International

No talks not a setback, says Krishna See on Page 12

Etisalat eyes majority shares in Zain See on Page 12

India unable to stop water: Raja Pervez See on Page 12

*Crude Oil (brent)$/bbl 81.93

*Crude Oil (WTI)$/bbl 79.13

*Cotton $/lb 102.64

*Gold $/ozs 1,308.90

*Silver $/ozs 21.91

Malaysian Palm $ 885.00

GOLD (NCEL) PKR 36,359

KHI Cotton 40Kg PKR 7,770

*Last Updated 20:00 PST

Yearly(Jul, 2010 up to 29-Sep-2010)

Monthly(Sep, 2010 up to 29-Sep- 2010)

Daily (29-Sep-2010)

Total Portfolio Invest (23 Sep-2010)

45.50

-40.37

0.13

2311

0.48

2.18

-6.87

-1.09

0.15

4.62

0.53

SCRA(U.S $ in million)

Portfolio Investment

FIPI (30-Sep-2010)

Local Companies (30-Sept-2010)

Banks / DFI (30-Sept-2010)

Mutual Funds (30-Sept-2010)

NBFC (30-Sept-2010)

Local Investors (30-Sept-2010)

Other Organization (30-Sept-2010)

(U.S $ in million)

NCCPL

GDR update

Commodities

Forex Reserves (24-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- Aug10)

Remittances (Jul 10-Aug 10)

Foreign Invest (Jul 10-Aug10)

Revenue (Jul 10-Aug10)

Foreign Debt (Jun 10)

Domestic Debt (Jul 10)

Repatriated Profit (Jul- Aug 10)

LSM Growth (Jul 10)

GDP Growth FY10EPer Capita Income FY10Population

$16.79bn

12.79%

$3.56bn

$6.25bn

$(2.69)bn

$(944)mn

$1.72bn

$267.10mn

Rs 185bn

$55.63bn

Rs 4705.40bn

$100.90mn

3.05%

4.10%

$1,051

170.67mn

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

17.30

2.00

1.70

9.63

PKR/Shares

112.05

149.11

43.10

36.63

33.20

T-Bills (3 Mths)

T-Bills (6 Mths)

T-Bills (12 Mths)

Discount Rate

Kibor (1 Mth)

Kibor (3 Mths)

Kibor (6 Mths)

Kibor ( 9 Mths)

Kibor (1Yr)

P.I.B ( 3 Yrs)

P.I.B (5 Yrs)

P.I.B (10 Yrs)

P.I.B (15 Yrs)

P.I.B (20 Yrs)

P.I.B (30 Yrs)

22-Sep-2010

22-Sep-2010

22-Sep-2010

30-Jul-2010

30-Sep-2010

30-Sep-2010

30-Sep-2010

30-Sep-2010

30-Sep-2010

30-Sep-2010

30-Sep-2010

30-Sep-2010

30-Sep-2010

30-Sep-2010

30-Sep-2010

12.69%

12.82%

12.79%

13.00%

12.98%

13.09%

13.27%

13.64%

13.73%

13.78%

13.89%

14.03%

14.21%

14.36%

14.52%

Money Market Update

Symbols Buy (Rs) Sell (Rs)

