Haydery Const 32 - 0.51 0.60 0.50 0.54 0.03 52010 1.48 0.25 - - - -

Kohat Cement 1288 - 7.08 7.15 7.05 7.08 0.00 11714 8.70 5.50 - - - -

Lafarge Pakistan Cmt. 13126 - 2.96 3.10 3.00 3.03 0.07 301712 3.65 2.71 - - - -

Lucky Cement 3234 6.69 74.24 74.65 73.01 74.43 0.19 297564 79.98 65.20 40 - 40 -

Maple Leaf Cement 5261 1.37 2.89 2.97 2.90 2.94 0.05 20212 3.40 2.51 - - - -

Maple Leaf(Pref) 541 4.04 6.00 5.50 5.00 5.50 -0.50 2000 8.89 3.51 9.75 - - -

Pioneer Cement 2228 - 6.98 7.12 6.80 6.82 -0.16 888438 8.58 6.56 - - - -

Thatta Cement 798 472.00 19.80 19.79 18.80 18.88 -0.92 103 22.24 18.00 - - - 50R

Paid up Last 60 days 2009 2010

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

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

INDUSTRIAL METALS AND MINING

Performance of SR Industrial Metals and Mining Index

Open High Low Close Change % Change

974.09 1,000.79 954.19 973.16 -0.93 -0.10

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

300,756 - - 3,596.11 mn 9,513.25 mn 977.92

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

3.18 1.05 33.10 30.91 9.71 962.33

Crescent Steel 565 3.84 24.90 25.40 24.51 24.60 -0.30 64712 26.00 23.75 - - 30 -

Dost Steels Ltd 675 - 2.95 2.95 2.90 2.90 -0.05 16119 3.39 1.65 - - - -

Huffaz Pipe 555 9.41 14.88 15.39 14.40 15.06 0.18 59860 16.75 12.25 - 30B - -

International Ind 1199 10.71 51.48 53.21 50.00 51.43 -0.05 158441 64.02 44.00 - - 40 20B

Metro Steel 310 - 7.00 6.50 6.11 6.23 -0.77 752 10.45 6.11 - - - -

Siddiqsons Tin 785 10.34 8.81 9.10 8.81 9.10 0.29 1624 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

1,065.20 1,111.37 1,063.92 1,073.66 8.46 0.79

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

16,541 - - 1,186.83 mn 2,975.42 mn 1,080.72

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

5.49 0.41 7.47 25.28 4.60 1,065.20

Century Paper 707 - 15.85 16.49 15.78 16.10 0.25 10441 21.80 15.28 - 425R - -

Pak Paper Product 50 7.79 39.66 40.52 39.96 40.52 0.86 2086 62.85 38.61 20 - 25 33.33B

Security Paper 411 6.10 39.50 41.40 39.50 39.54 0.04 4014 41.50 38.00 50 - 50 -

Paid up Last 60 days 2009 2010

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

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

CHEMICALS

Performance of SR Chemicals Index

Open High Low Close Change % Change

1,257.60 1,265.95 1,250.28 1,255.59 -2.01 -0.16

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

23,855,713 - - 52,251.88 mn 278,761.94 mn 1,259.74

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

7.86 2.75 35.00 48.81 6.21 1,255.43

BOC (Pak) 250 11.38 81.79 83.40 81.80 82.82 1.03 4599 87.99 66.90 90 - 15 -

Clariant Pak 273 5.85 154.00 154.30 153.00 153.00 -1.00 660 164.89 149.72 125 - - -

Dawood HerculesSPOT 1203 7.16 173.20 173.99 172.00 172.65 -0.55 17764 185.00 157.04 40 10B 40 -

Descon Chemical 1996 - 2.55 2.56 2.37 2.47 -0.08 49574 2.90 1.78 - - - -

Descon Oxychem Ltd. 1020 - 7.36 7.67 7.11 7.29 -0.07 170593 8.27 3.20 - - - -

Dewan Salman 3663 - 1.53 2.21 1.59 2.15 0.62 17256410 2.21 1.28 - - - -

Engro Corporation Ltd 3277 9.99 182.57 183.00 180.90 181.80 -0.77 361233 186.74 165.60 6010B 40R 40 -

Engro Polymer 6635 - 13.59 13.90 13.51 13.56 -0.03 334554 15.20 11.15 - 27.5R - -

Fatima Fertilizer 22000 - 9.79 9.92 9.65 9.69 -0.10 380690 11.74 9.11 - - - -

Fauji Fertilizer XD 6785 8.05 111.54 111.80 111.00 111.03 -0.51 163481 112.60 102.96 131.5 10B 95 -

Fauji Fert. Bin Qasim 9341 6.41 33.90 34.40 33.80 33.99 0.09 2246604 34.60 26.59 40 - 17.5 -

Ghani Gases Ltd 725 8.86 11.48 12.40 11.46 11.69 0.21 169481 13.85 7.41 - - - -

ICI Pakistan 1388 7.65 135.02 136.00 134.51 135.71 0.69 56426 138.50 116.00 80 - 55 -

Ittehad Chemical 360 10.73 28.30 28.79 28.70 28.75 0.45 1000 28.85 21.00 15 - 5 -

Lotte Pakistan 15142 4.22 11.89 11.99 11.78 11.81 -0.08 2301885 12.19 7.85 5 - - -

Mandviwala 74 - 1.64 1.75 1.43 1.60 -0.04 6975 3.00 0.80 - - - -

Nimir Ind Chemical 1106 - 1.49 1.58 1.49 1.51 0.02 677738 1.65 1.16 - - - -

Sitara Chem Ind 214 10.23 120.49 126.51 120.00 124.82 4.33 315 127.20 101.00 75 - 25 5B

Sitara Peroxide 551 14.57 13.52 13.59 13.32 13.40 -0.12 85863 14.69 7.67 - - - -

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

882.69 891.85 876.03 886.35 3.66 0.41

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

53,149 - - 3,904.20 mn 29,585.45 mn 886.35

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

6.84 1.53 22.31 44.54 6.51 878.79

Abbott (Lab) 979 8.72 98.87 99.50 98.90 99.50 0.63 2200 104.00 78.00 120 - 20 -

Ferozsons (Lab) 250 6.29 83.08 85.00 83.00 83.22 0.14 2499 124.00 82.20 10 20B - 20B

GlaxoSmithKline 1707 13.16 73.17 73.55 72.45 73.17 0.00 8191 75.99 65.00 50 - - -

Highnoon (Lab) 165 7.32 25.17 26.42 25.05 26.42 1.25 27651 26.42 22.60 25 - - -

IBL HealthCare Ltd 200 6.34 7.61 8.00 7.50 7.86 0.25 2851 9.00 6.10 - - - -

Sanofi-Aventis 96 10.18 122.00 128.10 116.00 128.00 6.00 1201 139.50 115.90 70 - - -

Searle Pak 306 5.49 61.40 62.00 60.50 61.03 -0.37 8547 64.50 57.00 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

736.26 743.77 726.11 731.63 -4.63 -0.63

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

232 - - 3,242.17 mn 12,731.44 mn 738.27

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

5.56 1.42 25.53 11.08 1.99 731.63

Pak Int Cont. Terminal 1092 7.11 72.06 72.50 71.05 71.06 -1.00 151 78.20 60.05 - 20B 40 -

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

Punjab Oil Mills # 30-Nov 6-Dec - - 6-Dec

East West Insurance Co 1-Dec 7-Dec 10(B) 23-Nov -

Dawood Hercules Chemicals # 2-Dec 8-Dec - - 8-Dec

Askari Gen Insurance 2-Dec 8-Dec 25(R) - -

Dawood Hercules 2-Dec 8-Dec - - -

MCB Bank 3-Dec 10-Dec 30(iii) 25-Nov -

Dawood Hercules Chemicals 7-Dec 13-Dec 20(ii) 29-Nov -

Pakistan Premier Fund 7-Dec 14-Dec - - 14-Dec

Engro Corporation (Standalone) 7-Dec 21-Dec 20(ii) 29-Nov -

Fauji Fertilizer Bin Qasim 14-Dec 20-Dec 12.50(iii) - -

Oil and Gas Development Co 14-Dec 21-Dec 15(i) - -

Siemens Pakistan 20-Dec 29-Dec 600 - 29-Dec

INDICATIONS

# Extraordinary General Meeting

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

OTHER SECTORS

Pakistan Cables 54.01 55 54 54 -0.01 1296TRG Pakistan Ltd. 4.25 4.35 4.22 4.24 -0.01 842357Murree Brewery Co 77.07 79.9 76.5 78.97 1.9 15631Grays of Cambr XD 53.43 54.95 52 52.01 -1.42 984Lakson Tobacco 329.04 335.99 320.1 329 -0.04 520Shifa Int.Hospitals 27.79 29 26.9 28.91 1.12 727Eye Television 22.46 22.85 21.5 21.51 -0.95 501PIAC(A) 2.23 2.29 2.19 2.25 0.02 13089AKD Capital XD 53.39 54.98 51.15 51.72 -1.67 3351Pace (Pak) Ltd. 2.86 3 2.8 2.81 -0.05 259895Netsol Technologies 19.03 19.24 18.95 19.02 -0.01 65130Pak Telephone 2.09 1.86 1.86 1.86 -0.23 1705

Symbols Open High Low Close Change Vol

Page 7: The Financial Daily-Epaper-30-11-2010

Tuesday, November 30, 20107

Technical Analysis Leverage Position

KSE 100 INDEX

Technical Outlook

KSE 100 INDEX closed up 18.41 points at 11,163.43. Volume was 38 per

cent below average and Bollinger Bands were 13 per cent wider than nor-

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

resistance level at and 2nd resistance level at , while Index will continue to

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

KSE 100 INDEX is currently 10.5 per cent above its 200-day moving aver-

age 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 bull-

ish). Trend forecasting oscillators are currently bullish on INDEX.

Momentum oscillator is currently indicating that INDEX is currently in an

overbought condition.

RSI (14-day) 72.37 Support 1 11,130.90

MA (5-day) 11,153.94 Support 2 11,098.35

MA (10-day) 11,063.05 Resistance 1 11,186.05

MA (100-day) 10,235.52 Resistance 2 11,208.60

MA (200-day) 10,108.97 Pivot 11,153.50

Technical Analysis Leverage Position

Kot Addu Power Co Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

KAPCO closed down -0.19 at 39.41. Volume was 1,139 per cent above aver-

age (trending) and Bollinger Bands were 62 per cent narrower than normal.

KAPCO is currently 7.3 per cent below its 200-day moving average and is

displaying a downward trend. Volatility is extremely low when compared to

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

reflect moderate flows of volume out of KAPCO (mildly bearish). Trend

forecasting oscillators are currently bearish on KAPCO.

*Arif Habib Ltd 52 Buy

AKD Securities Ltd 48.7 Buy

TFD Research 46.05 Positive

RSI (14-day) 42.65 Free Float Shares (mn) 176.05

MA (10-day) 39.60 Free Float Rs (mn) 6,938.16

MA (100-day) 41.17 ** NOI Rs (mn) N/A

MA (200-day) 42.52 Mean 39.52

* 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 up 0.26 at 57.73. Volume was 13 per cent above average and

Bollinger Bands were 17 per cent wider than normal.

NML is currently 13.6 per cent above its 200-day moving average and is

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

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

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

ing oscillators are currently bullish on NML.

*Arif Habib Ltd 65 Buy

AKD Securities Ltd 59.97 Buy

TFD Research 74.2 Positive

RSI (14-day) 66.83 Free Float Shares (mn) 175.80

MA (10-day) 56.06 Free Float Rs (mn) 10,148.93

MA (100-day) 48.82 ** NOI Rs (mn) 223.68

MA (200-day) 50.82 Mean 57.55

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

Technical Analysis Leverage Position

Fauji Fertiliser Bin Qasim Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

FFBL closed up 0.09 at 33.99. Volume was 22 per cent above average and

Bollinger Bands were 46 per cent wider than normal.

FFBL is currently 15.6 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 FFBL (mildly bullish). Trend forecast-

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

rently indicating that FFBL is currently in an overbought condition.

*Arif Habib Ltd 35 Buy

AKD Securities Ltd 32.06 Accumulate

TFD Research 29.1 Negative

RSI (14-day) 71.71 Free Float Shares (mn) 326.94

MA (10-day) 33.72 Free Float Rs (mn) 11,112.64

MA (100-day) 29.31 ** NOI Rs (mn) 31.15

MA (200-day) 29.63 Mean 34.02

* 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 1.62 at 266.87. Volume was 9 per cent above average and

Bollinger Bands were 60 per cent wider than normal.

POL is currently 14.4 per cent above its 200-day moving average and is

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

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

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

tors are currently bullish on POL.

*Arif Habib Ltd 301 Buy

AKD Securities Ltd 296.6 Buy

TFD Research 281.35 Neutral

RSI (14-day) 65.20 Free Float Shares (mn) 107.94

MA (10-day) 261.32 Free Float Rs (mn) 28,805.07

MA (100-day) 235.09 ** NOI Rs (mn) 229.80

MA (200-day) 233.29 Mean 266.24

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

Technical Analysis Leverage Position

Hub Power Co Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

HUBC closed up 0.30 at 36.63. Volume was 58 per cent below average

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

HUBC is currently 7.5 per cent above its 200-day moving average and is

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

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

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

casting oscillators are currently bullish on HUBC. Momentum oscillator is

currently indicating that HUBC is currently in an overbought condition.

*Arif Habib Ltd 47 Buy

AKD Securities Ltd 44 Buy

TFD Research 44.9 Positive

RSI (14-day) 70.48 Free Float Shares (mn) 810.01

MA (10-day) 35.70 Free Float Rs (mn) 29,670.60

MA (100-day) 34.57 ** NOI Rs (mn) N/A

MA (200-day) 34.08 Mean 36.43

* 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 down -0.27 at 27.81. Volume was 79 per cent below average

(consolidating) and Bollinger Bands were 9 per cent narrower than normal.

DGKC is currently 3.6 per cent above its 200-day moving average and is

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

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

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

oscillators are currently bullish on DGKC.

*Arif Habib Ltd 42 Buy

AKD Securities Ltd 43.29 Buy

TFD Research 36.85 Positive

RSI (14-day) 50.16 Free Float Shares (mn) 182.55

MA (10-day) 28.56 Free Float Rs (mn) 5,076.71

MA (100-day) 26.22 ** NOI Rs (mn) 29.29

MA (200-day) 26.84 Mean 27.92

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

Technical Analysis Leverage Position

National Bank of Pakistan

Brokerage House Fair Value Rs Recommendations

Technical Outlook

NBP closed up 0.16 at 65.78. Volume was 74 per cent below average (con-

solidating) and Bollinger Bands were 36 per cent narrower than normal.

NBP is currently 1.9 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 volume

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

oscillators are currently bullish on NBP.

