Upload File

the financial daily epaper

12
International 14 more killed in Kurram Agency water dispute See on Page 12 Three more protesters martyred in IHK See on Page 12 Gunmen attack tourist bus in Delhi, 2 wounded See on Page 12 Crude Oil (brent)$/bbl 78.21 Crude Oil (WTI)$/bbl 73.66 Cotton $/lb 98.22 Gold $/ozs 1,277.50 Silver $/ozs 20.82 Malaysian Palm $ 843.10 GOLD (NCEL) PKR 35,206 KHI Cotton 40Kg PKR 7,341 Yearly(Jul, 2010 up to 16-Sep-2010) Monthly(Sep, 2010 up to 16-Sep- 2010) Daily (16-Sep-2010) Total Portfolio Invest (9 Sep-2010) 41.34 -44.53 1.49 2337 -1.06 0.19 0.44 1.93 0.30 -1.71 -0.09 SCRA(U.S $ in million) Portfolio Investment FIPI (17-Sep-2010) Local Companies (17-Sept-2010) Banks / DFI (17-Sept-2010) Mutual Funds (17-Sept-2010) NBFC (17-Sept-2010) Local Investors (17-Sept-2010) Other Organization (17-Sept-2010) (U.S $ in million) NCCPL GDR update Commodities Forex Reserves (10-Sep-10) Inflation CPI% (Jul 10-Aug 10) Exports (Jul 10-Aug 10) Imports (Jul 10-Aug 10) Trade Balance (Jul 10-Aug 10) Current A/C (Jul 10) Remittances (Jul 10-Aug 10) Foreign Invest (Jul 10) Revenue (Jul 10) Foreign Debt (Jun 10) Domestic Debt (Jul 10) Repatriated Profit (Jul 10) LSM Growth (Jul 09 - Jun 10) GDP Growth FY10E Per Capita Income FY10 Population $16.07bn 12.79% $3.56bn $6.25bn $(2.69)bn $(635)mn $1.72bn $144.80mn Rs 84bn $55.63bn Rs 4705.4bn $62.10mn 4.55% 4.10% $1,051 170.57mn 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 17.00 2.00 1.70 9.78 PKR/Shares 111.37 145.63 42.83 36.41 33.51 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) 08-Sep-2010 08-Sep-2010 08-Sep-2010 30-Jul-2010 17-Sep-2010 17-Sep-2010 17-Sep-2010 17-Sep-2010 17-Sep-2010 17-Sep-2010 17-Sep-2010 17-Sep-2010 17-Sep-2010 17-Sep-2010 17-Sep-2010 12.52% 12.66% 12.79% 13.00% 12.71% 12.75% 12.90% 13.22% 13.30% 13.13% 13.22% 13.31% 13.52% 13.70% 13.87% Money Market Update Symbols Buy (Rs) Sell (Rs) Australian $ 79.50 80.60 Canadian $ 82.80 83.80 Danish Krone 14.80 15.20 Euro 110.50 112.00 Hong Kong $ 10.70 11.20 Japanese Yen 0.984 1.011 Saudi Riyal 22.67 22.90 Singapore $ 63.60 64.30 Swedish Korona 11.70 12.70 Swiss Franc 83.30 84.30 U.A.E Dirham 23.18 23.35 UK Pound 133.30 135.00 US $ 85.75 86.05 Open Mkt Currency Rates Index Close Change KSE 100 10,052.97 35.83 Nikkei 225 9,626.09 116.59 Hang Seng 21,970.86 279.41 Sensex 30 19,594.75 177.26 SSE COMP. 2,598.69 -3.78 FTSE 100 5,508.45 -31.69 Dow Jones 10,607.85 13.02 Global Indices Symbols Buying Selling TT Clean TT & OD Australian $ 80.65 80.84 Canadian $ 83.58 83.77 Danish Krone 15.07 15.10 Euro 112.24 112.51 Hong Kong $ 11.03 11.05 Japanese Yen 0.999 1.001 Saudi Riyal 22.84 22.89 Singapore $ 64.10 64.25 Swedish Korona 12.18 12.21 Swiss Franc 84.22 84.42 U.A.E Dirham 23.32 23.37 UK Pound 134.01 134.32 US $ 85.67 85.85 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 31°C 21°C KARACHI 33°C 25°C LAHORE 35°C 24°C FAISALABAD 36°C 23°C QUETTA 26°C 12°C RAWALPINDI 32°C 23°C Weather Forecast See on Page 12 ISLAMABAD: The World Bank has approved to lend Pakistan 800 million dollars -- out of promised $900 million - - to help country deal with post-flood activities. The WB Board is likely to approve the relief aid in its meeting which is due on October 1st, it is learnt here. According the Financial Affairs Division, World Bank would release $15 million as soon as its Board gives green light to the above mentioned aid, and out of the amount, $12 million would be used for fuel import. It is pertinent to note here that a team of World Bank headed by Carlos Silvani is presently in Pakistan. The intention of the visit is to go over the advancements made on Tax Reform Programme. The delegation also visited Federal Board of Revenue and informed that WB is prepared to postpone the execution of Reformed GST by three months only if FBR terminates all exemptions currently granted on GST on goods. WB has also put forward the condition that GST on services be introduced through legisla- tion instead of an Ordinance. - Agencies WB approves $800mn loan Advises to legislate GST on services soon Staff Reporter KARACHI: Refiners in Pakistan would be handed over the prices determination mech- anism for the petroleum prod- ucts, next week, after which they would be able to fix prices for the first time as government has decided to deregulate the procedure. The Ministry of Petroleum had sent the deregulation pro- posals to the government. Oil and Gas Regulatory Authority (OGRA) currently decides the rates for petroleum products and gas in the coun- try. The new modus operandi, once comes into action would lead to lower rates in major cities due to competition among refineries, and elimina- tion of inland freight equalisa- tion margin - used to maintain POL prices at same level throughout the country. Minister for Petroleum Syed Naveed Qamar while talking to the media said that new process would help refineries raise their profits while oil marketing companies would be able to expand their capacities and distribution network. According to the industry experts this long-awaited deci- sion would prove beneficial for the customers in general, and National and Pakistan Refinery in particular. Refiners likely to get pricing power Deregulation to improve earnings, stabilise POL prices UNITED NATIONS: The United Nations gathered new aid pledges for the Pakistan flood disaster on Sunday after making a record two billion dollar appeal to feed millions of victims. Twenty-five top ministers, including US Secretary of State Hillary Clinton, gathered in New York ahead of the UN summit this week, to discuss the new crisis in Pakistan. UN Secretary General Ban Ki-moon has called the floods "the worst natural disaster the United Nations has responded to in its 65-year history." Norway more than tripled its emergency aid to Pakistan to 66 million dollars on Sunday. "The situation is still highly critical for nine million people. We must now show our solidarity with the flood victims," said Foreign Minister Jonas Gahr Store, who is in New York. Norway had already pledged 115 million Kroner to the earli- er Pakistan appeal and upped this to 400 million Kroner (66 million dollars). India has made an immediate 25 million dollar contribution to its neighbor as soon as the appeal was made. The main world powers have held back from announcing their response to the record UN appeal though. The floods, caused by weeks of torrential rain have killed more than 1,700 people, according to an official toll, but the UN said the massive surge has exposed more than 20 mil- lion people to homelessness, malnutrition, risks of epidemics and loss of livelihood. UN officials have compared the disaster to the Haiti earth- quake and 2004 Asian tsunami even though the death toll is significantly lower. The UN said money was needed to buy food, set up emergency camps, rebuild agri- culture and villages which have seen drinking water and sanita- tion wiped out. The flood water is still mov- ing from the north of Pakistan to southern provinces causing huge new emergencies. Agencies have warned of a looming health crisis with 709,000 cases of acute diar- rhea, almost one million cases of skin disease, more than 800,000 cases of acute respira- tory infections and hundreds of thousands of cases of malaria and dengue fever that are spread by mosquitoes. "We simply cannot stand by and watch the immense suffer- ing in a disaster of this scale," said Valerie Amos, the UN under secretary general for humanitarian affairs and emer- gency relief coordinator, announcing the mega-appeal. The more than two billion dollars requested by 15 UN bodies will be used to help 14 million people over the next 12 months, the Office for Coordination of Humanitarian Affairs (OCHA) said. The previous record emer- gency appeal made by the UN was the 1.5 billion dollars sought after the Haiti earth- quake in January. Eleven billion dollars has See # 7 Page 11 UN seeks record $2bn for Pakistan Money needed to buy food, medicine: Ki-moon Norway trebles its emergency aid to $66mn Main world powers hesitant in announcing response ISLAMABAD: Federal Minister for Petroleum and Natural Resources Syed Naveed Qamar while taking the immediate notice of the shortage of fuel across the country has ordered Ogra to conduct surprise raids on pumps to ensure that there is no hoarding of the commodity. Ministry of Petroleum in consultation with Oil Marketing Companies is also making arrangements to expe- dite the supplies from Karachi refineries and imports and PSO is working round the clock. The situation will further improve as Parco refinery has already resumed the operation and full production will be available from today said a press release issued here Sunday. The spokesman of Ministry for Petroleum and Natural Resources has clarified the position with reference to the shortage of MOGAS (Petrol) in Punjab especially in Lahore, Gujranwala and Multan was due to recent heavy rains and consequently floods in the country. It may be mentioned here that sufficient stocks of about 90,000 tonnes of petrol is available in the country which is more than sufficient to cater at least 18-day requirement. In addition to this, about See # 12 Page 11 MoP in consultation with OMCs to expedite supplies Ogra ordered to raid POL outlets Ghulam Raza Rajani KARACHI: Following the pre- vious week’s trend, offshore investors, last week, once again emerged as net-buyers in the local equity market purchasing shares worth $5.1 million, National Clearing Company of Pakistan Limited (NCCPL) data showed. During the week, KSE 100- Index went up 1.8 per cent or 173.64 points as investors remained upbeat on the approval of margin trading sys- tem (MTS) in an SECP com- missioners’ meeting called on Wednesday. Later in the week, investors were allowed by the SECP to trade shares the money bor- rowed from the brokers which wasn’t of much consequence as margin trading shares are yet to be implemented and might take a month before kicking off. This factor restricted further gains bounding the market in range- on the last two trading sessions of previous week. During the week, offshore investors opted for taking fresh position as they bought shares worth $16.9 See # 13 Page 11 Foreign net-buying hits $5.1mn at KSE During Last Week Iran denies detaining US troops TEHRAN: Iranian officials denied Sunday reports that its security forces seized seven US troops near the Islamic republic's border with Pakistan, Tehran- based Al-Alam television report- ed. “No American troops have been arrested. We deny it,” Ali Mohammad Azad, the governor general of Iran's Sistan- Baluchestan province, told the Arabic language network. The channel said a source with the provincial border patrol serv- ices had also denied the arrest reported earlier by a hardline news website close to the elite Revolutionary Guards. The incident had been reported earlier by the semi-official Fars news agency on Sunday, without giving a source. “Recently seven American See # 8 Page 11 US missile kills five militants in NWA MIR ALI: Intelligence offi- cials say a suspected US mis- sile strike has killed five alleged militants in northwest- ern Pakistan. The officials say Sunday’s strike targeted a house belong- ing to a local militant in the town of Datta Khel in the North Waziristan tribal area. They spoke on condition of anonymity because they were not authorized to talk to the media. There have been at least 14 suspected US missile strikes this month, the most intense barrage since they began in 2004. -Agencies Senate, NA meet today ISLAMABAD: Both the Senate and National Assembly are scheduled to meet separately on Monday (today) as the President of Pakistan has summoned ses- sions of the both the Houses. This would be the 64th session of the Upper House while the Lower House would be holding its 25th session. Besides routine agenda items, both the Houses are likely to take up various national as well as political issues with the prevailing devas- tation caused by floods at top. According to the sources, both House of the Parliament are also likely to adopt resolutions to condemn the ongoing brutalities of Indian forces against Kashmiris fighting for their right of self-determination also sup- ported by the United Nations through a resolution. According to the sources, the Muttahida Qaumi Movement will not attend the sessions as part of ten-day mourning it has announced over the assassina- tion of party leader Dr Imran Farooq in London. -Agencies Karachi, Monday, September 20, 2010, Shawwal 10, Price Rs12 Pages 12 Awan sees change in 2013 through vote LAHORE: People throng a petrol pump owing to acute shortage of petrol in many parts of the country. -Online ISLAMABAD: Pakistan State Oil seems to be out of woods for now as federal government has released Rs12 billion under the head of outstanding dues while Ministry of Water and Power and Pepco have assured to pay off Rs27 billion soon. Pakistan State Oil notified to the Ministry of Petroleum that fuel supply would improve from Monday (today) which earlier was delayed due to floods and Eid holidays. Pakistan State Oil, the biggest fuel supplier, which is owed 148 billion rupees by energy companies for purchas- es of furnace oil and diesel, needs funds to avoid defaulting on petroleum import payments, See # 9 Page 11 PSO gets cash injection Committee planning to source raw sugar Special Correspondent KARACHI: A subcommittee, formed by Economic Coordination Committee (ECC), would submit its report in this week regarding the modus operandi for the import of raw sugar. The committee is deliberating over as to how much quantity of raw and refined sugar is needed, as according to the news, country would be facing a shortage of 1.2 million metric tonnes of sugar due to destruc- tion of cane crops by floods. The committee consists of secretaries of various ministries and chairman FBR. The committee would also See # 11 Page 11 ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani said Sunday he doesn't worry about democratic change within the Parliament but any unpolitical change will pose threat to the country. Talking to senior newsmen and columnists at his residence in Lahore, Prime Minister said that he will quit the power if any politician comes through the Parliament, added that situ- ation has been in control, he sees no change and his govern- ment will complete its tenure. He said those who are talking about change shall pity the 20 million flood-affected people of the country who are waiting for rehabilitation after the dev- astation of floods. The govern- ment has diverted all its resources to the relief of the flood stricken people, he added. PM Gilani reiterated the need for democratic system to reign. PM said his party is fol- lowing conciliatory politics and there is not a single politi- cal prisoner in their regime. PM said he would get pleased if Nawaz Sharif sits in the Parliament and renders his democratic role. Separately, scores of workers of the PPP Human Right Wing Punjab staged a rally to express solidarity with democ- racy, PM Gilani and President Asif Ali Zardari here Sunday. The demonstrators were car- rying banners and placards inscribed with slogans in favour of the democratic gov- ernment. Addressing the workers, the wing President Saleem-ur Rehman Mayo condemned statements favoring undemoc- ratic action. He said those who were issu- ing irresponsible statements should work for rehabilitation flood affectees. He said PPP workers would protect democ- racy in the country at all costs. Meanwhile, Prime Minister Syed Yousuf Raza Gilani Sunday took notice of the shortage of petrol in Punjab See # 10 Page 11 PM ord e rs enquiry into fuel shortage crisis Undemocratic change will be grave: Gilani Post-flood activities in Pakistan

Upload: the-financial-daily

Post on 01-Mar-2016

227 views

Category:

Documents


0 download

Report

Tags:

DESCRIPTION

Pakistans first business daily newspaper.

TRANSCRIPT

Page 1: The Financial Daily Epaper

International

14 more killed in Kurram Agency water dispute See on Page 12

Three more protesters martyred in IHK See on Page 12

Gunmen attack tourist bus in Delhi, 2 wounded See on Page 12

Crude Oil (brent)$/bbl 78.21

Crude Oil (WTI)$/bbl 73.66

Cotton $/lb 98.22

Gold $/ozs 1,277.50

Silver $/ozs 20.82

Malaysian Palm $ 843.10

GOLD (NCEL) PKR 35,206

KHI Cotton 40Kg PKR 7,341

Yearly(Jul, 2010 up to 16-Sep-2010)

Monthly(Sep, 2010 up to 16-Sep- 2010)

Daily (16-Sep-2010)

Total Portfolio Invest (9 Sep-2010)

41.34

-44.53

1.49

2337

-1.06

0.19

0.44

1.93

0.30

-1.71

-0.09

SCRA(U.S $ in million)

Portfolio Investment

FIPI (17-Sep-2010)

Local Companies (17-Sept-2010)

Banks / DFI (17-Sept-2010)

Mutual Funds (17-Sept-2010)

NBFC (17-Sept-2010)

Local Investors (17-Sept-2010)

Other Organization (17-Sept-2010)

(U.S $ in million)

NCCPL

GDR update

Commodities

Forex Reserves (10-Sep-10)

Inflation CPI% (Jul 10-Aug 10)

Exports (Jul 10-Aug 10)

Imports (Jul 10-Aug 10)

Trade Balance (Jul 10-Aug 10)

Current A/C (Jul 10)

Remittances (Jul 10-Aug 10)

Foreign Invest (Jul 10)

Revenue (Jul 10)

Foreign Debt (Jun 10)

Domestic Debt (Jul 10)

Repatriated Profit (Jul 10)

LSM Growth (Jul 09 - Jun 10)

GDP Growth FY10EPer Capita Income FY10Population

$16.07bn

12.79%

$3.56bn

$6.25bn

$(2.69)bn

$(635)mn

$1.72bn

$144.80mn

Rs 84bn

$55.63bn

Rs 4705.4bn

$62.10mn

4.55%

4.10%

$1,051

170.57mn

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

17.00

2.00

1.70

9.78

PKR/Shares

111.37

145.63

42.83

36.41

33.51

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)

08-Sep-2010

08-Sep-2010

08-Sep-2010

30-Jul-2010

17-Sep-2010

17-Sep-2010

17-Sep-2010

17-Sep-2010

17-Sep-2010

17-Sep-2010

17-Sep-2010

17-Sep-2010

17-Sep-2010

17-Sep-2010

17-Sep-2010

12.52%

12.66%

12.79%

13.00%

12.71%

12.75%

12.90%

13.22%

13.30%

13.13%

13.22%

13.31%

13.52%

13.70%

13.87%

Money Market Update

Symbols Buy (Rs) Sell (Rs)

Australian $ 79.50 80.60

Canadian $ 82.80 83.80

Danish Krone 14.80 15.20

Euro 110.50 112.00

Hong Kong $ 10.70 11.20

Japanese Yen 0.984 1.011

Saudi Riyal 22.67 22.90

Singapore $ 63.60 64.30

Swedish Korona 11.70 12.70

Swiss Franc 83.30 84.30

U.A.E Dirham 23.18 23.35

UK Pound 133.30 135.00

US $ 85.75 86.05

Open Mkt Currency Rates

Index Close Change

KSE 100 10,052.97 35.83

Nikkei 225 9,626.09 116.59

Hang Seng 21,970.86 279.41

Sensex 30 19,594.75 177.26

SSE COMP. 2,598.69 -3.78

FTSE 100 5,508.45 -31.69

Dow Jones 10,607.85 13.02

Global Indices

Symbols Buying Selling

TT Clean TT & OD

Australian $ 80.65 80.84

Canadian $ 83.58 83.77

Danish Krone 15.07 15.10

Euro 112.24 112.51

Hong Kong $ 11.03 11.05

Japanese Yen 0.999 1.001

Saudi Riyal 22.84 22.89

Singapore $ 64.10 64.25

Swedish Korona 12.18 12.21

Swiss Franc 84.22 84.42

U.A.E Dirham 23.32 23.37

UK Pound 134.01 134.32

US $ 85.67 85.85

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 31°C 21°C KARACHI 33°C 25°C LAHORE 35°C 24°C FAISALABAD 36°C 23°C QUETTA 26°C 12°C RAWALPINDI 32°C 23°C

Weather Forecast

See on Page 12

ISLAMABAD: The WorldBank has approved to lendPakistan 800 million dollars --out of promised $900 million -- to help country deal withpost-flood activities.

The WB Board is likely toapprove the relief aid in itsmeeting which is due onOctober 1st, it is learnt here.

According the FinancialAffairs Division, World Bankwould release $15 million assoon as its Board gives greenlight to the above mentionedaid, and out of the amount,$12 million would be used forfuel import. It is pertinent tonote here that a team of World

Bank headed by CarlosSilvani is presently inPakistan. The intention of thevisit is to go over theadvancements made on TaxReform Programme.

The delegation also visitedFederal Board of Revenue andinformed that WB is preparedto postpone the execution ofReformed GST by three monthsonly if FBR terminates allexemptions currently grantedon GST on goods.

WB has also put forward thecondition that GST on servicesbe introduced through legisla-tion instead of an Ordinance. -Agencies

WB approves$800mn loan

Advises to legislate GST on services soon

Staff Reporter

KARACHI: Refiners inPakistan would be handed overthe prices determination mech-anism for the petroleum prod-ucts, next week, after whichthey would be able to fix pricesfor the first time as governmenthas decided to deregulate theprocedure.

The Ministry of Petroleumhad sent the deregulation pro-posals to the government.

Oil and Gas RegulatoryAuthority (OGRA) currentlydecides the rates for petroleumproducts and gas in the coun-try.

The new modus operandi,once comes into action would

lead to lower rates in majorcities due to competitionamong refineries, and elimina-tion of inland freight equalisa-tion margin - used to maintainPOL prices at same levelthroughout the country.

Minister for Petroleum SyedNaveed Qamar while talking tothe media said that newprocess would help refineriesraise their profits while oilmarketing companies would beable to expand their capacitiesand distribution network.

According to the industryexperts this long-awaited deci-sion would prove beneficialfor the customers in general,and National and PakistanRefinery in particular.

Refiners likely toget pricing power

Deregulation to improve earnings, stabilise POL prices

UNITED NATIONS: TheUnited Nations gathered newaid pledges for the Pakistanflood disaster on Sunday aftermaking a record two billiondollar appeal to feed millions ofvictims.

Twenty-five top ministers,including US Secretary of StateHillary Clinton, gathered inNew York ahead of the UNsummit this week, to discussthe new crisis in Pakistan.

UN Secretary General BanKi-moon has called the floods"the worst natural disaster theUnited Nations has respondedto in its 65-year history."

Norway more than tripled itsemergency aid to Pakistan to 66million dollars on Sunday. "Thesituation is still highly criticalfor nine million people. Wemust now show our solidaritywith the flood victims," saidForeign Minister Jonas GahrStore, who is in New York.

Norway had already pledged115 million Kroner to the earli-er Pakistan appeal and uppedthis to 400 million Kroner (66million dollars).

India has made an immediate25 million dollar contributionto its neighbor as soon as theappeal was made. The mainworld powers have held backfrom announcing their responseto the record UN appealthough.

The floods, caused by weeksof torrential rain have killedmore than 1,700 people,according to an official toll, butthe UN said the massive surgehas exposed more than 20 mil-lion people to homelessness,malnutrition, risks of epidemicsand loss of livelihood.

UN officials have comparedthe disaster to the Haiti earth-quake and 2004 Asian tsunamieven though the death toll issignificantly lower.

The UN said money wasneeded to buy food, set upemergency camps, rebuild agri-culture and villages which haveseen drinking water and sanita-tion wiped out.

The flood water is still mov-ing from the north of Pakistanto southern provinces causinghuge new emergencies.

Agencies have warned of alooming health crisis with709,000 cases of acute diar-rhea, almost one million casesof skin disease, more than800,000 cases of acute respira-tory infections and hundreds ofthousands of cases of malariaand dengue fever that arespread by mosquitoes.

"We simply cannot stand byand watch the immense suffer-ing in a disaster of this scale,"said Valerie Amos, the UNunder secretary general forhumanitarian affairs and emer-gency relief coordinator,announcing the mega-appeal.

The more than two billiondollars requested by 15 UNbodies will be used to help 14million people over the next 12months, the Office forCoordination of HumanitarianAffairs (OCHA) said.

The previous record emer-gency appeal made by the UNwas the 1.5 billion dollarssought after the Haiti earth-quake in January.

Eleven billion dollars has See # 7 Page 11

UN seeks record$2bn for Pakistan

Money needed to buy food, medicine: Ki-moon

lNorway trebles its emergency aid to $66mnlMain world powers hesitant in announcing response

ISLAMABAD: FederalMinister for Petroleum andNatural Resources SyedNaveed Qamar while takingthe immediate notice of theshortage of fuel across thecountry has ordered Ogra toconduct surprise raids onpumps to ensure that there is nohoarding of the commodity.

Ministry of Petroleum inconsultation with OilMarketing Companies is alsomaking arrangements to expe-dite the supplies from Karachirefineries and imports and PSOis working round the clock.

The situation will furtherimprove as Parco refinery hasalready resumed the operationand full production will be

available from today said apress release issued hereSunday.

The spokesman of Ministryfor Petroleum and NaturalResources has clarified theposition with reference to theshortage of MOGAS (Petrol)in Punjab especially in Lahore,Gujranwala and Multan wasdue to recent heavy rains andconsequently floods in thecountry.

It may be mentioned herethat sufficient stocks of about90,000 tonnes of petrol isavailable in the country whichis more than sufficient to caterat least 18-day requirement.

In addition to this, about See # 12 Page 11

MoP in consultation with OMCs to expedite supplies

Ogra ordered toraid POL outlets

Ghulam Raza Rajani

KARACHI: Following the pre-vious week’s trend, offshoreinvestors, last week, once againemerged as net-buyers in thelocal equity market purchasingshares worth $5.1 million,National Clearing Company ofPakistan Limited (NCCPL) datashowed.

During the week, KSE 100-Index went up 1.8 per cent or173.64 points as investorsremained upbeat on theapproval of margin trading sys-tem (MTS) in an SECP com-missioners’ meeting called on

Wednesday.Later in the week, investors

were allowed by the SECP totrade shares the money bor-rowed from the brokers whichwasn’t of much consequence asmargin trading shares are yet tobe implemented and might takea month before kicking off. Thisfactor restricted further gainsbounding the market in range-on the last two trading sessionsof previous week.

During the week, offshoreinvestors opted for taking freshposition as they bought sharesworth $16.9

See # 13 Page 11

Foreign net-buyinghits $5.1mn at KSE

During Last Week

Iran deniesdetainingUS troops

TEHRAN: Iranian officialsdenied Sunday reports that itssecurity forces seized seven UStroops near the Islamic republic'sborder with Pakistan, Tehran-based Al-Alam television report-ed.

“No American troops havebeen arrested. We deny it,” AliMohammad Azad, the governorgeneral of Iran's Sistan-Baluchestan province, told theArabic language network.

The channel said a source withthe provincial border patrol serv-ices had also denied the arrestreported earlier by a hardlinenews website close to the eliteRevolutionary Guards.

The incident had been reportedearlier by the semi-official Farsnews agency on Sunday, withoutgiving a source.

“Recently seven American See # 8 Page 11

US missilekills fivemilitants

in NWAMIR ALI: Intelligence offi-cials say a suspected US mis-sile strike has killed fivealleged militants in northwest-ern Pakistan.

The officials say Sunday’sstrike targeted a house belong-ing to a local militant in thetown of Datta Khel in the NorthWaziristan tribal area. Theyspoke on condition ofanonymity because they werenot authorized to talk to themedia.

There have been at least 14suspected US missile strikesthis month, the most intensebarrage since they began in2004. -Agencies

Senate, NA meet today

ISLAMABAD: Both the Senateand National Assembly arescheduled to meet separately onMonday (today) as the Presidentof Pakistan has summoned ses-sions of the both the Houses.

This would be the 64th sessionof the Upper House while theLower House would be holdingits 25th session. Besides routineagenda items, both the Housesare likely to take up variousnational as well as politicalissues with the prevailing devas-tation caused by floods at top.

According to the sources, bothHouse of the Parliament are alsolikely to adopt resolutions tocondemn the ongoing brutalitiesof Indian forces againstKashmiris fighting for their rightof self-determination also sup-ported by the United Nationsthrough a resolution.

According to the sources, theMuttahida Qaumi Movementwill not attend the sessions aspart of ten-day mourning it hasannounced over the assassina-tion of party leader Dr ImranFarooq in London. -Agencies

Karachi, Monday, September 20, 2010, Shawwal 10, Price Rs12 Pages 12

Awan sees changein 2013 through vote

LAHORE: People throng a petrol pump owing to acute

shortage of petrol in many parts of the country. -Online

ISLAMABAD: Pakistan StateOil seems to be out of woodsfor now as federal governmenthas released Rs12 billion underthe head of outstanding dueswhile Ministry of Water andPower and Pepco have assuredto pay off Rs27 billion soon.

Pakistan State Oil notified tothe Ministry of Petroleum thatfuel supply would improve

from Monday (today) whichearlier was delayed due tofloods and Eid holidays.

Pakistan State Oil, thebiggest fuel supplier, which isowed 148 billion rupees byenergy companies for purchas-es of furnace oil and diesel,needs funds to avoid defaultingon petroleum import payments,

See # 9 Page 11

PSO gets cash injection

Committeeplanningto sourceraw sugar

Special Correspondent

KARACHI: A subcommittee,formed by EconomicCoordination Committee(ECC), would submit its reportin this week regarding themodus operandi for the importof raw sugar.

The committee is deliberatingover as to how much quantityof raw and refined sugar isneeded, as according to thenews, country would be facinga shortage of 1.2 million metrictonnes of sugar due to destruc-tion of cane crops by floods.