Australian $ 82.60 83.60

Canadian $ 82.65 83.65

Danish Krone 14.90 15.30

Euro 116.30 117.50

Hong Kong $ 10.90 11.30

Japanese Yen 1.006 1.032

Saudi Riyal 22.82 23.00

Singapore $ 64.75 65.75

Swedish Korona 12.00 12.50

Swiss Franc 84.80 85.80

U.A.E Dirham 23.32 23.50

UK Pound 135.50 137.00

US $ 86.20 86.55

Open Mkt Currency Rates

Index Close Change

KSE 100 10,013.31 8.94

Nikkei 225 9,369.35 190.03

Hang Seng 22,358.17 20.50

Sensex 30 20,069.12 112.78

ADX 2,673.19 4.12

SSE COMP. 2,655.66 44.98

FTSE 100 5,548.62 20.65

*Dow Jones 10,808.22 27.06

*Last Updated 20:00 PST

Global Indices

Symbols Buying Selling

TT Clean TT & OD

Australian $ 83.16 83.35

Canadian $ 83.18 83.37

Danish Krone 15.69 15.73

Euro 116.93 117.21

Hong Kong $ 11.08 11.11

Japanese Yen 1.019 1.022

Saudi Riyal 22.93 22.98

Singapore $ 65.32 65.47

Swedish Korona 12.77 12.80

Swiss Franc 87.95 88.16

U.A.E Dirham 23.41 23.47

UK Pound 136.20 136.51

US $ 86.19 86.38

Inter-Bank Currency Rates

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CITIES MAX-TEMP MIN

ISLAMABAD 32°C 16°C KARACHI 37°C 27°C LAHORE 36°C 24°C FAISALABAD 37°C 20°C QUETTA 30°C 3°C RAWALPINDI 33°C 18°C

Weather Forecast

CIA head assures COAS ofprobe into Nato intrusion

See on Page 12

INVESTORS’ GUIDELOOK FORWARD FOR OCTOBER 2010 ISSUE

Cell: 0322-260 2 838 Contact: Ahmed Omer

Email: subscribe@thefinancialdaily.com Phone: 35 31 18 93 - 6

LONDON: Former presidentPervez Musharraf warning thatPakistan is facing risk of newcoup said that army role incountry's politics should beconstitutional and not informal.

According to media reports,addressing a debating forum inLondon Pervez Musharrafwarned that the country is atrisk of a new coup said currentArmy Chief Ashfaq ParvezKayani could be forced tointervene against PresidentAsif Ali Zardari.

Following a reported crisismeeting this week betweenKayani, Zardari and PrimeMinister Gilani, Musharraf wasasked at a debating forumwhether he thought a new

putsch was likely."Well, you see the photo-

graphs of the meeting with thepresident and the prime minis-ter and I can assure you theywere not discussing the weath-er," he replied to debate hostChristopher Meyer, ex-Britishambassador to the UnitedStates. "There was a serious

See # 26 Page 11

Musharraf seescoup d’état risk

Give Army constitutional role to avoid takeover

Staff Reporter

KARACHI: Pakistan's foreignexchange reserves rose to arecord $16.79 billion in theweek ending Sept 24, the cen-tral bank said on Thursday.

The reserves stood at $16.63billion the previous week,which also included $450 mil-lion received from the

International Monetary Fund.Reserves held by the State

Bank of Pakistan (SBP) rose to$12.99 billion from $12.79 bil-lion, while those held by com-mercial banks fell to $3.80 bil-lion from $3.84 billion, saidSyed Wasimuddin, chiefspokesman of the SBP.

"The rise in the SBP's See # 27 Page 11

FX reserves jumpto record $16.79bn

MNAs urgegovt to letOgra setLPG rate

ISLAMABAD: NationalAssembly members have urgedthe government that Oil & GasRegulatory Authority (OGRA)should be given the authority tocontrol price of LiquefiedPetroleum Gas like it does ofPetrol, Gas and CNG.

They said that 86 LPG com-panies are doing whatever theywish and strict action should betaken against them.

Responding to a call attentionnotice of Bargees Tahir,Baligh-ur Rehman and KhalidaMansoor PM AdvisorGhazanfar Gull said that there

See # 25 Page 11

LCCI officials meet Gilani

Govt alive to exporters’

concerns: PMISLAMABAD: PrimeMinister Syed Yousuf RazaGilani has said that theGovernment accords high pri-ority to exports and is fullyalive to the numerous chal-lenges faced by our exporters inthe face of the severe

See # 23 Page 11

8 Maj Genspromotedto Lt Gens

ISLAMABAD: Eight MajorGenerals of the Pakistan Armyhave been promoted to theranks of Lieutenant Generalshere on Thursday.