*Arif Habib Ltd 84 Buy

AKD Securities Ltd 61.96 Neutral

TFD Research 92.3 Positive

RSI (14-day) 49.64 Free Float Shares (mn) 318.37

MA (10-day) 66.17 Free Float Rs (mn) 20,942.18

MA (100-day) 65.96 ** NOI Rs (mn) 86.10

MA (200-day) 70.30 Mean 65.68

* 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

1,147.82 1,168.97 1,132.74 1,148.51 0.68 0.06

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

2,149,166 - - 29,771.58 mn 16,570.76 mn 1,148.51

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

18.11 0.40 2.21 104.74 8.99 1,112.10

1st Fid Leasing 264 9.19 1.50 1.65 1.35 1.47 -0.03 572 2.24 1.01 - - - -

AL-Meezan Mutual F. 1375 5.58 6.73 6.89 6.50 6.70 -0.03 29508 7.20 5.85 - - 18.5 -

AL-Noor Modaraba 210 4.90 2.51 3.00 2.60 2.94 0.43 25500 3.80 2.10 - - 5 -

B R R Guardian Mod. 780 4.36 1.81 2.00 1.79 1.92 0.11 108152 2.37 0.90 - - 0 -

Constellation Mod. 65 3.36 1.98 1.96 1.38 1.48 -0.50 4247 2.99 0.90 - - - -

Crescent St Mod. XD 200 1.45 0.55 0.59 0.51 0.58 0.03 60804 1.10 0.16 - - 1.2 -

Elite Cap Mod. XD 113 3.24 2.45 2.59 2.31 2.59 0.14 12114 3.09 1.65 4.5 - 5 -

Equity Modaraba 524 10.13 1.72 1.85 1.61 1.62 -0.10 110 2.37 0.76 - - - -

First Dawood Mutual F. 581 0.66 1.93 2.08 2.00 2.08 0.15 1002 2.10 1.30 - - - -

Golden Arrow 760 2.08 2.85 2.94 2.89 2.91 0.06 39123 3.88 2.32 - - 17 -

Habib Modaraba 1008 5.61 6.50 6.70 6.51 6.51 0.01 14000 7.25 5.56 20 - 21 -

JS Growth Fund 3180 53.13 4.29 4.46 4.15 4.25 -0.04 285540 4.50 2.65 - - 5 -

JS Value Fund 1186 14.93 4.62 4.67 4.10 4.18 -0.44 514962 4.73 2.31 10 - 10 -

Mod Al-Mali 184 11.10 1.02 1.16 1.10 1.11 0.09 636 2.18 0.56 - - - -

Nat Bank Modaraba 250 5.56 6.75 6.00 5.90 6.00 -0.75 3500 8.00 4.50 - - 10 -

Pak Modaraba XD 125 4.90 1.00 0.98 0.98 0.98 -0.02 500 1.40 0.30 - - 3 -

Pak Prem Fund 1698 12.03 8.71 8.80 8.63 8.66 -0.05 174595 9.39 7.00 - - 18.6 -

Paramount Modaraba 59 6.64 8.00 8.50 8.25 8.50 0.50 6501 9.45 7.00 15 - 18 -

PICIC Energy Fund XD 1000 1.65 5.55 5.69 5.42 5.69 0.14 66392 5.95 4.20 - - 10 -

PICIC Growth Fund 2835 6.25 9.58 9.80 9.55 9.75 0.17 727069 9.80 7.60 - - 20 -

PICIC Inv Fund 2841 5.45 4.66 4.90 4.70 4.80 0.14 48523 4.93 3.50 - - 10 -

Prud Modaraba 1st 872 2.09 0.95 0.97 0.87 0.92 -0.03 3733 1.20 0.76 - - 3 -

Punjab Modaraba XD 340 - 1.59 1.50 1.50 1.50 -0.09 17744 2.54 0.57 - - 1 -

Stand Chart Modaraba 454 4.36 8.99 8.90 8.90 8.90 -0.09 1151 10.99 7.75 16.5 - 17 -

U D L Modaraba XD 264 1.63 5.75 5.75 5.50 5.73 -0.02 3136 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

437.97 443.05 429.92 433.67 -4.30 -0.98

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

3,743,394 - - 30,336.44 mn 30,136.08 mn 454.11

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

10.26 0.29 0.91 99.56 3.09 433.67

AMZ Ventures 225 1.25 0.56 0.67 0.50 0.55 -0.01 207103 1.10 0.42 - - - -

Arif Habib Investments 360 3.56 18.39 18.60 17.99 18.08 -0.31 24001 19.98 13.00 - - - 20B

Arif Habib Limited 450 13.58 26.84 27.00 26.51 26.61 -0.23 30831 34.00 24.40 15 25B - 20B

Arif Habib Corp 3750 4.74 26.29 26.44 25.62 25.80 -0.49 4146418 27.02 20.90 - - 30 -

Dawood Equities 250 - 2.15 2.32 2.00 2.03 -0.12 14732 2.70 1.51 - - - -

First Credit & Invest Bank Ltd 650 12.50 3.25 3.00 3.00 3.00 -0.25 500 4.50 2.00 - - - -

IGI Investment Bank 2121 16.25 2.60 2.80 2.60 2.60 0.00 10331 2.88 1.17 - - - -

Invest and Fin Sec 600 661.00 7.30 6.90 6.50 6.61 -0.69 2527 9.00 6.16 - - 11.5 -

Invest Bank 2849 - 0.69 0.70 0.57 0.60 -0.09 7242 1.00 0.44 - - - -

Ist Cap Securities 3166 - 3.49 3.69 3.53 3.59 0.10 2945 4.80 2.54 - 10B - 10B

Ist Dawood Bank 626 0.69 1.86 1.96 1.82 1.94 0.08 3009 2.84 1.17 - - - -

Jah Siddiq Co 7633 - 12.93 13.06 12.64 12.75 -0.18 2896640 14.05 8.80 -243.778B 10 -

JOV and CO 508 - 4.16 4.37 4.05 4.11 -0.05 219980 5.38 1.96 - - - -

JS Global Cap 500 8.06 29.95 30.02 29.98 30.00 0.05 1877 40.00 24.25 150 - - -

JS Investment 1000 29.29 7.10 7.33 6.91 7.03 -0.07 162736 7.59 5.10 - - - -

KASB Securities 1000 - 4.36 4.50 4.25 4.40 0.04 11503 4.70 3.20 - - - -

Orix Leasing 821 4.82 7.10 7.29 6.54 6.55 -0.55 616 7.29 3.66 - - - -

Pervez Ahmed Sec 775 - 2.29 2.30 2.15 2.25 -0.04 101903 2.70 1.35 -231.08R - -

Saudi Pak Leasing 452 - 0.56 0.60 0.53 0.56 0.00 45396 0.86 0.42 - - - -

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

959.71 953.79 944.26 948.67 -11.04 -1.15

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

7,242 - - 2,290.72 mn 10,957.72 mn 961.55

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

105.76 4.07 3.85 355.53 3.36 907.25

East West Life 455 - 2.85 2.80 2.75 2.75 -0.10 800 3.00 2.05 - 10R - 20R

EFU Life Assurance 850 47.02 82.46 83.95 81.71 82.76 0.30 6435 86.00 51.25 5513.33B - -

Paid up Last 60 days 2009 2010

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

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

BANKS

Performance of SR Banks Index

Open High Low Close Change % Change

1,048.08 1,059.44 1,041.17 1,051.80 3.72 0.35

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

9,055,046 - - 257,548.02 mn 639,889.08 mn 1,063.59

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

7.57 1.06 13.94 40.49 5.35 1,048.08

Allied Bank Limited 7821 5.89 60.08 60.90 59.52 60.64 0.56 353046 60.90 48.51 40 10B 20 -Askari Bank 6427 7.66 16.14 16.15 15.90 16.09 -0.05 342373 16.65 14.00 - 20B - -Atlas Bank 5001 - 1.52 1.70 1.50 1.67 0.15 73995 2.55 1.50 - - - -Bank Alfalah 13492 12.21 9.61 9.75 9.50 9.52 -0.09 398100 10.19 7.32 8 - - -Bank AL-Habib 7322 7.18 33.18 33.74 33.16 33.32 0.14 94194 33.97 29.10 20 20B - -Bank Of Khyber 5004 5.72 4.17 4.33 3.83 4.29 0.12 1249 4.70 2.50 - - - -Bank Of Punjab 5288 - 9.58 9.67 9.50 9.55 -0.03 443795 10.59 7.56 - - - -BankIslami Pak 5280 857.50 3.40 3.48 3.30 3.43 0.03 9296 3.88 2.60 - - - -Faysal Bank XB 7309 4.57 14.40 14.80 14.01 14.16 -0.24 33073 17.10 12.85 - - - 20BHabib Bank Ltd 10019 6.50 104.22 105.35 103.30 104.05 -0.17 22723 108.79 92.55 60 10B - -Habib Metropolitan Bank 8732 7.84 24.61 25.84 24.80 25.65 1.04 652760 25.84 18.02 10 16B - -JS Bank Ltd 6128 - 2.58 2.85 2.52 2.80 0.22 78502 3.00 2.00 - - - 66RKASB Bank Ltd 9509 - 2.25 2.55 2.25 2.54 0.29 396853 2.98 2.03 - 26B - -MCB Bank LtdSPOT 7602 9.07 204.38 205.00 203.29 204.72 0.34 104981 210.00 181.10 110 10B 55 -Meezan Bank 6983 8.08 15.78 15.40 15.20 15.28 -0.50 33196 16.32 14.05 - 5B - -Mybank Ltd 5304 - 2.01 2.69 2.01 2.50 0.49 2076393 2.75 1.62 - - - -National Bank 13455 5.74 65.62 66.00 65.31 65.78 0.16 669638 70.75 60.51 75 25B - -NIB Bank 40437 - 2.86 2.95 2.81 2.85 -0.01 604117 3.25 2.42 - - - -Royal Bank Ltd 17180 - 5.09 5.99 5.13 5.43 0.34 609165 8.39 3.91 - - - -Samba Bank 14335 - 1.81 1.90 1.76 1.86 0.05 688451 2.65 1.51 - - -63.46RSilkbank Ltd 26716 - 2.65 2.78 2.64 2.76 0.11 1208709 3.08 2.50 - - - -Soneri Bank 6023 - 7.14 7.16 7.10 7.12 -0.02 16395 8.00 5.01 - - - -Stand Chart Bank 38716 11.69 7.56 7.70 7.60 7.60 0.04 40947 8.00 6.00 - - - -Summit Bank Ltd 5000 - 2.81 3.80 2.78 3.52 0.71 1715362 3.80 2.30 - - - -United Bank Ltd 12242 6.83 58.35 58.49 58.03 58.15 -0.20 103095 60.00 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

749.58 759.40 737.34 746.80 -2.78 -0.37

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

624,390 - - 11,111.34 mn 46,513.63 mn 749.58

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

12.20 0.63 5.20 79.54 6.52 746.80

Adamjee Insurance 1237 23.05 80.56 80.79 79.25 79.51 -1.05 275343 84.45 63.05 30 10B 10 -

Paid up Last 60 days 2009 2010

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

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

GAS WATER AND MULTIUTILITIES

Performance of SR Gas Water and Multiutilities Index

Open High Low Close Change % Change

1,610.51 1,642.00 1,588.76 1,602.60 -7.90 -0.49

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

151,998 - - 12,202.80 mn 34,233.13 mn 1,642.08

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

10.16 1.16 11.41 66.79 6.57 1,602.60

Sui North Gas XD 5491 8.22 27.99 28.49 27.49 27.63 -0.36 129344 34.75 25.55 - - 20 -Sui South Gas 8390 3.42 22.71 23.18 22.47 22.72 0.01 22654 30.70 19.25 - - 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

1,227.47 1,243.54 1,219.38 1,235.80 8.34 0.68

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

9,536,643 - - 95,369.29 mn 100,109.64 mn 1,235.80

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

12.91 1.21 9.35 104.13 8.07 1,224.99

Genertech 198 - 0.85 1.10 0.85 0.98 0.13 101296 1.45 0.51 - - - -

Hub Power 11572 6.71 36.33 36.70 36.05 36.63 0.30 819033 37.24 32.75 33.5 - 50 -

Japan Power 1560 - 1.54 2.15 1.55 1.70 0.16 2354368 2.25 1.20 - - - -

KESC XR 7932 - 2.18 2.32 2.20 2.27 0.09 322477 2.50 1.94 - 31R - 7.8R

Kot Addu Power 8803 4.79 39.60 39.73 39.35 39.41 -0.19 4121737 42.95 38.35 64.5 - 50 -

Nishat Chunian Power Ltd 3673 2.94 13.76 13.80 13.35 13.40 -0.36 278681 14.85 9.65 - - - -

Nishat Power Ltd 3541 23.37 14.43 14.65 14.25 14.49 0.06 1283689 16.10 9.60 - - - -

Sitara Energy Ltd 191 3.45 18.66 18.50 18.50 18.50 -0.16 225 23.49 17.98 20 - 20 -

Southern Electric 1367 - 2.18 2.27 2.14 2.20 0.02 244506 2.90 2.05 - - - -

Tri-star Power XD 150 - 1.00 1.17 1.00 1.01 0.01 10630 1.75 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

1,147.48 1,154.59 1,131.62 1,138.31 -9.17 -0.80

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

1,610,674 - - 50,077.79 mn 78,841.47 mn 1,169.29

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

6.20 0.80 12.84 62.56 10.09 1,138.31

Pak Datacom 78 4.94 80.90 80.10 80.10 80.10 -0.80 500 117.99 78.00 70 - 80 -

Pakistan Telecomm Co A 37740 12.91 19.53 19.60 19.26 19.37 -0.16 353392 20.12 17.50 15 - 17.5 -

Telecard XD 3000 0.66 2.23 2.30 2.20 2.21 -0.02 812537 2.69 1.80 - - 1 -

WorldCall Tele 8606 - 2.61 2.70 2.57 2.60 -0.01 444245 2.98 2.30 - - - -

Wateen Telecom Ltd 6175 - 3.56 3.69 3.56 3.58 0.02 75983 4.50 3.35 - - - -

Paid up Last 60 days 2009 2010

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

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

Ask Gen InsuranceSPOT 204 7.45 11.72 12.60 11.98 12.29 0.57 600 12.60 8.45 - - - 25R

Atlas Insurance 369 5.53 34.95 34.80 34.60 34.80 -0.15 1714 35.50 27.10 40 10B - -

Central Insurance XB 279 6.65 58.00 59.00 57.80 58.50 0.50 11699 62.69 47.37 20 25B 10 10B

Century Insurance 457 6.83 11.37 11.64 10.82 10.93 -0.44 750 12.00 9.42 - - - -

EFU General Insurance 1250 - 46.78 47.90 46.31 46.83 0.05 99913 48.63 34.76 40 8.7B - -

Habib Insurance 400 2.90 12.04 12.20 12.00 12.20 0.16 2668 12.65 10.04 35 - - -

IGI Insurance 718 16.51 88.14 92.00 86.05 88.98 0.84 7925 92.00 66.41 35 - 10 20B