The committee consists ofsecretaries of various ministriesand chairman FBR.

The committee would also See # 11 Page 11

ISLAMABAD: PrimeMinister Syed Yousuf RazaGilani said Sunday he doesn'tworry about democraticchange within the Parliamentbut any unpolitical change willpose threat to the country.

Talking to senior newsmenand columnists at his residencein Lahore, Prime Minister saidthat he will quit the power ifany politician comes throughthe Parliament, added that situ-ation has been in control, hesees no change and his govern-ment will complete its tenure.

He said those who are talkingabout change shall pity the 20million flood-affected peopleof the country who are waitingfor rehabilitation after the dev-

astation of floods. The govern-ment has diverted all itsresources to the relief of theflood stricken people, headded.

PM Gilani reiterated theneed for democratic system toreign. PM said his party is fol-lowing conciliatory politicsand there is not a single politi-cal prisoner in their regime.

PM said he would getpleased if Nawaz Sharif sits inthe Parliament and renders hisdemocratic role.

Separately, scores of workersof the PPP Human Right WingPunjab staged a rally toexpress solidarity with democ-racy, PM Gilani and PresidentAsif Ali Zardari here Sunday.

The demonstrators were car-rying banners and placardsinscribed with slogans infavour of the democratic gov-ernment.

Addressing the workers, thewing President Saleem-urRehman Mayo condemnedstatements favoring undemoc-ratic action.

He said those who were issu-ing irresponsible statementsshould work for rehabilitationflood affectees. He said PPPworkers would protect democ-racy in the country at all costs.

Meanwhile, Prime MinisterSyed Yousuf Raza GilaniSunday took notice of theshortage of petrol in Punjab

See # 10 Page 11

PM orders enquiry into fuel shortage crisis

Undemocratic changewill be grave: Gilani

Post-flood activities in Pakistan

Page 2: The Financial Daily Epaper

2 Monday, September 20, 2010

TV PROGRAMMES

MONDAY

Time Programmes

7:00 News

8:00 News

9:05 Subah Savere

Maya ke Sath

11:05 The Reema

Show (Rpt)

12:00 News

13:10 Faisla Aap

Ka (Rpt)

14:10 Tafteesh

15:00 News

16:00 News

17:30 Samaa Metro

18:00 News

18:30 Samaa Sports

19:30 Crime Scene

20:03 Newsbeat

21:00 News

22:03 Tonight With

Jasmeen

23:00 News

23:30 24

QUETTA: The UAE ArmyRelief Force has started nextphase of rehabilitation offlood affected people ofSindh and Balochistan.

While briefing a group ofjournalists from differentcountries here on Sunday,Brig. Abdul RahmanIbrahim bin Abdul Aziz,UAE Commander said thatduring the first phase 5,000victims would be helped toreturn to their homes byChinook planes in DeraMurad Jamali andJacobabad districts as thewater in these areas hasreceded.

Sufficient foodstuff andtents will be provided, sothat they will not be con-fronting any shortcoming,he elaborated.

According to the saidplan, shortly UAE team willconduct the survey andmake assessment of the costof the supply of basic neces-sities and reconstructionactivities in these areas.

He proudly mentionedthat UAE team is the onlycountry carrying out differ-ent organized rescue, reliefdistribution and rehabilita-tion programmes in Sindhand Balochistan.

He said in collaborationwith the Armed Forces ofPakistan, the UAE ArmyRelief Force has been con-tinuously working to evacu-ate people and bring them tosafer places.

Brigadier General AbdulRahman said they startedwork after the appeal ofgovernment of Pakistan andorders of Sheikh Khalifa binZayed Al Nahyan and thefollow up of General SheikhMohammed bin Zayed AlNahyan, Crown Prince ofAbu Dhabi and DeputySupreme Commander of theUAE Armed Forces to helpthe badly affected people ofPakistan in the time ofnational crisis caused by thefloods.

So far, more than 1,800people has been evacuatedfrom the most affectedareas.

He said that the UAEArmy was the first one toreach the most affectedareas in Punjab and movedfast enough to jointly workwith armed forces ofPakistan.

UAE Army's intensiverelief operation in Pakistanonce again proves its fullcommitment to humanitari-an and ethical responsibili-ties and its keen interest tosave lives and human digni-ty, he added.

Furthermore, it shows thecore strength of its brotherlybilateral relations. Heproudly shared that PakistanArmy Chief General AshfaqPervaiz Kayani made a spe-cial visit to Multan to meetthe UAE military team. Itwas great boost for theteam.-APP

UAE startsrehabilitation

of affectees

KARACHI: Advisor toSindh Chief MinisterSharmila Faroqui hassaid that the EuropeanUnion's agreement toprovide trade conces-sions to flood-hitPakistan will bring a newera of socio-economicdevelopment and help forbetter rehabilitation inthe flood-hit country andadded that this landmark,historic and long-desiredachievement is the diplo-matic efforts made byPresident Asif AliZardari during his recentvisits to foreign coun-

tries.The EU decision to pro-

vide trade access toPakistan products in itsbolstering market willhelp Pakistan mitigate thedevastation caused by therecent flood disaster on itseconomy and its people,she said in a statement onSunday.

"It was the long-stand-ing desire of Pakistan toget access for their prod-ucts particularly the tex-tiles goods in EU market.The EU has agreed tomake trade concessions toPakistan to help it over-

come the impact offloods. It is a really amajor breakthroughwhich is the result ofPresident Zardari's entiredefforts for the people ofthe country, she said.

Sharmila said that it isthe policy of PPP govern-ment to get trade but notaid and at last we havesucceeded to achieve thisgoal. She said: " The met-ing of the EuropeanCouncil attended by 27members of the EuropeanUnion accepted this unan-imously and decided thatthe GSP Plus process for

Pakistan should be initiat-ed. We thank EU leader-ship for this noble causewhich will ensure greathelp to the people ofPakistan to recover fromdevastating floods."

She also urged the USand other friendly coun-tries to give zero-dutytrade access to Pakistanon humanitarian basis sothat it could recover fromthe worst-ever floods inits history.

Sharmila said Pakistansince long has been call-ing for duty-free entry forits textile goods into the

EU market under the GSPPlus scheme to stabilizeits economy hit by globalterrorism and ongoingraging floods. This dreamhas now come true.However, it will be goodif this trade access shouldbe continued for ever, sheappealed.

The Pakistan economymostly depends on textilesector which producesstable products which arefamous all over the world.Our textile export needmore access in the inter-national market, she said.

The EU deal is a his-

toric success because ithas come at very troubletimes and when anti-stateelements are bent uponmaligning the governmentimage in the world in abid to gain their nefariousdesigns, she said.

"This larger deal willfoil the nefarious designsof anti-state elementsagainst the government.Our democratic regime isstable as it has comethrough the votes of peo-ple and it is set to com-plete its five-year-tenurewith great success,"Sharmila concluded.-PPI

EU concessions to assist inredeveloping Pak: Sharmila

RATODERO: NADRA &UBL have jointly estab-lished counter at GarhiKhuda Bux Bhutto, thefinal resting place ofBhutto martyrs, for issuingWatan Cards to the floodsurvivors staying here andother areas of the Larkanadistrict.

This only Counter hascreated various problemsfor the victims as well asthe staff posted at thiscounter. Since last fivedays more than 1400 watancards have been issued tothe flood affectees but therush continues to grow.

The names of flood surviv-ing people of Kambar-Shahdadkot district havenot been entered into theNADRA database due towhich verification of theaffectees has been delayed.NADRA sources informedthis scribe that revenueofficials have not suppliedthose lists of the affectedpeople. Affected peoplefrom BalochistanJamshoro, Ghouspur,marooned areas ofJacobabad, Shikarpur,Dadu and other affectedvillages of Upper Sindhhave thronged here to get

financial assistance ofRs20,000 through thiscard. Updating of existingCNICs through freshentries has also beenundertaken here by twoNADRA mobile servicesbut even then the affectedpeople do not seem to besatisfied with the processthough this only counter isissuing more cards thanany other in Sindhprovince on daily basis.

The 545 watan cardswere issued on Saturday, aclosed holiday and wasseen open even onSunday.-PPI

Facilitation counterleft in a mess

LARKANA: ChairmanSindh Chief Minister'sInspection Team AbdulSubhan Memon has saidthat the government wascommitted to provide res-cue and relief to the floodvictims.

This, he said, while visit-ing various relief camps ofLarkana District onSunday. He said that thegovernment was planningfor the rehabilitation offlood victims in shortestpossible time. In thisregard, a high level meet-ing will be held in near

future at Islamabad whichwill be presided over bythe Prime Minister.

He called upon theTMAs of Larkana districtto ensure cleanliness in therelief camps of the District.

On the occasion DCOLarkana Abdul AleemLashari, EDO RevenueAsadullah Abro and otherconcerned officers werepresent.

The DCO Larkanabriefed the Chairmanregarding the food stuffand medical cover beingprovided to the flood

affectees in the reliefcamps without any dis-crimination.

He also informed himthat there are about 0.2million IDPs in the reliefcamps in Larkana districtwho have come from sur-rounding districts aftertheir villages and townswere washed away or inun-dated by the flood.

The DCO also informedthe Chairman that 10 activesocial welfare associations(NGOs) are working for thewelfare of flood affecteesin the District..-APP

Govt committed foruplift of victims

KARACHI: Sindh HomeMinister Dr Zulfiqar AliMirza has directed theHome Department todevise a strategy for estab-lishing a public complaintcell in order to provideswift justice to the peopleof Sindh.

He directed ConsultantHome Affairs SharifuddinMemon to take all outsteps with effective strate-gy regarding establish-ment of the complaint cellat the Home Minister'soffice.

The minister said thatpublic complaints shouldbe resolved with immedi-ate effect in the cellbesides taking swift action

on the written public com-plains. UAN numbershould also be launched inthis regard so that massescould register complaintsvia telephone, he added.

He said PakistanPeoples Party (PPP)believed that people arethe real power of the gov-ernment so it is the topagenda of the governmentto answer their complaintson priority basis.

He further directed todevice a comprehensiveplan so that people couldregister complaintsagainst police, criminalelements and suspects andto resolve complaints offlood affectees.

The minister said thatPakistan is passingthrough a critical junctureand the government is fac-ing tremendous challengeson various fronts like ter-rorism and acts by anti-state and criminal ele-ments.

He said that the govern-ment has achieved successin war on terror with thehelp of masses.

The government hasensured mutual under-standing among masses,Pakistan Army and policeso that with the help ofpeople law and ordercould be maintained in theprovinces and cities of thecountry.-PPI

Mirza vows toprovide swift justice

Sikhyatrees toarrive onSept 23rd

WAH CANTT: Over 300Indian Sikh devotees willreach Gurdwara PunjaSahib Hassanabdal onSeptember 23 to offer reli-gious rituals and markingthe 471th death anniver-sary of the founder of Sikhreligion Baba Guru NanakJee Dev at Nankana Sahibon September 24.

Evacuee Trust PropertyBoard's (ETPB) DeputySecretary Shrines SyedFaraz Abbas told APP onSunday that all necessaryarrangements for theboarding and lodging ofthe yatrees had beenaccomplished.

He said on special direc-tives of Syed Asif HashmiChairman Evacuee TrustProperty Board, eight airconditioned coaches hadbeen arranged to providebetter traveling facilitiesto the Indian devotees.

He said due to prevailingsecurity situation in thecountry, escalated securitymeasures would be adopt-ed for the safety of sikhyatrees, adding, the dis-trict police along with var-ious other law enforce-ment agencies had alreadybeen instructed to providefoolproof security to theSikh pilgrims during theirstay at Hassanabdal.

"Foolproof securitymeasures will be adoptedin and around the gurd-wara with close circuitcameras," he added.

The deputy secretaryfurther said all religiousplaces and main routes inthe city were under thevigilance of police and lawenforcing agencies.

Policemen in plainclothes and uniform hadbeen deployed at impor-tant places to avoid anyuntoward incident, he con-cluded.-APP

Workersrally tosupportZardari

MULTAN: The most sen-ior workers of thePakistan People's Party(PPP) have showed theirconfidence in the leader-ship of President Asif AliZardari and his policiesthrough a rally organisedhere on Sunday under theleadership of Saleem-ur-Rehman Mayo Provincialchief of PPP (HumanRights Wing).

They were carrying por-traits of Asif Ali Zardariand Syed Yousaf RazaGilani, and were shoutingslogans in favour of PPPleadership. They paidtribute to Asif Zardari andYousaf Raza Gilani.

Mayo said that someelements were hatching aconspiracy against anelected government ofPPP like in the past andthey wanted to topple thepresent government fortheir vested interests.

Later, they passed a res-olution in which theyshowed complete confi-dence in PPP Co-Chairman Zardari andsaid that he was runningthe party on the lines ofBhutto and working hardto strengthen democracyin the country.

They also endorsed thepolicies of the PPP-ledgovernment in the Centreand said that they wouldnot allow anyone to derailthe democratic system inPakistan.-PPI

Revivalof healthfacilities

urgedKARACHI: Advisor toChief Minister Sindh andProvincial Coordinator ofPeoples Primary HealthInitiative (PPHI) has saidthat the flood and rainshave wholly or partiallydestroyed about 140 healthfacilities in the province.

Due to the rains andflood catastrophe, the riskof water-borne diseases ishigh in addition to eye andskin ailments and malaria,she in a statement onSunday.

She issued directives toProject Director PPHI toimmediately adopt meas-ures to formulate a mecha-nism in consultation withthe provincial healthdepartment and otherstakeholder to revive healthfacilities for the welfare ofgeneral public and IDPs.

The revival of health facil-ities is a big challenge as itrequires huge funds and theprocess needs a joint efforts,she added. Sharmila askedall segments of societyincluding philanthropists,NGOs, donor agencies andmedia to assist governmentin reviving the health facili-ties for the people on warfooting.-PPI

K-8 for salein Chinaair show

ISLAMABAD: Pakistanhas decided to presentKarakoram-8 (K-8) jetplanes for sale in an airshow which would be heldin China next month, reli-able sources said on Sunday.

The aircraft were devel-oped jointly by Pakistan andChina while a group of fourplanes would take-off onOctober 10 to take part in theshow. The air show wouldbe held on October 16.

Many countries of Africaand Latin America areinterested to buy the planes.Pakistan AeronauticalComplex Kamra andNanchang AircraftCompany jointly started theproject in 1990. -NNI

Pir Mazharvisits relief

campsKARACHI: SindhEducation Minister, PirMazhar-ul-Haq, here onSunday visited a number ofrelief camps of the floodvictims.

He met the flood victimsat the relief camps atGovernment Degree Girlscollege Gulshan-i-IqbalBlock 7, GovernmentDegree Girls College (SZC)Gulshan-i-Iqbal, secondaryand higher School and gov-ernment Girls School Gizri.

The minister also inquiredabout that facilities that arebeing made available at therelief camps.

Talking on the occasion,he pointed out that the alertfor the Dadu Tehsil hasbeen withdrawn as theDadu Tehsil has no dangerfrom the flood.

Pir Mazhar said that thereturn of the affectees fromDadu Tehsil would com-mence from tomorrow andthat the government wouldbear all the expenses for thereturn of the affectees totheir homes.

He pointed out that owingto damage to the schoolsowing to floods as well aslodging for the flood-strick-en people, there was aca-demic loss of the students inthe province.

The minister said that hehas directed the ProvincialEducation Secretary to con-vene a meeting of theSteering Committee at theearliest to consider steps sothat the academic loss couldbe made up.-APP

RAWALPINDI:Activists of Muttehda Qaumi Movement recite Holy Quran of soul of MQM leader,Dr Imran Farooq during Quran Khawani held in Rawalpindi on Sunday.-PPI

KARACHI: President PML-Q Chaudhry Shujjat Hussain addressing during“Meet The Press” programme at Press Club-APP

GARHI KHUDA BUX:Flood affected people stand in queue as they are waitingfor thier turn to get Watan Card at National Database and Registreation Authority(NADRA) counter during distribution of Watan Cards, in Garhi Khuda Bux-PPI

Page 3: The Financial Daily Epaper

3Monday, September 20, 2010

SINGAPORE: Asian currencies strengthenedfor a third week, led by India's rupee, as globalinvestors pumped more funds into the world'sfastest-growing economies.

China's yuan had its best week since May2008 as the US called for faster appreciationand government reports showed pickups inindustrial output, retail sales and inflation.

"The trend remains for Asian currencies tostrengthen," said Tohru Nishihama, economistat Dai-ichi Life Research Institute Inc. in Tokyo."Funds will continue to flow into the region asthe economic growth outlook in Asia is solidand stocks in the region have been rising."

The rupee appreciated 1.3 per cent last weekto 45.845 per dollar in Mumbai. The yuan was0.7 per cent stronger at 6.7235, the Korean wonclimbed 0.4 per cent to 1,160.70 and Taiwan'sdollar advanced 0.5 per cent to NT$31.739.Thailand's baht rose 0.4 per cent to 30.72, aseventh straight weekly gain.

Equity funds investing in Asia excludingJapan recorded the highest inflows in sevenweeks during the period through Sept. 15,according to EPFR Global. The trend was

"underpinned by renewed faith in the growthstories of the region's heavyweights, China andIndia," the research firm said.

India's central bank last week increased inter-est rates for the fifth time in 2010 and ChinesePremier Wen Jiabao said his nation's economy,the world's second-largest, was in "good shape."

US Treasury Secretary Timothy F. Geithnercalled for "significant" gains in the yuan, whichtouched the strongest level since official andmarket exchange rates were unified at the endof 1993.

The Philippine peso dropped 0.2 per cent lastweek to 44.188 per dollar after central bankGovernor Amando Tetangco said on Sept. 14that policy makers were monitoring gains andsignaled action may be taken to curb volatility.Japan unilaterally sold the yen on Sept. 15 in anattempt to halt appreciation after the currencyclimbed to a 15-year high versus the dollar.

Malaysia's ringgit rose 0.2 per cent last weekto 3.1020 per dollar, having reached a 13-yearhigh of 3.0969 on Sept. 13. The Singapore dol-lar appreciated 0.5 per cent to S$1.3340, a fifthstraight weekly gain. -Agencies

Asian currencies

Mostly gain for 3rd wk,led by India’s rupee

Sterling loggains for wk

against dollarLONDON: Sterling rose forthe first week in six versus thedollar as stocks strengthened,signaling fading demand for thesafest assets.

UK currency stayed near itsstrongest level against the dol-lar in more than a month, afterparing intraday gains as bondyields for so-called peripheryeuro area nations rose amidrenewed concern nations maystruggle to finance their debt.

"Stocks are looking fairlyhealthy so risk appetite is firm-ly back on the agenda and ster-ling is getting caught in theback-draft of it," said JeremyStretch, global head of foreign-exchange strategy at CanadianImperial Bank of Commerce'sCIBC World Markets unit inLondon.

The pound rose as much as0.7 per cent to $1.5729, itshighest level since Aug. 11, andwas at $1.5632 as of 4:35 p.m.in London, for a weeklyadvance of 1.8 per cent. Againstthe euro, it was 0.3 per centstronger at 83.44 pence, paringits drop on the week to 1.1 percent.

The pound pared gains asIreland's 10-year bond yieldrose to a record relative tobenchmark German bunds.

"There's a story talking abouta potential default for one par-ticular Irish bank," said NeilJones, head of European hedgefund sales at Mizuho FinancialGroup Inc. in London. "I canwell imagine the market isresponding to these rumorswith a bout of risk aversion."

While the pound strength-ened against the dollar lastweek, it weakened versus theeuro as concern grew that UKgrowth will trail the euroarea. Chancellor of theExchequer George Osborne isscheduled to announce detailsof government spending cutson Oct. 20 that are designedto curb the nation's budgetdeficit.-Agencies

NEW YORK: The dollarmay fall this week asinvestors look to the FederalReserve for clues about theprospect of further easing tospur the US economy, but itsdownside versus the yen islimited after Japan's recentmassive yen sales.

Speculation the Fed mightresume large-scale asset pur-chases later this year haspressured US Treasuryyields and pushed the dollardown 1.5 per cent last weekagainst a basket of curren-cies, the biggest drop in twomonths.

While most analysts expectthe Fed to renew its pledgeto keep monetary policyaccommodative, but not toannounce any new stepswhen it meets on Tuesday,investors will scrutinize theaccompanying statement totry to determine if the centralbank will take action in com-ing months.

"There's been a lot of spec-ulation that the Fed willincrease their quantitativeeasing activity over the nextfew months," said JessicaHoversen, fixed income andcurrency analyst at MFGlobal in Chicago. "Themarket is going to be lookingfor the Fed to say somethingin their statement about poli-cy."

Such speculation couldcontinue to pressure the dol-lar against the yen even afterJapan sold around $1.8 tril-lion yen ($20.98 billion) onWednesday in its first cur-rency intervention in sixyears in a bid to stem curren-

cy strength.Daniel Katzive, a currency

strategist at Credit Suisse inNew York, said while theintervention probablyreduces the risk the pair mayovershoot below 80, hewould not be surprised to seeanother test below 85 in thenear term.

"Dollar/yen is going tostay very heavy despite theintervention because yieldspreads remain very com-pressed," he added.

The dollar last traded littlechanged at 85.74 yen in NewYork. Resistance was seen atjust under 86 yen, followedby 86.30, the bottom of theresistance cloud on itsIchimoku chart, a technicalindicator. Traders also citedstop-loss buy orders above86.00 and 86.35.

While the yen's six monthuptrend did not look con-vincingly broken, marketparticipants expect lowervolatility and range-tradingto prevail in the short runamid fears of more yen sell-ing by Japan.

One-month dollar/yenimplied volatility, a gauge ofexpectations for price fluctu-ations over the next 30 days,last traded at 10.61 per cent.Volatilities hit 15.75 per centlast week as investors grewnervous about potential cur-rency intervention.

But at least for now,Japan's currency interven-tion appeared successful.

Boris Schlossberg, directorfor currency research at GFTin New York, said Japanintervened at a time when

US data showed some mod-erate improvement andtherefore were "trading withthe news flow and notagainst it." Upbeat data tendsto reduce safe-haven demandfor the yen.

Key US data releases thisweek include housing starts,building permits, existinghome sales and durable goods.

"As long as US data does-n't disappoint massively, thismay be one of the cases inwhich central bank interven-tion may work in the nearterm," Schlossberg said.

Jonathan Xiong, directorand global investment strate-gist at Mellon CapitalManagement, said the firm'smodels "see more risk in theyen" and the firm may cuteven further its long yenpositions. Xiong is part of ateam that oversees $28.6 bil-lion in assets in SanFrancisco.

Morgan Stanley said dol-lar/yen has seen the bottomand may rise to 93.0 by theend of the year.

Meanwhile, renewed wor-ries about the euro-zone'sdebt and banking troubleswill also be in focus afterIrish/German spreadswidened amid fears aboutIreland's banking sector.

"There is more bad newscoming down the pike withregards to peripheral euro-zone sovereign risk, so whatremains to be seen is howresilient the euro willprove," said Win Thin, cur-rency strategist at BrownBrothers Harriman in NewYork. -Reuters

US dollar weekly outlook

Greenback may fall;investors watch for Fed

NEW YORK: Crude oil pricesfell a fourth straight session onFriday after US consumer senti-ment data showed a surprisedrop to the weakest level in morethan a year.

US consumer sentiment unex-pectedly worsened to its weakestlevel since August 2009, as distressover jobs and finances intensifiedamong upper-income families, theThomson Reuters/University ofMichigan preliminary Septemberreading showed.

US crude futures posted thebiggest percentage weekly loss infive weeks. The slide started earli-er in the week after Enbridge Inc.said it would restart a major crudepipeline from Canada into theUnited States.

US crude for October deliveryfell 91 cents, or 1.22 per cent, to set-tle at $73.66 per barrel, trading from$72.75 to $75.25. The October con-tract expires on Tuesday.

For the week, front-month US

crude prices fell $2.79, or 3.65per cent.

US November crude fell 82cents, or 1.08 per cent, to settleat $74.92 a barrel.

ICE Brent for November fell27 cents to settle at $78.21 a bar-rel. October Brent expired onWednesday.

"The consumer sentimentreport came out and the dollarstrengthened, piling on after theexpectation that Enbridge wouldrestart its pipeline had alreadytaken the steam out of front-month crude earlier in the week,"Chris Dillman, analyst, TraditionEnergy in Stamford, Connecticut.

US regulators and the compa-ny confirmed on Friday therestart of Enbridge's Line 6Apipeline, which carries up to athird of Canada's US-boundcrude oil shipments.

A longer pipeline shutdowncould have started to drain USstockpiles that remain well

above year-ago levels, accordingto the US Energy InformationAdministration. Stocks stood at357 million barrels in the weekto Sept. 10, 24.6 million abovethe same week in 2009.

Though the oil market has spentmuch of the year in lock-step withUS equities, stock markets endedhigher on Friday after a choppytrading session as reassuring earn-ings from technology bellwetherOracle provided lift, while thereport on consumer sentiment limit-ed gains. Also easing concernsabout supply disruptions, HurricaneKarl hit Mexico's central Gulf Coaston Friday, but it appeared to havespared Mexican offshore oil opera-tions from major damage.

Oil prices seemed to receivelittle support on Friday from areport by investment bankGoldman Sachs that said com-modities, like oil, which follow acyclical trend, have upsidepotential. -Reuters

Oil drops 4th day on consumer sentiment slide

NEW YORK: Cotton futuresrallied this week by closing onFriday at a fresh 15-year highon investment and mill buying,and analysts said the marketwas poised to crack the psycho-logical $1/lb by next week, bro-kers said.

ICE Futures US keyDecember cotton contractclimbed 2.46 cents to close at98.22 cents per lb, the highestfinish for the benchmark secondposition cotton contract since1995, the only time cottonfutures traded over $1.

On the week, the contractgained 7.6 per cent. Decembereither closed or hit 15-year

highs every day this week. Thecontract traded between 95.77and 98.79 cents.

Trading was heavy on Friday.Total cotton volume traded

was at 20,957 lots at 1847 GMT,nearly 50 per cent above the 30-day average at 14,188 lots,according to preliminaryThomson Reuters data.

"It's still going without any signof topping," said Mike Stevens,an analyst for brokers SFSFutures in Mandeville, Louisiana.

He added the market momen-tum makes it likely a challengeof the $1 level will take placeearly next week. Since 1960, theonly time cotton has traded over

$1 was in 1995.Open interest in the cotton

market has soared 50 per centsince mid-July when the rallytook off as investment fundspiled into the market.

Total open interest in the cot-ton market stood at 231,896 lotsas of Sept. 16, from the priortally of 229,876 lots, accordingto exchange data.

Brokers Flanagan TradingCorp. sees resistance forDecember futures at 99.15 and$1, with support at 98.20 and97.45 cents. Total volume tradedThursday hit 21,093 lots, fromthe prior 23,178 lots, accordingto ICE Futures US data. -Reuters

NY cotton ends at 15-yrtop; poised to crack $1

NEW YORK/LONDON:Raw sugar and cocoa futuresclimbed on Friday as it wasbuoyed by broad-based gainsin financial markets and opti-mism over consumer demand,with sugar seen eventuallypiercing the psychological 25cents level.

Arabica coffee futures onICE were lower as the rallythere seemed to sputter withthe weekend beckoning.

Raw sugar prices were high-er with dry weather in Brazilremaining a key supportiveinfluence.

ICE Futures US key Octoberraw sugar contract increased0.13 cent to finish at 24.61 UScents per lb, having come with-in a tick of hitting 25 cents. Itwas the highest settlementclose for the spot raw sugarmarket since Feb. 24.

London's December whitesugar futures added 10 cents toend at $608.30 per tonne.

"Overall, it's still dry in Brazil,"said Jack Scoville, an analyst forbrokers The Price Group. "It'sgoing to be hard to break this(rally in sugar) for now."

Barclays Capital said in adaily sugar market report that"demand conditions remainpositive and the tightness innearer term supplies remains

(along) with concerns on theimpact of dry weather inBrazil" should be supportivefor the market.

Goldman Sachs added:"While we continue to expect asupply increase in the comingharvest in response to recenthigh prices, adverse weatherover the past months points tolower than previously expectedproduction for both Brazil, thelargest producer and exporter,and Australia, the third largestexporter."

Coffee prices were mixed,with an expected large crop inBrazil this year and a reboundin production in Colombiatipped to drive prices down,dealers said.

New York's December arabi-ca coffee futures dropped 2.50cents to finish at $1.893 per lb.London's November robustacoffee contract gained $16 toclose at $1,669 per tonne.

Cocoa futures quietly consol-idated, as bean values in NewYork extended their recoveryfrom a fall to a 14-month low.

New York's December cocoacontract rose for the fourth dayin a row, rising $7 to end at$2,746 per tonne.