According to militarysources, with the sheer consul-tation with Chief of the ArmyStaff General Ashfaq ParvezKayani, 8 Major Generals thatinclude Major General RaheelShareef, Major General Zaheer,Major General Khalid Rabbani,Major General Sajjad Ghani,Major General Tariq Khan,Major General Muzzammil,Major General Saleem Nawazand Major General AghaFarooq have been promoted toLieutenant Generals

See # 24 Page 11

Staff Reporter

KARACHI: The governmenthas announced revised petro-leum products' prices forOctober 2010.

These new prices releasedon Thursday night wouldcome into effect from October1st (today) and would remaineffectual for a month.

According to details, Oiland Gas Regulatory Authority(OGRA) has marginally

moved the POL prices.According to the statement

Naphtha price has been raisedby 0.23 paisas to 65.80 perlitre while that of petrolreduced by 0.27 paisas andthe new price now stands atRs66.99 per litre, likewiseHOBC price also slasheddown by 0.29 paisa toRs79.56 per litre, High SpeedDiesel price reduced by 0.78paisas and Light Diesel priceslashed by 0.32 paisa per litre.

POL pricesget tiny cuts

Special Correspondent/Agencies

ISLAMABAD: Pakistan hassaid that Nato should remain inits mandate; no intrusion intoour border would be tolerated.

Foreign Office spokesmanAbdul Basit in his weeklypress briefing said Thursdaythat Pakistan would not toler-ate border violations and inves-tigations have been launchedinto the incident of killing ofthree security officials inKurram Agency by Nato jets'bombardment.

He said we demand of Natoand Isaf to remain within theirmandate and not attack orcome into our side.

He said incidents of attack on

our side by Nato are unaccept-able and we would take meas-ures for ensuring our sover-eignty.

Foreign office spokesmansaid there is no chance of US

See # 18 Page 11

Nato violationdraws big fire

Isaf choppers kill 3 FC men in Kurram

Pakistan haltsNato suppliesafter attacks

ISLAMABAD: Pakistaniauthorities blocked a vital sup-ply route for Nato troops fight-ing in Afghanistan onThursday, angered by a cross-border Nato airstrike that

See # 17 Page 11

18th Amendment cases

SC reserves

judgmentISLAMABAD: Supreme Court(SC) has reserved judgment onthe constitutional petitions chal-lenging certain clauses of 18thamendment maintaining this isthe most important case of thehistory of the country and theverdict will be announced atappropriate time.

See # 22 Page 11

NEW DELHI: Muslims listen to Syed Ahmed Bukhari, chief cleric of the Jama Masjid mosque,

after hearing the first reports of the court ruling, in the old quarters of Delhi.-Reuters

LUCKNOW: An Indian courtruled Thursday that a disputedsite in Ayodhya, that sparkedbloody riots in the past andclaimed by both Muslims andHindus, should now be dividedbetween the Hindu and Muslimcommunities.

In one of the longest-awaitedand most controversial judg-ments in India's history, theLucknow bench of theAllahabad High Court decidedagainst the claim by theMuslim community that theyshould be allowed to rebuild a16th century mosque demol-ished by a mob of Hinduextremists in 1992.

The site of the mosque wouldbe split between two Hindugroups and one Muslim group,the judges said.

The 2,000-page rulingordered that status quo at the

religious compound inAyodhya at the centre of thedispute - currently under statecontrol - would be maintainedfor three months.

The Uttar Pradesh court alsoruled Hindus will be allowed tokeep a makeshift temple, whichwas built over the demolished

central mosque dome.Lawyers representing the

Muslim claimants said theywere "partly disappointed" andthat they would appeal the deci-sion at the Supreme Court.

Many schools and officesremained closed as a huge

See # 16 Page 11

Babri Mosquesite trifurcated

Indian court spells out long-awaited ruling

l Status quo to be maintained for three monthslHindus allowed to maintain makeshift temple

Banks can turn

flood crisis into

an opportunity,

SBP head saysStaff Reporter

KARACHI: Shahid H Kardar,

Governor State Bank of Pakistan

has said that the recent floods

provide an opportunity for the

banking industry to increase

financial inclusion, diversify its

products on sustainable basis

and play its due role in rebuild-

ing the national economy.