New Jub Insurance 791 16.00 58.70 60.00 56.12 59.35 0.65 1544 60.50 52.21 30 20B - -

Pak Reinsurance 3000 41.33 16.24 16.35 16.00 16.12 -0.12 200435 17.20 12.50 30 - - -

PICIC Ins Ltd 350 - 7.45 7.44 6.95 7.31 -0.14 15367 8.30 1.66 - - - -

Premier Insurance 303 5.31 9.85 10.00 9.80 9.82 -0.03 6205 10.30 8.00 20 15B - -

United Insurance XB 400 2.03 5.76 6.20 5.20 6.20 0.44 227 7.18 4.02 - 16B - -

UPTO 100 VOLUME

IDYM 269.00 273.98 269.00 272.93 3.93 100

MFTM 0.81 1.10 1.10 1.10 0.29 100

BGL 1.53 1.74 1.74 1.74 0.21 100

CRTM 19.78 19.99 19.99 19.99 0.21 99

PNSC 34.94 35.89 34.45 35.75 0.81 81

SHCI 2.45 2.45 2.45 2.45 0.00 75

SHEZ 100.25 95.28 95.25 95.26 -4.99 68

AASM 25.25 26.50 25.01 25.01 -0.24 51

FECTC 7.94 7.96 7.21 7.90 -0.04 51

STCL 9.10 9.29 8.30 9.10 0.00 50

PGCL 20.63 20.90 19.60 20.90 0.27 44

ULEVER 4133.00 4268.84 4045.01 4131.12 -1.88 41

QUET 46.00 47.00 43.70 45.30 -0.70 40

CPMFI 4.20 4.20 4.05 4.20 0.00 37

FRCL 2.19 2.50 1.76 1.77 -0.42 23

JKSM 5.07 5.95 4.55 5.02 -0.05 15

LIBM 56.49 58.00 58.00 58.00 1.51 15

MBF 5.99 5.97 5.97 5.97 -0.02 11

ILTM 114.84 119.00 119.00 119.00 4.16 11

NATM 9.05 8.05 8.05 8.05 -1.00 10

ICCT 1.48 1.00 0.99 0.99 -0.49 10

GATI 43.98 44.38 44.00 44.00 0.02 9

WYETH 870.00 870.00 870.00 870.00 0.00 9

DCM 1.75 1.75 1.26 1.65 -0.10 8

ALICO 17.99 17.01 17.01 17.01 -0.98 7

GRYL 1.10 1.75 0.18 0.83 -0.27 6

FNEL 8.89 9.00 8.10 8.85 -0.04 6

AGSML 6.60 7.00 5.71 5.71 -0.89 6

HUSI 9.90 10.90 10.59 10.59 0.69 4

TSMF 0.86 1.44 1.30 1.42 0.56 3

CFL 11.30 12.30 10.30 10.30 -1.00 3

DWAE 0.70 0.72 0.72 0.72 0.02 3

NOPK 26.00 26.00 24.71 26.00 0.00 3

DIIL 10.80 11.78 11.74 11.75 0.95 3

SLCL 2.10 2.64 2.64 2.64 0.54 2

KML 2.50 2.49 2.10 2.30 -0.20 2

MTIL 0.45 0.50 0.50 0.50 0.05 2

NSRM 13.17 12.17 12.17 12.17 -1.00 2

SHJS 87.89 90.50 85.00 87.75 -0.14 2

GTYR 22.00 22.00 22.00 22.00 0.00 2

DYNO 10.79 10.99 10.25 10.99 0.20 2

ATFF 3.54 4.39 4.25 4.25 0.71 1

ALQT 6.28 7.28 7.28 7.28 1.00 1

AZAMT 2.25 2.39 2.30 2.30 0.05 1

BILF 1.35 1.85 1.85 1.85 0.50 1

GUTM 24.00 24.74 24.74 24.74 0.74 1

IDSM 3.50 3.02 3.02 3.02 -0.48 1

SMTMR 0.08 0.09 0.05 0.05 -0.03 1

ZTL 3.89 4.00 3.95 3.95 0.06 1

BHAT 239.99 245.00 244.00 244.00 4.01 1

BTL 46.99 46.99 46.99 46.99 0.00 1

FASM 34.40 34.70 34.70 34.70 0.30 1

MSOT 19.02 19.95 19.94 19.94 0.92 1

BAFS 64.00 67.10 65.00 65.00 1.00 1

SGMLPS 3.50 4.50 4.50 4.50 1.00 1

TICL 77.17 81.02 81.02 81.02 3.85 1

SMCPL 5.94 5.95 5.95 5.95 0.01 1

KOHE 19.00 19.40 19.25 19.25 0.25 1

PECO 275.00 279.99 279.99 279.99 4.99 1

BWHL 36.72 34.89 34.89 34.89 -1.83 1

MDTL 50.16 47.66 47.66 47.66 -2.50 1

BAPL 8.95 9.95 9.33 9.33 0.38 1

WAHN 33.79 33.40 33.40 33.40 -0.39 1

UPFL 1035.50 1050.00 1050.00 1050.00 14.50 1

RMPL 1850.60 1914.99 1909.00 1909.00 58.40 1

SCL 86.98 83.00 83.00 83.00 -3.98 1

PHDL 40.00 39.00 39.00 39.00 -1.00 1

Symbols Open High Low Close Change Vol

FUTURE CONTRACTS

NML-DEC 58.00 58.59 57.25 58.20 0.20 1862000

POL-DEC 268.07 270.50 266.25 269.41 1.34 316500

PSO-DEC 285.83 286.99 284.00 285.70 -0.13 288500

NBP-DEC 66.30 66.51 65.81 66.38 0.08 96500

DGKC-DEC 28.36 28.25 27.90 28.02 -0.34 96500

LUCK-DEC 74.91 75.35 73.88 74.96 0.05 90500

ANL-DEC 11.28 11.22 11.03 11.09 -0.19 74000

ENGRO-DEC 182.43 182.45 180.50 181.66 -0.77 59000

AICL-DEC 81.06 81.10 79.90 80.43 -0.63 48500

MCB-DEC 203.04 203.40 202.00 203.04 0.00 36500

PPL-DEC 202.66 202.70 201.00 202.38 -0.28 35000

OGDC-DEC 161.57 162.00 160.75 162.00 0.43 26000

PTC-DEC 19.84 19.50 19.50 19.50 -0.34 25000

FFBL-DEC 33.09 33.40 33.20 33.20 0.11 10500

UBL-DEC 59.00 59.40 58.51 58.96 -0.04 8000

NCL-DEC 24.43 24.00 23.21 23.21 -1.22 5000

NETSOL-DEC 19.51 19.51 19.51 19.51 0.00 3000

POL-CFEB 272.81 272.81 272.81 277.89 5.08 0.00

Symbols Open High Low Close Change Vol

ZERO VOLUME

AGL 22.19 21.99 21.99 21.99 -0.20 0.00

ANSS 5.07 5.25 5.25 5.25 0.18 0.00

BAPLR 0.89 0.49 0.49 0.49 -0.40 0.00

BFMOD 3.95 3.84 3.84 3.84 -0.11 0.00

CPAL 2.49 2.47 2.47 2.47 -0.02 0.00

ELCM 5.00 4.00 4.00 4.00 -1.00 0.00

ESBL 2.90 2.70 2.70 2.70 -0.20 0.00

FZTM 430.00 429.00 429.00 429.00 -1.00 0.00

INKL 9.50 9.00 9.00 9.00 -0.50 0.00

JVDC 59.97 59.90 59.90 59.90 -0.07 0.00

KASBM 1.26 1.35 1.35 1.35 0.09 0.00

KOHS 3.46 3.77 3.77 3.77 0.31 0.00

KOHTM 1.40 1.39 1.39 1.39 -0.01 0.00

NBF 3.25 3.00 3.00 3.00 -0.25 0.00

NJLIC 47.85 47.00 47.00 47.00 -0.85 0.00

PAKL 1.60 1.76 1.76 1.76 0.16 0.00

POAF 8.80 8.78 8.78 8.78 -0.02 0.00

Symbols Open High Low Close Change Vol

Al-Abbas Cement 50.22 3.15 3.05 3.25 3.35 3.20

Allied Bank Limited 80.37 59.80 58.95 61.20 61.75 60.35

Attock Cement 50.37 62.15 61.35 64.25 65.65 63.50

Arif Habib Corp 58.64 25.45 25.15 26.30 26.75 25.95

Arif Habib Limited 48.87 26.40 26.20 26.90 27.20 26.70

Adamjee Insurance 57.99 78.90 78.30 80.45 81.40 79.85

Askari Bank 58.66 15.95 15.80 16.20 16.30 16.05

Azgard Nine 49.91 10.85 10.75 11.15 11.30 11.00

Attock Petroleum 53.16 316.50 314.55 319.70 320.95 317.75

Attock Refinery 76.13 126.85 125.40 129.85 131.35 128.40

Bank Alfalah 50.96 9.45 9.35 9.70 9.85 9.60

BankIslami Pak 57.61 3.30 3.20 3.50 3.60 3.40

Bank Of Punjab 54.58 9.45 9.40 9.65 9.75 9.55

Dewan Cement 70.28 1.75 1.50 2.10 2.30 1.90

DGK Cement 50.16 27.60 27.45 28.05 28.30 27.85

Dewan Salman 74.50 1.75 1.35 2.35 2.60 2.00

Dost Steels Ltd 55.85 2.85 2.80 2.95 3.00 2.90

EFU General Insurance 63.30 46.10 45.40 47.70 48.60 47.00

EFU Life Assurance 65.28 81.65 80.55 83.90 85.05 82.80

Engro Chemical 55.50 180.80 179.80 182.90 184.00 181.90

Faysal Bank 40.22 13.85 13.55 14.65 15.10 14.30

Fauji Cement 50.91 4.95 4.90 5.05 5.10 5.00

Fauji Fert Bin 71.71 33.70 33.45 34.30 34.65 34.05

Fauji Fertilizer 58.83 110.75 110.50 111.55 112.10 111.30

Habib Bank Ltd 53.63 103.10 102.20 105.15 106.30 104.25

Hub Power 70.48 36.20 35.80 36.85 37.10 36.45

ICI Pakistan 64.94 134.80 133.90 136.30 136.90 135.40

Indus Motors 62.62 254.40 248.70 266.40 272.70 260.70

JOV and CO 56.17 4.00 3.85 4.30 4.50 4.20

Japan Power 59.99 1.45 1.20 2.05 2.40 1.80

JS Bank Ltd 54.14 2.60 2.40 2.90 3.05 2.70

Jah Siddiq Co 44.21 12.60 12.40 13.00 13.25 12.80

Kot Addu Power 42.65 39.25 39.10 39.65 39.90 39.50

KESC 58.07 2.20 2.15 2.30 2.40 2.25

Lotte Pakistan 70.28 11.75 11.65 11.95 12.05 11.85

Lucky Cement 52.48 73.40 72.40 75.05 75.65 74.05

MCB Bank Ltd 54.88 203.70 202.65 205.40 206.05 204.35

Maple Leaf Cement 52.05 2.90 2.85 3.00 3.05 2.95

National Bank 49.64 65.40 65.00 66.10 66.40 65.70

Nishat (Chunian) 54.19 22.45 22.05 23.65 24.45 23.25

Netsol Technologies 50.62 18.90 18.80 19.20 19.35 19.05

NIB Bank 52.44 2.80 2.75 2.95 3.00 2.85

Nimir Ind.Chemical 54.56 1.50 1.45 1.60 1.65 1.55

Nishat Mills 66.83 56.95 56.20 58.35 59.00 57.60

Oil & Gas Dev. XD 70.65 162.45 161.10 164.65 165.50 163.30

PACE (Pakistan) Ltd. 44.83 2.75 2.65 2.95 3.05 2.85

Pervez Ahmed Sec 54.39 2.15 2.10 2.30 2.40 2.25

PIAC(A) 49.70 2.20 2.15 2.30 2.35 2.25

Pioneer Cement 33.61 6.70 6.60 7.00 7.25 6.90

Pak Oilfields 65.20 264.30 261.70 269.15 271.40 266.55

Pak Petroleum 65.23 200.20 198.90 202.85 204.20 201.55

Pak Suzuki 48.54 73.40 72.80 74.30 74.60 73.70

PSO XD 56.47 281.80 280.85 283.90 285.05 282.95

PTCLA 52.50 19.20 19.05 19.55 19.75 19.40

Shell Pakistan 59.49 197.75 195.50 202.60 205.25 200.35

Sui North Gas 28.16 27.25 26.85 28.25 28.85 27.85

Sitara Peroxide 59.32 13.30 13.15 13.55 13.70 13.45

Sui South Gas 40.43 22.40 22.10 23.10 23.50 22.80

Telecard 41.90 2.20 2.15 2.30 2.35 2.25

TRG Pakistan 53.05 4.20 4.15 4.30 4.40 4.25

United Bank Ltd 59.37 57.95 57.75 58.40 58.70 58.20

WorldCall Tele 49.70 2.55 2.50 2.65 2.75 2.60

Company RSI 1st 2nd 1st 2nd Pivot

(14-day) Support Resistance

TECHNICAL LEVELS

Mirpurkhas Sugar Mills Limited 30-Nov 11:00

BOARD MEETINGS

Company Date Time

Page 8: The Financial Daily-Epaper-30-11-2010

Tuesday, November 30, 2010 8

TOKYO: Konan (L) and Kana Ito, members of Japanese pop group 'SDN48', hold the new smartphone 'IS03'

by Japan's number two telecom operator KDDI Corp during its launch here. -Reuters

KARACHI: Group Photo of PTCL Meeting in KATI, Chairman KATI Syed Johar Ali Qandhari, Vice Chairman KATI Shahid

Jawed Qureshi & Saleem-uz-Zaman, M Mushir Khan RGM-I, Ehsanallah Malik RGM-II, Jamal Abdul Nasir RGM-III, Rizwan

Ahmed Bhutto GM Cs & CC, Jawed Ahmed Shaikh Director, Kanwar Mohin Ali Khan Director, Khalil Ahmed Dharpali BM, Syed

Wajid Hussain, Naiz Ahmed, Kashif Ali Khan.

ISLAMABAD: The PakistanTelecommunications Authority(PTA) and Ericsson here onMonday announced winners ofEricsson-PTA MobileExcellence Award 2010 for thedevelopers Of SMS short mes-sage service) Spam InterceptorApplication.

President Ericsson Pakistan,Mohsen Tavakol said, "We areproud to award Rs100,000 tothe winners for their innova-tion, which aims to interceptSMS at the access layer byusing an underlying byte-leveldata coding scheme."

He said the winners wouldalso be given an opportunityto qualified practice

through internship atEricsson for six monthsafter graduation.

"We work hard to build long-term relationships with univer-sities and student organisationsaround the world and attractingyoung talent, who eventuallycontribute to our future suc-cess," he added.