London's December cocoafutures finished steady at 1,884pounds per tonne.-Reuters

Raw sugar at fresh 7-mthhigh, arabicas softer

Corn jumpsabove $5,

soy surgesCHICAGO: US corn futuresjumped more than 3 per cent onFriday, breaking above $5 perbushel for the first time in near-ly two years, and soy soared 3per cent on global weather wor-ries, reports of low yields in theUS corn harvest and talk that afirm bought $1 billion worth ofcommodities.

Corn rose 10.5 per cent on theweek, for its biggest one-weekadvance since December 2008.Wheat was up 5 per cent for theweek, soybean futures up 4.5per cent for the week.

Corn got an added boostwhen the US Department ofAgriculture said it expected thegovernment to allow ethanolblends in gasoline to rise to 15per cent from 10 per cent, invehicles built in 2007 and after.

Wheat jumped almost 3 percent, in step with corn and soyand on concerns about a furtherdrop in global wheat output ifthe Canadian cold snap causessignificant damage.

CBOT December cornended 17-1/4 cents per bushelhigher at $5.13-1/4.November soy was up 32-3/4cents at $10.69 and wheat forDecember delivery was up 20at $7.39-1/4. -Reuters

Copper surges

on China

lendingNEW YORK/LONDON:Copper finished firmer onFriday, after hitting a 4-1/2month high, after reassuringcomments from China's centralbank on monetary policy andfurther withdrawals in Londonstockpiles reinforced the metal'sbullish supply/demand outlook.

Copper for December deliv-ery on the COMEX metals divi-sion of the New YorkMercantile Exchange rose 2.85cents to settle at $3.5220 per lb,after ranging from 3.4860 to$3.5525, which marked thehighest level for the fourthposition contract since April 26.

For the week, the benchmarkDecember contract climbed 3.4per cent for its biggest weeklygain in seven weeks.

On the London MetalExchange (LME), benchmarkcopper ended up $20 at $7,720a tonne, after touching its own4-1/2 month peak at $7,810.

Sentiment received a boostovernight from the People'sBank of China, which reaf-firmed its appropriately loosemonetary policy stance and saidit would deploy various fiscaland monetary tools to manageinflationary expectations.

Copper prices pared a portionof its gains and investors cashedin on the recent move after USdata showed consumer senti-ment unexpectedly worsened inearly September to its weakestlevel in more than a year.

Latest LME data showed cop-per stocks shed another 2,950tonnes to 384,200 tonnes, havingfallen from 6-1/2 year highs at555,075 tonnes in mid-February.

Aluminum was untraded at theclose but bid at $2,180 a tonnefrom a last bid at $2,165 onThursday. LME stocks for themetal fell 3,975 tonnes to 4.39million tonnes. Nickel was lastbid at $23,200 from $23,250,after earlier hitting a four-monthpeak at $23,570. Lead ended at$2,202.5 a tonne from $2,202.

Zinc ended at $2,151 a tonnefrom $2,148 and tin at $23,600from $23,495, after earliertouching a two-year high at$23,800. -Reuters

NEW YORK: Gold hit arecord high on Friday for thethird time this week as poor USconsumer confidence and mar-ket talk of more quantitativeeasing helped the alternativeasset score its biggest weeklygain since May.

The metal received a boostfrom data showing Thailandraised its gold holdings by afifth in July through open-mar-ket purchases, joining a grow-ing list of Asian nations diver-sifying into gold amid volatili-ty in other markets.

Silver rose to just below $21an ounce, approaching levelsnot seen since 1980 as gold'srally triggered further investorspeculation that the white metalwould continue a winningstreak that began in August.

"Gold continues to reflect theoverall level of concern. The

weak consumer confidencedata was certainly supportive tothe rally in gold," said FrankMcGhee, head of precious met-als trading at IntegratedBrokerage Services in Chicago.

Gold surged to an all-timepeak of $1,282.75 an ounce inthe European session on expec-tations that the US FederalReserve, hoping to stave offdouble-dip recession, couldannounce more quantitative eas-ing -- usually a boon for gold.

After some profit-taking, theyellow metal turned higheragain after data showed con-sumer sentiment worsened inearly September to its weakestin more than a year. Anotherreport indicated little underly-ing US inflationary pressure.

Spot gold fetched $1,275.50 anounce at 2011 GMT, comparedwith $1,272.20 late in New York

on Thursday. It has gained morethan $100, nearly 9 per cent,since the start of August.

US December futures settledup $3.70 at $1,277.50 an ounce.

September and October aretypically strong periods for jewel-ry demand, with a number ofmajor gold-buying festivals nearthe year-end in top consumerIndia, while Western manufactur-ers stock up ahead of Christmas.

Eclipsing gold's rally, silverhas gained 5 per cent this week,double the yellow metal's 2.5per cent increase. Spot silverwas up 0.1 per cent at $20.74an ounce from $20.72 in NewYork on Thursday.

Spot platinum hit $1,630 anounce, its highest since May19. It rose to $1,611.50 from$1,603.65 on Thursday andpalladium fell to $540.50 anounce from $544.65. -Reuters

Gold hits new recordon jitters over data, Fed

TORONTO: Canada's dollarswung widely through Friday'ssession before finally endinglower against the US currency,while bonds bounced higher, asa weak US consumer confi-dence reading undermined con-fidence in economic recovery.

A report showing US con-sumer sentiment worsenedunexpectedly in earlySeptember was the main sourceof pressure on the Canadiandollar, and a lift to bonds.

"That number came in quiteweak again. That has furthershifted us into further risk-aversion mode," said JohnCurran, senior vice-president atCanadianForex.

The data knocked theCanadian dollar back from earlygains, sending it as low asC$1.0351 to the US dollar, or

96.61 US cents. The sentimentreading and also "cut the legsout from what looked like apromising" rally in riskier assetssuch as equity markets, saidDoug Porter, deputy chief econ-omist at BMO Capital Markets.

Earlier, the currency hadpushed as high as C$1.0216 tothe US dollar, or 97.89 UScents, matching its best level atthe start of the week, bolsteredby firmer commodity pricesand equity gains after strongquarterly earnings from tech-nology bellwethers Oracle andResearch In Motion.

By the end of the session, thecurrency had recovered some-what to finish at C$1.0314 to theUS dollar, or 96.96 US cents,down from Thursday's close ofC$1.0266 to the US dollar, or97.41 US cents. -Reuters

C$ drops on USconfidence data

All eyes on Fed policy meeting on Tuesday

USD netshorts hits

highest in a

month: CFTCNEW YORK: Currency specula-tors increased bets against the USdollar to the highest level since theweek ended Aug. 17, data fromthe Commodity Futures TradingCommission showed on Friday.

The value of the dollar's net shortposition rose to $13.55 billion in theweek ended Sept. 14, compared toa net short position of $9.77 billionthe previous week, according toCFTC and Reuters data.

The CFTC data includes data asof Tuesday, a day before Japaneseauthorities sold around $1.8 tril-lion yen ($20.98 billion) in a bidto stem currency strength.

The data also showed specula-tors sharply reduced short positionson the euro and sterling, but signif-icantly increased bets in favor ofthe Canadian dollar.-Reuters

Silver eyes 30-year highs above $21

Enbridge Canada-US pipeline restarted Friday morning

Page 4: The Financial Daily Epaper

Th eanswer to

a b o v epropositionis in nega-tive. Why,b e c a u s eobjectively

the history cannot be reversedas such in the given conditions.

The main argument in favourof martial law roots from thefact that political leadership isnot delivering and political andeconomic indicators are gettingworse and worse. Some arguethat Musharaf era was better sowhy not to revert to the samearrangements once again.

These arguments sound wellapparently but deep down therestand a lot of contractions.

To review these questionsone needs to look into thebuilding blocks of the countrythat stand on its political andeconomic structure.

Pakistan had gone throughfive martial laws. One was par-tial, coming to rule in 1953 onthe question of Qadianis.However as an interim arrange-ment it could not provide anysolution and nor it was sup-posed to. Justice Munir, theChief Justice of Pakistan, whoheaded a commission to inves-tigate the incident, has writtenin his book "From Jinnah toZia" that no Islamic scholarwas able to provide any satis-factory answer as to how a"Muslim" can be defined.Later, it was the political gov-ernment of Zulfiqar Ali Bhuttoin 1973 that came up with somesolution to this question.

Other military governmentswere of General Ayub Khan(1957-68), General YahyaKhan (1969-70) General Zia-ul-Haq (1978-1987), and yetthe latest General PervezMushraf (1999-2008).

As a rule of thumb, martiallaw regimes do not suit onlythose countries that are federa-tions with different nationali-ties, languages and culture. Thisholds well for Pakistan as in1970 half of it was separatedfrom the mainland. With laterexperiments, the federationwent on weakening and weak-ening and now half ofPakhtunkhwa (former NWFP)is not in our control while Sindhand Balochistan are showingtheir distrust for centre.Musharraf was bold enough toadmit that, during his time, fed-eration weakened further.

Another factor that goesagainst the revival of MartialLaw is the ongoing change inthe geopolitical situation of theregion. Along with US, India isalso not in the favour ofPakistan's dismembermentright now due to vested politi-cal and economic interests.Pakistan happens to be the cor-ridor to reach central Asia,Afghanistan and Iran to accessenergy and minerals. Further,US is set to get out ofAfghanistan next year. So for

these very reasons, they want astable Pakistan but to keepPakistan within some limitsthey would also like to have ademocratic setup in control.Apparently democracies lookfragile as compared to despoticregimes in taking stands. But incase of Pakistan it went other-wise and in Ayub era threerivers in Punjab were handedover to the India and at Zia andMusharaf time, US wasallowed to use Pakistani soilfor any purpose. Forward

going, these powers would alsolike to see reduction in militaryestablishment a sensitive pointfor our military setup. We haveseen such demands in KerryLugar Bill. With atomic arsenalin hand, Pakistan can do it, butwith internal uprising especial-ly of religious militants, itlooks unlikely right now.However these developments,though in infancy are givingsome indications about futurelandscape of Pakistan.

Judiciary, Media and CivilSociety are other forces that donot look in the favour ofMartial Law and most likelywould resist fiercely if some-body thinks to go with suchkind of adventure.

Actually Martial Law hasalways been favored by themiddle class mindset inPakistan. They always support-ed some stringent action againstlawbreakers and criminals. Butfactually whenever militarytook over or even in democraticsetups, the lawbreakers, big-wigs remained with the govern-ments and stiff action was facedby the 95 per cent of its poorpopulation. The governmentoffices, police stations, andcourts have never remained inservice to its people. One of thereasons could be that militaryruled us half the time during the63 years of our independentexistence, and in that time no

other institution in Pakistan wasallowed to work independentlyor properly. In US or UK oreven in India, the political setupis corrupt to some extent aspoliticians everywhere havelinks with mafias but othersetups like police stations andcourts work quite honestly. InPakistan this could not happenas these institutions have neverbeen subjected to accountabili-ty. See recent example ofSialkot incident. The accounta-bility on this was started by the

media which made it a case andgot people's support, later on itwas took up by the SupremeCourt which pushed to somelogical conclusion.

People have genuine griev-ances against the current gov-ernment being reflectedthrough different means. Mostvocal in this regard are media.Even Punjab Assembly passeda resolution against mediawhich it was forced to with-draw and rephrase in the rightperspective. So two-wayaccountability is on and is mak-ing some impressions. This canhappen only in a democracywhether weak or strong,whether real or sham, but anyintervention from any otherforce can stop this processwhich would be fatal forPakistan.

Even the French revolutionwas the offshoot of Rousseauand Voltaire's thoughts and notof any military general. Thoughit was indigenous but later itdegenerated into anarchy. Soadvocates of FrenchRevolution should first of allmake sure whether we havepersonalities like Rousseau andVoltaire to create or lead a rev-olution like that of French one.

Coming back to the economyit is true that martial lawregimes have performed betterin their narrow sense I.e. interms of GDP growth and infla-

tionary pressures. This is evi-dent from the chart givenbelow. The numbers in thechart vindicate that apparentlymilitary regimes performedbetter than the civil govern-ments. But here one may notforget that timing alwaysremained important in bringingabout these numbers. 1951-57was the time when Pakistanwas emerging out of its crisisafter getting its independence.Secondly military and civilbureaucracies both tried to

infuse insta-bility so asto continuet h e i rregimes inthe form ofG h u l a mMuhammada n dS i k a n d e rMirza gov-e r n m e n t s .Bhutto camein powerw h e nP a k i s t a nwas in disar-ray after itsbifurcationand his firstpriority wasto bringback thou-sands ofcaptive sol-diers fromIndia andget backsome of theland confis-cated byIndia in

1971 war. Benazir and Sharifgovernments came into powerwhen India was highly hostileand Pakistan was trying tocome out of Afghan war.Musharaf era was blessed withheavy inflows after 9/11 inci-dent and no doubt during histime poverty was alleviated tosome extent but 2005 onwardseconomy started to heat upagain and at the end of 2007-08things went out of hand in formof huge current account andbudgetary deficits. AroundRs400 billion went out of coun-try specifically to Dubai. At theend of 2008 too many problemsraised head to be addressedovernight. Frankly speakingPakistan's foreign and defencepolicy is in the hands of mili-tary establishment right now asit's them who have their finalsay in the matter. Now after theincumbency of Dr AbdulHafeez Shaikh the Ministry ofFinance has also been handedover to the establishment.President of Pakistan Asif AliZaradri looks more accom-modative towards militaryestablishment rather thanNawaz Sharif and this is thepoint where Sharif is going tobe a better alternative in thegiven conditions.

Another comparison of mili-tary governments with politicalregimes is of their performanceon economic fronts. Basically

military governments haveremained regimes of status quostressing for stabilisation (i.e.to control deficits) whereaspolitical governments comewith long term plans thatalways disturbs deficit num-bers. Pakistan saw land reformstwice, one in Ayub era and theother in Bhutto time. Whetherthese reforms made any signif-icant impact on land holdings isanother discussion but analyti-cally Bhutto's reforms weresuperior to Ayub's. Furthermoreall market based reforms start-ed in 1990 and current accountwas made convertible in 1993.SBP and SECP were givenindependence in 1997. Apartfrom this, all basic industriescame into existence duringpolitical regimes. On defenceside missile and nuclear tech-nology also was acquired dur-ing political regimes which cre-ated deterrence against power-ful neighbours. Further, thedivided between haves andhave-nots narrowed only dur-ing the same. In Ayub time, 22families emerged. His wasamong this celebrated cabal of22. The same story goes withother military regimes.

Now coming to final words.No doubt public is in greattrouble. CPI with a 40 per centweightage of food items isagain inching up. As per esti-mates CPI for this year wouldend up in the range of 14-16 percent, which means food itemsprices would go up by 40-60per cent and in some cases by100 per cent. Law and ordersatiation is at its worst.Rampage of flood is there.Value-added tax or revisedGST is going to be levied cov-ering services andwholesale/retail business. Thiswould increase miseries mani-fold. Obviously it would pro-vide a good opportunity tothose anti-democracy groupsthat are pursuing the return ofestablishment. It would be adisaster, if happened.

In flood activities some sec-tions of media are projectingmilitary's efforts as separatefrom the government's creatinga rift. This is ridiculous as mil-itary is part of the governmenteither it is civil or headed by ageneral. In any national disasterArmy as part of the govern-ment has to do its job. This isthe standard operating proce-dure for any country.

We all talk of it but are weready to work together beat thiscrisis? This requires nationalconsensus. The governmentshould call all stakeholders tosit together for a while andstrive for arriving at on somepractical steps and sketch out arecovery roadmap. This is notime for blame game or pursu-ing personal agenda. This isthe time to save this country.

The writer is a visitinglecturer at Sheikh Zayed

Sultan Institute Universityof Karachi and BIZTEK.

E-mail: [email protected]

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.

EU tradebreaks

The European Union has agreed to grantPakistan trade concessions in the aftermathof floods. Its 27member states consented totrade concessions for Pakistan but theCommission will have to work with theWorld Trade Organization (WTO) to workout ways as to how to implement the samewithout violating trade rules by October.Under the proposed arrangement Pakistanwill receive an immediate and time-limitedreduction in duties on key exports to the EU,taking into account industrial sensitivities inthe member states, notably on textiles.

The arrangement would be worth around 300million euros ($390 million) to Pakistan over ayear. The deal also includes a commitment togrant Pakistan entrée to the EU's enhanced tradeprogramme, known as GSP Plus, by 2014, pro-vided it meets the criteria on good governanceand human rights.

Britain and Germany pushed hard for the deal,but France, Italy and some others EU states withdomestic industries that compete with Pakistaniimports were reluctant to give too much aground to Pakistan at a time of economic stress.The deal would result in a trade "waiver" forPakistan, similar to the one Islamabad receivedafter the September 11, 2001 attacks on theUnited States in recognition of its role as afrontline ally in War on Terror. Since trade dis-putes take a long time to settle, time-limitedconcessions should deter opponents from mak-ing legal challenges.

It is necessary to thank EU members for thisgesture of help as Pakistan is facing twin men-ace of flood and regular assaults by the foreignmilitants. The operation being undertaken byArmy in the northern areas is very expensiveitself and attacks by the militants in other areasnot only deal a serious blow to law and order sit-uation but causing huge economic losses aswell. In the aftermath of floods attention ofArmy shifted to rescue and relief work whichgave militants an opportunity to regroup.Therefore, making Pakistan economically stableis necessary to save it from falling prey toextremism and fundamentalism.

Pakistan understands the sensitivity ofEuropean countries towards textile trade but itis necessary to reiterate that most of the itemsfalling under textiles and clothing beingexported neither fall in the category of identi-cal products nor are these items likely to causeany material damage to the textile industriesof the importing countries. Therefore, mem-bers need not worry. However, the objectionsfrom other textile exporting countries need tobe addressed separately.

If EU members are serious in helping Pakistanstrengthen its economy they might as well cre-ate a specific fund for establishing power plantsin Pakistan, The experience of UK's electricitygeneration company International Power Plc isa good precedent to follow. Ensuring uninter-rupted power supply at affordable cost can helprestore competitiveness of Pakistani exporters.It's just a matter of playing our cards right.

4Monday, September 20, 2010

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

Editor: Shakil H. Jafri

Executive Editor: Manzar Naqvi

Honorary Advisory Board

Haseeb Khan, FCA

Asim Abbas Ashary, CPA

Akhtar M. Zaidi, FCA

Dr. A. Hadi Shahid, FCA

Muhammad Arif

S. Muneer Hussain Rizvi

Khurram Shehzad, CFA

Prof. Zakaria Sajid (KU)

Zahid Bukhari SVP HBL (retd)

Ismat Sabir

Head office

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

URL: www.thefinancialdaily.comEmail Address: [email protected]

Lahore office

24- Peshawar Block, Fortress Stadium, Lahore

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

Email Address: [email protected]

The Financial Daily InternationalVol 4, Issue 48 Another Martial Law

Knocking at the Door?

The congressional election inNovember will definePresident Barack Obama's nexttwo years in office asRepublicans look likely to pickup seats and put their stamp onissues ranging from the hugebudget deficit to economicrecovery and immigration.

Reuters correspondents willinterview an influential line-upof newsmakers at next week'sReuters Washington Summitstarting on Monday and theywill take an in-depth look at theelection and its implications forObama.

Elected in 2008 on the prom-ise of changing Washington,Obama will be forced to scaleback his ambitions if theRepublicans, who have tried toblock his agenda of reforms andeconomic measures, do well inthe November 2 election.

He is unlikely to try more sig-nature legislation like thisyear's healthcare and WallStreet reforms and would haveto take Republican demands forlow taxes into account whentrying to cut the fiscal gap andspeed up the economy's recov-ery from its worst recession

since the 1930s."The upcoming midterm

elections will dramaticallychange political reality forObama," said Larry Sabato, apolitical science professor atthe University of Virginia.

"He will be working withCongress much less anddepending on his own execu-tive branch much more,"Sabato said. "We're probablyheaded for a period of intensegridlock, and that's just goingto be a fact of life."

Obama's Democrats couldlose control of the House ofRepresentatives, and maybeeven the Senate, in Novemberwhen Americans are expectedto punish them for failing toreduce a jobless rate stubbornlynear 10 per cent.

The resurgent Republicansare demanding a greater role inresponding to the weak recov-ery and are threatening to try torewrite Obama's healthcareoverhaul and take a fresh lookat Wall Street regulations if theywin big enough at the polls.

Big Republican gains couldalso end any chance for climatechange legislation that was

supposed to be a hallmark ofObama's presidency.

A comprehensive immigra-tion overhaul demanded byHispanic groups could be hardto pursue and the Obamaadministration may get tougheron China's policy of keeping itscurrency weak against the dol-lar, which critics say stealsAmerican jobs.COMPROMISE IN SHORT

SUPPLYWill history repeat itself?When Republicans seized the

House in 1994, President BillClinton moved to the center totake account of the country'smood, leading to a major com-promise on reforming the USwelfare system. Clinton coast-ed to re-election in 1996.

Can Obama do the same?So far, the parties are in no

mood to compromise, as shownby a festering debate overextending Bush-era tax cutsthat are due to expire at the endof this year.

Republicans want to extendall of the cuts, even for thewealthiest Americans, sayingraising taxes on anyone in abad economy is a bad idea and

that small businesses could behurt.

Democrats want to limit thetax cuts to families earning upto $250,000 per year andaccuse Republicans of coddlingmillionaires at a huge cost tothe government budget.

"We simply can't afford that,"Obama said on Wednesday. "Itwould mean borrowing $700billion in order to fund thesetax cuts for the very wealthiestAmericans."

There is also no sign of com-promise on another big issue --how to cut a projected $1.47trillion annual budget deficit.

Predictably, Democrats wantto protect popular spendingprograms while Republicansoppose tax hikes. A push tolimit spending could compli-cate Obama's use of stimulativepolicies to rev up the economy.

Republicans are ecstatic atthe prospect of winning theHouse and maybe even theSenate. But they face turmoilfrom the right flank.

The conservative Tea Partymovement has already oustedRepublican establishment can-didates and has many in the

party nervous. WitnessChristine O'Donnell's victoryover veteran Republican MikeCastle in the DelawareRepublican Senate primaryelection this week.

"Republicans all across thecountry are going to look at theDelaware results and maybeget a little worried," said JuliaClark of Ipsos, which conductspolls for Reuters.

Obama is likely to take theopportunity to make over theWhite House staff after theelections and some groupswould like to see a more busi-ness-friendly attitude to helpease a period of uncertainty onWall Street.

How will the White Houseitself change after theNovember election withObama's chief of staff, RahmEmanuel, expected to leave torun for Chicago mayor?

Other key players may departor take new jobs, givingObama a critical opportunity toreshape his team for the secondhalf of his four-year term and inthe run-up to his expected re-election campaign in 2012.-Reuters.

Obama’s Acid Test

Muhammad Arif

1951-1957 PoliticalGovernments

1958-1970Military GovernmentsAyub & Yahya

1971-1977PoliticalZulfiqar Ali Bhutto

1978-1987Military GovernmentZia ul Haq

1988-1998Political GovernmentsB e n a z i r / N a w a zSharif

1999-2008Military GovernmentMushraf2009-2010Current PoliticalGovernment

Real GDP Growth (%)Growth of CPI on Annual

Average Basis ( %)

Low

-1.8

0.9

1.2

4.0

1.7

1.8

2.70

High

10.2

9.8

7.7

8.5

7.7

7.7

2.70

Average

2.50

5.44

3.0

6.2

5.1

5.1

2.70

Low

-

-3.2

4.7

3.6

7.8

3.1

11.7

High

-

7.8

30.0

12.4

13.0

12.0

20.8

Average

-

3.3

10.08

7.3

8.5

5.0

16.25

Page 5: The Financial Daily Epaper

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

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

Sales (July 09 to June 10) 73,993

Production (July 10) 7,509

Sales (July 10) 4,503

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

Sales (July 09 to June 10) 50,823

Production (July 10) 5,162

Sales (July 10) 4,999

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

Sales (July 09 to June 10) 14,120

Production (July 10) 1,560

Sales (July 10) 1,272

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

Sales (July 09 to June 10) 1,371

Production (July 10) 41

Sales (July 10) 40

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

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

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

Spread (July 2010) 7.51%

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

MS (July 10) 188

Kerosene (Jul 09 to June 10) 164

Kerosene (July 10) 15

JP (Jul 09 to June 10) 1,377

JP (July 10) 129

HSD (Jul 09 to June 10) 7,435

HSD (July 10) 664

LDO (Jul 09 to June 10) 75

LDO (July 10) 7

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

Fuel Oil (July 10) 869

Others (Jul 09 to June 10) 13

Others (July 10) 1

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

MS (1 Aug 10) 41.22

MS % Chg -0.90%

Kerosene (1 Sep 10) 47.14

Kerosene (1 Aug 10) 46.55

Kerosene % Chg 1.27%

JP-1 (1 Sep 10) 47.37

JP-1 (1 Aug 10) 46.78

JP-1 % Chg 1.26%

HSD (1 Sep 10) 50.61

HSD (1 Aug 10) 49.63

HSD % Chg 1.97%

LDO (1 Sep 10) 46.37

LDO (1 Aug 10) 45.29

LDO % Chg 2.38%

Fuel Oil (1 Sep 10) 39,932

Fuel Oil (1 Aug 10) 39,723

Sector Updates

Symbol Close Vol (mn)LOTPTA 8.52 26.32JSCL 10.55 21.23DGKC 25.30 17.53TRG 3.78 17.10AHSL 23.20 16.90

Symbol Close ChangeRMPL 1474.00 36.10PSO 268.68 13.89EXIDE 146.51 13.51IDYM 245.50 12.49HINO 118.98 10.87

Symbol Close ChangeCOLG 682.99 -30.01SIEM 1106.34 -21.08WYETH 940.00 -10.00PAKT 108.01 -7.91BATA 490.00 -7.88

Plus 245Minus 133Unchanged 17

Top 5 Volume Leaders

Major Losers

Major Gainers

KSE-100 Index

LSE-25 Index

ISE-10 Index

Active Issues

Asian shares gain for 3rd weekon moves to weaken yen

China's SAIC approached GM about IPO stake: sources

Monday, September 20, 2010 5

Dhiyan

Expectations from monetary policy will drive the market in the short-term. We expect a 50 bps increase in interest rates. However, any neg-ative news from the economic front may take the market to dips.Therefore, investors are recommended to adopt 'sell on strength' strat-egy and avoid new investments. Foreign commitments for flood vic-tims, no change in the monetary policy, and positive development onMargin Trading System will be the factors that can support the mar-ket. Market will be negative today.

Mohammad Imran, Arif Habib Limited

Zia Shaafi, WE Financial ServicesMarket is expected to show bullish activities due tomuch awaited approval of Margin Trading System andupcoming corporate results. Therefore, index can touch10,500-10,600 points in the coming days. Investors areadvised to invest in blue chip stocks. Market is expect-ed to remain sideways to choppy today.

SELL ON STRENGTH

Opening 9879.33Closing 10052.97Change 173.64% Change 1.76Turnover (mn) 357.25

Opening 3120.66Closing 3172.71Change 52.05% Change 1.67Turnover (mn) 18.90

Opening 2553.13Closing 2591.49Change 38.36% Change 1.50Turnover (mn) 0.91

NEW YORK: If theFederal Reserve's view ofthe economy brightens byjust a glimmer this week, itcould push the stock mar-ket above its four-monthtrading range.

The S&P 500 closed theweek at the higher end ofthat range, just below1,130. Some chartists seea break above it as presag-ing a test of the year'shighs.

But options trading sug-gests some see 1,130 as themarket's ceiling and areprotecting their portfoliosagainst a decline.

Other investors see theFederal Open MarketCommittee policy meetingas the turning point thatstocks have been searchingfor to break out of therange with conviction.

"Going up to the close onTuesday, we could see a lit-tle bit of enthusiasm, andperhaps it could be the cat-alyst that could push usabove 1,130 on the S&P,"said Brian Jacobsen, chiefportfolio strategist at WellsFargo Funds Managementin Menomonee Falls,Wisconsin.

In late August, FedChairman Ben Bernankesaid he would need to seea significant deteriorationin economic conditionsbefore easing monetaryconditions further. Recentdata, including as t r o n g e r - t h a n - e x p e c t e dreading on private-sectorjobs growth, could pre-vent further action fromthe Fed.

If the Fed does move,people "wouldn't interpretit as a bad sign (for the

economy) but as the Fedbeing vigilant in trying tokeep this recovery going,"Jacobsen said.

Most analysts don't seethe Fed moving in thatdirection immediately, butJacobsen said any signalwill be welcome.

"It could be the impetusthat's needed to push peo-ple out of bonds and intostocks, finally," he said.

Even with stocks losing abit of momentum as sometechnical indicators sug-gest, the S&P 500 seemspoised to move above1,130. Some chartists seebreaking that level as a har-binger for future gains,with overhead resistancenot seen until 1,173 andthen at the year's high near1,220.

Having pierced 1,130three times in the lastthree months, the level isgarnering attention evenfrom investors who aremore focused on funda-mentals than technicalanalysis.