Speaking at a Roundtable

Discussion on 'Damage

Assessment of Floods and

Implications for the Financial

Sector' arranged by the State

Bank in Karachi on Thursday,

Kardar said that the central bank

is cognisant of the adversity and

has taken initiatives to assess the

damage and encourage the use

of best practices in the interest of

long-term development of the

See # 19 Page 11

Nawaz AliKARACHI: Karachi StockExchange remained weak dur-ing the first quarter of the fiscalyear as it gained just 3 per cent,while an average daily volumereduced to around 62 millionshares with declining foreign-ers' interest.

KSE remained the worst per-former in the region during theabove mentioned period.

According to the details,average daily turnover of theexchange during the last quar-ter stood at around 62 millionshares declined by more than67 per cent from the same peri-od last year.

The benchmark index of theexchange too didn't show any

See # 28 Page 11

KSE ends 1Qon lower note

Karachi, Friday, October 1, 2010, Shawwal 21, Price Rs12 Pages 12

LSM growsby 3pc in 1M

Ahmed Siddique

KARACHI: The Large-ScaleManufacturing (LSM) sectorshowed a growth of 3.05 percent during the first month ofcurrent fiscal year as comparedto the same period of the lastyear due to higher productionfrom refineries, chemical andauto sector, according to datafrom the Federal Bureau ofStatistics (FBS).

According to the data, in July2010, the Quantum IndexNumbers of the LSM Industriesstood at 199.57 points as

See # 21 Page 11

Exposure Margin

Khi stock mktasks members to

renew guaranteesStaff Reporter

KARACHI: Karachi StockExchange (KSE) has asked allbrokerage houses to track theexpiry dates of their bankguarantees against their

See # 20 Page 11

Muslims say verdictpartly disappointing LUCKNOW: The main Muslim group contesting a religious sitein northern India said it was "partly disappointed" by a verdictThursday to divide the location.

The case relates to the site of a 16th-century mosque inAyodhya which is claimed by Muslims and Hindus.

Lawyers said the court had ordered the site to be divided intothree parts, with two thirds for Hindus and a third for Muslims.

"The suit of Muslims was liable to be dismissed. But they arestill entitled to one third of the site," See # 15 page 11

2 Friday, October 01, 2010

TV PROGRAMMES

FRIDAY

Time Programmes

7:00 News

8:00 News

9:05 Subah Savere

Maya ke Sath

11:00 News

12:00 News

13:10 Newsbeat (Rpt)

14:10 Tonight With

Jasmeen (Rpt)

15:00 News

16:00 News

17:30 Samaa Metro

18:00 News

18:30 Samaa Sports

19:30 Crime Scene

20:03 Newsbeat

21:00 News

22:03 Awam Ki Awaz

23:00 News

23:30 24

ISLAMABAD: TheLahore High Court(LHC) RawalpindiBench on Thursdayissued notices in a quowarranto petition chal-lenging the appointmentof Shahid Sattar, Advisorin the Ministry of WaterPower, who manoeuvredto get himself appointedagainst the rules, regula-tions and norms of jus-tice and fair play.

The petition filed byAsim Raza, through SyedHasnain Ibrahim KazmiAdvocate, called forexplanation from therespondents as to under

what statuary of law hewas holding this position.The court comprisingJustice Mamoon-ur-Rashid has accepted thepetition directed allrespondents includingSecretary Water andPower, SecretaryFinance, SecretaryEstablishment Divisionand Shahid Sattar. Sattarhas been asked to appearin person.

The petitioner has saidthat, "it is submitted thatdue to the appointmentsof such incompetent per-sons the projects of theWorld Bank are either not

completed or fail toachieve required results,causing a hefty loss toPakistan and its people.The rationale behind it isthat such loans are to berepaid with heavy interestrates out the pocket of thepeople of Pakistan,notwithstanding the hardreality of accomplish-ment/non accomplish-ment of the World BankProjects."