Chairman PTA DrMohammed Yaseen said, "PTAbelieves in harmonised effortsfor the uplift of ICT industry ofPakistan as we look forward tocarrying out significant proj-ects in partnership with theoperators and solutionproviders."

He appreciated Ericson's ini-

tiatives for the support of tele-com industry of Pakistan.

Muhammad Bilal Junaid andTalha Shabib Ahmed, finalyear students of BS (Telecom)at FAST National University ofComputer and EmergingSciences were declared win-ners of the award, while run-ner-up award was given to atwo-member team comprisingBasit Hameed and ImranTanveer from NUST School ofElectrical Engineering &Computer Science.

The ceremony was alsoattended by Minister of Tradeof Sweden Ewa Bjorling and ahigh level Swedish businessdelegation.-Online

FAST students winaward for cell app

MUMBAI: The Indiangovernment should take astand in the telecom spec-trum scam, Ratan Tata,one of India's most influ-ential businessmen, told atelevision channel, refer-ring to the scandal that hasparalysed the Indian par-liament.

"I wish the governmentwould take a stand, bringorder...have an investiga-tion, book people who areguilty of something," Tata,who leads salt to softwareconglomerate Tata Groupand counts telecom operatorTata Teleservices as one itsunits, said in excerpts of aninterview to be aired onSaturday on Indian broad-caster NDTV.

A government agency hassent notices to nine tele-coms firms including TataTeleservices, India's fourth-biggest mobile operator,over investigations relatedto an alleged multi-billion

dollar telecoms licencescam, media reports said.

The scam, which revolvesaround the sale of telecomlicenses at low prices, hasled to the resignation ofIndia's telecoms minister,and, according to an officialwatchdog audit, has possi-bly lost the state $39 billionin revenue.

"There has been a smoke-screen behind what is reallythe so-called scam, whichreally is out-of-turn alloca-tion of spectrum, hoardingof spectrum by importantplayers for free, and thingsof this nature," Tata said.

In its report, theComptroller and AuditorGeneral of India said ruleswere flouted when thelicences were given in 2007and 2008, and led to manyineligible firms receivingthem.

Last week, the SupremeCourt criticised IndianPrime Minister Manmohan

Singh for his apparent delayin probing the wideningscandal, potentially one ofthe biggest to hit India.

The government has resis-ted additional probes, say-ing a CBI investigation isunder way. Critics say thegovernment fears it will bedragged into a long-runninginvestigation ahead of stateelections.

The scandal has nowengulfed parliament asopposition parties have keptit shut since November 9over demands for a full par-liamentary investigationinto the disputes over saleof telecoms licences andradio airwaves worth bil-lions of dollars.

The shutdown weakenedthe government's ability tomove key economic meas-ures and delayed legislationin areas such as banking andmining, although the gov-ernment is not at risk of col-lapsing.-Reuters

Tata dares Delhi toprobe telecom scam

Staff Reporter

KARACHI: Warid Telecomhas brought another amazingoffer for its prepaid customers'Warid Bol Anmol'. It is areward programme that allowsWarid users to get instantbonus every time they performany activity on the network, beit calls, SMS, MMS, etc.

Customers will be rewardedwith 'Bonus Rozana' on thebasis of their daily mainaccount usage. Not only this,but the offer includes "BonusMahana" as well, which isbased on a minimum of 5-dayusage and a maximum of 30-

days usage. Every time thecustomer is rewarded, theywill immediately receive aflash message indicating thebonus they have been reward-ed with.

Unlike special offers fromother operators that charge asubscription fee, this offerdoesn't require any subscrip-tion and there are no charges,conditions or activationsinvolved. Warid Telecom hasalways exhibited strong com-mitment to its valuable cus-tomers by consistently offeringthem innovative products andservices while serving theirneeds with utmost care.

Warid comes upwith ‘Bol Anmol’

DUBAI: Dubai-based AxiomTelecom, which this weeklaunched the UAE's first ini-tial public offering for twoyears, has signed a directsupply agreement withBlackBerry manufacturerResearch in Motion.

The non-exclusive deal,which is listed in Axiom IPOprospectus seen by Reuters,is for one year from Nov. 19,but can be renewed.

This agreement will enableAxiom to obtain BlackBerryhandsets and accessoriesdirectly from the manufac-turer, rather than through anintermediary. The deal cov-ers the UAE, Saudi Arabia,Kuwait, Lebanon, Qatar,Oman, Jordan and Bahrain.

"We believe that this mas-ter supply agreement willhave a positive impact on ourresults of operations and, inparticular, on our gross prof-it and gross margin, as wewill be able to sourceBlackBerry smartphonesdirectly (which have general-ly been a high gross marginproduct for us) at a lowercost than through a distribu-tor," Axiom wrote in itsprospectus.

Terms of the deal were not

disclosed, but Axiom said inthe prospectus that itsBlackBerry distribution sup-plier had learned of the dealand cut supplies fromAugust, which will likelyimpact revenue in the secondhalf of 2010.

Axiom says it will use$100 million of proceedsfrom its IPO and a $55 mil-lion property sale to paydown part of $354 million inexisting credit lines.

Axiom said it expects tolist on the Nasdaq Dubai inearly December after sellingup to 35 per cent of its sharesto institutional investors,with a price range of $0.80 to$1.15.

Up to 332.35 millionshares will be sold, with 93million in the form of newshares, while the remainderwill come from the sellingshareholders.

Al Bannai Investment cur-rently holds a 53 per centstake in Axiom, according tothe IPO prospectus, with 40per cent held by a subsidiaryof TECOM, which itself ispart of Dubai Holding. A fur-ther 7 per cent of Axiom isowned by Al ZarooniEnterprises.-Reuters

UAE’s Axiom,RIM cut a deal

ISLAMABAD: PakistanTelecommunication CompanyLtd (PTCL) for the facilitationof its valued customers hasintroduced new cost-effectivecalling rates for several inter-national eastern and westerndestinations with unmatchedvoice quality.

The newly announced callingrates have been categorisedinto European and Far Eastbucket. By subscribing to theWestern Express PackageEuropean Bucket) customerscan avail 250 minutes permonth for calling fixed line inSpain, France, Belgium,Germany, Greece, Italy,Netherlands and Norway, saida press release issued here.

By subscribing to the EasternConnection Package (Far Eastbucket) customers can avail250 minutes per month forcalling fixed line in SouthKorea and Malaysia and bothfixed line and mobile in HongKong.

Subscription charges for each

package are Rs300 per month.SEVP Commercial Naveed

Saeed said these new callingpackages have been introducedto encourage the landline usageamong customers and to keepthem connected to their lovedones on affordable rates as cus-tomer's convenience hasalways been PTCL's top priori-ty.

Aasif Inam EVP ConsumerServices said even in an eradominated by cellular mode ofcommunication, importance oflandline cannot be denied.

It is still a main source ofcommunication for most of thepeople around the world. Andby introducing these new call-ing packages PTCL intends toaddress this particular need ofour valued customers in themost effective and affordableway possible.

"In future as well, we willcontinue to introduce moresuch packages to give our cus-tomers best value for theirmoney", he maintained.-APP

PTCL nowsweetensint’l callstalk-time

France Telecomeyes Iraq

PARIS: France Telecom saidit was looking at investmentsin Iraq, following reports theoperator was in talks to take aminority stake in KorekTelecom.

The Financial Times report-ed France Telecom was talkingto Korek Telecom, Iraq's third-largest mobile phone operator,as part of a strategy to expandin the Middle East.

"Iraq is an area of strategicinterest for France Telecomand we are studying opportuni-ties that could exist there," aFrance Telecom spokesmansaid, without commenting onKorek.

The newspaper cited peoplefamiliar with the situation say-ing the deal could give Korekan enterprise value of $1.5 bil-lion and France Telecom couldeventually acquire a control-ling stake in the company.

Korek, based in Iraq'sKurdish-run north, competeswith Zain and AsiaCell, whichis partly owned by QatarTelecommunications.

The mobile phone markethas boomed since the US-ledinvasion of 2003 that toppledSaddam Hussein, with the totalcustomer base of the mainproviders tripling to around 10million consumers in the pasttwo years.

France Telecom, Europe'sthird-largest telecoms opera-tor, began looking for emerg-ing-market opportunities as away to offset sluggish demandand intense competition inEurope.

It plans to double revenue inemerging markets by 2015,largely through acquisitions.

In September it bought a 40per cent stake in Moroccantelecoms company Meditel,putting it in competition withVivendi, the majority owner ofMorocco's former telecomsmonopoly, Maroc Telecom.

France Telecom is looking toacquire a 3G license in Syria,the spokesman said.-Reuters

95 sackedPTCL

workersrestored

PESHAWAR: The PeshawarHigh Court (PHC) here rein-stated 95 employees ofPakistan TelecommunicationLimited (PTCL).

A two-member bench ofPHC comprising ChiefJustice Ejaz Afzal Khan andJustice Mazhar AlamMiankhel allowed the writpetition of PTCL employeesand reinstated them on theirold positions in the company.

Fayaz Afzal and other 94terminated employees, work-ing on different positionsincluding wireman, cableguards, drivers and computeroperators, had filed a writpetition in the high courtthrough Ejaz Sabi advocate,in which they prayed thecourt for restoration of theirservices as they had claimedfor their unlawful termina-tion from their jobs.

Counsel for the petitioners,contended that their clientsas contract employees havebeen working in the compa-ny since 1999.

In 2006, he said, PTCL andTelecom Foundation hadsigned an agreement, underwhich all these employeeswere given to TelecomFoundation. He said theTelecom Foundation thenterminated all the employeesin 2006. The petitioners'lawyer told the court thatTelecom Foundation had noauthority to terminate themfrom their jobs as they werethe employees of PTCL.

He argued that the TelecomFoundation terminationorder was unlawful and thusbe set aside. After hearing ofthe case, the bench declaredthe employees terminationorder as void and directedthe PTCL to appoint theemployees on their old posi-tions in the company.-APP

Indigoers getto tee off ata lush Lhrgolf course

LAHORE: Mobilink organ-ised the 4th indigoInvitational GolfTournament-2010 at theRoyal Palm Golf & CountryClub, Lahore.

For the past three years,this 18-hole tournament hasconsistently attracted golf-ing enthusiasts from withinthe Mobilink-indigo cus-tomers. Deriving excitementand fun through friendlycompetition is the basic aimof this tourney.

Speaking on the occasionthe President & CEOMobilink Rashid Khan said,"The enthusiastic fervor dis-played by golfing enthusi-asts, from Lahore, in theIndigo Golf Tournament hasmade this recreational eventinto a popular sportingactivity. Our aim throughsponsoring these activitiesis to support such excitingevents that engender socialharmony and foster a partic-ipative spirit in the commu-nity."

More than 100 partici-pants took part in the golf-ing tournament; the evergrowing number of golfingwomen is a healthy sign.The significant performerswere presented high-valuedgifts from Mobilink.

Separate accolades wererewarded to winners of themen's and women's cate-gories. The Main Eventwin for Ladies Net wasrewarded to Nubia Khan.The Main Event win forGents Net was rewarded toAsadullah Khan and GentsGross rewarded to OmarSalamat.-NNI

Page 9: The Financial Daily-Epaper-30-11-2010

LONDON: Gold prices stead-ied near $1,360 an ounce inEurope on Monday, surrender-ing earlier gains as the dollarhit a fresh two-month highversus the euro but remainingsupported by concerns overeuro-zone debt levels.

Investors fear that Portugalmay be the next country thatstruggles with its sovereign

debt after Greece and Irelandwere forced to seek bailoutsfrom the European Union ear-lier this year.

Spot gold was bid at$1,360.50 an ounce at 1438GMT against $1,361.73 late inNew York on Friday, havingearlier risen as high as$1,367.65. US gold futures forDecember delivery eased$3.00 to $1,359.40.

RBS Global Banking &Markets analyst Daniel Major

said euro-zone sovereign debtconcerns were pulling gold intwo directions at once. "Youhave seen moves in the cur-rency markets that are offset-ting, to an extent, the sover-eign concerns," he said.

EU finance ministers onSunday endorsed a bailoutpackage to help Dublin coverbank debts and bridge a budg-

et deficit and outlined a per-manent system to resolve theeuro-zone debt crisis.

Physical gold demandemerged last week as pricesslipped back towards $1,350an ounce, especially in Asia,

analysts said."Our sales to India Friday

were the largest since Oct. 27,when gold traded under$1,330, and more than doublethe 2010 daily average," UBSanalyst Edel Tully said in anote.

"This is a strong indicatorthat there's much residualphysical demand in the systemthat will provide ample sup-port on dips," she added.

Among other precious met-als, silver was at $26.74 anounce against $26.66. Theworld's largest silverexchange-traded fund, theiShares Silver Trust, said itsholdings fell to 10,711.23tonnes on Nov. 26 from arecord high.

Platinum was at $1,632.49an ounce against $1,645,while palladium was at$675.97 against $674. -Reuters

Gold holds near $1,360/oz;eyes euro-zone debt woes

9Tuesday, November 30, 2010

POLYPROPYLENE(PP) LINEAR LOW (LL)

Cash & Settlement 1310 1250

December (3rd Wednesday) 1320 1260

January (3rd Wednesday) 1320 1260

LONDON METAL EXCHANGE (PLASTIC)

LME Official Prices, US$ per tonne for November 26 2010

LME Official Prices, US$ per tonne for November 26 2010

ALUMINIUM ALUMINIUM COPPER LEAD NICKEL TIN ZINC NASAAC

ALLOY

Cash buyer 2200 2242.5 8287 2263 22505 24055 2117.5 2210

Cash seller 2210 2243 8288 2264 22510 24060 2118 2210.5

3-months buyer 2170 2265 8230 2289 22595 24095 2124 2230

3-months seller 2180 2266 8235 2290 22600 24100 2125 2235

15-months buyer 2125 2328 8035 2258 22275 23750 2165 2245

15-months seller 2135 2333 8045 2263 22375 23800 2170 2255

27-months buyer 2125 2385 7665 2220 21700 2145 2295

27-months seller 2135 2390 7675 2225 21800 2150 2305

LONDON METAL EXCHANGE (METALS)

LONDON: Oil lost upwardmomentum, after rising to atwo-week high on Monday, as aEuropean Union rescue planfor Ireland failed to calm per-sistent worries about the healthof other euro-zone members.

As the euro weakened andthe dollar rallied on worriesabout a spreading crisis withinthe euro-zone, stocks fellsharply. Oil out-performed equi-ties, supported bycold weather inEurope and con-cerns about secu-rity in the Gulf.

US crude forJanuary tradedbroadly flat at $83.76 a barrelat 1502 GMT after rising 1.5per cent to a high of $85.03 abarrel earlier in the day.

Oil has declined from a two-year high of $88.63 seen earlierin November due to worriesthat euro-zone debt problemscould keep a lid on growth andenergy demand.