"Whenever economicuncertainty bubbles up,that's when technicals takeover in terms of what mar-ket participants look for,"said Wasif Latif, vice pres-ident of equity investmentsat USAA in San Antonio,Texas.

"A lot of people havebeen looking at 1,130 andwe look at it as a compo-nent because other peopleare acting on it."

For the week, the DowJones industrial averagegained 1.4 per cent, whilethe Standard & Poor's 500Index advanced 1.5 percent and the Nasdaq

Composite Index jumped3.3 per cent.

The CBOE Volatilityindex, or VIX, continued toshow high volume asinvestors were bracing forvolatility.

"After VIX Septemberoptions expired onWednesday, I expected thatindex options activity todrop," said RandyFrederick, director of trad-ing and derivatives at theSchwab Center forFinancial Research inAustin, Texas.

"But on the day, there wasactually a big volume onputs and calls, suggestingthat as soon as Septembercontracts expired, theyreplaced the VIX contractsagain for protection."

A large put spread wasmade on the S&P 500 indexthat suggested a substantialmove lower in the shortterm, according to ChrisMcKhann, analyst atoptionMonster.com.

In terms of economicdata, this week's schedulehas a daily dose of housingindicators. From the hous-ing market index onMonday to housing startson Tuesday, followed byexisting home sales onThursday and new homesales on Friday, investorswill be able to get a clearerpicture of a key sector thatmust improve before theeconomic recovery canreally kick in.

"It's been so terrible late-ly that it doesn't have to bestrength -- just a sign oflife in the housing marketcould be support for finan-cial markets overall,"Jacobsen said. -Reuters

Fed holds key forstocks to break range

Wall Street weekly outlook

Nawaz Ali

KARACHI: Bullish activitieswere observed at the KarachiStock Exchange (KSE) withimpressive investor participa-tion last week and index ended1.76 per cent up above 10,000levels due to expectations ofapproval of Margin TradingSystem (MTS) and on the backof European Union agreementto provide assistance toPakistan exports and approvalof $451 million support forflood relief by IMF.

The benchmark KSE 100-index rose 173 points, 1.76 percent, to 10,052 points, KSE 30-index jumped 208 points, 2.16per cent, to 9,870 points andKSE all-share index grew 121points, 1.76 per cent, to 7,022points.

Muniba Saeed, analyst atInvest Cap said that the positivefactors inducing such liberalactivity in the market wereapproval of the margin tradingsystem by the SECP invitingplenty of applause by theinvestor community.

"Also the floods like a bless-ing in disguise, IMF's $451million for flood relief, andmost importantly the trade con-cession to be granted by the EUsent a wave of relief throughthe textile sector," she said.

After a long weekend due toEid holidays, market started theweek with a mega bullish ses-sion on Tuesday as indexgained 211 points ending above10,000 levels after a period of 5weeks and investors took posi-tions on expectations ofapproval of MTS.

Mustafa Bilwani, analyst atJS Global Capital said that thebenchmark KSE-100 Indexopened the week positivelybecause of expected approvalof MTS.

However, some profit takingwas witnessed in the market thenext day as investors waited forthe outcome of the SECP com-missioners' meeting. Index lost

44 points at the end of the day.However, due to continuedbuying by the foreign investors,index managed to sustain10,000 levels.

Market showed a positiveresponse during early hours ofthe session on Thursday onapproval of MTS. Therefore,index at a moment touched itshigher levels of the week of10,154 points. However,investors preferred to bookprofits at higher levels whileuncertainties over the amend-ments made in it and fears ofrise in interest rates in theupcoming monetary policy anddeclining international oilprices triggered the selling too.Therefore, index ended the ses-sion in negative zone at 29points down.

It should be noted that SECPapproved the concept of MTSwith additional risk mitigatingmeasures. This was to furtherstrengthen risk managementand provide for measures tocurtail systemic risk, in theinterest of the market.However, the details of theamendments were not releasedwhich created some uncertaintyamong market participants.

Finally, the week ended on apositive note with a gain of 35points due to buying mainly bythe local institutions whileEuropean Union agreement toprovide assistance to Pakistanexports also supported the mar-ket. However, activityremained low due to law andorder situation in the city afterkilling of MQM leader inLondon.

Buying continued by the for-eign investors as according toNCCPL they did a net buyingof $5 million last week whileon the local side banks did a netselling of $8.8 million.

Investor participationimproved greatly as 357 mil-lion shares were traded in theoverall market, which wereabout 215 million shares more

See # 2 Page 11

KSE gleansgains fromlikely MTS,EU tariff cuts

Weekly Review Saudistocks dip;

Dubai mkt upDUBAI: Bluechips showed lit-tle movement as Saudi Arabia'sindex TASI ended lower for asecond session in three in lack-lustre trade, with manyinvestors yet to return fromtheir summer vacations.

Samba Financial Groupclimbed 0.4 per cent, but SABBlost 1.3 per cent and SaudiBasic Industries Corp (SABIC)dipped 0.6 per cent

"Many families are still com-ing back from holidays, withthe school year not startinguntil Saturday," said a Riyadh-based trader at an internationalbank.

Wednesday was a nationalholiday in Saudi Arabia, deter-ring investors from openingpositions in the shorter tradingweek.

"The market is only tradingabout two-thirds of the recentaverage, but this should pick upnext week," the trader added.

The index slipped 0.1 percent to 6,356 points.

Dubai's index DFM hit a 4-month high, with investorspicking up undervalued stocksand sentiment receiving a boostfrom the nearing Dubai Worlddebt settlement and the inclu-sion of the UAE in the FTSEGroup emerging market index.

"It is still a continuation ofthe strong performance we sawlast week, it is linked to finali-sation of Dubai World's debtissue with its creditors or theinclusion in the FTSE emergingmarket index," said MarwanShurrab, vice-president andchief trader at GulfmenaAlternative Investments.

FTSE confirmed the classifi-cation of UAE as a "secondary"emerging market within itsglobal equity index series onThursday, which the indexprovider says is the first timethe country has been added in aglobal equity universe.

Dubai gained 2.2 per cent to1,683 points, its highest closesince May 20.

"At the same time there isinterest from investors to buildpositions ahead of the close ofthe third quarter," Shurrab said.

Real estate-related stockssuch as Emaar Properties whichgained 1.6 per cent were amongthose stocks to lift the index.Dubai Investment Companyclimbed 7.6 per cent.

"If you look at those stocksperformance, they are among

See # 1 Page 11

MANILA: Philippine President Aquino delivers a speech before ringing the bell to formally open

trading at the Philippine Stock Exchange.-Reuters

Weekly Review

Page 6: The Financial Daily Epaper

Monday, September 20, 20106

Volume 357,245,044

Value 13,355,222,365

Trades 206,648

Advanced 245

Declined 133

Unchanged 17

Total h395

Current 7,022.36

High 7,087.47

Low 6,900.80

Change h121.56

Current 10,052.97

High 10,154.54

Low 9,879.33

Change h173.64

Current 9,870.65

High 9,986.39

Low 9,650.35

Change h208.53

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

Technical AnalysisFundamental Highlights

As on Jun 30, 2009

TRG Pakistan Limited

TRG closed up 0.48 at 3.78. Volume was 64 per cent below average

(consolidating) and Bollinger Bands were 20 per cent narrower than

normal. The company's loss after taxation stood at Rs511.212 million

which translates into a Loss Per Share of Rs1.56 for the nine months

of fiscal year (9MFY10).

TRG is currently 0.9 per cent below its 200-day moving average and is

displaying an upward trend. Volatility is extremely low when compared

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

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

casting oscillators are currently bullish on TRG.

RSI (14-day) 58.60 Total Assets (Rs in mn) 2,549.61

MA (10-day) 3.41 Total Equity (Rs in mn) 2,509.06

MA (100-day) 4.32 Revenue (Rs in mn) 28.92

MA (200-day) 3.83 Interest Expense 0.10

1st Support 3.56 Profit after Taxation 766.33

2nd Support 3.41 EPS 09 (Rs) 1.988

1st Resistance 3.85 Book value / share (Rs) 6.51

2nd Resistance 3.99 PE 10 E (x) -

Pivot 3.70 PBV (x) 0.58

Technical AnalysisFundamental Highlights

As on Jun 30, 2009

NCL closed up 1.02 at 17.15. Volume was 172 per cent above average

(trending) and Bollinger Bands were 61 per cent narrower than normal.

The company's profit after taxation stood at Rs400.039 million which

translates into an Earning Per Share of Rs4.05 for the nine months of

fiscal year (9MFY10).

NCL is currently 9.1 per cent below its 200-day moving average and is

displaying an upward trend. Volatility is relatively normal as compared

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

cators reflect moderate flows of volume into NCL (mildly bullish). Trend

forecasting oscillators are currently bullish on NCL.

RSI (14-day) 56.59 Total Assets (Rs in mn) 12,016.81

MA (10-day) 16.43 Total Equity (Rs in mn) 3,102.47

MA (100-day) 17.23 Revenue (Rs in mn) 9,964.55

MA (200-day) 18.88 Interest Expense 1,081.54

1st Support 16.60 Profit after Taxation 103.34

2nd Support 16.01 EPS 09 (Rs) 1.249

1st Resistance 17.54 Book value / share (Rs) 37.51

2nd Resistance 17.89 PE 10 E (x) 3.18

Pivot 16.95 PBV (x) 0.46

Nishat (Chunian) Limited

Technical AnalysisFundamental Highlights

As on Dec 31, 2009

SILK closed down -0.04 at 2.68. Volume was 68 per cent below aver-age (consolidating) and Bollinger Bands were 31 per cent narrowerthan normal. The company's profit after taxation stood at Rs208.072million which translates into an Earning Per Share of Rs0.11 for the halfyear of current calendar year (1HCY10).SILK is currently 23.8 per cent below its 200-day moving average andis displaying an upward trend. Volatility is extremely low when com-pared to the average volatility over the last 10 trading sessions. Volumeindicators reflect very strong flows of volume into SILK (bullish). Trendforecasting oscillators are currently bullish on SILK.

RSI (14-day) 47.16 Total Assets (Rs in mn) 68,664.34

MA (10-day) 2.72 Total Equity (Rs in mn) 196.91

MA (100-day) 2.92 Revenue (Rs in mn) 5,913.32

MA (200-day) 3.52 Interest Expense 5,855.52

1st Support 2.55 Loss after Taxation (2,902.91)

2nd Support 2.41 EPS 09 (Rs) (3.224)

1st Resistance 2.79 Book value / share (Rs) 0.22

2nd Resistance 2.89 PE 10 E (x) 12.18

Pivot 2.65 PBV (x) 12.25

Silkbank Limited

Technical AnalysisFundamental Highlights

As on Dec 31, 2009

NIB closed up 0.10 at 2.76. Volume was 71 per cent below average (consoli-

dating) and Bollinger Bands were 35 per cent narrower than normal. The com-

pany's loss after taxation stood at Rs1.944 billion which translates into a Loss

Per Share of Rs0.48 for the half year of current calendar year (1HCY10).

NIB is currently 30.2 per cent below its 200-day moving average and is

displaying a downward trend. Volatility is high as compared to the average

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

ume flowing into and out of NIB at a relatively equal pace. Trend forecast-

ing oscillators are currently bearish on NIB.

RSI (14-day) 50.14 Total Assets (Rs in mn) 208,118.96

MA (10-day) 2.66 Total Equity (Rs in mn) 41,643.27

MA (100-day) 3.23 Revenue (Rs in mn) 18,272.36

MA (200-day) 3.95 Interest Expense 12,872.36

1st Support 2.56 Profit after Taxation 691.05

2nd Support 2.42 EPS 09 (Rs) 0.171

1st Resistance 2.84 Book value / share (Rs) 10.30

2nd Resistance 2.98 PE 10 E (x) -

Pivot 2.70 PBV (x) 0.27

NIB Bank Limited

OIL AND GAS

Performance of SR Oil and Gas Index

Open High Low Close Change % Change

1,217.78 1,252.52 1,223.59 1,242.72 24.93 2.05

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

21,135,114 - - 65,194.15 mn 1,017,327.93 mn -

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

11.10 4.11 37.01 68.56 6.18 -

Attock Petroleum 576 5.87 320.23 328.00 319.25 325.24 5.01 862831 328.49 281.00 250 - 100 -

Attock Refinery 853 9.59 81.11 85.58 80.50 85.52 4.41 3661604 93.60 73.47 - - - -

Mari Gas Company 735 16.66 121.57 127.00 119.80 122.97 1.40 253074 138.45 112.80 32.17 100B 31 -

National Refinery 800 6.22 195.08 207.00 196.00 203.93 8.85 533878 207.00 182.01 125 - - -

Oil & Gas DevelopmentSPOT 43009 10.14 145.40 149.55 145.51 146.99 1.59 1802946 153.00 133.00 82.5 - 55 -

Pak PetroleumSPOT 9958 6.64 210.20 214.10 209.00 211.92 1.72 4318942 214.10 182.00 130 20B 90 20B

Pak Oilfields 2365 7.02 228.35 238.44 230.15 237.87 9.52 5707023 238.90 209.99 180 - 80 -

Pak Refinery Limited 350 - 51.48 59.00 52.60 58.98 7.50 51595 82.00 48.26 - - - -

PSO SPOT 1715 4.55 254.79 269.50 256.01 268.68 13.89 3875566 289.45 233.10 50 - 80 -

Shell Gas LPG 226 13.96 29.50 32.78 28.05 31.00 1.50 8908 42.00 27.32 - - - -

Shell Pakistan XD 685 10.00 194.25 200.40 190.00 195.01 0.76 67282 246.90 190.00 330 - 40 -

Paid up Last 60 days 2009 2010

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

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

PERSONAL GOODS

Performance of SR Personal Goods Index

Open High Low Close Change % Change

917.21 933.85 913.96 927.26 10.05 1.10

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

41,235,290 - - 47,070.70 mn 115,422.01 mn -

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

5.49 0.47 8.64 16.68 3.04 -

Ali Asghar Textile 222 - 0.70 2.21 0.70 2.00 1.30 43007 2.21 0.20 - - - -

Amtex Limited 2415 4.81 18.11 18.33 17.70 17.98 -0.13 2147881 20.45 10.42 - - 30 -

Artistic Denim 840 5.97 18.87 20.63 18.50 20.48 1.61 22693 21.59 17.55 20 - - -

Azam Textile 133 0.41 1.75 1.78 1.74 1.76 0.01 6319 2.50 1.31 - - - -

Azgard Nine 4493 263.00 9.64 11.00 9.89 10.52 0.88 10254760 13.40 8.55 - - - -

Babri Cotton 29 2.67 9.50 11.50 9.50 11.50 2.00 11587 16.75 9.50 - - - -

Bannu Woolen 76 - 8.92 9.50 8.60 9.20 0.28 6510 10.50 7.50 - - - -

Chenab Limited 1150 - 3.20 3.71 3.16 3.66 0.46 393447 5.10 2.85 - - - -

Colony Mills Ltd 2442 2.35 2.92 3.15 2.66 2.80 -0.12 45485 5.00 2.23 - - - -

Crescent Jute 238 - 0.74 1.49 0.65 1.01 0.27 23585 2.25 0.48 - - - -

D S Ind Ltd 600 - 1.68 1.86 1.61 1.67 -0.01 117945 2.65 1.50 - - - -

Dawood Lawrencepur 514 10.41 39.40 44.50 40.00 43.52 4.12 12600 52.28 37.08 - - 5 -

Ellcot Spinning 110 1.68 22.26 24.95 22.75 24.50 2.24 14314 25.30 18.80 7.5 - - -

Gadoon Textile 234 1.41 36.66 38.33 34.65 38.33 1.67 33464 44.50 32.05 - - - -

Hira Textile Mills Ltd. 716 1.56 4.03 4.50 4.00 4.38 0.35 320949 4.61 2.52 - - - -

Ideal Spinning 99 0.77 3.88 4.79 3.20 3.98 0.10 15004 4.79 1.69 - - - -

Int Knitwear 32 4.23 8.00 9.35 8.30 9.00 1.00 10551 10.50 7.00 - - - -

J K SpinningXDXB 74 0.50 9.32 9.65 6.00 7.42 -1.90 5935 10.30 4.30 - - 20 5B

Khalid Siraj 107 - 0.85 0.85 0.25 0.85 0.00 25011 1.99 0.10 - - - -

Kohinoor Ind 303 - 1.68 1.93 1.43 1.74 0.06 194811 2.00 1.10 - - - -

Kohinoor Textile 1455 3.66 5.64 6.30 5.50 5.90 0.26 315961 6.30 4.00 - - - -

Mian Textile 221 - 0.36 0.84 0.26 0.50 0.14 7020 1.40 0.05 - - - -

Mukhtar Textile 145 - 0.57 0.95 0.34 0.40 -0.17 23409 0.99 0.26 - - - -

Nagina Cotton 187 1.86 14.19 16.00 14.50 16.00 1.81 16612 16.00 10.70 - - - -

Nishat (Chunian) 1586 3.18 16.13 17.53 16.20 17.15 1.02 9343566 19.49 14.64 - 50R - -

Nishat Mills 3516 5.76 45.64 48.95 46.00 48.95 3.31 16146180 53.14 40.81 20 - 25 45R

Pak Synthetic 560 3.90 6.99 7.08 6.25 6.51 -0.48 251881 7.90 5.50 12.5 - - -

Prosperity 185 2.24 18.80 20.50 19.50 20.00 1.20 7021 21.47 15.40 20 - - -

Ravi Textile 250 5.03 2.00 2.19 1.70 1.96 -0.04 578897 7.50 1.70 - - - -

Reliance Weaving 308 1.16 10.33 10.65 9.00 9.45 -0.88 55745 10.68 6.91 - - - -

Sajjad Textile 213 0.07 0.34 0.55 0.32 0.32 -0.02 20000 4.19 0.16 - - - -

Salfi Textile 33 0.55 21.52 24.75 22.00 24.75 3.23 11522 24.75 16.50 - - - -

Sally Textile 88 0.29 3.98 3.99 3.30 3.51 -0.47 17166 4.98 2.51 - - - -

Samin Textile 134 24.83 6.25 7.20 5.50 7.20 0.95 24572 8.40 4.55 - - - 100R

Sana Ind 55 5.39 34.65 38.00 35.10 36.13 1.48 57111 38.00 27.25 35 - 60 -

Service Ind 120 4.94 183.21 196.00 180.00 192.00 8.79 8138 240.99 176.50 200 - - -

Shahpur Textile 140 1.63 1.10 1.90 0.80 1.17 0.07 190219 2.26 0.25 - - - -

Shahtaj Textile 97 2.78 16.90 17.89 16.90 17.80 0.90 52712 21.50 12.51 20 - - -

Shams Textile 86 1.00 15.50 15.50 15.50 15.50 0.00 71500 17.63 14.35 - - - -

Suraj Cotton 180 1.54 30.61 34.50 31.50 34.49 3.88 31670 36.20 29.50 15 - - -

Thal Limited XD 256 5.22 104.58 107.00 103.10 105.48 0.90 73700 114.99 91.50 20 20B 20 -

Treet Corp 418 0.51 39.76 42.25 40.00 40.47 0.71 173198 49.49 37.20 - - - -

Yousuf Weaving 400 1.55 1.09 1.80 0.98 1.13 0.04 8318 1.90 0.73 - - - -

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

941.11 1,077.77 923.86 1,069.25 128.14 13.62

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

2,054,880 - - 3,763.71 mn 5,667.93 mn -

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

3.81 0.41 10.64 6.27 1.64 -

Pak Elektron 1174 3.22 13.11 15.08 12.82 15.08 1.97 1884072 15.95 11.20 - 10B - 10B

Tariq Glass Ind XD 231 2.77 15.00 18.10 15.00 17.00 2.00 161054 19.12 13.50 - - 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

1,450.74 1,481.06 1,402.23 1,445.30 -5.44 -0.38

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

462,721 - - 11,335.33 mn 188,180.81 mn -

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

30.96 9.38 30.30 30.57 0.99 -

Adam Sugar 58 0.62 11.00 11.75 11.00 11.60 0.60 16000 14.75 10.50 10 - - -

AL-Noor Sugar 186 4.17 43.99 45.00 40.66 40.99 -3.00 10623 47.35 31.90 40 - - -

Chashma Sugar 287 0.83 10.69 10.85 9.60 10.30 -0.39 13493 11.40 8.00 - - - -

Habib Sugar 600 5.82 26.92 28.39 27.00 28.22 1.30 112212 28.39 22.50 35 25B - -

Habib-ADM Ltd 200 4.39 16.40 16.25 15.30 15.62 -0.78 23731 16.94 13.00 40 - 40 -

J D WSugar 490 2.18 64.29 65.49 63.50 65.00 0.71 26732 67.90 60.10 40 - 0 12.5R

National Foods 414 21.08 52.99 57.00 50.83 53.33 0.34 18892 65.29 41.35 - 25B - -

Nestle Pakistan XD 453 21.64 1882.83 1900.00 1795.01 1880.50 -2.33 24375 1937.22 1550.00 600 - 200 -

Pangrio Sugar 109 0.48 6.00 5.90 5.00 5.90 -0.10 7001 7.00 4.25 - - - -

Quice Food 107 - 1.76 2.20 1.60 2.10 0.34 63500 3.35 1.60 - - - -

Sakrand Sugar 223 - 2.76 3.00 3.00 3.00 0.24 22000 3.50 2.02 - - - -

Sanghar Sugar 119 1.00 14.90 14.00 13.90 14.00 -0.90 10236 14.90 11.50 10 - - -

Shahmurad Sugar 211 15.29 9.75 10.80 9.75 10.55 0.80 67641 10.80 7.40 15 - - -

UniLever PakistanSPOT 665 22.67 4039.99 4200.00 3910.01 4048.26 8.27 6343 4200.00 3710.00 458 - 178 -

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

1,050.61 1,090.98 1,047.44 1,070.90 20.28 1.93

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

706,214 - - 6,768.53 mn 39,737.59 mn -

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

3.99 1.01 25.35 20.42 5.11 -

Agriautos Ind 144 5.05 69.51 71.90 67.01 69.18 -0.33 44072 78.39 63.01 40 - 90 -

Atlas BatterySPOT 84 6.95 185.91 187.90 179.79 184.33 -1.58 59648 209.00 178.00 100 20B 100 20B

Dewan Motors 890 - 1.41 1.70 1.37 1.50 0.09 33616 2.24 1.16 - - - -

General Tyre XD 598 6.47 23.55 26.70 23.45 23.61 0.06 156314 28.80 21.10 - - 20 -

Ghandhara Nissan 450 - 5.19 6.09 5.00 5.75 0.56 147204 6.60 4.75 - - - -

Ghani Automobile Ind 200 9.41 4.50 5.44 4.00 4.14 -0.36 97382 5.70 3.65 - - - -

Honda Atlas Cars 1428 - 10.52 11.40 10.27 10.65 0.13 16772 14.50 10.05 - - - -

Indus MotorsSPOT 786 5.23 224.14 233.00 223.40 228.97 4.83 49530 287.00 212.29 100 - 150 -

Pak Suzuki 823 9.68 75.15 79.50 75.36 77.89 2.74 47785 89.99 73.50 5 - - -

Sazgar Engineering 125 4.80 24.50 26.80 25.00 25.50 1.00 29321 27.85 23.58 - 20B - -

Transmission 117 4.02 1.99 2.25 1.62 2.25 0.26 22103 3.35 1.61 2 - - -

Paid up Last 60 days 2009 2010

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

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

INDUSTRIAL ENGINEERING

Performance of SR Industrial Engineering Index

Open High Low Close Change % Change

1,414.40 1,446.24 1,402.37 1,412.20 -2.20 -0.16

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

504,574 - - 1,336.62 mn 31,212.62 mn -

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

7.67 2.92 38.02 131.49 17.14 -

AL-Ghazi Tractor XD 215 5.06 218.00 217.57 211.00 212.93 -5.07 5187 226.10 195.00 400 - 150 -

Bolan Casting 95 8.10 41.60 46.09 43.00 44.77 3.17 79269 46.09 35.25 - 20B - -

Ghandhara Ind 213 2.45 16.00 17.45 16.00 17.45 1.45 65055 20.24 15.26 - - - -

Millat Tractors 293 7.35 575.21 591.80 570.00 573.20 -2.01 351623 597.90 466.00 450 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

901.37 919.90 889.12 902.25 0.88 0.10

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

722,939 - - 3,043.31 mn 33,346.70 mn -

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

2.62 1.15 43.91 15.55 5.92 -

Cherat Papersack 92 4.67 50.41 51.00 47.05 48.97 -1.44 299162 51.05 28.87 - - 20 25B

ECOPACK Ltd 230 - 2.05 2.44 1.90 2.05 0.00 64730 2.89 1.90 - - - -

Ghani Glass 970 6.47 57.29 60.74 56.50 60.00 2.71 184978 60.74 54.65 30 10B - -

MACPAC Films 389 - 2.81 3.84 2.50 2.98 0.17 26991 4.69 2.21 - - - -

Packages Ltd 844 16.66 110.45 111.88 108.96 109.97 -0.48 117495 125.96 106.05 32.5 - - -

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

934.52 965.69 919.66 930.60 -3.92 -0.42

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

34,257,675 - - 54,792.74 mn 69,324.88 mn -

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

6.83 0.48 7.10 19.04 2.79 -

Al-Abbas Cement 1828 - 3.79 4.00 3.51 3.65 -0.14 79543 4.69 2.82 - - - -

Attock Cement 866 4.86 65.53 68.97 66.49 68.49 2.96 283990 72.40 63.00 50 20B 17.5 -

Berger Paints 182 - 16.74 17.24 16.25 16.53 -0.21 23138 20.00 15.42 - - - 122R

Cherat Cement 956 - 12.01 12.25 11.20 11.20 -0.81 80128 12.50 8.90 - - - -

Dadabhoy Cement 982 12.69 1.69 1.83 1.50 1.65 -0.04 86519 2.74 1.50 - - - -

Dewan Cement 3574 - 1.54 1.68 1.45 1.50 -0.04 189707 2.20 1.40 - - - -

DG Khan Cement Ltd 3651 35.14 26.25 27.15 24.80 25.30 -0.95 17525739 28.74 23.02 - 20R - 20R

EMCO Ind 350 - 3.67 4.70 2.81 3.03 -0.64 361804 5.15 2.40 - - - -

Fauji Cement 6933 13.13 5.14 5.50 5.12 5.25 0.11 3222558 5.50 4.50 - - - -

Flying Cement Ltd 1760 - 1.93 2.20 2.00 2.11 0.18 241148 2.37 1.75 - - - -

Gharibwal Cement 2319 - 5.21 4.25 3.00 3.04 -2.17 580513 8.34 3.00 - - - -

Haydery Const 32 - 1.05 1.10 1.00 1.05 0.00 22001 2.00 0.85 - - - -

Kohat Cement 1288 - 6.20 6.47 6.04 6.20 0.00 137647 7.38 5.70 - - - -

Lucky Cement 3234 6.44 70.32 73.88 70.49 71.70 1.38 8039228 73.88 61.29 40 - 40 -

Maple Leaf Cement 3723 - 3.26 3.40 3.03 3.15 -0.11 563730 3.84 3.00 - - - -

Pioneer Cement 2228 - 7.87 8.39 7.51 8.10 0.23 81651 8.39 5.60 - - - -

Safe Mix Concrete 200 - 7.94 9.47 7.06 7.18 -0.76 34292 9.47 5.50 - - - -

Thatta Cement 798 - 20.29 21.00 19.25 19.65 -0.64 204400 21.80 17.74 - - - -

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

1,013.19 1,032.65 987.86 1,022.93 9.74 0.96

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

141,645 - - 3,596.11 mn 9,757.26 mn -

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

3.15 1.04 33.10 30.91 9.81 -

Crescent Steel XD 565 3.45 25.48 25.60 24.30 25.49 0.01 20943 31.73 24.25 - - 30 -

Dost Steels Ltd 675 - 2.01 2.48 2.10 2.20 0.19 37951 3.20 1.90 - - - -

Huffaz Pipe 555 5.87 13.52 14.70 13.00 14.04 0.52 23395 16.00 13.00 - 30B - -

International IndXDXB 1199 5.09 52.94 54.00 52.00 52.32 -0.62 49711 70.71 48.51 - - 40 20B

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

1,206.97 1,235.05 1,178.43 1,213.46 6.49 0.54

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

1,058,020 - - 1,186.83 mn 3,380.03 mn -

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

6.32 0.47 7.47 25.28 4.00 -

Century Paper 707 - 21.24 21.80 20.60 21.30 0.06 1026132 22.70 15.76 - 425R - -

Pak Paper Product 38 6.12 57.16 60.00 56.77 58.86 1.70 18253 60.12 41.21 20 - 2533.33B

Security Paper 411 4.73 39.85 40.60 38.75 40.00 0.15 13635 50.40 38.50 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