The petitioner chal-lenged that he is unquali-fied for the job, does notpossess that qualifica-tions and had misstatedhis experience.-Agencies

LHC challengesappointment offederal advisor

Jamil Siddiqui

KARACHI: TradeDevelopment Authority ofPakistan (TDAP) gearingup its ongoing efforts toboost Pak export drive hasparticipated in 26th editionof Texworld (fabric fair)held recently at Parc d'Expositions Bourget, Paris.

According to a handoutsent to The Financial Dailythe spokeswoman said thatTexworld is held twice ayear; in September and inFebruary. Around 879exhibitors participated inthe fair as against 650 in thelast fair. Exhibitors from allover the world includingChina, Thailand, India,Indonesia, Turkey andBangladesh exhibited theirproducts. Pakistani Pavilionwas located at a prominentplace and attracted a largenumber of local and inter-national visitors/buyers.Eleven companies selectedby TDAP participated in theevent and exhibited theirproducts. The buyers tookkeen interest in Pakistaniproducts displayed thereonand appreciated their highquality. Pakistani exhibitorsnot only received a goodnumber of enquiries butalso concluded business

deals worth $7 million.Participation in this event

was helpful in enhancingthe profile and recognitionof the Pakistani denim andcotton fabric products. Theexhibition also provided anopportunity to Pakistaniparticipants to meet withthe competitors, look attheir products and also toupdate themselves with thelatest trends in the industrywith regard to the require-ments of the internationalbuyers.

Meanwhile in anotherhand out the spokesmanadded that TDAP in collab-oration with PakistanTanners Association (PTA)participated in All ChinaLeather Exhibition heldfrom 1st to 3rd September,2010 at Shanghai. The AllChina Leather Exhibitionhas become China's pre-mier international leatherindustry event, featuring thelatest products and servicesfrom both international andmainland companies.

Exhibitors from variouscountries and regionsincluding Pakistan, Italy,Spain, Turkey, Brazil, India,Australia and Bangladeshexhibited their products,representing all the majorglobal players in the indus-

try. A large number of visi-tors from Mainland Chinaand Overseas visited duringthe three days exhibition.Chinese visitorsmainly came from the east-ern and southernparts of China where mostof the leather gar-ments and footwearindustries are located. Itwas the seventh time thatTrade DevelopmentAuthority of Pakistan andPakistan TannerAssociation jointly organ-ised Pakistan Pavilion atthis exhibition.

Pakistani exhibitors notonly received a good num-ber of enquiries but alsoconcluded business dealsworth $4.5 million.Participation in this eventwas helpful in enhancingthe profile and recognitionof the Pakistani leatherproducts. The exhibitoralso provided an opportu-nity to Pakistani leatherproducts. The exhibitoralso provided an opportu-nity to Pakistani partici-pants to meet with thecompetitors, look at theirproducts and also to updatethemselves with the latesttrends in the industry withregard to the requirementsof the international buyers.

TDAP globalparticipation

on the rise

KARACHI: SindhMinister for Tourism ShaziaMarri has said that the flooddamages are bitter experi-ence and like a test of timefor Pakistan Peoples Partyand its Government, but byserving flood affectees wewill succeed to buildPakistan more stronger.This she said while address-ing as Chief Guest to anevent of sports arranged byYWCA (Young WomenChristian Association) forflood-affected children,here at Karachi.

Shazia Marri said that

flood affected people whohave left their homes due tofloods and are taking shelterin camps, are facing diffi-culties but they are not aloneas entire nation is standingbesides them. She said thatthe courage of flood affect-ed people and smile on theirfaces even in painfulmoments, is a great exampleof courage for we all.Shecriticised those politicianswho are strong critics of theGovernment due to politicalrivalry and said that ratherthan to criticize opponentson political grounds.-APP

Govt strivingto rehabilitate

affectees: Marri

KARACHI: More than 20thousand flood affecteeshave so far been departedfrom the relief campsestablished by City DistrictGovernment Karachi asthey started returning backto their native areas. Thenumber of IDPs presentlystaying in CDGK reliefcamps has now reduced to67 thousand.