ICE Brent for January rose12 cents to $85.70 as the dollarrose by nearly 1 per centagainst a basket of currenciesand the euro hit a two-monthlow.

Finance ministers from the16-nation euro-zone unani-mously endorsed an emergencyloan package of 85 billioneuros ($115 billion) to helpDublin cover bad bank debtsand bridge a huge budgetdeficit.

Some analysts noted that oilprices showed more resistancethan other assets classes, with

US stock index futures turningnegative on Monday.

"The southern European sov-ereign debt crisis would have totake a severe turn for the worseto derail positive commodityprice trends that are findingstrong support from improvingfundamentals and positive mar-ket sentiment towards growthassets," Barclays Capital ana-lysts said in a report.

Euro-zone economic senti-ment improved more thanexpected in November, datashowed on Monday. Later in

the week, the focus will shift toChina's and European PMIs,followed by euro-zone GDPdata and an ECB meeting oninterest rates followed by USdata on non-farm payrolls andunemployment.

A Reuters November oilprice poll showed that mostanalysts were revising theirprice estimates upwards, while

a Reuters sur-vey of OPECshowed slight-ly better com-pliance withp r o d u c t i o ncurbs

S a u d iArabia's King

Abdullah has repeatedly urgedthe United States to attackIran's nuclear installations,according to a vast cache of USdiplomatic cables released onSunday in an embarrassing leakthat undermines US diplomacy.

Jakob from Petromatrix saida cold spell in Europe was sup-portive of the oil price but thattemperatures in Chine havebeen so far above normal. Henoted that oil prices were backto levels at the start of 2008 andmore than double the start of2009. -Reuters

Oil falls from two-weekhigh on euro-zone woes

Europeanvegetableoil prices

ROTTERDAM: The follow-ing were the Monday'sRotterdam vegetable oil price'sat 18:00 PST.

SOYOIL: EU degummedeuro tonne fob exmill Jan11930.00+12.00, Feb11/Apr11935.00+12.00, May11/Jul11937.00+11.00.

RAPEOIL: Dutch/EU eurotonne fob exmill Feb11/Apr11930.00+5.00, May11/Jul11940.00+10.00, Aug11/Oct11915.00+0.00, Nov11/Jan12925.00+0.00.

SUNOIL: EU dlrs tonneextank six ports option Dec101450.00, Jan11 1440.00,Feb11/Mar11 1420.00,Apr11/Jun11 1380.00+5.00,Jul11/Sep11 1405.00+0.00.

LINOIL: Any origin dlrstonne extank RotterdamNov11/Dec11 1240.00-2.50.

CRUDE PALM OIL:Sumatra/Malaysia slrs optiondlrs tonne cif R'dam Dec101150.00+32.50, Jan11/Mar111135.00+32.50, Apr11/Jun111117.00+37.50.

PALMOIL: RBD dlrs tonnecif Rotterdam Dec10 1160.00,Jan11/Mar11 1150.00.

PALMOIL: RBD dlrs tonnefob Malaysia Dec10 1115.00,Jan11/Mar11 1105.00+37.50.

PALM OLEIN: RBD dlrstonne fob Malaysia Dec101125.00, Jan11/Mar111115.00+37.50, Apr11/Jun111097.50+40.00, Jul11/Sep111085.00+40.00.

PALM STEARIN: Dlrs tonnefob Malaysia Dec101095.00+15.00, Jan111095.00+15.00.

COCONUT OIL: Phil/Indondlrs tonne cif RotterdamNov10/Dec10 1550.00,Dec10/Jan11 1550.00+45.00,Jan11/Feb11 1545.00+40.00.

CASTOROIL: Any origindlrs tonne extank RotterdamNov10/Dec10 2050.00+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

29-Nov-2010 CRUDE100 JA11 US$ Per Barrel 84.17 84.98 83.78 83.78 250 84.33 83.78 86

29-Nov-2010 CRUDE100 FE11 US$ Per Barrel 84.76 85.34 84.67 84.67 10 84.92 84.67 13

29-Nov-2010 CRUDE100 MA11 US$ Per Barrel 0.00 0.00 0.00 0.00 0 85.44 0.00 0

29-Nov-2010 GO100OZ JA11 US$ Per Troy Ounce 0.00 0.00 0.00 0.00 0 1364.10 0.00 0

29-Nov-2010 GO100OZ FE11 US$ Per Troy Ounce 1368.10 1368.10 1360.00 1362.00 10 1365.00 1362.00 6

29-Nov-2010 GO100OZ MA11 US$ Per Troy Ounce 0.00 0.00 0.00 0.00 0 1367.10 0.00 0

29-Nov-2010 GO1OZ JA11 US$ Per Troy Ounce 1361.40 1368.00 1358.00 1358.60 1066 1364.10 1358.60 1779

29-Nov-2010 GO1OZ FE11 US$ Per Troy Ounce 1362.30 1369.20 1359.00 1360.00 1103 1365.00 1360.00 1350

29-Nov-2010 GO1OZ MA11 US$ Per Troy Ounce 1364.10 1371.00 1361.00 1363.00 163 1367.10 1363.00 53

29-Nov-2010 GOLD DE10 Per 10 Grams 37557.00 37557.00 37550.00 37550.00 12 37489.00 37550.00 16

29-Nov-2010 GOLD JA11 Per 10 Grams 37517.00 37517.00 37517.00 37517.00 1 37500.00 37517.00 23

29-Nov-2010 GOLD FE11 Per 10 Grams 0.00 0.00 0.00 0.00 0 37515.00 0.00 0

29-Nov-2010 GOLDKILO DE10 Per 10 Grams 0.00 0.00 0.00 0.00 0 37461.00 0.00 1

29-Nov-2010 GOLDKILO JA11 Per 10 Grams 0.00 0.00 0.00 0.00 0 37472.00 0.00 0

29-Nov-2010 IRRI6W 02DE10 Per 100 Kg 0.00 0.00 0.00 0.00 0 3292.00 0.00 0

29-Nov-2010 KIBOR3M 10-Dec Per Rs 100 0.00 0.00 0.00 0.00 0 86.73 0.00 0

29-Nov-2010 KIBOR3M 11-Mar Per Rs 100 0.00 0.00 0.00 0.00 0 86.02 0.00 0

29-Nov-2010 KIBOR3M 11-Jun Per Rs 100 0.00 0.00 0.00 0.00 0 85.69 0.00 0

29-Nov-2010 KIBOR3M 11-Sep Per Rs 100 0.00 0.00 0.00 0.00 0 86.10 0.00 0

29-Nov-2010 KIBOR3M 11-Dec Per Rs 100 0.00 0.00 0.00 0.00 0 86.14 0.00 0

29-Nov-2010 KIBOR3M 12-Mar Per Rs 100 0.00 0.00 0.00 0.00 0 86.09 0.00 0

29-Nov-2010 PALMOLEIN DE10 Per Maund 0.00 0.00 0.00 0.00 0 4681.00 0.00 0

29-Nov-2010 PALMOLEIN JA11 Per Maund 0.00 0.00 0.00 0.00 0 4736.00 0.00 0

29-Nov-2010 PALMOLEIN FE11 Per Maund 0.00 0.00 0.00 0.00 0 4786.00 0.00 0

29-Nov-2010 RICEIRRI6 DE10 Per 100 Kg 0.00 0.00 0.00 0.00 0 3307.00 0.00 0

29-Nov-2010 RICEIRRI6 JA11 Per 100 Kg 0.00 0.00 0.00 0.00 0 3346.00 0.00 0

29-Nov-2010 RICEIRRI6 FE11 Per 100 Kg 0.00 0.00 0.00 0.00 0 3381.00 0.00 0

29-Nov-2010 SL500OZ JA11 US$ Per Troy Ounce 27.02 27.15 26.62 26.62 72 26.87 26.62 54

29-Nov-2010 SL500OZ FE11 US$ Per Troy Ounce 0.00 0.00 0.00 0.00 0 26.91 0.00 0

29-Nov-2010 SL500OZ MA11 US$ Per Troy Ounce 0.00 0.00 0.00 0.00 0 26.96 0.00 0

29-Nov-2010 TGOLD100 DE10 Rs Per Tola 0.00 0.00 0.00 0.00 0 43694.00 0.00 0

29-Nov-2010 TGOLD100 JA11 Rs Per Tola 0.00 0.00 0.00 0.00 0 43707.00 0.00 0

29-Nov-2010 TGOLD100 FE11 Rs Per Tola 0.00 0.00 0.00 0.00 0 43724.00 0.00 0

29-Nov-2010 TGOLD50 DE10 Rs Per Tola 0.00 0.00 0.00 0.00 0 43694.00 0.00 0

29-Nov-2010 TGOLD50 JA11 Rs Per Tola 0.00 0.00 0.00 0.00 0 43707.00 0.00 0

29-Nov-2010 TGOLD50 FE11 Rs Per Tola 0.00 0.00 0.00 0.00 0 43724.00 0.00 0

29-Nov-2010 MINIGOLD 2-Aug Per 10 Grams 0.00 0.00 0.00 0.00 0 38770.00 0.00 0

29-Nov-2010 MINIGOLD FRI Per 10 Grams 0.00 0.00 0.00 0.00 0 38809.00 0.00 0

29-Nov-2010 MINIGOLD THU Per 10 Grams 0.00 0.00 0.00 0.00 0 38796.00 0.00 0

29-Nov-2010 MINIGOLD WED Per 10 Grams 0.00 0.00 0.00 0.00 0 38783.00 0.00 0

29-Nov-2010 MINIGOLD MON Per 10 Grams 0.00 0.00 0.00 0.00 0 0.00 0.00 0

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

Tokyo rubberends higher, but

gains limitedBANGKOK: Tokyo rubberended slightly higher onMonday on the back of strongoil prices and an easingJapanese yen, but gains werelimited by profit-taking, dealerssaid.

The benchmark rubber con-tract on the Tokyo CommodityExchange for May deliveryrose 2.4 yen to settle at 357.3yen ($4.25) per kg.

The Shanghai FuturesExchange said on Thursday itwill raise margin requirementsand widen daily price movelimits on its contracts from nextweek.

Traders said such a movecould trigger liquidation ofspeculative positions.

The most active Shanghairubber futures for May deliveryrose 275 yuan to settle at30,650 yuan per tonne onMonday.

Dealers said TOCOM rubbercould rise further on Tuesdayafter it finished above a keypsychological level of 350 yenper kg and limited supply onthe fundamental side shouldlend further support. -Reuters

BEIT LAHIA-GAZA STRIP: A Palestinian farmer picks strawberries for export at a farm inBeit Lahia, in the northern Gaza Strip. -Agencies

KUALA LUMPUR:Malaysian crude palm oilfutures hit a two-week high onMonday as caution recededafter European authoritiesagreed to bail out Ireland andconcerns grew over the weath-er in oilseed growing regions.

The price of the vegetable oilresumed a rally ahead of aprice outlook conference start-ing in Indonesia on Wednesdayfrom which traders are expect-ing bullish forecasts.

Finance ministers from the16-nation euro-zone, anxiousto prevent market contagionengulfing Portugal and Spain,unanimously endorsed anemergency loan package of 85billion euros ($115 billion) tohelp Dublin cover bad bankdebts and bridge a huge budgetdeficit.

Benchmark February 2011palm oil on the Bursa MalaysiaDerivatives Exchange rose asmuch as 112 ringgit, or 3.5 percent, to 3,390 Malaysian ring-git ($1,075) per tonne in the

afternoon session before set-tling at 3,381 ringgit.

Traded volumes almost dou-bled from the usual to 18,360lots of 25 tonnes each.

Prices were also boosted byheavy monsoon rains that havedisrupted some harvestingrounds in oil palm growingregions in Malaysia andincreased moisture content inoil palm fruits, while drierweather has delayed soy plant-ings in South America and hurtthe US wheat crop.

Cargo surveyors IntertekTesting Services and SocieteGenerale de Surveillance willreport Malaysia's Novemberpalm oil exports on Tuesday.Exports have so far risen bynearly a quarter for the first 25days in November.

US soyoil for Dec deliveryrose 1 per cent in late Asiantrade. The most-activeSeptember soyoil contract onthe Dalian CommoditiesExchange closed up 1.4 percent. -Reuters

Malaysia palm gains onweather, Irish bailout

Indian sugarrises on lowerDec quota talkMUMBAI: India's spot sugarprice rose to its highest level innearly eight months on Mondayon hopes of lower non-levy quotafor December and slow pace ofcane crushing in key producingstates, dealers said.

Non-levy, or free-sale, sugaris sold by millers in the openmarket, but the quantity eachmill can sell is fixed by the fed-eral government on a monthlybasis. "Slower pace of cane-crushing and concerns overrecovery rate also supportedsentiments," Jain said.

Unseasonal rains over thetwo key Indian sugar producingstates have pared the recoveryrate by nearly 1 per cent, initialreports show, and governmentand industry officials worrypersistant rains could potential-ly hit output and trim exports.

In Kolhapur, a key market intop-producing Maharashtra state,the most traded S-variety rose by0.7 per cent to 2,877 rupees($62.68) per 100 kg, the highestlevel since April 3. -Reuters

LONDON: Copper eased onMonday on concerns an 85billion euro ($112.6 billion)bailout for Ireland could her-ald more debt problems inEurope, although losses werelimited by expectations oftightening supply.

Three-month copper on theLondon Metal Exchangeended at $8,220 a tonne, ver-sus a close of $8,239 a tonneon Friday, after hitting a lowof $8,175 earlier.

"There is clearly a lot ofmacro chaff floating around,"said Daniel Major, an analystat RBS Global Banking &Markets.

"First thing in the session,the Irish bailout supported riskappetite, but since then we'veseen it deteriorate a little bitand a stronger dollar hasemerged."

Copper reversed earliergains as the euro touched two-month lows versus the dollarand European shares fell,while investors looked past arescue package for Ireland todebt problems in other periph-eral euro zone economies. Arising dollar makes metalscostlier for non-US investors.

"Prices have been draggedback by the stronger dollarand also the weaker equitymarket," said EugenWeinberg, an analyst atCommerzbank. "Because themarket is telling us, especiallythe equity market, that theEuropean problems are farfrom over."

On the supply side, unionleaders at the world's No 3copper mine, Chile's

Collahuasi, on Monday pre-pared to open wage talks withmanagement, which bothsides hoped could end a three-week strike after workersshunned a previous offer.

Collahuasi said it was load-ing a new shipment bound to

Asia and its output remainednormal under a contingencyplan despite the strike.

"It doesn't look like they'velost too much production,"added RBS's Major. About 2.5million tonnes of productioncapacity in the copper indus-try are vulnerable to labourcontract expiries next year, heestimated.

Government data fromChile showed that copper out-put in the world's No. 1 pro-ducer sank 7 per cent againstOctober 2009. -Reuters

Copper falls onEU debt worries

ICE cocoaeases; sugar

firmsLONDON: ICE cocoa futureswere little changed on Monday,despite tension in top growerIvory Coast after Sunday'spresidential run-off election,while sugar edged up with thesupport of tight supplies.