1,124.26 1,161.96 1,127.53 1,151.55 27.29 2.43

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

42,224,624 - - 52,251.88 mn 260,568.18 mn -

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

7.10 2.49 35.00 48.81 6.87 -

Agritech Limited 3924 - 24.33 25.00 22.60 23.99 -0.34 20699 27.79 21.15 - - - -

Bawany Air 68 1.22 11.67 12.89 10.89 12.00 0.33 13912 16.78 10.06 - - - -

BOC (Pak) XD 250 9.20 67.89 72.98 67.30 72.28 4.39 78685 82.50 66.90 90 - 15 -

Dawood Hercules 1203 8.00 167.49 182.00 165.10 173.51 6.02 113096 185.88 155.38 40 10B 20 -

Dewan Salman 3663 - 1.51 1.63 1.47 1.59 0.08 1684243 2.21 1.41 - - - -

Dynea Pak 94 4.29 11.70 12.45 11.49 11.50 -0.20 105263 13.60 10.85 15 - 15 -

Engro Corp. LtdSPOT 3277 9.17 171.63 180.40 172.80 178.72 7.09 4704602 194.59 165.60 6010B 40R 20 -

Fatima Fertilizer 22000 - 9.87 10.50 9.49 9.63 -0.24 2021297 12.80 9.02 - - - -

Fauji Fertilizer XD 6785 7.21 104.50 106.41 104.80 105.99 1.49 2119258 113.39 102.75 131.5 10B 75 -

Fauji Fert. Bin Qasim XD 9341 7.13 29.17 28.45 27.52 28.01 -1.16 2929033 30.65 25.70 40 - 5 -

ICI Pakistan XD 1388 7.40 122.08 124.76 117.65 124.11 2.03 2064935 128.30 109.50 80 - 55 -

Lotte Pakistan 15142 2.96 8.19 8.94 8.30 8.52 0.33 26322042 9.09 6.75 5 - - -

Nimir Ind Chemical 1106 75.00 1.48 1.65 1.16 1.50 0.02 935298 1.81 1.16 - - - -

Shaffi Chemical 120 1.23 2.55 2.99 2.05 2.57 0.02 15390 3.80 2.00 - - - -

Sitara Peroxide 551 - 8.45 9.09 8.41 8.97 0.52 193195 11.09 8.22 - - - -

Wah-Noble 90 4.58 43.20 45.60 43.25 44.69 1.49 9584 48.00 41.10 50 - - -a

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

803.26 833.98 800.15 824.44 21.17 2.64

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

672,458 - - 3,904.20 mn 27,774.15 mn -

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

6.09 1.36 22.31 44.54 7.31 -

Abbott (Lab) 979 7.72 80.57 88.21 82.00 88.13 7.56 54101 95.50 77.00 120 - 20 -

Ferozsons (Lab) 208 9.50 115.96 117.00 103.61 109.50 -6.46 6443 124.00 96.00 10 20B - -

GlaxoSmithKline 1707 12.31 67.19 70.49 67.25 68.17 0.98 45710 84.27 65.40 50 - - -

Highnoon (Lab) 165 6.58 24.00 24.80 23.50 24.20 0.20 30951 25.79 22.10 25 - - -

Searle Pak 306 5.65 58.00 62.00 58.00 61.00 3.00 524101 62.00 53.36 15 15B - -

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

710.66 731.88 706.37 714.08 3.42 0.48

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

158,151 - - 3,242.17 mn 12,995.82 mn -

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

5.77 1.47 25.53 11.08 1.92 -

Pak Int Cont. Terminal XD 1092 8.59 70.00 71.89 69.00 69.99 -0.01 143187 87.86 67.62 - 20B 40 -

PNSC 1321 5.25 37.64 40.00 37.80 38.50 0.86 14964 41.74 34.50 30 - 15 -

Paid up Last 60 days 2009 2010

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

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

BOOK CLOSURES

Japan Power Generation 19-Sep 28-Sep - - 28-Sep

General Tyre & Rubber 20-Sep 29-Sep 20(F) 8-Sep 29-Sep

Pak Oman Adv Fund 20-Sep 27-Sep 1.0377 9-Sep -

PICIC Inv Fund 20-Sep 27-Sep 5(F) 10-Sep -

Altas Battery 21-Sep 29-Sep 100(F),20(B) 13-Sep 29-Sep

Century Paper & Board 21-Sep 27-Sep - - 27-Sep

Oil & Gas Dev Co 21-Sep 30-Sep 15(F) 13-Sep -

Pakistan Petroleum 21-Sep 29-Sep 50(F),20(B) 13-Sep 29-Sep

Unilever Pakistan 21-Sep 27-Sep 178(I) 13-Sep -

Universal Insurance # 21-Sep 27-Sep - - 23-Sep

Husein Sugar Mills # 22-Sep 28-Sep - - 29-Sep

Pakistan State Oil 22-Sep 29-Sep - - -

Bank of Punjab 23-Sep 29-Sep - - 30-Sep

Engro Corp (Consolidated) 23-Sep 30-Sep 20(I) 15-Sep -

First Prudential Modaraba 23-Sep 30-Sep - - 30-Sep

JS Investments 23-Sep 30-Sep - - 30-Sep

Pakistan Hotels Developments 23-Sep 30-Sep - - 30-Sep

Standard Chartered Modaraba 23-Sep 1-Oct 17 - 21-Oct

Unilever Pak Foods 23-Sep 29-Sep 350(I) 15-Sep -

Indus Motor 24-Sep 30-Sep 100(F) 16-Sep 30-Sep

Ittehad Chemical 24-Sep 30-Sep 5 16-Sep 30-Sep

Arif Habib 25-Sep 2-Oct 20(B) 17-Sep 2-Oct

Cap Asst Leasing Corp 26-Sep 2-Oct - - 2-Oct

INDICATIONS

# Extraordinary General Meeting

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

ZERO VOLUME

Pak PVC SPOT 2.99 2.99 2.52 2.52 -0.47 0AL-Khair Gadoon 6.00 5.20 5.20 5.20 -0.80 0Mubarik Daries 2.35 2.00 2.00 2.00 -0.35 0Dewan F Spin. 2.50 3.01 3.00 3.01 0.51 0Suhail Jute 10.50 11.50 11.50 11.50 1.00 0Ideal Energy 8.51 8.51 8.50 8.50 -0.01 0AL-Noor Mod. 2.75 2.79 2.76 2.79 0.04 0Tri-Star 1st Mod. 5.50 5.50 5.00 5.00 -0.50 0

Symbols Open High Low Close Change Vol

Page 7: The Financial Daily Epaper

Monday, September 20, 20107

Technical Analysis Leverage Position

KSE 100 INDEX

Technical Outlook

KSE 100 INDEX closed up 173.64 points at 10,052.97. Volume was 16 per

cent below average and Bollinger Bands were 24 per cent narrower than

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

resistance level at 10,096.15 and 2nd resistance level at 10,139.40, while

Index will continue to find its 1st support level at 9,983.50 and 2nd support

level at 9,914.05.

KSE 100 INDEX is currently 1.8 per cent above its 200-day moving

average and is displaying an upward trend. Volatility is extremely low

when compared to the average volatility over the last 10 trading ses-

sions. Volume indicators reflect volume flowing into and out of INDEX

at a relatively equal pace. Trend forecasting oscillators are currently

bullish on INDEX.

RSI (14-day) 58.54 Support 1 9,983.50

MA (5-day) 10,017.45 Support 2 9,914.05

MA (10-day) 9,889.86 Resistance 1 10,096.15

MA (100-day) 9,913.85 Resistance 2 10,139.40

MA (200-day) 9,875.36 Pivot 10,026.70

Technical Analysis Leverage Position

Dera Ghazi Khan Cement Co Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

DGKC closed down -0.95 at 25.30. Volume was 70 per cent above aver-

age and Bollinger Bands were 32 per cent narrower than normal.

DGKC is currently 8.8 per cent below its 200-day moving average and is

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

the average volatility over the last 10 trading sessions. Volume 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 44 Buy

AKD Securities Ltd 44.13 Buy

TFD Research 36.85 Positive

RSI (14-day) 48.61 Free Float Shares (mn) 182.55

MA (10-day) 25.74 Free Float Rs (mn) 4,618.51

MA (100-day) 25.25 CFS Shares (mn) N/A

MA (200-day) 27.74 CFS Rs (mn) N/A

Mean 25.82 CFS Rate N/A

Median 25.98 ** NOI Rs (mn) 22.86

* 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 3.31 at 48.95. Volume was 175 per cent above average

(trending) and Bollinger Bands were 22 per cent narrower than normal.

NML is currently 10.1 per cent below its 200-day moving average and is

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

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

reflect 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 61.46 Buy

TFD Research 74.2 Positive

RSI (14-day) 63.59 Free Float Shares (mn) 175.80

MA (10-day) 45.48 Free Float Rs (mn) 8,605.41

MA (100-day) 47.42 CFS Shares (mn) N/A

MA (200-day) 54.47 CFS Rs (mn) N/A

Mean 47.54 CFS Rate N/A

Median 47.48 ** NOI Rs (mn) 21.51

* 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 3.13 at 66.33. Volume was 39 per cent below average and

Bollinger Bands were 14 per cent narrower than normal.

NBP is currently 1.9 per cent above its 200-day moving average and is dis-

playing a downward 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 NBP at a relatively equal pace. Trend forecasting

oscillators are currently bearish on NBP.

*Arif Habib Ltd 78 Buy

AKD Securities Ltd 64.64 Neutral

TFD Research 92.3 Positive

RSI (14-day) 55.74 Free Float Shares (mn) 318.37

MA (10-day) 64.17 Free Float Rs (mn) 21,117.28

MA (100-day) 66.58 CFS Shares (mn) N/A

MA (200-day) 73.14 CFS Rs (mn) N/A

Mean 66.44 CFS Rate N/A

Median 66.00 ** NOI Rs (mn) 33.29

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

Technical Analysis Leverage Position

Pakistan Telecommunication Co Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

PTC closed up 0.70 at 19.07. Volume was 50 per cent below average (con-

solidating) and Bollinger Bands were 14 per cent narrower than normal.

PTC is currently 2.0 per cent below its 200-day moving average and is dis-

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

average volatility over the last 10 trading sessions. Volume indicators

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

forecasting oscillators are currently bullish on PTC.

AKD Securities Ltd 24.18 Buy

TFD Research 30.5 Positive

RSI (14-day) 55.96 Free Float Shares (mn) 584.63

MA (10-day) 18.50 Free Float Rs (mn) 11,148.99

MA (100-day) 19.18 CFS Shares (mn) N/A

MA (200-day) 19.46 CFS Rs (mn) N/A

Mean 19.11 CFS Rate N/A

Median 19.13 ** NOI Rs (mn) 7.97

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

Technical Analysis Leverage Position

Lucky Cement Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

LUCK closed up 1.38 at 71.70. Volume was 37 per cent below average

and Bollinger Bands were 7 per cent wider than normal.

LUCK is currently 3.3 per cent above its 200-day moving average and is

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

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

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

tors are currently bullish on LUCK.

*Arif Habib Ltd 83 Buy

AKD Securities Ltd 108.5 Buy

TFD Research 72.75 Neutral

RSI (14-day) 62.22 Free Float Shares (mn) 129.35

MA (10-day) 70.44 Free Float Rs (mn) 9,274.40

MA (100-day) 66.71 CFS Shares (mn) N/A

MA (200-day) 69.39 CFS Rs (mn) N/A

Mean 72.21 CFS Rate N/A

Median 72.19 ** NOI Rs (mn) 7.07

* 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 down -0.27 at 33.50. Volume was 63 per cent above aver-

age and Bollinger Bands were 59 per cent wider than normal.

HUBC is currently 0.1 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 indica-

tors reflect volume flowing into and out of HUBC at a relatively equal pace.

Trend forecasting oscillators are currently bearish on HUBC.

*Arif Habib Ltd 48 Buy

AKD Securities Ltd 46 Buy

TFD Research 44.9 Positive

RSI (14-day) 35.66 Free Float Shares (mn) 810.01

MA (10-day) 35.09 Free Float Rs (mn) 27,135.27

MA (100-day) 34.12 CFS Shares (mn) N/A

MA (200-day) 33.52 CFS Rs (mn) N/A

Mean 34.01 CFS Rate N/A

Median 34.20 ** NOI Rs (mn) 0.68

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

Technical Analysis Leverage Position

MCB Bank Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

MCB closed up 7.59 at 193.21. Volume was 1 per cent above average and

Bollinger Bands were 38 per cent narrower than normal.

MCB is currently 6.4 per cent below its 200-day moving average and is dis-

playing a downward 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 MCB at a relatively equal pace. Trend forecasting

oscillators are currently bearish on MCB.

*Arif Habib Ltd 194 Hold

AKD Securities Ltd 201.29 Accumulate

TFD Research 218.18 Positive

RSI (14-day) 52.77 Free Float Shares (mn) 342.10

MA (10-day) 189.36 Free Float Rs (mn) 66,096.51

MA (100-day) 196.37 CFS Shares (mn) N/A

MA (200-day) 206.44 CFS Rs (mn) N/A

Mean 193.61 CFS Rate N/A

Median 193.01 ** NOI Rs (mn) 54.03

* 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

988.72 1,013.52 973.56 1,000.53 11.80 1.19

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

5,525,862 - - 29,771.58 mn 17,265.00 mn -

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

6.19 0.25 4.09 104.19 29.60 -

1st Fid Leasing 264 - 1.48 1.69 1.01 1.22 -0.26 7271 2.23 1.01 - - - -

AL-Meezan Mutual F. 1375 2.59 6.70 6.80 6.61 6.70 0.00 163680 7.25 6.35 - - 18.5 -

B R R Guardian Mod. 780 - 1.36 1.36 1.05 1.20 -0.16 73625 2.43 0.90 - - - -

Constellation Modaraba 65 2.57 2.38 2.34 1.20 2.34 -0.04 12443 2.74 0.82 - - - -

Crescent St Modaraba 200 1.81 0.49 0.60 0.41 0.49 0.00 35721 0.90 0.16 - - - -

Equity Modaraba 524 8.77 1.00 1.25 1.00 1.14 0.14 13789 1.68 0.76 - - - -

First Dawood Mutual F. 581 - 1.69 1.88 1.51 1.75 0.06 9386 2.09 1.00 - - - -

Golden Arrow 760 1.40 2.87 3.50 2.82 3.41 0.54 902656 3.50 2.32 - - - -

Habib Modaraba 1008 4.51 5.82 6.20 6.00 6.00 0.18 16546 7.49 5.56 20 - 21 -

JS Growth Fund 3180 39.38 3.10 3.30 3.10 3.15 0.05 46115 4.39 2.70 - - 5 -

JS Value Fund 1186 - 3.36 3.50 2.61 3.13 -0.23 43066 3.98 2.31 10 - 10 -

KASB Modaraba 283 2.82 1.07 2.00 0.91 2.00 0.93 8003 2.44 0.52 - - - -

Meezan Balanced Fund 1200 3.00 6.50 6.64 6.02 6.20 -0.30 13990 7.49 6.00 - - 15.5 -

Mod Al-Mali 184 - 1.10 1.20 0.71 1.19 0.09 6595 1.75 0.56 - - - -

Pak Prem Fund XD 1698 3.47 9.11 9.39 7.20 7.29 -1.82 722738 9.86 7.20 - - 18.6 -

Pak Strat Fund 3000 5.08 6.61 6.84 6.40 6.50 -0.11 273406 8.10 6.01 - - 11.53 -

PICIC Energy Fund 1000 2.55 4.79 4.84 4.33 4.80 0.01 56637 6.49 4.00 - - 5 -

PICIC Growth Fund 2835 2.37 8.20 8.74 8.00 8.64 0.44 475625 10.55 7.60 - - 20 -

PICIC Inv Fund XD 2841 2.01 4.25 4.40 3.70 3.97 -0.28 2246377 5.00 3.50 - - 10 -

Prud Modaraba 1stSPOT 872 2.89 1.14 1.20 1.03 1.10 -0.04 282443 1.20 0.70 - - 3 -

Stand Chart Mod. SPOT 454 5.75 10.38 10.70 10.00 10.12 -0.26 78690 10.99 8.25 16.5 - 17 -

Tri-Star Mutual 50 1.15 1.69 2.35 1.20 1.89 0.20 7606 2.99 1.01 - - - -

U D L Modaraba 264 2.38 5.60 5.99 5.01 5.98 0.38 10002 6.00 5.00 10 - - -

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

358.99 390.81 355.69 376.60 17.61 4.91

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

45,456,439 - - 30,336.44 mn 27,577.63 mn -

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

0.46 0.17 37.22 4.60 10.03 -

AMZ Ventures 225 - 0.63 0.91 0.64 0.72 0.09 47730 1.19 0.55 - - - -

Arif Habib Limited 375 8.29 29.33 33.45 29.15 33.23 3.90 535367 50.12 26.80 15 25B - 20B

Arif Habib Securities 3750 2.29 23.93 26.20 22.20 23.20 -0.73 16904790 35.65 21.76 - - 30 -

Dawood Cap Mangmnt XB 150 5.47 0.98 1.90 1.00 1.04 0.06 150720 3.30 0.50 - - - -

Dawood Equities 250 - 1.93 2.70 1.55 2.05 0.12 47732 3.36 1.55 - - - -

Escorts Bank 441 - 2.99 2.94 2.25 2.79 -0.20 25004 3.40 2.01 - - - -

IGI Investment Bank 2121 - 1.62 1.88 1.61 1.84 0.22 21108 2.98 1.50 - - - -

Invest and Fin Sec 600 2.58 7.27 8.12 7.12 7.40 0.13 18215 8.50 6.80 - - 11.5 -

Invest Bank 2849 - 0.63 1.00 0.52 0.76 0.13 107309 1.23 0.50 - - - -

Ist Cap Securities 2878 - 3.99 4.48 3.27 4.00 0.01 151990 5.90 3.10 - 10B - -

Jah Siddiq Co 7633 15.29 10.30 11.30 10.37 10.55 0.25 21230752 15.47 9.36 -243.778B 10 -

JOV and CO 508 - 3.03 3.55 3.02 3.27 0.24 4873691 6.48 3.00 - - - -

JS Global Cap 500 - 36.68 40.00 35.50 38.01 1.33 149502 42.40 33.33 150 - - -

JS Investment 1000 13.49 5.86 6.50 5.90 6.07 0.21 659099 8.65 5.40 - - - -

Orix Leasing 821 - 5.50 5.95 5.06 5.50 0.00 36864 5.99 3.66 - - - -

Pervez Ahmed Sec 775 - 1.64 1.88 1.55 1.67 0.03 291400 2.89 1.35 -231.08R - -

Stand Chart Leasing 978 5.61 2.50 2.95 1.95 2.47 -0.03 7449 3.89 1.41 - - - -

Trust Inv Bank 586 - 2.49 2.50 2.50 2.50 0.01 74900 4.25 1.25 - - - -

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

793.57 852.16 798.53 837.95 44.38 5.59

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

48,962 - - 2,290.72 mn 8,875.15 mn -

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

73.04 2.81 3.85 355.53 4.87 -

EFU Life Assurance XB 850 32.27 56.15 61.84 54.51 59.38 3.23 27346 84.99 51.25 5513.33B - -

New Jub Life Insurance 627 54.33 41.00 44.49 40.60 43.46 2.46 21615 46.00 34.50 10 - - -

Paid up Last 60 days 2009 2010

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

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

BANKS

Performance of SR Banks Index

Open High Low Close Change % Change

929.93 988.79 934.99 962.94 33.02 3.55

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

49,589,921 - - 257,548.02 mn 593,325.03 mn -

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

6.89 0.93 13.45 34.35 4.99 -

Allied Bank Limited 7821 5.67 50.48 52.70 50.50 52.50 2.02 241500 59.70 48.51 40 10B 20 -

Askari Bank 6427 6.18 14.46 15.20 14.42 14.95 0.49 743848 17.46 13.99 - 20B - -

Atlas Bank 5001 - 1.70 2.25 1.78 1.99 0.29 30584 3.00 1.52 - - - -

Bank Alfalah 13492 10.93 7.98 8.45 7.99 8.20 0.22 4380642 10.25 7.32 8 - - -

Bank AL-Habib 7322 6.58 29.77 31.00 29.71 30.53 0.76 222747 34.00 29.10 20 20B - -

Bank Of Khyber 5004 3.31 3.10 3.51 3.06 3.31 0.21 118918 4.75 3.00 - - - -

Bank Of Punjab 5288 - 7.96 9.13 7.89 8.74 0.78 8873193 11.24 7.35 - - - -

BankIslami Pak 5280 - 2.90 3.28 2.70 3.14 0.24 192841 3.90 2.31 - - - -

Faysal Bank 6091 3.24 13.25 14.34 13.25 14.04 0.79 309817 15.95 12.75 - - - -

Habib Bank Ltd 10019 6.29 95.36 101.50 96.80 97.69 2.33 473159 109.10 92.00 60 10B - -

Habib Metropolitan Bank 8732 5.92 19.00 20.70 19.00 20.00 1.00 79131 24.25 18.70 10 16B - -

JS Bank Ltd 6128 - 2.13 2.25 2.00 2.11 -0.02 550200 3.00 2.00 - - - 66R

KASB Bank Ltd 9509 - 2.33 2.64 2.21 2.40 0.07 230839 4.40 2.03 - 26B - -

MCB Bank Ltd XD 7602 9.01 185.62 198.00 188.01 193.21 7.59 5811254 214.99 180.40 110 10B 55 -

Meezan Bank 6983 7.26 14.25 15.25 14.35 14.95 0.70 1055895 16.50 13.80 - 5B - -

Mybank Ltd 5304 - 1.96 2.39 2.00 2.15 0.19 566175 3.28 1.62 - - - -

National Bank 13455 5.57 63.20 68.40 63.60 66.33 3.13 12107043 73.89 60.51 75 25B - -

NIB Bank 40437 - 2.66 2.85 2.56 2.76 0.10 3046879 3.50 2.42 - - - -

Royal Bank Ltd 17180 - 6.56 7.50 5.65 6.55 -0.01 107023 13.71 5.65 - - - -

Samba Bank 14335 - 1.86 2.09 1.81 1.90 0.04 190238 2.90 1.55 - - -63.46R

Silkbank Ltd 9003 12.18 2.72 2.89 2.51 2.68 -0.04 4812265 3.30 2.15 - - - -

Soneri Bank 6023 - 5.85 6.40 5.56 5.80 -0.05 64847 8.50 5.46 - - - -

Stand Chart Bank 38716 9.51 6.86 7.20 6.50 6.66 -0.20 26181 8.50 6.05 - - - -

United Bank Ltd 12242 6.41 54.00 56.00 54.00 54.51 0.51 5354701 60.20 52.85 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

617.40 650.34 612.95 640.39 22.99 3.72

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

3,426,319 - - 11,111.34 mn 41,350.12 mn -

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

10.28 0.53 5.20 79.54 7.74 -

Adamjee Insurance 1237 12.76 66.29 71.00 66.90 70.17 3.88 1439145 89.90 64.00 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

1,324.11 1,375.54 1,293.04 1,372.22 48.11 3.63

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

3,938,476 - - 12,202.80 mn 31,034.02 mn -

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

9.98 1.14 11.41 66.79 6.69 -

Sui North Gas 5491 17.02 28.50 29.85 28.00 28.93 0.43 1742226 30.00 25.00 - - - -

Sui South Gas 6712 - 21.46 22.57 20.81 22.57 1.11 2196250 22.57 15.57 - - - -

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

1,154.02 1,187.92 1,141.18 1,150.69 -3.34 -0.29

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

60,103,510 - - 95,369.29 mn 97,302.55 mn -

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

13.06 1.22 9.35 104.13 7.97 -

Altern Energy 3426 575.00 10.50 11.88 9.50 11.50 1.00 147174 12.50 7.51 - - - -

Genertech 198 - 0.80 1.37 0.70 0.94 0.14 10965 1.53 0.51 - - - -

Hub Power XD 11572 6.20 33.77 34.95 33.45 33.50 -0.27 7783778 37.24 31.50 33.5 - 50 -

Japan Power 1560 - 1.50 1.95 1.32 1.65 0.15 57013 2.38 0.70 - - - -

KESC 7932 - 2.12 2.26 2.01 2.05 -0.07 525670 2.63 1.92 - 31R - 7.8R

Kohinoor Energy 1695 4.66 25.25 26.00 23.00 23.97 -1.28 373185 26.99 23.00 45 - - -

Kohinoor Power 126 3.06 5.40 5.75 5.00 5.50 0.10 7268 7.00 3.90 - - - -

Kot Addu Power 8803 7.25 41.96 42.95 41.65 41.92 -0.04 2005245 44.85 39.51 64.5 - 50 -

Southern Electric 1367 1.37 2.44 2.89 2.25 2.85 0.41 326676 3.60 2.21 - - - -

Tri-star Power 150 - 0.70 0.85 0.75 0.85 0.15 13077 1.69 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

1,074.04 1,142.52 1,087.26 1,110.71 36.67 3.41

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

11,468,704 - - 50,077.79 mn 78,267.92 mn -

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

6.02 0.77 12.84 62.56 10.39 -

Pakistan Telecomm Co A 37740 9.08 18.37 19.60 18.65 19.07 0.70 9595080 20.22 17.20 15 - 17.5 -

Telecard 3000 - 2.30 2.40 2.13 2.25 -0.05 365989 3.18 2.06 - - - -

WorldCall Tele 8606 - 2.44 2.65 2.45 2.48 0.04 1506623 3.31 2.30 - - - -

Paid up Last 60 days 2009 2010

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

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

Atlas Insurance 369 4.35 27.54 30.50 27.46 29.51 1.97 42537 31.00 27.10 40 10B - -

Century Insurance 457 6.18 10.98 11.95 10.15 11.00 0.02 55519 11.95 8.30 - - - -

EFU General Ins. XB 1250 30.37 37.10 39.45 36.15 38.27 1.17 60943 55.20 35.52 40 8.7B - -

IGI Insurance XD 718 12.72 72.59 74.90 68.51 72.00 -0.59 282099 79.10 66.02 35 - 10 20B

Pak Reinsurance 3000 - 13.50 15.15 13.30 14.44 0.94 1391151 19.40 12.50 30 - - -

Premier Insurance 303 4.88 9.10 9.88 8.65 9.37 0.27 7128 10.60 8.11 20 15B - -

Reliance Insurance XB 252 4.45 6.11 6.90 6.15 6.50 0.39 107206 6.90 6.00 - - - -

Silver Star Insurance 253 1.69 6.76 8.00 6.50 6.81 0.05 5532 10.00 6.00 - 20B - -