This was stated by EDORevenue Roshan AliShaikh while talking tomedia representatives inhis office.

He said that Watan Cardshave been issued to over 12

thousand affectees and theregistration of IDPs was onat the NADRA Centers.Issuance of Watan Cards toflood affectees presentlyliving in other city areaswill start from 4th October.Within a week all thoseaffectees who were stayingin schools and other educa-tional institutions will beshifted to relief camps sothat education processcould start there. EDORevenue said that theaffectees will be providedwith all kinds of help tofacilitate them in the regis-tration process.-PR

Flood IDPs onway to homes

Staff Correspondent

KARACHI: Babar MirzaChughtai was declaredelected unopposed asCentral Chairman ofAssociation of Builders &Developers of Pakistan(ABAD)in the AnnualElections for 2010-2011along with Saleem Zaki asVice Chaiman and DrTalha Farooqui asChairman for SouthernRegion.

For the CentralExecutive Committee ofABAD, Babar MirzaChughtai, Saleem Zaki,Arif Jeewa, SaleemSwaleh, M Hanif Gohar,Rais Ahmad, Asim Aleem,M Mohiuddin, Mohsin

Shaikhani, Zaheer Qadri,Nasir Lakhani, HumzaTabani, Sami Qureshi, DrM Asad Thanvi, HanifMemon, M YounusLakhani, Mustansir Zakir,Nusrat Mirza Chughtai andDr Sajid Saeed weredeclared elected unop-posed.

Mehmood Sheikhani, DrTalha Farooqui, SaleemHanif, Omar Bin Islam,Kamran Younus, SuffianAdhia, Asif Sumsum,Kaleem-uz-Zaman Khan,M Sohail Naviwala, AltafSattar Kantawala andMuhammad Haroon weredeclared elected unop-posed as members ofSouthern RegionalCommittee of ABAD.-PR

New ABAD headassumes office

KARACHI: The ChhipaWelfare Association's(CWA) campaign for therehabilitation of the floodaffectees 'Let us buildPakistan together' has suc-cessfully entered day nine.

The number of donorswho have donated theirZakat, charity and almsand those who contributedwith other goods of neces-sity has also increased.

The contributors ofgoods especially womenhave brought certainessential goods to theCWA's centres. The goodsincluded bed-related items,

blankets, household itemssuch as crockery, utensils,dry ration, old furniture,dry milk powder, etc.

The goods thus collectedwould be distributedaffectees in next couple ofdays among those whowould be returning to theirhometowns so that theycould be assisted for mak-ing a fresh start of theirroutine life.

Meanwhile, CWA'sSocial Worker, RamzanChhipa has offered hisgratitude to those whodonated with cash andgoods.-PR

Chhipa workinghard for relief

FRIDAYTime Programmes

8:00 Pakistan Aaj Raat

9:00 News

9:15 Pehla Sauda

10:00 News

10:15 Bazaar

11:00 News

11:05 Ghar Ka Kharch

12:00 News

12:15 Akhri Suada

13:00 News

13:05 Islamabad Say

14:00 News

14:05 Sara Jahan (Rpt)

15:00 News

15:15 Power Lunch

16:00 News

16:05 Akhri Suada

16:30 Uff Tv(Rpt)

17:00 News

17:05 Ghar Ka Kharch

18:00 News

18:15 Karobari Dunya

19:00 Headlines

19:05 Filmi Samaa (Rpt)

19:30 Red Carpet(Rpt)

20:00 Headlines

20:05 Islamabad Say

21:00 Pakistan Aaj Raat

22:00 Headlines

22:05 Dosra Pehlu(Rpt)

KARACHI: Nasir Ahmed, Collector Karachi giving the winners trophy to students

of Defence Authority College of Business who won the All Karachi Quiz Competition