ICE arabicas edged higher,with upside limited by astrengthening dollar after EUfinance ministers endorsed arescue package for Ireland, andLondon robustas fell underpressure from the Vietnameseharvest.

Cocoa markets reversed earli-er gains to take in their stridethe tense atmosphere in IvoryCoast. Cocoa futures on ICEdipped, with March down $31at $2,763 a tonne at 1523 GMT.Liffe second-month cocoa wasdown 5 pounds to 1,869 poundsper tonne in thin volume of2,280 lots.

Sugar futures rose, supportedby a monthly report from mer-chant Czarnikow predicting aglobal sugar deficit, with manyproducers expected to fail toreach production targets due toadverse weather.

ICE March raw sugar was up0.11 cent to 28.36 cents a lb at1520, while Liffe March whitesugar was up $5.70 or 0.8 percent to $724.10 per tonne inmodest volume of 1,246 lots.

In coffee, Liffe robustafutures prices eased, underpressure from the harvest in topproducer Vietnam.

Liffe January robusta coffeefutures were down $37 or 2 percent to $1,779 per tonne at 1524GMT. ICE March arabicas wereup 0.30 cent to $2.0300 per lb at1525 GMT. -Reuters

Shanghai copper jumpsCopper prices on Monday

rose about one per cent as itwas supported by supplytightness in the global mar-ket, shrugging off the impactof a stronger dollar amid per-sistent euro-zone debt wor-ries.

Three-month copper on theLondon Metal Exchangerose one per cent to $8,315 atonne by 0705 GMT, aftertouching a low of $8,175 ear-lier in the day.

Shanghai's benchmarkthird-month copper closedup one per cent at 62,310yuan a tonne, after hitting asession low of 61,100 yuan.Shanghai aluminium rose by0.3 per cent to 16,220 yuan.

US dollar rally depresses stocks, commodities

Page 10: The Financial Daily-Epaper-30-11-2010

10Tuesday, November 30, 2010

England World Cup 2018 CEO Ansonattends a news conference in Zurich

Nationalhockey coach

returns tofete victory

ISLAMABAD: PakistanHockey Team's Dutch coachMichel Van Den Heuvel returnback to Netherland to meet hisfamily and celebrate his firstvictory in Asian Games.

Pakistan Hockey Federation(PHF) hired Michel Van DenHeuvel as foreign coach afterthe worst performance in thehockey world cup 2011 to per-form better in future interna-tional activities but formerOlympians criticise the federa-tion over the appointment ofDutch coach.

After done his first tack in theAsian Games where Pakistanwon the gold medal after 20years Michel Van Den went backto home where the family per-sons are waiting for him to cele-brate his first victory.-Online

ZURICH: The race to hostthe 2018 and 2022 World Cupsis still considered to be wideopen as it enters the final weekhaving survived a corruptionscandal which threatened toderail the whole process.

Voting is restricted to mem-bers of FIFA's executive com-mittee and bidders believemany are still undecided. Eventhe number of voters takingpart on Dec. 2 is uncertain aftertwo of the 24-man committeewere suspended and FIFA stillhas to decide on a last-minuterequest to replace one of them.

FIFA has prepared painstak-ing reports on the technical andfinancial attributes of each bid,but Sepp Blatter, president ofsoccer's governing body,appreciates personal whimscould hold more sway than the

quality of the bids themselves."It wouldn't be worth making

technical reports if finallythose who are going to vote arenot using the information ofsuch reports," he said.

"But we are not only dealingwith the World Cup institution,we are also dealing with humanbeings, and they have ideasother than those which areavailable in the documents."

There are four bids for the2018 tournament fromEngland, Russia,Spain/Portugal andNetherlands/Belgium and fivefor 2022 -- United States,Japan, South Korea, Qatar andAustralia. Of those, Russia,Portugal, Netherlands,Belgium, Qatar and Australiahave never staged soccer'sbiggest event.-Reuters

WC hosting raceenters final week

LONDON: Roger Federersent a timely reminder toRafael Nadal on Sunday, out-gunning the world number oneto win the ATP World TourFinals with an irresistible dis-play of attacking tennis.

Federer, overshadowed thisseason by the phenomenalNadal, won 6-3 3-6 6-1 in frontof 17,500 fans at London's O2Arena for a record-equallingfifth title at the year-endingfinale, matching the feat ofIvan Lendl and Pete Sampras.

Nadal, who won this year'sFrench Open, Wimbledon andU.S. Open titles to knockFederer off the top of the rank-ings, looked jaded after hisepic semi-final against AndyMurray on Saturday and theSwiss seized his chance instyle.

Federer fired down 32 win-ners in the one hour 37 minutecontest to Nadal's 11 as he beatthe Spaniard for only the sec-ond time in two and half years.

Nadal now leads 14-8 intheir series dating back to 2004but Federer's form since hisshock defeat by TomasBerdych at Wimbledon sug-

gests the 24-year-old will bechallenged hard for the sport'smajors again next year.

In going through the round-robin tournament undefeatedFederer also added $1.6 mil-lion (1.0 million pounds) to hisconsiderable bank balance,although notching another vic-tory over his great rival, andregular nemesis, was satisfac-tion in itself.

The 16-times grand slamchampion roared with delightas he looped a forehand on tothe baseline and, after a slighthesitation, Nadal opted not tochallenge the call and beganwalking to the net to shakehands.

TOP TWOFor the time since 1986 the

world's top two players in theATP rankings contested thefinal match of the season -- afitting end to a tournament thatattracted 250,000 fans overeight days to London'sDocklands.

Though the match lacked thedrama of their previous one inLondon -- Nadal's unforget-table 2008 Wimbledon finaldefeat of Federer -- it still pro-

vided a feast for a sell-outcrowd as both players tradedblows.

Nadal had the first sniff of achance at 3-3 when he hadFederer down 0-30 on servebut he was helpless as theSwiss reeled off four perfectpoints.

In the next game, Federerearned a break point with aforehand winner and convertedit when he rolled a backhandbeyond the reach of Nadal.

In what seemed like the blinkof an eye, the Swiss had moveda set ahead but Nadal, playingin the final of the season-enderfor the first time, levelled thematch after breaking Federer'sserve in the fourth game of thesecond set.

Predicting a winner at thatstage looked impossible butFederer struck the decisiveblow to move 3-1 ahead in thedecider when Nadal hit a tired-looking backhand wide.

Nadal got to deuce on thenext game but Federerslammed the door shut with anace to move 4-1 ahead andthere was no way back for theMallorcan.-Reuters

Federer crushes Nadalto claim ATP Tour title

Haider vowsto revealcorrupt

KARACHI: In what couldbring more trouble forPakistan cricket, stumperZulqarnain Haider on Sundaysaid he will reveal the identityof the people, who took bribeswhile being in the country'scricket set-up.

Soon after his announcementon the Facebook page, hisfamily filed a police complaintas his wife got threateningcalls from an unknown caller.

Haider had fled to Londonafter allegedly receiving deaththreats from match-fixerswhen he was in Dubai for anODI series against SouthAfrica and retired from inter-national cricket in a hush.

Haider is apparently miffedby negative remarks about himby Pakistan's one-day captainShahid Afridi, managerIntikhab Alam and the PCBlegal advisor Tafazzul Rizvi.

He wrote on his Facebookpage that all those who weretalking negative about himshould wait for five more daysand he will expose them.

Zulqarnain had earlier on hisMSM page declared he wouldsoon be in Islamabad.

"I will soon let the peopleknow the background of somepeople and about those whotake or had taken money," hewrote on the social-network-ing site.-Agencies

AKU tennistourneykicks off

KARACHI: Aga KhanUniversity's (AKU) Inter-University Tennis Tournament2010 (Boys) organised bySports and RehabilitationCentre AKU commenced fromMonday, said a statementissued here.

Six Teams representing rep-utable Institutions acrossKarachi are taking part in theTournament. The teams havebeen divided into 2 pools. TheTournament round matcheswill be played on league basisat the AKU Sports CentreTennis Court. Top Team fromeach pool will play the Final.

Teems participating in theevent are Iqra University (IU),Institute of BusinessAdministration (IBA), NUSTKarachi, Dawood College ofEngineering & Technology(DCET), Aga Khan UniversityGreen (AKU-Green) and AgaKhan University White (AKU-White).

Two matches were played onthe opening day. Dr ShoaibQureshi, Professor,Department of BBS & Chair,Sports Centre AdvisoryCommittee, Aga KhanUniversity inaugurated theTournament.-PR

BRISBANE: Australiacalled up two more quickbowlers to their squad forthe second Ashes test as theycontinue to search for thekiller touch that again eludedthem in the first test at theGabba on Monday.

The once-dominantAustralians have got into thehabit of letting teams off theleash from strong positionsrecently, most notably in atest defeat to India in Mohalilast month.

Australia were again incharge with a first inningslead of 221 on day three ofthe Gabba test but Englandbatted for two days to earn amorale-boosting draw.

"We got ourselves in agood position in the gamethrough our batting," saidPonting. "Even this morningcoming to the ground I feltonly one team was goodenough to win this game ifwe were good enough to takesome early wickets.

"We weren't good enoughthis morning so it ended upunusually being a drawngame at the Gabba."

Australia responded bycalling up Ryan Harris andDoug Bollinger to supple-ment their fast bowling corpsof Mitchell Johnson, PeterSiddle and Ben Hilfenhaus

for the Adelaide test, whichbegins on Friday.

"We have to work to workout what is the best attack totake us 20 wickets inAdelaide," Ponting said. "No

doubt that we've got a lot ofimprovement to do with our

bowling group."We didn't bowl as well as

we could by any stretch ofthe imagination ... I felt like

I exhausted every option asfar as fielders and tactics, we

just weren't able to breaktheir top three or four play-ers.

"If we get a flat wicket in

Adelaide again, we've got tomake sure we're a whole lot

better than we were in thisgame."

Bollinger, who is returningfrom a side strain, was left

out of the team for the firsttest in favour of Siddle, whotook a hat-trick and sixwickets in England's firstinnings.

Harris, who is also on thecomeback trail after kneesurgery, was included in theoriginal 17-man Australiasquad for the first test.

"He's had some nigglyknee problems," saidPonting. "I understand at themoment that he's going par-ticularly well in the(Sheffield) Shield match he'splaying at the moment andeverybody I've spoken tosaid that injury he had willbe fine for a test match."

Johnson had a particularlypoor test, going without awicket at the cost of 170runs.

"I have seen him bowl bet-ter," Ponting said. "But Iwouldn't want to single any-one out because I don't thinkany of our bowlers were attheir best in this game."

Australia squad for secondtest - Simon Katich, ShaneWatson, Ricky Ponting (cap-tain), Michael Clarke, MikeHussey, Marcus North, BradHaddin, Mitchell Johnson,Ben Hilfenhaus, PeterSiddle, Doug Bollinger,Ryan Harris, XavierDoherty.-Reuters

1st Ashes test drawn

Aussies call up quicks to find killer touch

GUWAHATI: Virat Kohli'ssparkling century helpedIndia script a 40-run victoryagainst an injury-hit NewZealand to take a 1-0 lead inthe five-match series.

Chasing a challenging tar-get of 277 at the NehruStadium, New Zealand wereshort on experience withskipper Daniel Vettori andexplosive opener BrendonMcCullum missing out due toback injuries as the visitorswere all out for 236 in 45.2overs.

Stand-in skipper RossTaylor top-scored for theKiwis with a fighting 66 from69 balls studded with threesixes and three boundaries.

At 169 for eight, NewZealand looked to give up

easily but Nathan McCullum(35 from 35 balls, 4x4) andKyle Mills (32 from 28 balls,2x4, 2x6) produced a 67-runninth wicket stand to giveIndia some tough time in themiddle.

But Sreesanth (three for 67)broke the partnership dis-missing Nathan and Millswith the former being bril-liantly caught by skipperGambhir as India won thematch with 28 balls to spare.

Under intense scrutiny,Yuvraj Singh failed with thebat but he was really effectivewith his bowling claimingthree for 43 from his fullquota of 10 overs, while off-spinner RavichandranAshwin took a career-bestthree for 50 to help India take

the series lead.Thanks to a compact 105 by

in-form Kohli, the new lookIndian side under GautamGambhir put on 276 as theywere bowled out in 49 oversafter the hosts were sent in tobat.

Fresh from his back-to-backcenturies in Ranji Trophy, theDelhi lad played a neat andchanceless knock from 104balls with 10 boundaries forhis second consecutive andfourth overall one-day centu-ry.

But Kohli's dismissalbrought in a stunning Indiancollapse as the lower-ordermanaged 26 runs from last sixovers something that exposedthe new look side's inexperi-ence at this level.-Agencies

India overpowersKiwis by 40 runs

LONDON: Switzerland's Roger Federer returns the ball to Spain's Rafael Nadal duringtheir singles match at the ATP World Tour Finals.-Reuters

BRISBANE: England’s Trott makes his ground as the ball hits his wicket during the first Ashes test against Australia.-Reuters

KP CM laudsMalik Saadsports trust

PESHAWAR: Chief MinisterKhyber Pakhtunkhwa AmeerHaidar Khan Hoti said Mondaythat Malik Saad MemorialSports Trust had rendered valu-able services for promotion ofsports and welfare of sportsmenand had awarded scholarshipsto intelligent students.

He expressed these views whilechairing a meeting of Board ofDirectors Malik Saad MemorialSports Trust here at his office.

Chief Secretary GhulamDastageer Akhtar, ChairmanMalik Saad Memorial SportsTrust Malik Naveed, Acting PPOKhyber Pakhtunkhwa AbdulLatif Gandapur, CommissionerPeshawar Division Akbar Khan,former provincial ministers,Secretary Malik Saad MemorialSports Trust Amjid Aziz Malikand other board members attend-ed.-APP

Page 11: The Financial Daily-Epaper-30-11-2010

11Tuesday, November 30, 2010

International & Continuation

CONTINUATION

World Bankchief says

double-diprecessionunlikely

NEW DELHI: The globalrecovery continues to be "veryuncertain," but a double-diprecession is unlikely, the WorldBank president said in an inter-view to an Indian news channelto be aired later on Monday.

In June, the World Bank hadwarned of a possible double-diprecession in some countries ifinvestors lost faith in efforts inEurope and elsewhere to tacklerising debt levels.

"I don't think that there will bea double dip and I would not saya per centage figure because Ithink it's not likely," RobertZoellick told NDTV channel.

"But, what I would say is this,we are far from finished...I thinkthat there is a problem with con-fidence."

In the aftermath of theEuropean debt crisis, the WorldBank had called for "signifi-cant" fiscal consolidation inadvanced economies, adding thequicker it happened, the better itwould be for developingeconomies.

"...there are definitely risks outthere and this is still a veryuncertain recovery and thereforeit's important for government totry to focus on the structuralpolicies," Zoellick said.