Universal Insurance 210 - 2.00 4.00 2.98 3.70 1.70 27370 4.00 1.77 - - - -

UPTO 5000 VOLUME

Shabbir Tiles 10.90 11.00 10.10 10.10 -0.80 4950Tata Textile 19.10 19.25 17.75 19.25 0.15 4652Gul Ahmed Txt. 20.99 20.99 19.99 20.70 -0.29 4632B F Modaraba 3.72 3.72 3.70 3.70 -0.02 4290Pak Hotels 70.27 71.00 66.61 66.61 -3.66 4148Atlas Fund of F. 3.02 3.75 3.15 3.75 0.73 3911Ismail Ind 72.46 73.99 67.38 73.00 0.54 3901Dewan Sugar 1.73 1.84 1.12 1.38 -0.35 3836New Jub Ins 55.06 57.70 52.47 53.73 -1.33 3731Elite Cap Mod. 2.65 2.90 2.20 2.89 0.24 3698H B L Mod 5.50 6.00 5.25 5.97 0.47 3503Singer Pak 23.00 22.90 20.95 21.05 -1.95 3482Mandviwala 2.04 2.44 1.25 1.40 -0.64 3450Maqbool Textile 7.00 8.85 6.10 8.84 1.84 3273AL-Abid Silk 29.50 29.50 28.03 28.42 -1.08 3209Dandot Cement 1.80 2.20 1.09 1.69 -0.11 2718First National Eq. 10.21 11.75 9.22 11.75 1.54 2601Grays of Camb 59.60 63.40 59.73 63.40 3.80 2555Idrees Textile 4.00 4.39 3.13 4.02 0.02 2513Fecto Cement 5.05 6.00 5.00 5.90 0.85 2507Habib Ins. 11.44 11.65 11.12 11.50 0.06 2301Gillette Pak. 62.70 68.80 59.95 67.75 5.05 2283Clariant Pak 163.00 163.50 157.10 161.00 -2.00 2115Mehmood Txt. 68.00 66.99 61.20 61.56 -6.44 2115Data Textile 0.60 0.90 0.20 0.44 -0.16 2114Merit Pack 13.52 14.52 13.00 14.40 0.88 2082Shahtaj Sugar 50.00 50.27 45.40 48.14 -1.86 2056Masood Textile 21.75 22.50 20.01 21.34 -0.41 2022Ist Daw Bank 1.49 1.69 1.35 1.65 0.16 2020Atlas Honda 103.00 107.00 96.51 101.79 -1.21 1721Gulistan Spin 5.95 6.00 5.02 5.03 -0.92 1628Al-Azhar Txt. 0.90 1.38 0.20 1.00 0.10 1491Indus Dyeing 233.01 251.90 221.60 245.50 12.49 1467Allied Rental 14.50 15.00 14.75 15.00 0.50 1447Otsuka Pak 31.10 31.10 29.55 30.90 -0.20 1431Mehran Sugar XD 52.43 53.75 51.50 53.50 1.07 1355Noon Sugar 10.63 11.05 10.70 10.72 0.09 1332Nakshbandi Ind 12.74 15.54 12.74 15.45 2.71 1322Dewan Auto Eng. 0.51 0.55 0.50 0.50 -0.01 1299Sec Inv Bank 2.50 3.40 1.96 3.10 0.60 1254Gatron Ind 40.50 44.05 40.00 44.00 3.50 1238Sitara Energy Ltd 21.60 22.24 21.50 22.00 0.40 1217Jubilee Spinning 3.00 3.37 2.70 3.37 0.37 1210Eye Television Net22.15 22.85 21.05 22.50 0.35 1147Towellers Ltd 20.00 20.00 19.00 20.00 0.00 1112Cap Assets Leas. 0.61 1.61 1.50 1.50 0.89 1100Javedan Cmt. 61.90 61.90 57.01 59.00 -2.90 1070KSB Pumps 84.90 88.00 77.19 83.50 -1.40 1061Dar-es-Salaam 2.75 3.40 2.75 3.30 0.55 1031Chakwal Spin. 1.20 2.20 0.80 1.01 -0.19 1024Noon Pakistan 24.75 25.98 23.75 25.98 1.23 1016Shakarganj Mills 3.60 4.84 3.50 3.50 -0.10 1016Pak Datacom 111.90 114.99 111.00 114.95 3.05 1012Nat Bank Mod. 7.69 7.75 7.30 7.62 -0.07 1002Shakarganj Foods 1.10 1.25 1.25 1.25 0.15 1000Pak Services 148.05 148.05 148.05 148.05 0.00 1000S G Power 0.50 0.75 0.50 0.75 0.25 1000Ibrahim Fibres 37.75 39.00 35.60 37.50 -0.25 975Ados Pak 18.90 20.90 18.90 20.90 2.00 902Ahmed Hassan 21.00 19.95 19.95 19.95 -1.05 900Crescent Textile 20.20 20.20 19.81 19.81 -0.39 899Wyeth Pak 950.00 997.00 890.00 940.00 -10.00 849Balochistan Glass Ltd 1.76 1.85 1.05 1.84 0.08 804Fazal Textile 351.76 369.00 329.00 361.32 9.56 730Sapphire Fibre 105.00 99.76 99.75 99.76 -5.24 675Blessed Tex Mills 46.50 48.50 44.20 46.25 -0.25 650Janana D Mal 13.95 12.95 9.95 11.95 -2.00 649Hussein Sugar 5.01 8.10 5.01 8.10 3.09 646Clover Pak. 34.60 36.90 33.50 36.90 2.30 629Exide (PAK) 133.00 152.00 139.55 146.51 13.51 613PICIC Ins Ltd 2.44 3.19 1.78 3.19 0.75 590Hussain Ind. 9.10 9.90 9.10 9.90 0.80 571Central Ins.XDXB 49.11 53.00 50.05 51.60 2.49 526Punjab Mod. 1.40 1.64 0.80 1.64 0.24 515I B L Modaraba 2.00 2.00 2.00 2.00 0.00 512Kohinoor Mills 3.01 3.55 2.16 2.72 -0.29 507AL-Abbas Sugar 94.75 95.00 90.02 94.50 -0.25 505Din Textile 29.40 29.90 27.93 29.90 0.50 503Tri-Star Poly 0.50 0.54 0.51 0.51 0.01 501Ansari Sugar 5.10 6.00 5.10 6.00 0.90 500S S Oil 3.00 3.00 3.00 3.00 0.00 500Aruj Garments 6.00 6.00 5.30 5.30 -0.70 500Quetta Textile 42.40 40.28 34.56 34.56 -7.84 500Service Fabrics 0.64 0.59 0.55 0.55 -0.09 500Dewan Mushtaq Txt. 1.60 2.60 1.60 2.60 1.00 485Johnson & Phillips 7.00 8.18 6.18 8.18 1.18 403NAMCO Bal F 3.42 3.42 3.00 3.42 0.00 400Pak Cables XD 55.60 55.50 51.47 53.85 -1.75 393Shaheen Ins. 12.77 12.90 12.01 12.10 -0.67 320Shezan Inter 106.00 106.00 102.00 102.00 -4.00 306Rupali Poly 34.25 35.25 31.83 33.25 -1.00 304Faran Sugar 16.90 16.90 16.01 16.01 -0.89 301Wazir Ali 6.52 7.49 7.00 7.00 0.48 300Mirza Sugar 5.02 5.25 4.80 5.20 0.18 298Colgate Palm 713.00 746.99 640.01 682.99 -30.01 255Bata (Pak) 497.88 501.00 475.96 490.00 -7.88 237Sitara Chem Ind 124.05 125.99 117.51 123.10 -0.95 208United Ins 4.91 5.00 4.91 5.00 0.09 200Hinopak Motor 108.11 121.95 113.51 118.98 10.87 178Siemens Eng. 1127.42 1160.00 1101.01 1106.34 -21.08 170Paramount Mod.XD 7.20 7.50 7.25 7.50 0.30 167Buxly Paints 12.98 13.93 11.98 12.93 -0.05 158Liberty Mills 55.00 57.15 54.50 54.65 -0.35 151Hajra Textile 0.55 0.60 0.55 0.60 0.05 141Mirpurkhas Sugar 60.00 62.24 57.10 59.99 -0.01 127Premier Sugar 39.69 41.19 36.14 38.20 -1.49 115Ghazi Fabrics 2.00 3.01 1.13 1.51 -0.49 112Bestway Cmt 23.45 24.44 23.45 23.99 0.54 109Atlas Eng. Ltd 18.50 19.00 17.50 17.50 -1.00 103(Colony) Thal 1.50 1.88 1.40 1.80 0.30 100Kohinoor Spin. 0.99 0.99 0.99 0.99 0.00 100Safa Textile 3.00 3.00 3.00 3.00 0.00 95Mithchells Fruit 71.98 74.00 69.21 69.42 -2.56 74Ittehad Chemical 23.43 25.49 23.09 25.00 1.57 71Tandlianwala 32.88 33.98 32.90 33.90 1.02 68Pak Int Airlines (B) 8.17 10.10 8.10 9.78 1.61 63Diamond Ind 16.17 17.85 15.00 17.50 1.33 58Reliance Cotton 22.50 21.38 21.38 21.38 -1.12 48Shahzad Textile 4.25 4.25 3.25 3.25 -1.00 37Baba Farid 55.25 54.00 51.35 54.00 -1.25 32Baluchistan Wheels Ltd. 31.70 30.12 30.12 30.12 -1.58 30Leiner Gelatine 9.10 10.00 9.10 10.00 0.90 26Saudi Pak Leas. 0.70 0.84 0.42 0.84 0.14 24Gulistan Textile 20.62 21.00 20.62 21.00 0.38 20Shield Corp 54.60 56.23 55.93 56.08 1.48 20Gammon Pak 1.50 2.90 0.98 2.05 0.55 19Rafhan Maize 1437.90 1475.00 1437.90 1474.00 36.10 17Shak(RCPf)8.5 Perc 7.00 6.50 4.52 4.52 -2.48 15Unilever FoodsSPOT 1020.53 1065.00 970.00 1020.00 -0.53 15Maple Leaf(Pref) 6.99 7.74 6.99 7.48 0.49 13Crescent Star Ins. 6.47 6.95 5.47 6.48 0.01 13Pak Telephone 3.00 3.20 2.95 3.02 0.02 13Biafo Ind 31.64 32.98 31.64 32.00 0.36 12Gulshan Spin. 7.00 7.10 7.00 7.10 0.10 10

Symbols Open High Low Close Change Vol

Adamjee Insurance 44.41 68.65 67.10 71.30 72.40 69.75

Al-Abbas Cement 51.06 3.55 3.45 3.70 3.75 3.60

Allied Bank Limited 49.97 51.60 50.65 52.95 53.45 52.05

Arif Habib Limited 52.75 32.35 31.50 33.75 34.30 32.90

Arif Habib Securities 38.19 22.50 21.80 23.60 24.05 22.90

Askari Bank 53.44 14.50 14.10 15.30 15.65 14.85

Attock Cement 56.37 68.15 67.85 68.65 68.85 68.35

Attock Petroleum 65.14 321.40 317.60 327.65 330.10 323.85

Attock Refinery 58.59 82.15 78.80 87.25 88.95 83.85

Azgard Nine 53.48 10.35 10.20 10.75 10.95 10.60

Bank Alfalah 44.78 8.15 8.10 8.25 8.30 8.20

Bank Of Punjab 56.66 8.55 8.40 8.90 9.05 8.70

BankIslami Pak 53.03 3.00 2.85 3.30 3.40 3.15

DGK Cement 48.61 24.85 24.45 25.65 26.00 25.25

Dewan Cement 43.53 1.45 1.40 1.55 1.60 1.50

Dewan Salman 52.00 1.50 1.45 1.65 1.70 1.55

Dost Steels Ltd 47.62 2.10 2.00 2.35 2.45 2.25

EFU General Insurance 33.12 37.15 36.05 39.40 40.55 38.30

EFU Life Assurance 38.74 58.00 56.55 61.30 63.25 59.90

Engro Chemical 55.29 175.30 171.85 180.60 182.45 177.15

Fauji Cement 57.50 5.10 5.00 5.40 5.50 5.25

Fauji Fert Bin 47.70 27.65 27.30 28.25 28.45 27.90

Fauji Fertilizer 49.87 105.35 104.70 106.50 107.05 105.90

Faysal Bank 53.29 13.80 13.50 14.30 14.60 14.05

Habib Bank Ltd 49.22 96.85 96.00 98.70 99.70 97.85

Hub Power 35.66 33.30 33.10 33.85 34.20 33.65

ICI Pakistan 59.86 121.50 118.85 125.75 127.40 123.10

Indus Motors 44.56 226.85 224.70 230.30 231.60 228.15

JOV and CO 33.14 3.20 3.15 3.35 3.45 3.30

Jah Siddiq Co 44.21 10.40 10.25 10.65 10.80 10.50

Japan Power 53.24 1.35 1.00 1.95 2.25 1.65

JS Bank Ltd 39.55 2.05 2.00 2.15 2.20 2.10

KESC 44.53 2.00 1.95 2.10 2.15 2.05

Kot Addu Power 52.56 41.70 41.45 42.15 42.45 41.95

Lucky Cement 62.22 71.05 70.35 72.45 73.15 71.75

Maple Leaf Cement 46.59 3.05 2.90 3.25 3.35 3.15

MCB Bank Ltd 52.77 191.40 189.55 194.30 195.35 192.45

National Bank 55.74 65.95 65.55 66.70 67.10 66.30

Netsol Technologies 39.99 18.75 18.35 19.55 19.90 19.10

NIB Bank 50.14 2.60 2.45 2.90 3.00 2.70

Nimir Ind.Chemical 52.80 1.35 1.25 1.65 1.80 1.50

Nishat (Chunian) 56.59 16.60 16.00 17.50 17.90 16.95

Nishat Mills 63.59 47.35 45.70 49.75 50.60 48.15

Oil & Gas Dev XD 59.86 145.75 144.55 147.95 148.90 146.75

PIAC (A) 40.21 2.05 2.00 2.20 2.25 2.10

PSO XD 61.00 264.00 259.35 271.40 274.15 266.75

PTCLA 55.96 18.75 18.45 19.30 19.50 19.00

PACE (Pakistan) Ltd 45.37 2.60 2.55 2.75 2.80 2.65

Pak Oilfields 70.06 234.70 231.55 239.75 241.60 236.55

Pak Petroleum 64.29 209.25 206.55 214.35 216.75 211.65

Pak Suzuki 47.71 77.40 77.35 78.35 78.40 77.90

Pervez Ahmed Sec 42.84 1.65 1.60 1.75 1.80 1.70

Pioneer Cement 60.75 7.95 7.80 8.25 8.35 8.05

Shell Pakistan 36.05 191.00 187.00 198.00 201.00 194.00

Sitara Peroxide 51.20 8.60 8.25 9.20 9.45 8.85

Sui North Gas 62.95 28.30 27.65 29.35 29.75 28.70

Sui South Gas 73.31 21.65 20.75 23.00 23.50 22.10

Telecard 44.51 2.15 2.00 2.40 2.50 2.25

TRG Pakistan 58.60 3.60 3.45 3.90 4.00 3.70

United Bank Ltd 46.55 53.85 53.25 55.25 56.00 54.65

WorldCall Tele 43.39 2.45 2.40 2.55 2.60 2.50

Company RSI 1st 2nd 1st 2nd Pivot

(14-day) Support Resistance

TECHNICAL LEVELS

Attock Petroleum Ltd 20-Sep 12:00

First Al-Noor Modaraba 20-Sep 4:00

First Capital Mutual Fund 20-Sep 9:00

Ghani Glass Ltd 20-Sep 11:00

Island Textile Mills Ltd 20-Sep 11:15

Salfi Textile Mills Ltd 20-Sep 10:15

Tata Textile Mills Ltd 20-Sep 12:15

Orix Leasing Pakistan Ltd 22-Sep 10:00

Rupali Polyester Ltd 22-Sep 11:00

Shield Corporation Ltd 22-Sep 11:00

Mari Gas Company Ltd 23-Sep 10:00

Shabbir Tiles & Ceramics Ltd 23-Sep 10:00

Fauji Cement Co Ltd 24-Sep 10:00

Sitara Chemical Industries Ltd 24-Sep 4:00

Pakistan Oilfields Ltd 30-Sep 12:00

(TFC) Saudi Pak Leasing Co Ltd 4-Oct 11:30

Towellers Ltd 4-Oct 11:30

BOARD MEETINGS

Company Date Time

Page 8: The Financial Daily Epaper

Monday, September 20, 2010 8

Gulf Hurricane InsuranceBill Unlikely to Pass, Again

Brit Insuranceup to $1.3bn

Apollo,CVC bid

LONDON: Brit Insurance rec-ommended on Friday share-holders accept an 850 millionpound ($1.3 billion) offer afterbuyout firm CVC CapitalPartners agreed to link up withoriginal bidder ApolloManagement.

Lloyd's of London insurers,which offer cover againstlarge-scale risks such as naturaldisasters, have emerged aspotential takeover targetsbecause cyclically low insur-ance prices have weighedheavily on their shares.

Brit Insurance agreed toopen its books to Apollo inJuly after the US private equi-ty company raised its offer to10.75 pounds a share havinghad two bids knocked back. ABrit Insurance spokesman toldReuters CVC came on boardduring Apollo's due diligence.

"During the course of the duediligence that Apollo had beenundertaking it became apparentthat Apollo wouldn't be able todo this on their own. CVCapproached the board of Brit atthat time and the board of Britworked quite hard to getApollo and CVC in a placewhere they could work togeth-er on this," he said.

Brit Insurance said the offerfrom the Apollo, CVC consor-tium also valued the business at10.75 pence per share, butincluded a provision throughwhich shareholders wouldreceive a further 25 pence pershare should Brit's net tangibleasset value be more than 11pounds per share at the end of2010. The offer would beadjusted on a linear sliding scaleshould the NTA be between10.75 and 11.00 pounds pershare, it said. -Reuters

NEW YORK: AmericanInternational Group Inc's talkswith the US TreasuryDepartment over repayment ofbailout funds have advancedpast initial discussions, asource familiar with the mattersaid.

A possible conversion of theTreasury's $49 billion pre-ferred stake in AIG into com-mon stock is one of the optionsbeing discussed, the sourcesaid on Tuesday.

Such a conversion, whichcould start as soon as the firsthalf of next year, would possi-bly raise the government'sstake in AIG to above 90 percent from nearly 80 per cent,another source said. TheTreasury would sell its com-mon stake to investors overtime.

The idea is still under discus-sion and the parties have notagreed on a concrete plan,which would also be contin-gent on the Federal ReserveBank of New York getting paidback first, the second sourcesaid.

But the news, which TheWall Street Journal first report-ed, shows AIG is makingprogress in paying back the USgovernment, which rescued theinsurer from near collapse twoyears ago at the height of thefinancial crisis.

An eventual exit by theTreasury would also depend onAIG getting an appropriate rat-ing once it is on its own. ChiefExecutive Robert Benmoschehas said AIG would have toachieve investment grade rat-ing for such a plan to work.

"Our objectives remain thesame: to repay taxpayers andposition AIG over time as astrong, independent companyworthy of investor confi-dence," an AIG spokeswoman

said.Treasury wasn't immediately

available for comment. Thesources declined to be namedbecause the talks are not pub-lic.

AIG, which received a$182.3 billion US rescue pack-age after being bailed out twoyears ago, owes the Fed about$21 billion under a credit facil-ity. The Fed also owns $25 bil-lion worth of preferred interestin two of AIG's foreign lifeinsurance units that must bemonetized.

The company expects a bigpart of that money to come inby the end of the year as it clos-es on the sale of American LifeInsurance Co to MetLife Incfor $15.5 billion and listsAmerican InternationalAssurance (AIA) in HongKong.

AIA, which is planning anestimated $15 billion IPO nextmonth in Hong Kong, namedinsurance industry veteranMarc de Cure as chief financialofficer, sources told Reuters,marking a critical step beforethe listing.

Last month, Benmosche toldReuters that AIG would beginnegotiating an exit of theTreasury's equity stake once itclarified how the Fed's creditfacility would be paid down.

Converting the Treasury'spreferred stake into commonshares has been seen as anoption to end the governmentrole in the insurer.

In March, a source toldReuters such a strategy wouldincrease Treasury's equity inthe insurer above its current 80per cent stake until the depart-ment could sell the shares.

AIG shares were off 2.4 percent at $36.05 in afternoontrading on the New York StockExchange.-Reuters

AIG-USAparley forrepayment

moves forth

Avivakicks off

search fornew chairmanLONDON: Insurer Aviva hasbegun the search for a newchairman to replace ColinSharman, a source familiarwith the matter said onThursday.

Sharman, 67, has chairedAviva since January 2006, andhis term expires in 2013.

Oriel Securities analystBarnard Marcus said the searchfor a replacement was "sensiblesuccession planning" as itcould take up to a year to find asuccessor.

Aviva declined to comment.Aviva, Britain's second-biggestinsurer by market value, lastmonth rejected a surprise 5 bil-lion pounds offer proposalfrom rival RSA to buy its gen-eral insurance operations. Theinsurer has appointed head-hunters MWM Consulting andJCA Associates to find a newchairman, the Times newspaperreported.

Potential candidates includeJohn Varley, who will stepdown from his role as Barclayschief executive next year, andPaul Myners, the former finan-cial services minister, the papersaid. The Times cited peopleclose to the situation as sayingSharman was not under pres-sure to step down. -Reuters

AIG couldlist Taiwanunit afterfailed sale

TAIPEI: AmericanInternational Group could listits Taiwan unit Nan Shan Lifeas one possible option follow-ing regulators' rejection of a$2.2 billion bid for the unit, aTaiwan newspaper reported onWednesday.

Citing no sources, theEconomic Daily News said thatAIG had informally been intouch with Taiwan's FinancialSupervisory Commission,offering three scenarios: puttingNan Shan back on sale, listing itin Taiwan or continuing to runit as a unit. Last month regula-tors blocked a bid for Nan Shanfrom battery maker ChinaStrategic Holdings Ltd andHong Kong investment fundPrimus Holdings, saying thetwo did not have experience inthe insurance industry andlacked the ability to raise capi-tal for future operations. -Reuters

CenturyInsurance

new CEO namedStaff Reporter

KARACHI: According to anotice sent to Karachi StockExchange, Mohammad HussainHirji has been appointedDirector and Chief ExecutiveOfficer of Century InsuranceCompany. Hirji has replacedTinku Irfan Johnson who relin-quished his charge.

LONDON: A view of American International Group Inc’s logo in London. Reuters

Staff Reporter

KARACHI: Insurance stocks

showed some positive activi-

ties last week at the Karachi

stock exchange with around

3.5 million shares traded

together in life and non-life

insurance stocks.

Adamjee Insurance was the

volume leader with 1.43 mil-

lion shares followed by Pak

Reinsurance with 1.39 million

shares.

Top gainers of the week

include Adamjee Insurance

which was up by Rs3.88 to

close at Rs70.17 and EFU Life

Assurance which increased by

Rs3.23 to close at Rs59.38

while New Jubilee Insurance

lost Rs1.33 to close at Rs53.73

and Shaheen Insurance was

down by Rs0.67 to close at

Rs12.10 being the major losers

of the week.

Listed insurersleap up last wkSHANGHAI: China Life

and China Pacific Insurance,two of the country's biggestinsurers, are in talks to buystakes in Shanghai RuralCommercial Bank, which isone-fifth owned by Australiaand New Zealand BankingGroup, people with knowl-edge of the deal said.

SRCB is also in talks withexisting stakeholders,including parent ShanghaiInternational Group andNo.2 shareholder ANZ, over

plans for the private shareplacement, which could raisemore than 10 billion yuan($1.49 billion), one sourcesaid.

SRCB, which has 3.7 bil-lion outstanding shares, aimsto double its share base byselling one new share forevery existing share, but theissue price has not yet beendetermined, two sourcessaid.

China Life, the country'sbiggest life insurer, and

Pacific Insurance, the third-largest, are interested in buy-ing stakes in the lender,according to sources.

It is not clear thoughwhether SRCB is in talkswith China Life directly orits group parent.

Both SRCB and ANZdeclined to comment.

A spokesman at China Lifesaid he was unaware of thedeal, while Pacific Insurancecould not immediately pro-vide comment. -Reuters

Bank stakes onChina cos radar

SHANGHAI: Ping AnInsurance (Group) Co ofChina Ltd said on Friday thatit expected to see hugegrowth in insurance coveragefor clinical trials in China asthe pharmaceutical industrygrows in the country andplayers seek to protect them-selves from the risks of drugtests.

"As many major local phar-maceutical manufacturers aregaining the capability ofdeveloping new drugs, themarket is potentially huge --there are potentially morethan 6,000 pharmaceuticalmakers that will be ourclients in coming years,"Ping An Senior DirectorJenny Liu told Reuters in aninterview on the sidelines ofa pharmaceutical forum inShanghai.

The Chinese governmenthad advised mainland drug-makers to buy insuranceproducts to reduce risk in theclinical trials needed todevelop new drugs. As aresult, demand for such prod-ucts was growing, Liu said.

Demand was also rising asmore foreign pharmaceuticalcompanies set up R&D facil-ities in China, Liu said.

Ping An Insurance was thefirst insurer to provide clini-cal trial insurance to pharma-ceutical manufacturers inChina in 2005.

Its premiums grew to 10million yuan ($1.49 million)by the end of 2009, from 2million yuan in 2006, Liusaid. Its main competitors areAll Trust and Ming AnInsurance.

"The development of this

market segment is just at theinfant stage …- it is huge interms of growth rate but thesize is still small in valueterms," Liu said.

"Growth will be at 2 to 3times per year in the yearsahead," Liu said, adding thatit could be much faster infuture as more drugmakersrealised it was one of a fewways to reduce risks fromclinical trials.

Ping An accounted for amore than 90 per cent shareof the market segment, andexpected to retain the leadingposition for years to come,Liu said.

There are more than 10,000pharmaceutical manufactur-ers in China and less than 2per cent of them are coveredby this kind of insurance. -Reuters

Ping An sees jump inclinical trials’ coverage

MUMBAI: India's focus on infra-structure investment will help drivegrowth in its stock market, a topofficial at state-run Life InsuranceCorporation (LIC), the country'slargest portfolio investor, said onWednesday.

LIC plans to invest 632 billionrupees ($13.6 billion) in govern-ment bonds for the rest of thefinancial year that ends in March,the official said, which is morethan the 400-450 billion rupees thatsome dealers said they had been

expecting.LIC, which plans to issue about $1

billion worth of infrastructure bondsto help fund the country's deficit inroads and power plants, expects toincrease its overall investment thisyear by 14 per cent to a record 2 tril-lion rupees ($43 billion), ThomasMathew, managing director at LIC,said in an interview.

For the rest of the fiscal year, LICplans to invest around 430 billionrupees in equities and another 860billion rupees in debt, of which 632

billion rupees will be in bondsissued by India's central governmentand states.

LIC had a 71 per cent marketshare for new life insurance busi-ness in India at the end of July.

"The infrastructure focus the gov-ernment has today, the entrepreneur-ial focus the government has today,will also add to the growth of theIndia equity market," Mathew said,adding that he is sector-agnosticwhen it comes to stocks.

India has said it needs to double

infrastructure spending to $1 trillionin the five years beginning in 2012.

So far in 2010/11, the companyhas invested 181 billion rupees inequities, of which 10.1 billion wenttowards primary market offerings,and 541.7 billion rupees in debt,Mathew told Reuters.

IPOS AND INVESTMENTLIC is required to invest at least

50 per cent of its holdings in bonds,and at least 15 per cent of its invest-ment must be in infrastructure.

Mathew said the life insurer is

under no government pressure tosupport its programme to sell stakesin state companies and would onlyinvest in such issues if they areattractive in the long run.

"We do not have any particularpreference between PSU (publicsector undertaking) and privateIPOs (initial public offers). If wehave an upside in it in the long termthen we will definitely participate,"Mathew said.

Last year, LIC invested 610 bil-lion rupees in stocks, of which

104.6 billion went to IPOs, and 1.14trillion rupees in debt.

The government plans to raise400 billion rupees through stakesales in state firms in the currentfiscal year.

It plans to sell stake in 60 compa-nies over the next few years to helpbridge its fiscal deficit and raisefunds for its social programmes forthe poor.

In 2009/10, the government raised240 billion rupees in stake sales instate companies. -Reuters

India infrastructure focus to drive stocks growth: LIC

Page 9: The Financial Daily Epaper

9Monday, September 20, 2010

Juventus' Marchisio celebrates after scoring against

Udinese during Italian Serie A soccer match in Udine

England callup Bell for

ODIsLONDON: England havecalled up Ashes hopeful IanBell for the two remaining one-day internationals againstPakistan.

The call-up follows Bell'smatch-winning 107 from 95balls for Warwickshire in thefinal of the English 40 overcompetition at Lord's onSaturday, which saw his countybeat Somerset by three wickets.

The 28-year-old was notinvolved earlier in the seriesagainst Pakistan as he had justreturned from a metatarsalinjury, but is deemed a guaran-teed pick for Thursday's Ashessquad announcement.

England lead the series 2-1,with the game at Lord's onMonday and the final match inSouthampton on Wednesday tocome.-APP

FIFA chief tohelp flood

victimsPESHAWAR: World footballgoverning body's (FIFA) ChiefSepp Blatter's announcement tohelp Pakistan meet the chal-lenges in the wake of devastat-ing floods is a great and gener-ous step which will help thecountry to meet the dauntingchallenge," said the manager ofthe country's renowned DiyaWomen Football Club RaeesKhan while talking to APP.

In a statement, Raeesappealed to the privileged andall sports organisations to comeforward and join hands to helpovercome the crisis caused bythe unprecedented floods in thehistory of Pakistan.

He also lauded the initiativeof the president of the PakistanFootball Federation (PFF)Makhdoom Syed Faisal SalehHayat to send women foot-ballers to Sri Lanka for trainingafter Eid-ul-Fitr.

Two women players would besent to Colombo after Ramadanfor coaching and administrationcourse. He said under Faisal'sleadership Pakistan's footballhas made great progress,adding, his recent decision thatthe PFF will send the nationalteam on its own expenses toChina in November to featurein the Asian Games is a proof ofhis selfless services for thedevelopment of the game in thecountry.

He condemned the decisionof the government to onlypatronize those disciplines inwhich Pakistan have medal-winning chances in internation-al competitions.

"If we are to promote thesports we will have to givemaximum exposure to all thosedisciplines in which the countrycould progress," Raees con-cluded.-APP

Germansgive soccerkits to local

academyISLAMABAD: The Germanembassy in Islamabad handedover sports equipment worth aquarter million rupees to theMescom Football Academyhere Sunday at F-10 footballground Islamabad.

A ceremony was organised togive away the sports equipmentto the local football academy.Officials of the German andNigerian embassies were alsopresent on this occasion.

President of IslamabadFootball Association DrFazalur Rehman was also there,along with others officials ofthe association.

Official of German embassyAnderia handed over the sportsequipment including 50 foot-balls, 18 kits, two polls andbenches. -NNI

CHENNAI: India returned tothe Davis Cup world group onSunday after staging a remark-able comeback from 2-0 downon the opening day to beatBrazil in the playoff tie.

Somdev Devvarman andRohan Bopanna won thereverse singles against higherranked opponents, to clinch thetie in India's favour. Both play-ers had lost their singles match-es in five sets on Friday.