2010 held at Defence Authority College for Women Phase-VIII.-PR

ISLAMABAD: Chairman, Pakistan Telecommunication Authority (PTA) Dr Mohammad Yaseen presenting100 Millionth Mobile Phone SIM to the Prime Minister Syed Yusuf Raza Gilani at PM’s Chamber in

Parliament House. Advisor on IT Sardar M Latif Khan Khosa is also present.-PR

Bahrainiexpats totake partin home

pollsStaff Correspondent

KARACHI: TheConsulate General of theKingdom of Bahrain inKarachi, has invitedBahraini citizens presentin Karachi, who are reg-istered in the voters'schedules and wishing tocast their votes to electthe members of theCouncil Representatives,to register their names atthe Consulate General ofthe Kingdom of Bahrainin Karachi, or by fillingthe online.

In a hand out sent toThe Financial Daily thespokesman said that theRegistration will be openfor 7 (seven) days, from29 September and until 5October, as long as thevoter is registered in anyof he voters' schedules inthe Kingdom of Bahrain.The voting date for thosewho have registeredthrough the above men-tioned methods will be onTuesday 19th October.Re-run for those con-stituencies which are notfinalised will be onWednesday 26th October.

All Karachiquiz contest

held atDHA collegeKARACHI: All KarachiQuiz Competition 2010was held at DefenceAuthority Degree Collegefor Women Ph-VIII hereon Thursday. Collector ofCustoms, Karachi NisarAhmed, was the chiefguest of the occasion.

Nisar Ahmed empha-sised the significance ofthe power of knowledgeand termed the quiz com-petitions as the hallmarkof a sound education sys-tem. He said that theworld was moving fromindustrial economy toknowledge based econo-my as such knowledgeand information played apivotal role in success ofany venture.

Earlier the principal ofthe college, NasreenNisar, in her welcomeaddress, highlighted theachievements of the col-lege students in academicand co-curricular activi-ties. She stressed theneed for constant updateof knowledge for a suc-cessful career in thistechnological and infor-mation age. She said thatthe quiz competitionsprovide an excellentopportunity to enhanceand nurture the mentalskills of students and indevelopment of their allround personality.-PR

Irfan Sheikh

elected new

REAP chief

Staff Correspondent

KARACHI: Irfan AhmedShaikh was unanimouslyelected as the newChairman of RiceExporters Association ofPakistan (REAP).

According to the hand-out issued to TheFinancial Daily fromREAP, the annual elec-tion of Rice ExportersAssociation of Pakistan(REAP) were held in bothNorth and South Zonessimultaneously. In SouthZone, All the candidatesfor the ManagingCommittee nominated bySouth Zone Group, head-ed by Abdul RahimJanoo, were declared suc-cessful unopposed,whereas in North Zone,all the Seats were cap-tured by Founder Groupwith Heavy Margins.

As per the announce-ment by the ElectionCommission in AnnualGeneral Meeting (AGM),the candidate forChairman, nominated bySouth Zone Group, IrfanAhmed Sheikh and candi-date for Vice Chairman,nominated by FounderGroup, Taufiq AhmedKhan and Ashfaq Ghaffar,nominated for Treasurewere declared successful.

The new OfficerBearers, i.e. Chairman,Vice Chairman andTreasurer will take chargetoday for the tenure of2010-2011.

LCCIinstallssecurity

system inmoon mkt

LAHORE: The LahoreChamber of Commerce andIndustry, while fulfilling itssocial corporate responsi-bility, has provided state-of-the-art security systemincluding night vision secu-rity cameras and surveil-lance systems with com-plete backup arrangementsto the Moon Market, theplace that has frequentlybeen targeted by terrorists.

The security system wasjointly switched-on by theCity Police ChiefMohammad Aslam Tarin,LCCI President ShahzadAli Malik, outgoing LCCIPresident Zafar IqbalChaudhry and formerLCCI ExecutiveCommittee member SardarUsman Ghani.

Moon Market TradersAssociation office-bearersand a large number of areabusinessmen were alsopresent in the inaugurationceremony.