Zoellick advocated the needfor a flexible exchange rate pol-icy but downplayed the impor-tance of currency appreciationin addressing global tradeimbalances.

The United States has beencajoling China to allow its yuancurrency to rise faster, andaccuses it of keeping it under-valued to gain a trade advantage.

Foreign exchange rates arecentral to the current accountimbalances debate, with theUnited States initially advocat-ing the need for numerical tar-gets as a tool to iron out riftsbetween export-rich countriesand debt-laden consumernations.-Reuters

hanged under controversial blasphemy laws that rights activistssay encourage extremism. Rights activists and pressure groupssay it is the first time that a woman has been sentenced to hang inPakistan for blasphemy.-Agencies

Continued from page 12No #1

On Sunday, disgruntled activists of the Pakistan People's Party(PPP) led by Naheed Khan, political secretary to the PPP's slainchairperson Benazir Bhutto, has accused the party leadership ofpromoting cronyism and nepotism in the party and the govern-ment at the cost of ideologues and 'true workers'.

The charges are part of a resolution adopted at a ceremonyorganised by the dissident group here on Sunday at the residenceof Sardar Hur Bukhari to mark 44th Foundation Day of the party.It is pertinent to mention that Safdar Abbasi's membership of CEChas already been suspended.-NNI

Continued from page 12No #2

foil the designs of those who were trying to destabilise Pakistan.-NNI

Continued from page 12No #3

He said Sri Lanka can be a tourist heaven and with better infra-structure and peace, improve its potential and make it a moreattractive. The President said since 2008, Pakistan too underwenta fundamental democratic transformation as it struggled hard fordemocracy. He mentioned the great leaders, Zulfiqar Ali Bhuttoand Mohtarma Benazir Bhutto Shaheed who laid down their livesfor the democratic values and ideals.

Lauding the services of Sri Lanka-Pakistan ParliamentariansFriendship Association and Pakistan-Sri Lanka Friendship Group,the President said these were manifestation of the strength andsubstance of friendship between the two countries.

The Speaker of the Parliament Chamal Rajapaksa said SriLanka would always remember the strong support of Pakistan torid it of the terrorism. He said the two nations were importantmembers of the United Nations and the Saarc and would continueto extend support to each other at all fora.

The Speaker urged greater people to people contacts and collab-oration in health, education, science and technology for the mutu-al good. He also called for more frequent exchange of parliamen-tary delegations to foster better understanding and to bring thetwo nations closer. He also expressed deepest condolences overthe loss of life in the recent flooding in Pakistan. The Sri Lanka-Pakistan Parliamentarians Friendship Association, initially a mul-tiparty caucus of 30 members, was established in Colombo inNovember 2007.

Upon his arrival at the Parliament the President, accompaniedby Foreign Minister Shah Mehmood Qureshi, Defence MinisterCh. Ahmad Mukhtar, Chairman BOI Saleem Mandviwala andFinance Minister of Sindh, were received at the Parliament by theSpeaker, Sri Lankan Prime Minister D M Jayavartane, ministersand Chairmen of Sri Lanka-Pakistan Parliamentary FriendshipAssociation. -Agencies

Continued from page 12No #4

A senior Pakistani security official said the suspects had beenplaced on Pakistan's most wanted terrorists list about a year agoand a judge had issued permanent arrest warrants.

"We believe they are hiding inside Pakistan. It's a huge countryand so many thousands of proclaimed offenders are there. It's acontinuous process. There are over 1000 police stations. We circu-late this information to all of them," he told Reuters. "You areaware of Pakistan's mountainous areas. People can hide thereindefinitely." The newspaper said the suspects included the allegedcaptain of two boats used in the attack as well as their 10 crewmembers, six financiers of the LeT and three others.

Continued from page 12No #5

Thousands of Pakistanis are getting higher education inSwedish universities as well as doing jobs, and contributing to theeconomy of Sweden, she said. She showed interest in seekingmore skilled labor from Pakistan.

Sweden is one of the important trading partners of Pakistan inEU, and the bilateral trade between the two countries has reached$ 212 million in 2009-10. Pakistan exports textile material, rice,carpets, rugs and sports goods to Sweden, and imports machineryparts, chemicals, metals and steels.-NNI

Continued from page 12No #6

as the United States taking Pakistan's nuclear weapons'".Islamabad has been adamant that its nuclear weapons are in safe

hands and US President Barack Obama has publicly concurred.But the Times said the leaked documents showed the United Statestrying to remove the uranium from a research reactor, fearing itcould be diverted for use in an "illicit nuclear device". Pakistan'sforeign ministry said it had been officially informed of the leaksby the US government in advance.

The United States has longstanding concerns about proliferationfrom Pakistan and is reported to have set up an elite squad thatcould fly into the country and attempt to secure its weaponsshould the government disintegrate. Western analysts believeChina assisted Pakistan in developing the Khushab nuclear site toproduce plutonium, which can be miniaturized for cruise missiles-- presumably aimed at India. -Agencies

Continued from page 12No #7

Relations between India and Pakistan deteriorated sharply fol-lowing the attack, but tension has eased in recent months. TheUnited States wants ties between the two countries to improve sothat Pakistan can focus more closely on fighting Afghan militantswho cross its border to attack US-led Nato troops in Afghanistan."We want the perpetrators to be punished through legal means, andour interior ministry has sought more information from India," saidPakistan's Foreign Minister Shah Mehmood Qureshi on Friday.

Nine attackers were killed in gun battles with Indian securityforces during the attack on Mumbai while the tenth, MohammadAjmal Kasab, sentenced to death by an Indian court. The prosecu-tion of the seven accused in Pakistan has stalled because officialsare demanding that Kasab be allowed to testify in Pakistan, whichNew Delhi has refused. The seven suspects on trial included Zaki-ur-Rehman Lakhvi, a LeT commander, who has been identified asa key person in the Mumbai attack by David Coleman Headley, anAmerican who pleaded guilty in a US court in March to chargesthat he scouted targets for LeT for the assault. -Reuters

BRUSSELS: The euro zone'seconomy will slow slightlynext year as governments cutspending to win back financialmarket confidence, but privatedemand will give growth afresh boost in 2012, theEuropean Commission said onMonday.

In its twice-yearly economicforecasts for the 27-nationbloc, the European Unionexecutive said growth in thesingle currency area wouldslow to 1.5 per cent in 2011from 1.7 per cent seen thisyear, but rebound to 1.8 percent in 2012.

"With private domesticdemand as a whole strengthen-ing, the recovery is said to beincreasingly self-sustainingover the forecast horizon,"Economic and MonetaryAffairs Commissioner OlliRehn told a briefing.

The main engine of growthin the euro zone will be thebiggest economy Germany,where growth is likely to slowsubstantially next year fromthe 3.7 per cent expansion seenin 2010, but still be arespectable 2.2 per cent.

A weaker global economywill cut demand for euro zoneexports, but many euro zonegovernments will also be slash-ing spending and raising taxesto return public finances to asustainable path.

The aggregated euro zonebudget deficit will shrink nextyear and in 2012, but debt willcontinue to rise, with that ofBelgium and Ireland becominglarger than their annual output,the Commission said.

Concern over the ability ofIreland to service its huge debt,which was boosted by govern-ment support to the ailingbanking sector, has forcedDublin to seek EU financial

help and prompted concernPortugal and even Spain couldbe next.

The budget deficit of thecountries using the euro willfall to 4.6 per cent of grossdomestic product next yearfrom 6.3 per cent expected thisyear and further to 3.9 per centin 2012.

Government debt is set torise to 86.5 per cent of GDPnext year from 84.1 per cent in2010 and increase to 87.8 percent in 2012.

"A determined continuationof fiscal consolidation andfrontloaded policies to enhancegrowth, are essential to set asound basis for sustainablegrowth and jobs," Rehn said.

"The turbulence in sovereigndebt markets underlines theneed for robust policy action."

The market spotlight hasnow turned to Portugal, whichhas a large debt, but very slowgrowth and an uncompetitiveeconomy.

Weighed down by heavy cutsin budget spending and highertaxes, Portugal will fall backinto recession, contracting 1per cent in 2011, and returnonly to weak growth of 0.8 percent in 2012, the Commissionforecast.

Lisbon plans to cut its budg-et deficit to 4.9 per cent in 2011from 7.3 per cent this year, butits debt will rise to 88.8 percent of GDP in 2011 from 82.8per cent seen this year.

"In case the fiscal targetwould be missed because ofsomewhat lower growth mate-rialising, then the governmentassumes that is essential still tomeet the fiscal target if neces-sary by taking additional meas-ures," Rehn said.

"And moreover, it is clearthat it is essential that Portugalwill develop and implement

equally ambitious structuralreforms to reach its growthpotential," he added.

Ireland, which on Sundayagreed on an 85 billion eurorescue package from the EUand the International MonetaryFund, will see its economygrow 0.9 per cent next yearafter a 0.2 per cent contractionthis year, but growth shouldaccelerate to 1.9 per cent in2012, the Commission said.

Dublin will have the biggestbudget gap in the EU of 32.3per cent this year, because ofhuge costs of supporting its ail-ing banking sector, but willreduce that shortfall to 10.3 percent next year and cut it furtherto 9.1 per cent in 2012.

"The Irish economy is flexi-ble and while there are seriouschallenges concerning publicfinances and especially thebanking sector... it has thecapacity of rebounding rapidlyfrom this recession. Exportgrowth is already a fact," Rehnsaid.

Spain, also in the marketspotlight because of its lowgrowth and a potentially costlyrepair of its banking system,will contract 0.2 per cent in2010 but grow again 0.7 percent in 2011 and 1.7 per cent in2012, the Commission said.

Its deficit is to fall to 6.4 percent in 2011 from 9.3 per centin 2010 and to 5.5 per cent in2012 as Madrid's austeritymeasures kick in. Spain wantsto cut its budget deficit to 6 percent next year, a target Rehncalled challenging.

"The Spanish fiscal strate-gy...is on track. If growth nextyear is lower than expected, itis necessary to take furthermeasures to make sure that thefiscal target is met," he said.

While deficits will decline,debt will still rise.-Reuters

Euro zone 2011growth to slow amid

spending cutsBERLIN: Germany and Francedeclared on Monday thatEurope had taken decisiveaction to save the euro by rescu-ing Ireland and laying the foun-dations of a permanent debt res-olution system, but marketswere unconvinced.

Under pressure to arrest thethreat to the currency beforemarkets opened and preventcontagion engulfing Portugaland Spain, EU finance ministersendorsed an 85 billion-euro($115 billion) loan package onSunday to help Dublin coverbad bank debts and bridge ahuge budget deficit.

They also approved the out-lines of a long-term EuropeanStability Mechanism (ESM),based on a Franco-German pro-posal, that will create a perma-nent bailout facility and makethe private sector graduallyshare the burden of any futuredefault.

"This is a measure which isnot simply a single shot taken inresponse to an important crisis,it forms part of the absolutedetermination of Europe -- ofFrance and Germany -- to savethe euro zone," French govern-ment spokesman FrancoisBaroin told Europe 1 radio.

German Finance MinisterWolfgang Schaeuble said calmand reality should return tofinancial markets, where specu-lation against euro zone coun-tries was "hardly rational."

And French EconomyChristine Lagarde said "irra-tional," "sheep-like" marketswere not pricing sovereign debtrisk in Europe correctly.

But the deal failed to lift mar-kets, the euro falling to two-month lows against the dollar asinvestors focused the debts ofperipheral euro zone economies.

"I think it is almost impossiblenow to stop the contagion," saidMark Grant, managing directorof corporate syndicate and struc-

tured debt products atSouthwest Securities in Florida.

The cost of insuringPortuguese and Spanish debt hitrecord highs and investorsdemanded a higher premium tohold Belgian and Italian govern-ment bonds over German debt .

"Spain and Portugal (creditdefault swaps) are now at recordwides, suggesting that contagionfears haven't been assuaged byIreland's bailout," said Markitanalyst Gavan Nolan.

Portugal is widely seen as thenext euro zone "domino" at riskand business confidence forNovember added to the gloom.It fell for the second straightmonth on poor prospects for theeconomy due to austerity meas-ures designed to calm investorconcerns about its creditworthi-ness.

Nouriel Roubini, the US econ-omist who warned of animpending credit crisis before2007, told the DiarioEconomico business daily thatPortugal would likely need abailout.

"Like it or not, Portugal isreaching the critical point.Perhaps it could be a good ideato ask for a bailout in a preven-tative fashion," he said.

Troubles in Portugal couldspread quickly to Spain becauseof their close economic ties, andEU Economic Monetary AffairsCommissioner Olli Rehnwarned Madrid might in anycase need to take further auster-ity measures to trim its deficit ifgrowth were lower than forecastnext year.

Spain is seen as having to paymore to lure investors toThursday's three-year bondoffering, though five-year creditdefault swaps on BBVA andSantander tightened on Mondayafter widening aggressively lastweek.

Under its bailout, Ireland wasgiven an extra year, until 2015,

to get its budget deficit downbelow the EU limit of 3 per centof gross domestic product, anacknowledgment that austeritymeasures will hit growth in thenext four years.

Greece has been given a sixyear extension to 2021 on loanrepayments linked to its rescue,said Finance Minister GeorgePapaconstantinou, at the price ofa higher rate of interest.

The new European StabilityMechanism could make privatebondholders share the costrestructuring a euro zone coun-try's debt issued after mid-2013on a case-by-case basis.

The lack of detail in an earlierFranco-German deal on a crisismechanism, agreed last month,and talk of private investorshaving to take losses, or "hair-cuts," on the value of sovereignbonds, helped drive Ireland overthe cliff.

International Monetary Fundprocedures would apply in theESM. The IMF's "lending intoarrears" policy stipulates that theFund will lend to a country thatis making good-faith efforts tocome to an agreement withbondholders.

European Central BankPresident Jean-Claude Trichetsaid the important points werethat the IMF's doctrine wouldapply, the European Unionwould not get involved in debtrestructuring itself and existingbondholders would not be hitretroactively.

Debt worries have driven thecrisis for the past year, severelydenting confidence in the 12-year-old euro currency and pro-ducing what amounts to a show-down between European politi-cians and financial markets.

The proposed permanent crisisresolution mechanism, to befinalized in the coming weeks, isintended to prevent Europe hav-ing to rush like a fireman fromone blaze to another.-Reuters

France, Germanysay euro saved, butinvestors skeptical

requested for time for study and preparation of the reply over the issue. The court granted him timeto submit his reply and adjourned the hearing till December 06. -Agencies

Continued from page 1No #10

Steel Mills eating precious 215 billion annually.In last four and a half month government borrowed alarming Rs266 billion from State Bank for

the sake of increasing revenue. KCCI urged that government should bring feudal-lords into tax netwho are just paying one per cent against their contribution to GDP of 22 per cent.

Continued from page 1No #9

that the inflation is likely to persist at double digit levels dur-ing much of FY11 and possibly in FY12.