Doubles specialists LeanderPaes and Mahesh Bhupathi hadmade it 1-2 for the hosts onSaturday, beating MarceloMelo and Bruno Soares 6-4 7-66-1.

On Sunday, India drew levelwhen Thomaz Bellucci, ranked27th in the world, conceded thefirst of the reverse singles to113th-ranked Devvarman mid-way through the second set.

Devvarman was leading 7-6 4-0 when Bellucci retired due todehydration in the searingChennai heat.

Ranked 479th, Bopanna thendefeated world number 75Ricardo Mello 6-3 7-6 (7-2) 6-3 to make the tie 3-2 for India.

"After the heartbreak we hadon Friday, losing those twomarathons...to turn it aroundagainst Brazil and win today,it takes five lionhearts to dothat. We are very proud ofwhat we achieved," the 36-year old Bhupathi told a newsconference.

"I keep saying that in DavisCup you throw the rankings outof the window. It's all about theteam. We are back in the worldgroup where we deserve to be,"Paes, who made his Davis Cupdebut 21 years ago againstJapan, said.-Reuters

India beat Brazil toreturn in Davis Cup

LONDON: Andy Flower, theEngland coach, has expressedhis frustration and sadness atthe latest spot-fixing allega-tions to emerge from Pakistan'stour, admitting that the wholeseries continues to be devaluedby the controversy.

Further revelations emergedin Saturday's Sun newspaperinvolving the third one-dayinternational at The Oval,which Pakistan won by 23 runs,and there was enough evidencefor ICC to launch an immediateinvestigation into suspiciousrun-scoring patterns during thematch. The ECB called an

emergency board meeting andreceived assurances that noEngland player or official wasunder the spotlight and, fornow, the tour continues for thefinal two ODIs.

The series was alreadyshrouded in controversy fol-lowing the initial stories threeweeks ago surrounding SalmanButt, Mohammad Amir andMohammad Asif and the latestallegations will only add to theuneasy feeling around thematches at Lord's on Mondayand the Rose Bowl onWednesday.

"It's really sad for the game,"

Flower said. "From a selfishperspective it's really annoyingbecause it devalues our Testseries and it's also devaluingthis one-day series. But lookingat it from the game's point ofview, which is what we shouldall do, it's very sad for cricketand the only thing I do hope isthat they are able to get to thebottom of some of this stuff."

During The Oval one-dayer,Pakistan made 241 battingfirst before Umar Gul'sreverse swing sparked a dra-matic fightback from the visi-tors as England subsided to218 all out.-Online

Fixing charges aredevaluing series: Flower

SYDNEY: Australia captainRicky Ponting hopes cricketwill make the headlines for allthe right reasons during histeam's upcoming test series inIndia.

Cricket's image hasbeen sullied by recentallegations of corrup-tion and theInternational CricketCouncil (ICC) neededto tackle the issue at theearliest, Ponting said onSunday before leavingfor India.

"The events of the lastcouple of weeks havehad a big impact I'msure around the world on theway that the game is viewed,but that's completely out of ourhands. There's nothing we cando about that," Ponting wasquoted as saying by theAustralian Associated Press.

"As an Australian cricketteam, all we can do is play the

best brand of cricket and themost attractive brand of cricketthat we can play, day in and dayout.

"It's important that we do thatover the next weeks, realising

that is the number one rankedteam in the world againstAustralia."

Apart from two test matches,Australia will play three one-day internationals in India.

"I think if we all do the rightthing on the field, hopefullythere will be something positive

coming back on the newspaperpages about the game of cricket,which is what we will try andachieve."

Ponting's comments came aday after the ICC ordered an

investigation intoFriday's England-Pakistan one-day inter-national where suspi-cious scoring patternwas witnessed.

The ICC has alreadysuspended threePakistani cricketers fol-lowing a spot-fixingscandal, while a fourthplayer, bowler WahabRiaz, has been quizzed

by British police.Ponting was optimistic the

ICC would succeed in curbingthe menace.

"The ICC need to be doingwhatever they can to get on topof these things as quickly aspossible and deal with them asquickly as possible.-Reuters

Ponting vows positivenews for cricket

LONDON: The PakistanCricket Board (PCB) accusedthe world governing body onSaturday of mishandling freshcorruption allegations lev-elled against the nationalteam following the third one-day international againstEngland.

It called for further detailsafter International CricketCouncil (ICC) chief executiveHaroon Lorgat said Friday'smatch was being investigatedfollowing information from aBritish newspaper alleging asuspicious scoring pattern inPakistan's innings.

"The PCB is extremely per-turbed by the recent allega-tions of corruption in the thirdODI between England andPakistan," a PCB statementsaid.

"PCB regrets the way theseallegations have been handledas being a full member of ICC itonly came to know throughmedia that investigations will beconducted by ICC. PCB feelsthat ICC should repose moreconfidence in its members."

The PCB said it had askedthe ICC to provide moredetails about allegations inThe Sun newspaper that book-makers knew details aboutPakistan's innings before thematch began. Pakistan wonthe third game in the five-match series by 23 runs.

An England and WalesCricket Board (ECB) state-ment said chairman GilesClarke had written to the ICCseeking assurances it had noevidence which could resultin charges or suspensions to

players in the current series.The series concludes with

matches at Lord's on Mondayand Southampton onWednesday.

"No substantive evidencehas been shared with ECB orPCB at this stage," the state-ment said after a board meet-ing on Saturday.

"The ECB board noted theICC is not stating as fact thatanything untoward hasoccurred nor has yet beenproven in relation to the thirdODI between England andPakistan."

"Until ICC substantiate thatany allegations are correct nofurther action can be taken."

The latest controversy fol-lows provisional ICC suspen-sions for Pakistan test captainSalman Butt and openingbowlers Mohammad Asif andMohammad Amir.

The trio returned home afternewspaper reports of premed-itated no-balls in the fourthtest against England at Lord'slast month. They have saidthey are innocent.

British police, who are alsoinvestigating the spot-fixingallegations, questioned afourth player, Wahab Riaz,last week.

AFRIDI SURPRISEDLorgat said a source had

told The Sun "a certain scor-ing pattern would emerge dur-ing certain stages of thematch".

"Broadly speaking, thatinformation appeared to becorrect," Lorgat said in astatement.

"We therefore feel it is

incumbent upon us to launcha full inquiry into this particu-lar game, although it is worthpointing out at this stage thatwe are not stating as fact thatanything untoward hasoccurred."

Pakistan captain ShahidAfridi told the Geo Superchannel that he was surprisedby the reports.

"I just get this feeling thereis an attempt to bring the teamunder pressure." Afridi said.

"If anyone has any evidencethat there was anything wrongin the match it should be pre-sented first before allegationsare made. It adds to the pres-sure on the players."

Iqbal Mohammad, chairmanof the National Assemblystanding committee on sports,asked why the ICC had notreacted once it had priorinformation that there wouldbe spot-fixing.

"I get this feeling now thereis a definite conspiracy todamage and isolate Pakistancricket," he told Reuters.

"Without anything beingproven first I don't understandwhat prompted the ICC toissue a press release."

Pakistan Sports MinisterAijaz Jakhrani said the gov-ernment would not take actionunless there was clear evi-dence against a player.

"The ICC has the power andan anti-corruption unit andthey should go ahead and usethat," Jakhrani told the Indiannews channel CNN-IBN. "Ifthey get any proof then wewill definitely look into it."-Reuters

PCB bats ICCresponse to

corruption row

Twenty20 was at its chaoticbest - or worst, looking atsome of the shots played - ingiving Champions League T20its first Super Over, one thatVictoria Bushrangers wonemphatically to stay alive inthe tournament.

With 24 required off the lastthree overs, and David Husseyentrenched on 48, it lookedlike a cruise, but poor shotafter poor shot gave SureshRaina four wickets in the 18thand 20th overs. Hussey left thejob unfinished, but came backto finish some with three sixesin the Super Over.

Redemption seemed to bethe theme of the night. RAshwin, though, who bowledthe Super Over for ChennaiSuper Kings, was left on his

knees, all alone despite conso-latory pats on his back. DougBollinger, not given the SuperOver, was left an angry fastbowler, kicking the ground,mouthing off, sitting in thedressing room as opposed tothe dugout. It was that kind ofnight.

Emotions were completely incheck, though, after AaronFinch's stunning 41 off 17 atthe start of the chase. Victorianeeded a straightforward 59off 50 when MuttiahMuralitharan took two wicketsin two balls. They were still incontrol with six wickets inhand when Raina began the18th over. Madness was aboutto strike.

Raina fielded the first ball,and went for a blind reverse-

flick. Had he hit, he wouldhave got Rob Quiney. Had henot tried, he wouldn't haveconceded the overthrow thatbrought Quiney on strike.Quiney, perhaps lured by theshort leg-side boundary, wentto pull a length ball, and losthis middle stump. JohnHastings, hero of Victoria'sbowling effort, got stumpedtrying a massive slog asopposed to giving Hussey thestrike. Twenty-one from 13.Still manageable.

Bollinger, whom Finch hadhit for 23 in his first two overs,bowled three perfect deliveriesfor three singles before gettingHussey to hit a slower ballstraight to long-off. Gameover? Peter Siddle didn't thinkso. He backed away, and

chipped Bollinger over extracover, like a batsman would, tobring it down to 12 requiredoff the last over.

Raina was the man enjoyingthe tension. He was pulling outof deliveries and smiling, hewas reverse-flicking and smil-ing, he was accepting gifts andsmiling. He was the man to goto. Clint McKay, who had gotRaina's wicket with a superbslower ball earlier, dealt himanother blow, nonchalantlyswinging the first ball overlong-off. Six off five, withthree wickets in hand. Gameover? Raina didn't think so.The next ball stopped a touch,and Raina was smiling againafter accepting a return catch.

Dirk Nannes played alongwith the chaos theme, and hit

the next ball straight downlong-on's lap. Siddle, whoshould have been given thestrike, now made sure hecrossed. He had earlier bowledan over of three waist-high fulltosses, two of them deemedbeamers, one of them hit wayover third man. This was timefor his redemption. Again, likea seasoned batsman, he maderoom and lofted the hat-trickball over extra cover.

Two off two. Last wicketstanding. Mind games began.Raina pulled out of the nextdelivery. When he came intobowl again Siddle pulled out.Raina wasn't blinking first, andrefused to bowl the next time.Asad Rauf smiled, walked afew steps down the pitch, per-haps to move out of stumps

mic's range, and told Rainasomething.

Raina let go this time, Siddleswung, got a bottom edgethrough to MS Dhoni, whosaw Bryce McGain trying tosteal one and lobbed the ballback to Raina. Raina hadblinked. He wasn't back at thestumps, and had to throw fromhalfway down the pitch. Theoverthrow cost the single thatbrought the scores level. Onemore mistake was to follow.McGain swung across the lineof the last ball, and missed.Dhoni collected cleanly.

Dhoni had earlier got Finchout by persisting with Ashwin,who was hit for 14 in the sec-ond over of the innings. Heagain went with Ashwin, aheadof Bollinger and Raina.-Online

Victoria wins CLT20 in a ‘Super Over’ finish

SANGIN: A US Marine bats in front of a wicket keeper from Britain's 40 Commando

Royal Marines during a cricket match between officers and senior NCOs at Forward

Operating Base Jackson.-Reuters

Paulo Bentoto coachPortugal

MADRID: Paulo Bento willon Monday be appointed coachof Portugal after Real Madridrefused to release JoseMourinho to take up the roletemporarily, the Madrid sportpress reported on Sunday.

Sport daily AS claimed Realpresident Florentino Perezrefused to "loan" Mourinho forPortugal's next two Euro 2012qualifying matches during atelephone call with PortugueseFootball Federation presidentGilberto Madail.

Marca reported that formerSporting Lisbon coach PauloBento, who played forBenfica, Sporting and Spanishside Oviedo, will sign a two-year contract with thePortuguese federation onMonday.-Reuters

Page 10: The Financial Daily Epaper

10Monday, September 20, 2010

Rocket attacks acrossAfghanistan onSaturday heralded the

opening of a parliamentaryelection the Taliban havevowed to disrupt and whichwill be a test of governmentcredibility and the strengthof its security forces.

Here are some scenarios onhow the voting could playout:

MAJOR VIOLENCE,LOW TURNOUT:

The Taliban have threat-ened to derail the processand attacked and intimidatedcandidates, campaign work-ers, voters and election offi-cials before voting, warningof violence against thosewho participate in the elec-tion.

A series of rocket attacksmarked the start of pollingon Saturday, in a pattern sim-ilar to the 2009 presidentialelection which, like the 2005parliamentary vote, theTaliban were unable toobstruct completely.

Last year, however, attacksand threats did result in lowturnout in Taliban strong-holds in the south and east,the heartland of ethnicmajority Pashtuns.

If the scale of violencereaches massive levels, itcould have a serious effecton turnout that disenfran-chises more voters. Already,at least 1,000 of a planned6,835 polling stations werenot opened due to securityfears.

A significant number ofvoters unable to cast ballotsbecause of the violence

would affect the election'scredibility seriously.

Turnout may also sufferfrom cynicism amongAfghans that democracy is afarce, especially after thefraud-marred presidentialelection last year.

MODERATEVIOLENCE, MODERATETURNOUT, MODERATE

FRAUD:

Afghanistan is a country atwar and has limited infra-structure amid some of theworld's most forbidding ter-rain, so pulling off a nation-wide election is no meanfeat.

In that context, the defini-tion of a successful electionchanges. U.N. envoy Staffande Mistura has said a turnout

of between 28 per cent and40 per cent should be consid-ered a success.

He made that commentwhen the registered numberof voters was estimated ataround 17.5 million.Afghanistan's election com-mission said on Thursdaythere were only 11.4 millioneligible voters, but gave noexplanation for the discrep-

ancy.Some fraud can be expect-

ed since campaigning inAfghanistan's young democ-racy often consists of candi-dates offering money direct-ly to voters, with the highestbidder winning their vote.Traditional patronage sys-tems also play a big role.

Since Saturday's early vio-

lence was on par with the2009 presidential poll, thisseems a more likely outcomewhen taken together with thepresence of nearly 150,000foreign troops alongsidenearly 300,000 Afghanpolice and soldiers

RAMPANT FRAUDBUT MINIMAL

VIOLENCE:It is still possible there will

be widespread fraud but min-imal violence, lessening the

focus on turnout. But anotherfraud-hit poll would still bejudged a failure and furtherstrain relations betweenPresident Hamid Karzai andhis Western backers.

Washington and its allies inAfghanistan were infuriatedby the vote-rigging sur-rounding Karzai's re-elec-tion, and graft in his govern-ment remains a major pointof friction. There is a percep-tion among many Afghans

that Karzai's government,and politicians in general,are only in it for personalenrichment and not nationaldevelopment. It also makes iteasier for the Taliban toexploit the political land-scape. Since greater govern-ment stability will be a bigfactor in Washington's strate-gy review in December, inwhich the scale and pace oftroop withdrawals are likelyto be examined, more fraud

could make an eventual USpullout more difficult.

The only certainty is that itwill be a long and drawn-outprocess, with preliminaryresults not expected beforeOctober 8 and a final resultnot before October 30. Thosedates could be pushed backfurther if, as expected, thereare thousands of complaintsfrom disgruntled losersamong the 2,500-odd candi-dates. -Reuters

How Afghanistan’s parliamentarypoll might play out

South Africa's ruling ANC isunlikely to push for a tax onshort-term capital inflows and

risk deterring investors but maystick to supporting the central bankin it efforts to curb the rand'sstrength.

The party holds its mid-term poli-cy review conference on Sept 20-24amid considerable scrutiny of itseconomic policies. The loudest crit-icism is coming from its alliancepartner COSATU, the largest unionfederation in the country.

Economist say that To propel eco-nomic growth and create jobs,Africa's largest economy needs amore skilled labour force, lowerwages that attract investors, relaxedlabour laws, and an industrial policysupportive of exports.

The ANC will next week spendtime discussing the rand, which hit a2-1/2 year high of 7.0540 to the dol-lar this week, increasing calls toweaken it to support exports.

But economists say the AfricanNational Congress is unlikely toplump for major currency interven-tion.

"The odds are 100-to-1 that wewill see any intervention policy after

next week, very slim. They'll talkthe talk but in terms of walking theywon't do that," said Lumkile Mondi,chief economist at the state-ownedIndustrial DevelopmentCorporation.

"(Currency intervention) is waytoo complicated and this ANC lead-ership does not have a long-termplan and has not been able to makeserious decisions," he added.

COSATU points to persistentlyhigh unemployment, yawningincome gaps and widespread pover-ty as proof the ruling party'sinvestor-friendly policies havefailed the poor.

Some 40 per cent of the workforcein the country of 50 million are job-less and live in chronic depravation16 years after the end of appartheid.

The union blames a strong randfor some of the economic ills andhas said it wants the rand at 10.0 tothe dollar.

Authorities have acknowledgedthe economic imbalances due torand's strength but are grapplingwith what to do about it.

CURRENCY INTERVENTIONThe ANC will debate a proposal to

tax short-term capital inflows,

which are partly responsible for therand's gains of more than 35 per centsince the beginning of 2009.

But senior party officials havebeen largely indifferent to the idea,saying such a tax was not imminent,and that capital controls would bejust one of many options on thetable.

National Treasury DirectorGeneral Lesetja Kganyago has saidcapital controls would be a bad idea.

On Thursday Finance MinisterPravin Gordhan said South Africawas studying other countries' expe-riences with capital controls.

However, South Africa's heavyreliance on foreign capital inflowsto fund its current account deficitmake direct comparisons difficult,analysts say.

"We don't have a particularlystrong trade balance and that leavesus a little bit vulnerable because weare reliant on portfolio flows tofinance some of that gap," saidGeorge Glynos, managing directorat ETM market analysts.

He said countries such as Brazil,Indonesia, Taiwan and South Korea,which have strong trade balancesand are less reliant on inflows, have

had limited success with capitalcontrols.

In October, Brazil began charginga 2 per cent tax on capital inflowsinto stock and fixed-income mar-kets. This helped to slow gains inthe real but not substantially and thecountry has not ruled out furtherintervention..

TENSIONS IN ALLIANCEUnder former President Thabo

Mbeki, a British-educated intellec-tual, the ANC introduced market-friendly policies that saw the coun-try experience its strongest decadeof economic growth.

Leftist allies of the ANC,COSATU helped to unseat Mbeki,

hoping the party would adopt itspolicies. But the ANC has stuck toMbeki-era policies and even on therand, will likely be pragmatic in itsapproach.

Rather than taxing inflows, theANC may opt for helping the SouthAfrican Reserve Bank quicken itsbuild-up of foreign exchangereserves -- measures that can alsoweaken the rand.

The central bank has repeatedlysaid it will leave the currency's level"up to the market".

In August the central bank startedusing currency swaps, a toolGordhan said was aimed at curbingthe rand's volatility.

"The economic problem does notcome from the rand but from the badeconomic structure that needs to befixed," said Gabor Ambrus, emerg-ing market analyst at 4CAST."Focusing on the rand is short sight-ed. The problem is the high unem-ployment rate."

Failure to come up with a solutionis likely to increase tensionsbetween the ANC and COSATU.

While the ANC may want toappease the unions, it is unlikely todo so on the currency front. -Reuters

SAfrica’s ANC unlikely to tax short-term inflows

From an exclusive perch closeto the seat of power, WallStreet nemesis Elizabeth

Warren will have plenty of autono-my as well as President BarackObama's ear.

The Harvard law professor, whosegrandmother drove a wagon in theOklahoma land rush, is a folk herofor consumer groups and the bane ofWall Street. She will build fromscratch a new government agency tocrack down on abusive practices infinancial products like mortgagesand credit cards.

Warren has known Obama sincehis student days at Harvard and willbe designated "assistant to the presi-dent" -- a coveted title most oftenreserved for the closest White Houseaides.

Named on Friday as a specialadviser leading the creation of theConsumer Financial ProtectionBureau, she will juggle reporting totwo of the most powerful figures inWashington -- Obama and TreasurySecretary Timothy Geithner.

Warren's relationship withGeithner has occasionally been a bitrocky, although both now say theyget along just fine. The folksy, plain-spoken Midwesterner and the smart,New York-born financial guruclashed when Warren ran the USgovernment watchdog agency over-seeing the $700 billion financialbailout program.

Both Warren and Geithnerappeared with Obama at the RoseGarden announcement of her newjob, but neither spoke.

The advisory role allows Obama toavoid a nasty battle for Warren'sSenate confirmation that would havebeen triggered by a formal nomina-tion as director of the consumeragency but would put her at the helmof an independent agency.

"This is a capitulation of sorts,"said Terry O'Neill, president of theNational Organization for Women.But she said she believed Warrenwould ultimately wield influence inthe "old boys' club" that is theadministration's economic team.

Warren will work from two offices-- one at Treasury and another in abuilding a few blocks from theWhite House where the consumeragency will initially be housed. Mostassistants to the president have spacein the West Wing and power is oftenmeasured by their physical proximi-ty to the Oval Office.

The White House feared Warrenwould have been sidelined during alengthy nomination fight in whichshe would have been expected tokeep a low profile and would havebeen much more constrained in theduties she could take up.

Wall Street fears Warren would useher role to push for policies thatwould hurt profits on products likecredit cards and stifle their competi-tiveness.

Obama's Solomon-like decision tosplit the baby raised questions aboutwhether it was a half measure thatwould limit Warren's power as sheworks to get the bureau up and run-ning.

"If Warren is given real power, this

is great news," said Becky Bond ofthe liberal group CREDO. "If she isnot given the power to make changeand hold Wall Street and abusivebanks accountable, this maneuver isnothing more than inside-the-Beltway cleverness."

Business groups and some sena-tors considered the bypass of theconfirmation process as signaling alack of transparency that wouldundermine the new consumeragency.

It was Warren who first proposedthe consumer agency and helped theadministration push for its inclusionin the sweeping financial reform billthat passed in July.

Warren, 61, has spent decadeschampioning the rights of middle-class families and detailed theirstruggles in a best-selling bookcalled "The Two-Income Trap."

The janitor's daughter fromOklahoma, whose father was a vic-tim of a crooked business partner,has been called by Obama a "dearfriend," and her views on issues like

predatory lending have long gelledwith his.

Few who know Warren doubt shewould have insisted on a positionwith real authority.

"My working assumption is thatElizabeth Warren, having known herfor many, many years, would notaccept a position where she does nothave the authority she needs to makethings happen," said MaureenThompson of the consumer groupAmericans for Financial Reform.

"She is not a shrinking violet,"Thompson said.

Warren's job has been compared toprevious advisory roles, such as the"pay czar" job held by KennethFeinberg to examine executive com-pensation at bailed-out banks andSteve Rattner's appointment as "carczar" leading the auto industry res-cue. A provision in the financialreform law that directs the TreasuryDepartment to get the consumeragency up and running allowedObama to name Warren to the advi-sory role.

Warren will be "instrumental" inpicking the consumer agency's direc-tor, White House spokesman RobertGibbs said, but he would not say ifshe would be considered as a candi-date.

Obama's decision sparked a debateamong banking lawyers over poten-tial legal constraints on Warren'sauthority.

Some said the law limitsTreasury's role to overseeing theintegration of employees from vari-ous federal agencies into the newshop and would not include the abil-ity to write new regulations. Otherssay that is too limited an interpreta-tion.

Former Bush administration offi-cial Tony Fratto said it would havebeen virtually impossible to confirmWarren ahead of the November con-gressional elections and even harderto do so afterward, with Republicanslikely to make gains in the Senate.

But White House officials rejectedany notion that Obama blinked froma fight. -Reuters

Warren to wield clout in US consumer job

It is still possible there

will be widespread fraud

but minimal violence,

lessening the focus on

turnout. But another

fraud-hit poll would still

be judged a failure and

further strain relations

between Hamid Karzai

and his Western backers

Page 11: The Financial Daily Epaper

11Monday, September 20, 2010

International & Continuation

HAMILTON: Bermuda

hunkered down on Sunday

for a direct hit from

Hurricane Igor, which the

Atlantic island chain's pre-

mier called "one of the

worst hurricanes to ever

threaten our shores."

The hurricane was down-

graded to a still dangerous

Category 1 storm early on

Sunday, with sustained

winds of 85 mph, down

from as high as 100 mph on

Saturday.

Hurricane-force winds

extended out about 90

miles, the US National

Hurricane Center said, gen-

erating large swells as far

away as the US East Coast.

Squalls were spreading

across Bermuda as the cen-

ter of the storm moved to

within 235 miles of the

British overseas territory. It

was moving northwest at 12

mph toward what local fore-

casters called a "direct hit"

on the wealthy hub for the

global insurance industry.

"It's a ghost town out

there," said Tipper Raven

from London on a two-week

vacation in Bermuda, refer-

ring to the shuttered shops

in Hamilton, the capital.

The Hurricane Center said

Igor's center would pass

over or near the island late

on Sunday night.

Conditions would deterio-

rate on Sunday morning,

with hurricane conditions

expected as early as Sunday

afternoon.

Igor was "expected to

remain a dangerous hurri-

cane" as it approached

Bermuda, the Miami-based

Hurricane Center said in its

5 a.m. (0900 GMT) adviso-

ry.

It predicted total rainfall

of 6 to 9 inches over

Bermuda and said the

storm's surge could produce

significant coastal flooding

and large, destructive

waves, particularly along

the southern coast.

"Our country and our peo-

ple have throughout our his-

tory rarely faced the full

fury of a storm of this mag-

nitude," Bermuda Premier

Ewart Brown told a news

conference.

Most shops and restau-

rants in the capital were

boarded up and many resi-

dents were buying up sup-

plies such as fuel, batteries,

food and candles.

"The shutters are up, I've

put tape across the windows

and I've got a lot of buckets

ready," said Eddie DeSilva,

a 64-year-old cleaner.

Bermuda's buildings are

some of the most weather-

proof in the world, weather

forecasters and analysts say,

which could help mitigate

any storm damage.

The Bermuda government

has warned residents to pre-

pare for an impact similar to

that of Hurricane Fabian in

2003, which killed four peo-

ple and caused millions of

dollars of damage.

Authorities closed the

island's international airport

and were monitoring winds

to determine whether to a

close off a causeway linking

the airport to the rest of

Bermuda.

Joe Bastardi, a hurricane

expert with the private US

forecaster AccuWeather,

said Bermuda should be

prepared for a "several-day

siege of damaging winds

and waves."

East of Igor, Tropical

Storm Julia posed no threat

to land and its 50 mph

winds were seen weakening

over the next two days.

In Mexico, the remnants

of Hurricane Karl, now a

tropical depression, dissi-

pated over the mountains of

south central Mexico.

Emergency workers report-

ed at least eight people had

been killed by the storm in

three states.

The port city of Veracruz

was cut off by flooding

from the rest of hard-hit

coastal Veracruz state.

Damage to the city was

minimal but large sections

remained without power.

Nearby villages in low-

lying areas remained flood-

ed, with hundreds of people

evacuated to government

shelters.

Karl appeared to have

spared Mexican oil opera-

tions from major damage

after sweeping through the

Bay of Campeche, where

Mexico produces more than

two-thirds of its 2.55 mil-

lion barrels per day of crude

output.-Reuters

Still dangerousHurricane Igor closes

in on Bermuda

BIRMINGHAM: PopeBenedict told a Mass inEngland on Sunday the worldfelt "shame and horror" at suf-fering inflicted by his Germanhomeland in World War Twoand recalled a key air battlethat saved Britain from inva-sion.

At the same mass in a park inthe British midlands where thepope spoke of the war, he beat-ified Cardinal John HenryNewman, one of the mostprominent English convertsfrom Anglicanism to RomanCatholicism.

But in his sermon, on the lastday of a four-day visit, before acrowd of more than 50,000people attending the open-airmass under an intermittentdrizzle, he spoke first of thewar.

On Sunday Britain com-

memorated the 70th anniver-sary of the Battle of Britain,the summer and autumn airconflict which preventedHitler's planned invasion ofBritain.

"For me as one who livedand suffered through the darkdays of the Nazi regime inGermany, it is deeply movingto be here with you on thisoccasion, and to recall howmany of your fellow citizenssacrificed their lives, coura-geously resisting the forces ofthat evil ideology," he said.

"Seventy years later, werecall with shame and horrorthe dreadful toll of death anddestruction that war brings inits wake, and we renew ourresolve to work for peace andreconciliation wherever thethreat of conflict looms," hesaid.

During the early 1940s, theformer Joseph Ratzinger wasbriefly a member of the HitlerYouth when membership wascompulsory. During the war,he was assigned to an anti-air-craft battery in Bavaria andthen sent to Austria.

After returning to Bavaria, hedeserted. At the end of WorldWar Two, he was a US prisonerof war. The pope has said thatas devout Catholics, his parentsrejected Nazi ideology.

Sunday was the occasion forthe religious centrepiece of thetrip -- putting Newman, who isvenerated in both the RomanCatholic and Anglican church-es, one step closer to sainthood.

Newman, who lived from1801 to 1890 and became aCatholic in 1845, was a centralfigure in the OxfordMovement, which tried to

move the Church of Englandcloser to Rome.

In his homily, the popepraised Newman, a toweringtheologian and prolific writerwhose work was very influen-tial in 20th century Church his-tory, for defending "the vitalplace of revealed religion incivil society."

One of aims of the trip, onlythe second by a pope toBritain, was to remind one ofEurope's most secular coun-tries to beware what he hascalled "aggressive secularism"and "extreme atheism" thattries to shut God and religionout of public life.

During the trip he made oneof his strongest apologies tovictims of sexual abuse byRoman Catholic priests andmet five adults who weremolested as children.-Reuters

Pope recalls Nazi terror in WW2

TOKYO: A Japanese court

on Sunday extended the

detention of a Chinese cap-

tain of a fishing boat that col-

lided with two Japanese

coastguard ships near disput-

ed isles, prompting Beijing to

warn of "strong countermea-

sures."

The spat has flared since

Japan arrested the captain,

accusing him of deliberately

striking a patrol ship and

obstructing public officers

near islets in the East China

Sea claimed by both sides.

"China demands that Japan

immediately release the cap-

tain without any precondi-

tions," Chinese foreign min-

istry spokesman Ma Zhaoxu

said in a statement on the

ministry's website

(www.mfa.gov.cn) after

Japan's Kyodo news agency

reported that the detention

period had been extended

until September 29.

The Japanese court could

not be reached for comment.

"If Japan insists on making

one mistake after another, the

Chinese side will take strong

countermeasures, and all the

consequences should be born

by the Japanese side," Ma

added.

Sino-Japanese ties have

long been plagued by feuds

over wartime history and

rivalry over territory,

resources and military inten-

tions, although they have

improved since a chill in

2001-2006, as deep economic

ties raise the risk from rows.

The Chinese captain, Zhan

Qixiong, has remained in cus-

tody after a Japanese court

approved for the first time on

September 10 an extension of

his detention. Prosecutors can

hold him for up to a total of

20 days while deciding

whether to take legal action.

The latest feud over the

uninhabited isles -- called the

Diaoyu islands in China and

the Senkaku islands in Japan -

- has stirred mutual distrust

over sovereignty and control

of potentially valuable oil and

gas reserves.

GAS FIELD ROW

China has repeatedly

demanded Japan free the cap-

tain and has shown its anger

by cancelling planned talks

with Japan over natural gas

reserves.

On Saturday, about a hun-

dred Chinese protesters in

several Chinese cities

demanded Japan free the boat

captain. Police presence was

still heavy at the Japanese

embassy in Beijing on

Sunday but there were no

signs of protests.

The Nikkei business daily

reported earlier on Sunday

that Japan may start drilling

near a gas field in disputed

waters of the East China Sea

if China does the same.

Japanese Prime Minister

Naoto Kan and his foreign

minister said Tokyo will take

"countervailing steps" if

China starts drilling at the

Chunxiao gas field to which

Beijing recently sent equip-

ment, Nikkei said, adding that

Tokyo had looked into possi-

bly taking the case to the

international maritime court.

The two countries are at

odds over China's exploration

for natural gas in the East

China Sea, while Beijing is

also involved in territorial

feuds with Southeast Asian

nations in the South China

Sea over an area rich in ener-

gy and key to shipping.

The Sino-Japanese row cen-

tres on where the boundary

between the two sides' exclu-

sive maritime economic

zones falls. In 2008, the two

countries agreed in principle

to solve the feud by jointly

developing gas fields.

Estimated net known

reserves in the disputed fields

are a modest 92 million bar-

rels of oil equivalent, but both

sides have pursued the issue

because there may be larger

hidden reserves.-Reuters

Japan extends Chinaship captain detention

TAIPEI: A typhoon injured 45people, canceled flights andcut power to tens of thousandsin Taiwan on Sunday, keepingofficials on high alert to stopany repeat of a deadly stormlast year that damaged thepresident's reputation.

Typhoon Fanapi, Taiwan'smost severe storm so far in2010, brought 162 kph (101mph) maximum wind guststhat caused injuries by topplingscooters, breaking glass andblowing down signs, theNational Fire Agency disasterresponse center said.

Gusts and sustained winds ofup to 126 kph grounded 120domestic and 36 internationalflights. They also keptTaiwan's main port ofKaohsiung closed into theevening, though the No.2 portin Keelung had reopened in theafternoon.

More than 63,000 house-

holds lost power on Sunday,the disaster center said. ButTaiwan's top high-tech firms, abackbone of the economy,reported no major impact fromthe storm.

Government officials are onextra-high alert after Taiwan'sworst typhoon in five decadestriggered mudslides that killedabout 700 people in August2009.

That prompted a cabinetreshuffle amid citizen accusa-tions that Taiwan President MaYing-jeou had reacted tooslowly.

Sunday's storm began toabate in the late afternoon, los-ing strength as it trackedtoward southeast China,including Hong Kong, accord-ing to forecasting websiteTropical Storm Risk(http://www.tropicalstorm-risk.com).

Taiwan officials were still

watching parts of the islandfor heavy rainfall that couldset off mudslides or severroads.

"The typhoon is getting grad-ually weaker, but heavy rainfrom its outer layers could stillaffect Taiwan's southernregions, and that's somethingwe need to pay attention to," adisaster center media liaisonofficial said.

Fanapi, initially a category 3typhoon on a 1-5 scale, wasexpected to reach China'sGuangdong province as a cate-gory 1 or a tropical storm,which is one level below theweakest typhoon.

Typhoons regularly hitChina, Taiwan, the Philippinesand Japan in the second half ofthe year, gathering strengthfrom the warm waters of thePacific Ocean or South ChinaSea before weakening overland.-Reuters

Typhoon injures 45 inTaiwan, heads to China

CONTINUATION

the worst performers this year so it's normal to see them attract-ing more liquidity now," Shurrab said.

Dubai outperformed Abu Dhabi ADI on Sunday. Abu Dhabiadvanced 1 per cent to 2,632 points.

"Since the crash in June 2008, Dubai was the worst performer inthe whole region, lagging the other markets," Shurrab said.

In the coming weeks, investors will hope to at least consolidatethe current levels, although Shurrab warns too much retail activi-ty could trigger some pressure on the market's performance.

Kuwait's Burgan Bank eased from Thursday's 20 month highafter the lender appointed a new chief executive, mirroringdeclines in other local banks as investors booked profits.

Burgan Bank fell 3 per cent. The lender, the commercial bank-ing arm of Kuwait Projects Co (KIPCO), has appointed EduardoEguren as its chief executive officer. KIPCO slid 2.2 per cent.

Gulf Bank dropped 2.9 per cent, Al Ahli Bank lost 3.5 per centand Kuwait Finance House dipped 1.7 per cent. The bankingindex fell 1.5 per cent, easing from Thursday's 21-month peak.Banks had surged ahead of a $104 billion government develop-ment plan that is expected to be part funded through state-backedbank loans. The main index KWSE fell 0.7 per cent to 6,792points, its first decline in nine sessions. Oman's benchmark MSIadvanced 0.5 per cent to 6,392 points. -Reuters

Continued from page 5No #1

as compared to a turnover of around 142 million shares a weekearlier. Average daily turnover stood at 89.3 million shares indi-cating an increase by 35.4 million shares from an average volumeof 53.9 million shares during the previous week.

Out of total 395 active issues, 245 advanced and 133 declinedwhile 17 issues remained unchanged.

Continued from page 5No #2

SAfricaminibus taxicrash kills 22Malawians

JOHANNESBURG: A crowd-ed minibus taxi collided head-on with a truck early onSaturday in South Africa,killing 22 Malawians who weretravelling back to their homecountry, the South AfricanPress Association said.

Among the dead were theminibus the driver and threechildren, SAPA said on Sunday,citing local police in CapeTown.

Three adults and three chil-dren survived and were in seri-ous condition at a hospital,SAPA said. The truck driverwas also seriously injured.

Millions of mostly blackSouth African use minibustaxis, which are often danger-ously overcrowded, to travelbetween townships and cities.Many of the vehicles are barelyroadworthy and fatal accidentsare common.-Reuters

panic. An incident like this is something worrying but nothingto panic about," said Shiela Dikshit, Delhi chief minister.

India remains jittery about a perceived threat of Islamist attacksfrom Pakistani territory. It accuses its neighbour of failing to actagainst militant groups. -Reuters

Continued from page 12No #3

villages. Earlier, on Saturday political administration assisted bymembers of local tribal jirga held a ceasefire after mediationbetween the two groups.-Agencies

Continued from page 1No #4

last week in clashes with Indian security forces in three differ-

ent districts of IoK, a police spokesman said.

Government forces have been battling months of demonstra-

tions in the mainly Muslim region that were ignited by the

police killing of a 17-year-old student on June 11.

A total of 105 protesters and bystanders - including children -

have been martyred, mostly by security forces firing on demon-

strators after being pelted with stones. One policeman has also

died.

On Saturday, police and paramilitary forces fired on fresh

anti-India demonstrations in IoK, killing 3 protesters and injur-

ing over a dozen.

15 police and paramilitary forces were also injured during

day-long clashes in IoK.

Authorities briefly relaxed the strict curfew on Saturday in

most parts of IoK to allow locals to stock up on food and med-

icine.

Clashes erupted between Indian police and protesters at three

places, police said, but no casualties were reported.

On Sunday, police sealed neighbourhoods with barbed wires

and asked residents to stay indoors.

"Anyone violating the curfew will be dealt with sternly,"

roared announcements made by loud-speaker fitted police vehi-

cles in occupied Srinagar.

Continued from page 1No #5

rather than leading the fight.US troops still get involved in combat, despite the change

in their primary focus.Insurgents are also trying to exploit political tension six

months after a March 7 election that produced no outrightwinner and which has yet to yield a new government.Shi'ite-led, Sunni-backed and Kurdish factions appear tohave made little progress in negotiations to form a coalitiongovernment.

An official in the National Security Ministry said one ofits offices was hit in the blast at Aden square in northwestBaghdad on Sunday.

"It was a car bomb targeting our building. This explosiondamaged the building and we lost one of our staff," the offi-cial said, asking not to be identified.

The building used by the ministry was destroyed, aReuters photographer said at the scene. At least four nearbyhouses were severely damaged and ambulance drivers saidthere was at least one body in the rubble.

The second car bomb in the western district of Mansourwas outside an Asiacell office and across the street from thepopular Zarzour kebab restaurant, officials said.

The blast demolished around 37 vehicles, an official atthe Baghdad security command said.-Reuters

Continued from page 1No #6

been sought in humanitarian appeals this year, which the UNsaid was the most since they started in 1991.

The UN launched an appeal for 460 million dollars for Pakistanon August 11 and this is now 80 per cent funded, officials said.The new appeal includes this sum.

The floods have affected more than 10 per cent of Pakistan'spopulation spread over an area bigger than 160,000 square kilo-meters (62,000 square miles). Some 1.9 million homes have beendamaged or destroyed. -Agencies

Continued from page 1No #7

troops were detained by Iranian guards in a southeasternprovince of the country ... Two Iranians accompanying the troopswere also arrested,” Fars had said.

No other news agency reported the incident, which Fars saidoccurred in Sistan-Baluchestan, an impoverished province thatborders Pakistan and Afghanistan. - Agencies

Continued from page 1No #8

Qamar said."The Finance Ministry will give State Oil about 20 billion

rupees next week to save it from default," he said. "I have told thefinance ministry the crisis is worsening and these patchwork solu-tions won't help." -Agencies

Continued from page 1No #9

and Balochistan and issued directives to restore the supply ofthe commodity to all the filling stations forthwith.

Hundreds of petrol pumps are shut in Punjab and Balochistandue to acute shortage of petrol, posing huge problems for the cit-izens. The petrol shortage continued for several days now, hasbadly impacted the lives of the citizens.

PM ordered Federal Petroleum Minister Naveed Qamar to takeimmediate steps to address the situation and restore the fuel sup-ply. -Agencies

Continued from page 1No #10

take stock of the mechanism for allowing the private sector to import sugar, and will submit itsreport for approval to the ministerial committee.

On the flip side, Chairman Pakistan Sugar Mills Association Iskandar Khan said that governmentcould save about $100 million by importing refined sugar instead of raw one. He said that as thereis zero-per cent duty on refined sugar while there is 25 per cent import duty on raw sugar, added thatsuch conditions would help drain precious foreign exchange away from the country.

Continued from page 1No #11

4000 tons per day is being produced by the local refineries hence there will be no shortage ofpetrol. -Agencies

Continued from page 1No #12

million and sold $11.8 million, resulting in net buying of $5.1 million during the week.

Furthermore, mutual funds remained on the buying side with shares worth $1.73 mil-

lion.

On the other hand, biggest weekly net selling were witnessed from banks, individual investors

which sold $25.51 million of shares in the local bourse against the buying of $16.66 million, thus

turning the net selling worth of $8.84 million.

Moreover, NBFC also net ejected $0.24 million.

Continued from page 1No #13

Scores of people at occupied Srinagar's main hospital pleadedwith security forces to be allowed to go to their homes to bringmedicines and water for the patients but their pleas wereignored.

Locals living near the hospitals have been distributing freefood among the attendants, while patients continue to get foodfrom the hospital. But there are no life-saving medicines anddrinking water. -Agencies

Page 12: The Financial Daily Epaper

www.asharys.net

tel: 92(42)5694061-2

Italian KitchensLahore

tel: 92(21)5860794-5

KarachiMonday, September 20, 201012

1.Classic News AgencyAbdul Mutalib Ph: 0333 -230 07 66

2. E-mail at [email protected], 3.SMS us at 0322-260 2 838

4. Contact Phone: 35 31 18 93 - 6

RIAZ NEWS AGENCY

Cell # 0333-5373137SHAKIL NEWS AGENCY

Cell # 0333-4400472

Manager Circulation

Ahmad OmerFor Subscription

Printed & Published by Amir Abbas Ashary at DRC Printing Press for Data Research Communication (PVT) LTD, 111-C, Jami Commercial Phase VII, DHA Karachi.

NEW DELHI: A man moves away cycle rickshaws near a car which burst into flames near

the scene of an earlier shooting in the old quarters of Delhi on Sunday. -Reuters

NEW DELHI: Gunmen onmotorbikes shot at a tourist busnear the main mosque in theIndian capital on Sunday,wounding two Taiwanese visi-tors in an attack only weeksbefore the city hosts theCommonwealth Games.

The Commonwealth Gamesis seen as a showcase event forIndia as it emerges onto theglobal economic and diplomat-ic stage. Some militant groupshave threatened to disrupt theGames.

"The two men were wearinghelmets and raincoats. Theyfired indiscriminately at atourist bus before escaping," KSingh, a senior police officer inDelhi, told Reuters.

Six Taiwanese nationals wereboarding the bus on a visit toJama Masjid when the shoot-ing happened, the vehicle'sdriver said. The historicmosque in the old congestedpart of the capital is one ofDelhi's most popular touristattractions. The police havecordoned off the area.

Security has been tightenedin the capital ahead of theGames, with authorities mind-ful of Islamist militant attacksin Indian cities over recentyears in which dozens havebeen killed. Police would notconfirm whether militants werebehind the attack. In 2006, atleast seven people were injuredwhen two blasts rocked thesame area.

Doctors said the condition ofthe two wounded foreignerswas stable and one of them wasundergoing surgery in hospital.

Taiwan Foreign Ministryspokesman James Chang saidone of the tourists had suffereda grazed head and the otherwas wounded in the abdomen.Neither wound was life-threat-ening, he added.

"There was some firing out-side gate number 3 of JamaMasjid (Delhi's mainmosque)," Delhi policespokesman Rajan Bhagat toldReuters. "We can't say(whether it was a militantattack)."

There have been some mili-tant attacks in India this year.In February, a powerful blastripped through a restaurant inthe western city of Pune,killing 17 people. India hasblamed the Indian Mujahideen,a homegrown militant groupwith links to militants inPakistan, for the Pune attack.

The Commonwealth Games,a four-yearly event organisedby the 54-member organisationof mainly former Britishcolonies, begin on Oct. 3.

But the Games threatens tobecome an embarrassmentwith the organisers fightingcorruption charges and strug-gling to get venues ready ontime.

The cost of the event hasrisen more than 17.5 timesfrom the original estimate andis now put at $6 billion. Mostof the venues have missed sev-eral preparation deadlines andan epidemic of dengue hasadded to worries of visitors.

"All that I can appeal toeverybody is, please do not

See # 3 Page 11

Terrorvisits

touristsin Delhi

Two Taiwanese wounded

First ballotboxes beingsent to Kabul

KABUL: Afghan officialshailed a parliamentary vote as asuccess despite low turnout,attacks that killed 14 people andwidespread fraud that couldundermine the result and testthe government's credibility.

Some areas have startedsending checked ballot boxesback to Kabul, the IndependentElection Commission (IEC)told Reuters the morning afterthe poll, which Afghan offi-cials hailed as a successdespite attacks, low turnoutand extensive cheating.

The election was beingclosely watched in Washingtonahead of US President BarackObama's planned war strategyreview in December, whichwill likely examine the paceand scale of US troop with-drawals after nine years of war.

A flawed poll would weighon Obama when his adminis-tration faces mid-termCongressional elections inNovember amid sagging pub-lic support for the war, withviolence at its worst since theTaliban were ousted in 2001.

Almost a million fewer voteswere cast this year than in apresidential poll last year, atleast 14 people were killed inattacks and reports of ballot-stuffing, repeat voting, vote-buying and other fraud came infrom across the country.

The bodies of three electionofficials kidnapped during vot-ing were found in northernBalkh province on Sunday,IEC chairman Fazl AhmadManawi said.

The challenges meant manyobservers were circumspect inassessing the poll, a key test ofgovernment credibility afterthe presidential election wastarnished by widespread fraud.

"The results and quality ofthe election will not be imme-diately evident," the U.S.

embassy in Kabul said in astatement after voting ended,adding it would support elec-tion officials tallying resultsand tackling fraud.

The Free and Fair ElectionFoundation of Afghanistanreported "extensive irregulari-ties" ranging from the destruc-tion of polling centres to ballotstuffing, erratic opening andclosing times of polls andinterference by candidates.

In a statement on its website,it called on the IEC "to ensurethe integrity of the rest of theelectoral process".

VITAL, CONTROVER-SIAL

The preliminary number ofvotes cast was increased to 4million from 3.6 million votersby the IEC on Sunday, almosthalf of the estimated 7.4 mil-lion votes cast in Afghanistan'sfirst post-Taliban presidentialvote in 2004 and well down onthe estimated 6.4 million in the2005 parliamentary ballot.

"The declining trend signifiesseveral things, most prominent-

ly a growing disillusionmentand disengagement with theprocess, and the impact of aworsening security situation,"Martine van Bijlert of theAfghanistan Analysts Networkwrote in a blog on Sunday.

It was almost impossible toexpress the number of votescast as a turnout percentagebecause "nobody knows howmany voters there are inAfghanistan, mainly becausenobody knows how many peo-ple live in Afghanistan", vanBijlert said.

The IEC puts the number ofeligible voters at 11.4 million,but other estimates vary from12.5 million to 10.5 million.

United Nations Secretary-General Ban Ki-moon askedfor patience as authoritiescompleted the electoralprocess, which Afghanistan'spoll watchdog had warnedwould be "disputatious".

It will not be clear for sever-al weeks who among thealmost 2,500 candidates havewon the 249 seats in the wole-

si jirga, or lower house.Preliminary results are due tobe published on Oct. 8 at theearliest, with final results notout before Oct 30.

An IEC official said it wouldbe a long process because bal-lot boxes had to be transferredfrom remote areas and results

entered on the IEC's database."Then we will have to give

time to the ElectoralComplaints Commission toregister and verify people'scomplaints," said the official,who declined to be named.

Turnout appeared high atleast in Kabul, where many

observers representing candi-dates kept a close watch.

"We did not expect the elec-tion would take place becauseof the serious propaganda ofthe enemies, but it seems mostof the people took part," stu-dent Shafiqullah Khan toldReuters.

Afghan vote-count begins amid violence

RAWALPINDI: FederalMinister for Law andJustice Babar Awan saidthat 2013 would be year ofcomplete change and thattransformation would bebrought about by the peoplethrough their votes.

Addressing to a ceremonyhere Sunday, he stated thatPunjab desperately in needto improve good gover-nance as Punjab hasassumed the status of PoliceState, adding local bodiesadministrators were work-ing illegally and PunjabGovernment should eitherremove these administratorsor legalised their position.

He said PPP believed in

principled politics and thecoalition governmentwouldn't leave its coalitionpartners in lurch and aimedto take all its allied partnersonboard on ongoing issues.

PML-N chief should comein the Parliament if he hasmoral courage as his 10-Year Jeddah agreement iscompleting in upcomingDecember 2010, added thatthe elements that designconspiracies to destabilisethe government should waittill 2013 as that would bethe year of change with theballot power of the masses,Babar said.

He also said that the gov-ernment has summoned the

sessions of both the Housestoday (Monday) and in thissession the governmentwould table three bills andthe government has alsoasked all the ministries tobring forth their bills forapproval from the House.

The minister also reiterat-ed that the government hon-ored the sovereignty of thejudiciary and implementingits every verdict.

He further added that thegovernment has an explicitstance on KBD adding thatthe government has indicat-ed that KBD should be con-structed with mutual under-standing from the fourprovinces over it. -Online

Awan foresees changein 2013 through vote

SRINAGAR: A senior sepa-ratist leader on Sunday with-drew plans of sit-ins andprotest outside army camps inIndian Kashmir, lesseningfears of a further escalation ofviolence in one of the world'smost militarised regions.

Syed Ali Shah Geelani'sdecision to call off the rallies atarmy camps comes ahead of avisit by a delegation of leadersfrom different Indian politicalparties to seek a way to endanti-India demonstrations thathave raged for three months.

The 80-year-old Geelani,seen as a hardliner by New

Delhi, has emerged as the lead-ing face of anti-India protests.

"Instead of marching to armycamps, the people shouldprotest in all district headquar-ters and demand completewithdrawal of Indian troopsfrom Kashmir," Geelani said ina statement.

The army has largely stayedaway from quelling protests,leaving the job to the police,and is mainly involved in pro-tecting the border withPakistan and in battling sepa-ratist militants.

More than 100 people havenow been killed in recent

protests, the biggest since anarmed revolt against NewDelhi's rule broke out in 1989.

On Sunday, two more pro-testers died of wounds sus-tained a day earlier duringclashes, raising the weekenddeath toll to five.

Meanwhile, Three more pro-testers were killed on Sundayin Indian occupied Kashmir(IoK) as violence against rulefrom New Delhi deepened,according to police.

The protesters died in twoseparate hospitals Sunday afterbeing injured on Saturday and

See # 5 Page 11

Geelani cancels sit-insoutside army camps

World talks ondisarmament

stuck for nowGENEVA: Nuclear powersand non-nuclear nations areunlikely to ease the deadlockin global disarmament talksnext week at a UN forum thathas failed to achieve anybreakthrough for over adecade, diplomats said onSunday.

UN Secretary-General BanKi-moon called the ministerialsession in New York onSeptember 24 to give politicalimpetus to the Conference onDisarmament, the world's solemultilateral negotiating bodywhich is known as the "CD."

But few people expect the65-member Geneva forum tomove forward on nuclear dis-armament, despite endorse-ments from U.S. PresidentBarack Obama and others for amove toward a nuclear-freeworld.

"We must not discount thepossibility that, without a con-certed dose of political will, thisinstitution will atrophy intoirrelevance," Laura Kennedy,the US disarmament ambassa-dor, warned in a speech lastweek.

After its launch in 1978, theCD clinched treaties banningbiological and chemicalweapons, as well as under-ground nuclear test blasts, buthas been unable to reach theconsensus it needs on substan-tive work for the past 12 years.

Its members include all fiveofficial nuclear powers --Britain, China, France, Russiaand the United States -- plusIsrael, which is widelyassumed to have atomicweapons, and Iran and NorthKorea whose nuclear pro-grams are under scrutiny.Since January Pakistan hasblocked a CD consensus tolaunch negotiations on haltingproduction of nuclear bomb-making fissile material such ashighly-enriched uranium andplutonium, citing a need tokeep up with its nuclear-armedrival India. CanadianAmbassador Marius Grinius,who has said the forum is"sleepwalking," bluntly pro-posed last week that a one-yeardeadline be imposed for it toproduce tangible results. Othersexpressed surprise that the suc-cessor START treaty reached inApril between Russia and theUnited States to slash theiratomic arsenals had not revivedmomentum in Geneva. "Thereis a dynamic surrounding disar-mament and non-proliferation,but the CD hasn't taken off. TheCD is stuck in the middle ofnowhere. It's a real problem,"said a Western diplomat whodeclined to be named. "Nobodysees a way out." Friday's half-day session in New York isunlikely to yield an agreementto launch the so-called fissilematerial "cut-off" (FMCT)negotiations, widely seen as thenext step in multilateral armscontrol, according to seniorenvoys in Geneva.-Reuters

PARACHINAR: Death tollinto two weeks long fierceclashes between two rivaltribes of Kurram Agency risesto 116 as fresh clashes onSunday left 14 more tribesmendead, sources said.

According to details, theclash was started between themembers of Mangal andBangash tribes in Shalozanarea of Upper Kurrram Agencyover water dispute over twoweeks ago.

In fresh clashes, 14 tribes-men belonging to both sides

were killed and 15 othersinjured raising 16-day deathtoll to 116, officials said morethan 160 tribesmen from bothsides sustained injuries duringthe violence.

"Both sides are using heavyweapons against each othercausing huge losses to life andproperty," sources added.

The two groups also torcheddozens of houses of membersof opponent groups in Tatki,Ismail Klay, Shappu,Khairadin, Mela and Lali Mela

See # 4 Page 11

Fourteen more tribesmen lose lives

Tribal water wardeathroll on the up

Twoblasts

claim 18in Baghdad

BAGHDAD: Two car bombstore through crowded parts ofthe Iraqi capital Sunday, killingat least 18 people and wound-ing more than 60 amid simmer-ing tension six months after aninconclusive election.

One blast targeting a nationalsecurity office killed at least sixpeople and wounded 15, bring-ing down the facades of nearbyhouses, officials said. Somesecurity sources put the deathtoll at nine.

A second car bomb near anoffice of mobile phone operatorAsiacell, part-owned by QatarTelecommunications Co, killedanother six and wounded 51,the Baghdad security commandsaid.

The blasts came three weeksafter the U.S. military formallyended combat operations inIraq, 7-1/2 years after the inva-sion that toppled Sunni dictatorSaddam Hussein.

Overall violence has declinedsharply over the past threeyears but a stubborn SunniIslamist insurgency, opposed tothe Shi'ite Muslim-led authori-ties who came to power afterSaddam's fall, continues tostage regular, devastatingattacks.

The last major assault in theIraqi capital occurred onSeptember 5 when suicidebombers attacked an army basein central Baghdad and battledIraqi troops and US soldiers forseveral hours. At least 12 peo-ple were killed.

Officials say insurgentslinked to al Qaeda are seekingto stoke fears of deepening vio-lence after the U.S. military cutits numbers to 50,000 at the endof August and switched itsfocus to advising Iraqi forces,

See # 6 Page 11

3 more protesters martyred in Indian Held Kashmir


The Financial Daily Epaper 04-10-2010

The Financial Daily-Epaper-17-11-2010

The Financial Daily-Epaper-16-10-2010

The Financial Daily-Epaper-29-11-2010

The Financial Daily-Epaper-11-12-2010

The Financial Daily-Epaper-07-01-2011

The Financial Daily-Epaper-09-03-2011

The Financial Daily-Epaper-13-03-2011

The Financial Daily-Epaper-25-12-2010

The Financial Daily-Epaper-15-12-2010

The Financial Daily-Epaper-14-01-2011

The Financial Daily-Epaper-01-11-2010

The Financial Daily Epaper 02-10-2010

The Financial Daily-Epaper-10-12-2010

The Financial Daily Epaper 19-09-2010

The Financial Daily-Epaper-13-10-2010

The Financial Daily-Epaper-27-01-2011

The Financial Daily-Epaper-30-11-2010

The Financial Daily-Epaper-28-12-2010

The Financial Daily-Epaper-30-01-2011

The Financial Daily-Epaper-21-12-2010

The Financial Daily-Epaper-14-02-2011

The Financial Daily-Epaper-13-02-2011

The Financial Daily-Epaper-07-11-2010

The Financial Daily-Epaper-03-01-2011

The Financial Daily-Epaper-08-01-2011

The Financial Daily-Epaper-18-03-2011

The Financial Daily-Epaper-05-11-2010

The Financial Daily-Epaper-20-01-2011

The Financial Daily-Epaper-07-02-2011

The Financial Daily-Epaper-23-11-2010

The Financial Daily-Epaper-21-01-2011

The Financial Daily-Epaper-04-12-2010

The Financial Daily-Epaper-14-11-2010

The Financial Daily-Epaper-02-12-2010