"Inflation is rising and showing persistence because of relent-less government borrowing from the SBP," the central bank saidin a statement, adding that it expects inflation to remain in thedouble digits through fiscal year 2010/11 and possibly into fis-cal year 2011/12.

This meant it would also stop payments to the provincial gov-ernments.A principled decision has also been taken by theCentral Board to strictly implement the revised limits on bor-rowings of the provinces from the SBP, even if it involves stop-ping payments to the provincial governments, SBP believes thatthe entire responsibility of tackling macroeconomic problemshas been unfairly placed on monetary policy only. SBP alsounderstands that the burden of this monetary tightening is beingborne largely by the private sector, as it gets crowded out by theexcesses of government borrowing for budgetary purposes andcommodity operations, with all its adverse implications for sus-tainable economic growth according to Monetary PolicyDecision.

Continued from page 1No #8

The recommendations of Commission regarding to transfer the five ministries including Youthaffairs, Population and Welfare, special initiatives, Zakat and Ushr and local bodies and ruraldevelopment would come under consideration in the meeting. After reviewing the commissionrecommendations, Cabinet will give the final approval of five ministries to be placed under con-trol of provinces. -NNI

Continued from page 1No #14

honor of the former President at the Royal palace. The former president Pakistan and His MajestyKing Abdullah II mutually acknowledged the strong bond between the people of Pakistan andJordan and reiterated that it should continue to grow. The former President discussed with theJordanian King about the deteriorating political landscape of Pakistan and his vision to salvage,secure and strengthen Pakistan. Both the leaders also exchanged ideas on how to fight and winagainst Taliban and al Qaeda and bring stability in Afghanistan, Pakistan and the region. -Online

Continued from page 1No #15

Officials added that they were hopeful that further interrogation would reveal more about LeJ'songoing activities. This latest arrest was termed a major breakthrough in light of the possibility ofterrorist attacks during the upcoming holy month of Muharram.

To date, at least three suspects were known to be at-large in connection to the attack on the SriLankan cricket team, where a dozen gunmen shot at and threw grenades at the team bus, killingseven policemen and wounding six players, a British coach and a Pakistani umpire.

A number of other suspects in the case were arrested over the last two years, or killed in operationis Dera Ismail Khan and North Waziristan. -Agencies

Continued from page 1No #13

"We respected judiciary because we are the successors of Benazir Bhutto Shaheed", he said.Furthermore, Prime Minister Gilani has said that Pakistan and UAE enjoy brotherly relations and

the Government and brotherly people of UAE had always stood by Pakistan in every hour of need.Prime Minister expressed these views while talking to HE Dr Hanif Hassan Ali, Health Minister ofUAE, who called on him at Prime Minister House here prior to his departure to Rawalakot to inau-gurate Sheikh Zayed Hospital.

Continued from page 1No #12

with the remaining 25 items' prices unchanged.

Continued from page 1No #11

Stifel's Mata said retail stocks had moved up in anticipation of positive weekend sales, and a sell-off was expected. Online retailer Amazon.com Inc rose 1.1 per cent to $179.21 in hopes of strongsales on so-called Cyber Monday, a day of steep discounts for online shoppers. FedEx Corp added3 per cent to $90.05.-Reuters

Continued from page 5No #16

Toshiba Corp climbed 2.8 per cent to 436 yen after saying it planned to cooperate with a Mongolianconsultancy to explore rare earths, uranium and other minerals in resource-rich Mongolia. ButKagome Co fell 2.3 per cent to 1,486 yen after the maker of tomato juice and ketchup said the Bankof Tokyo-Mitsubishi UFJ would sell up to 2.23 million shares, or 2.2 per cent of outstanding shares,in the company through a secondary offering. Trading volume was light on the Tokyo exchange's firstsection, with 1.7 billion shares changing hands, down from Friday's 1.9 billion shares.-Reuers

Continued from page 5No #17

Oil services firm Petrofac was the top blue-chip faller, down 5.8 per cent, squeezed lower after arally, with analysts raising strategic concerns over a deal in Nigeria. Oil explorer Cairn Energy shed4.4 per cent, while metals firm Vedanta Resources lost 3.1 per cent. India's Oil Secretary S.Sundareshan said Monday a decision on Cairn's application to transfer majority stakes in its Indianassets to Vedanta will be taken before end-February. ther miners fell as metal prices reversed an ear-lier rally pressured by a stronger dollar, with Rio Tinto shedding 3.3 per cent and Antofagasta down2 per cent. US blue chips were down 1.2 per cent by London's close, returning from Friday's post-Thanksgiving half-day session cautiously as worries lingered about the European credit crisis inspite of a bail-out deal finally being agreed for Ireland.-Reuters

Continued from page 5No #18

Page 12: The Financial Daily-Epaper-30-11-2010

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COLOMBO: President AsifAli Zardari Monday offeredassistance to Sri Lanka inbuilding its infrastructure andcalled for barter trade as meas-ures to further solidify theirdeep relations.

Addressing the members ofSri Lanka-PakistanParliamentary FriendshipAssociation - a 30 membermultiparty caucus from boththe countries established in2007, here at the ParliamentHouse the President said thetwo countries need to go for awin-win situation for both.

He said by going for barter

trade, the two countries do nothave to pay each other in dol-lars, lessening the pressure ontheir foreign exchangereserves.

"If you have anything inabundance we can trade. Wehave abundance of cement youhave tea and other commoditiesthat we can exchange."

"We want to be friends forev-er," President Zardari told theParliamentarians.

President Zardari said "unlikethe investors who come andtake back their money, Pakistanis offering a win-win relation asit is the only way that is accept-

able to both the sides."The President mentioned a

great sharing between thedemocracies of Pakistan andSri Lanka, and said Pakistanadmires Sri Lanka's long andhonorable tradition of demo-cratic rule.

"It is my strong belief that ourtwo democracies share a lot witheach other. There is a lot thatbinds us," President Zardari said.

President Zardari saidPakistan and Sri Lanka stoodby each other in moments oftrial and tribulation, as the twocountries had a lot of commonconcerns and challenges.

He said it was time for SriLanka to adopt modern tech-nology and make safer its citiesas the threat of terrorism con-tinues to haunt it, as it does toPakistan. He mentioned thatPakistan too and his familywere a victim of terrorism, butthey remained undeterred andhave countered it successfully.

The President said he hasdirected the Minister ofDefence to ensure that PIAcomes to Sri Lanka so itenables Pakistani businessmento invest in business which isbetter for both the countries.

See # 4 Page 11

Barter trade withSLanka sought

ISLAMABAD: The EU decision togrant Pakistan tariff concessions on 75tariff lines would help the country torevive the economy in post flood situa-tion.

This was stated by the FederalMinister for Commerce MakhdoomAmin Fahim while talking to hisSwedish counterpart Eva Bjorling whomet with the Minister along with a six-teen member trade delegation in theMinistry of Commerce on Monday.

The flood devastation in Pakistan wasof severe nature, and the Swedish gov-ernment would help Pakistan in this

hour of need in sectors of infrastructureand rehabilitation, Eva Bjorling ensuredto the Pakistani side.

The delegation was told that Pakistanhad a tremendous potential in wind ener-gy sector, and coastal areas of Sind andBaluchistan are ideal for making invest-ment by the Swedish companies.

The visiting Minister showed interestto increase investment in areas of IT,power generation and energy. SAABand Ericson are some of the Swedishcompanies which have already investedin Pakistan.

See # 6 Page 11

EU tariff cuts to helpeconomy, says Fahim

Swedish Commerce Minister calls on Fahim

LAHORE: Lahore High Court(LHC) Monday restrainedPresident Zardari from pardon-ing death convict Aasia Bibi inblasphemy case and issued stayorder in this regard.

According to private televi-sion channels, LHC issued stayorder on release of Aasia Bibiunder Presidential order.

It should be mentioned herethat Aasia was recently sen-tenced to death for blasphemy.

A petition filed at the LHC byShahid Iqbal said Aasia Bibi'smatter is subjudice; hence, thePresident is not authorised togive the reprieve. Aasia cannotbe pardoned free until the judi-cial process is complete, thepetitioner said.

The LHC Chief Justice, issu-ing stay order, sought a reply

from the federal and provincialgovernments.

In his petition, AdvocateShahid Iqbal argued thatGovernor Taseer termed Aasiaas innocent notwithstanding thecourt penalty and askedPresident Zardari to pardon her,which is also against the law.

Chief Justice LHC KhwajaSharif heard the case and main-tained that neither the Governornor the President could pardonAasia as her case is subjudicein the court and issued an ad-interim order in this regard. Thecourt also sought explanationfrom Governor Taseer and theFederation by Dec 06.

Aasia was set upon by a mob,arrested by police and was sen-tenced on November 08 to be

See # 1 Page 11

LHC stops Zardarifrom freeing Aasia

Blasphemy Case

ISLAMABAD: Pakistanisecurity agencies havemade no progress in theirpursuit of 20 people sus-pected of involvement inthe 2008 attack on India'scommercial capitalMumbai which killed 166people, a senior securityofficial said Monday.

Pakistan has acknowl-edged that the attack wasplotted and partlylaunched from its soil, and

has put on trial seven sus-pects linked to theLashkar-e-Taiba (LeT)militant group, which wasblamed for the attacks.

But India says it is notsatisfied with the pace ofthe Pakistani investigationand has demanded morepeople be put on trial forthe attack, including thefounder of the LeT, HafizMohammad Saeed.

A Pakistani newspaper

in its online edition saidthe counter-terrorismwing of a Pakistani feder-al agency has identifiedthe 20 suspects as mostlyLeT affiliates.

"The new suspects hadallegedly provided logisti-cal and monetary supportfor the Mumbai attack,"the newspaper said quot-ing a "classified report",two years after the attack.

See # 5 Page 11

Isb made no movein 26/11 case: report

ISLAMABAD: The United States hasled top secret efforts to remove highlyenriched uranium from Pakistan foryears, worried it could be used to makean "illicit" nuclear device, according toleaked US cables.

The New York Times said they wereamong quarter of a million confidentialAmerican diplomatic cables released bywhistleblower WikiLeaks in whatPakistan condemned as an "irresponsibledisclosure of sensitive official docu-ments".

The country's nuclear arsenal is one ofthe most sensitive topics for the UnitedStates as it tries to improve relationswith the conservative Muslim nation onthe front line in the campaign against alQaeda and the Taliban.

Parts of Pakistan's northwest isgripped by a homegrown Taliban insur-gency. Its semi-autonomous wild borderarea with Afghanistan is subject to acovert US drone war targeting Talibanand al Qaeda leaders.

Militants embarked on a nationwidebombing campaign across Pakistan in2007, the same year that the Times saidthe secret efforts began.

In May 2009, it quoted then USambassador Anne Patterson as sayingthat Pakistan was refusing to schedule avisit by American technical experts.

The Times attributed the reason to anameless Pakistani official who said: "Ifthe local media got word of the fuelremoval, 'they certainly would portray it

See # 7 Page 11

Pak N-fuel kept USon toes: WikiLeaks

ISLAMABAD: FederalMinster for States and FrontierRegions (SAFRON)Najmuddin Khan Monday saidNadra has cancelled 80,000Computerised NationalIdentification Cards (NICs) outof 100,000 which were illegallyissued to Afghan refugees.

"Remaining 20,000 will alsobe cancelled at the earliest aftercompleting the required proce-dure," he said while talking tomedia at the Parliament House.

He said the Ministry ofInterior and FederalInvestigation Agency (FIA)were investigating the matterand tracing the officials andpublic representatives who hadattested Afghan refugees docu-

ments and played role in get-ting the illegal cards issued.

Nadra had issued 100,000NICs to Afghan refugees andthey were enjoying Pakistaninationality and buying propertyin different parts of the country,he added. To a question, he saidaround 1.6 million Afghanrefugees were staying in Pakistanunder the temporary registrationpolicy, adding that the govern-ment would issue a permit tothem for doing business but willnot give the rights to buy anyproperty in the country.

Najmuddin further stated thatgovernment will confiscate theproperty of those Afghanrefugees who bought propertiesby using illegal NICs. -APP

Nadra cancels NICsissued to Afghans

COLOMBO: President Asif Ali Zardari addressing Pakistan-Sri Lanka Business Forum at local hotel Hilton Colombo.-APP

Top terroristarrestedfrom Khi

KARACHI: A close friend ofTehreek-e-Taliban Swat AmeerMaulana Fazlullah and impor-tant terrorist commanderAbdullah has been arrestedalong with his brother here onMonday.

According to a private TVchannel Abdullah Bin Sultanbelongs from Koza Bondayarea, Swat and he was inchargeof a under construction Talibancentre in Imam Dhehri.

With the army operation inSwat, Abdullah came toKarachi and went underground, however his brotherfled to Saudi Arabia and laterhe came to Karachi. Bothbrothers were living in house atunknown place of the city.

On the tip of secret newssecurity forces raided at thehouse and arrested both broth-ers. -Online

SECP CROsto remainopen today

ISLAMABAD: The CompanyRegistration Offices of theSecurities and ExchangeCommission of Pakistan(SECP) will remain open till 8pm today to facilitate the cor-porate sector.

The SECP has also providedthe facility for collection ofreturns and accounts, at theChambers of Commerce andIndustry, in Sialkot, Hyderabad,Gujranwala, Gujrat, Rawalpindi,Bahawalpur and Sheikhupuraand its representatives will bepresent at these Chambers onTuesday, said a press release.

The last date for filing ofannual returns on Form A/ Band annual audited accounts isNovember 30, for most compa-nies that closed their accountson June 30.

The companies are requiredto file Forms A/B within 45days in case of listed compa-nies and 30 days in case ofother companies of holding ofannual general meetings(AGMs). The annual auditedaccounts are also to be filedwithin 30 days of AGMs. -APP

Malikassuresaction

against Hajjscam accused

ISLAMABAD: FederalInterior Minister Rehman MalikMonday assured that strictaction would be taken againstthose involved in Hajj scam.

Talking to media here, hehoped that Saudi Arabia wouldcooperate with Pakistan regard-ing probe into the scam, addingthat the President and the PrimeMinister also ordered strictaction.

Rehman said that Zulfiqar AliBhutto made Pakistan a nuclearpower and added that nucleardelivery system would be dis-couraged. Replying to a questionabout Wikileaks, he said that theForeign Office would issuestatement on it. He vowed to

See # 3 Page 11

PPP suspendsNaheed Khan'smembership

RAWALPINDI: PakistanPeoples Party Monday sus-pended the party membershipof Naheed Khan, political sec-retary to late Benazir Bhutto,over accusing party leadershipof nepotism and cronyism.

In an emergency meeting,held here under the chair of dis-trict president Amir FidaParacha today, Naheed's mem-bership was suspended aftercharging her with violatingparty discipline despite warn-ings.

Amir told the media thatNaheed has also been issued ashow cause notice in thisregard.

See # 2 Page 11Zardari addresses Pakistan-Sri Lanka Business Forum

President offers assistance for cement, sugar, dairy industry


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