Speaking on the occasion,the City Police ChiefMohammad Aslam Tarinpaid rich tributes to theLahore Chamber ofCommerce and Industry forsupplementing police effortsaimed at ensuring foolproofsecurity at all the city mar-kets. He said that the Policewas putting in its best effortsto weed out the menace ofterrorism but to make thesociety crime free every per-son of the society wouldhave to play its role.-PR

Samsungranked

19th globalyKARACHI: SamsungElectronics CompanyLimited has been ranked19thamong the top 100brands. It also attained the9th ranking within the ITindustry. These rankingswere published by"Interbrand"- the definitiveguide to the most valuableglobal brands, said a hand-out issued here.

The value of Samsungbrand has been estimatedat 19,491 million USDollars, which shows anincrease of 11 per centover last year. Interbrand'sannual report on the BestGlobal Brands is voted tobe one of the three mostinfluential benchmarkstudies by business lead-ers. It offers evaluativeinsights into how the bestglobal organizations createand manage brand value.

The General Manager ofSamsung Pakistan, Mr.Steve Han said, "Samsungconsiders its brand to be astrategic business asset andinvests heavily on its brandbuilding functions to gainon this intellectual capital.We have built a compellingbrand-proposition aroundour strategic growth agen-da to ensure success andreturns".-PR

KARACHI: Students from different departments of Karachi Universitystaged protest against the unhuman act of imprisoning Dr Afia Siddiqui

by US govt Students chanted slogans, demanding Pakistani govt totake action against the decision. They also urged the masses to raise

their voice against the so-called flag bearers of peace and humanrights, the US. Protest rally starded from Mass Communication

department and ended outside Silver Jublie gate.-PR

SHANGHAI: The yuan closedlower against the dollar onThursday, but the Chinese cur-rency in September scored itsbiggest monthly gain since itslandmark revaluation in July2005.

The People's Bank of China(PBOC) engineered a pullbackin the yuan against the dollaron Thursday after it had gener-ally allowed the yuan to rise inthe month. The move was seenas signalling that Beijing mayheed US appeals to let the yuanappreciate but it has a limit towhat it may concede.

The PBOC fixed a weakerreference rate, through which itguides the yuan, after the USHouse of Representativespassed a bill to press China tolet its currency rise faster.This was seen implyingChina's bottom line in the tug-of-war -- the United Statesmust not corner Beijing by fur-ther pushing the bill pass theSenate or labelling it a curren-cy manipulator.

The yuan ended at 6.6912 onThursday, down fromWednesday's close of 6.6868but was up 1.74 per cent this

month, and it has gained 2.02per cent since the PBOCannounced it would bedepegged from the dollar onJune 19.

The market will be closed fora week starting on Friday forthe National Day holiday, withtrading resuming on Oct. 8.

Before trading started onThursday, the Chinese centralbank fixed the yuan's dailymid-point at 6.7011 versus thedollar, down slightly fromWednesday's record high of6.6936.

Dollar/yuan non-deliverableforwards hovered at low levelsto imply decent yuan rises asthe offshore market continuesto bet that China will let theyuan appreciate for now. -Reuters

Yuan posts biggestmthly gain since

revaluation

3Friday, October 1, 2010

Currency Rates

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

British Members Association Interest Settlement Rates.

AT 11:00 LONDON TIME 30/09/2010

A USD GBP CAD EUR JPY

O/N 0.22625 0.55125 1.05750 0.60625 SN 0.10500

1WK 0.25025 0.55203 1.06583 0.50375 0.11750

2WK 0.25181 0.55563 1.09500 0.53875 0.12625

1MO 0.25625 0.56844 1.12667 0.60625 0.14000

2MO 0.27297 0.62281 1.18833 0.69375 0.17125

3MO 0.29000 0.73225 1.25333 0.84750 0.21625

4MO 0.34406 0.81734 1.31000 0.93125 0.30875

5MO 0.40750 0.92250 1.36500 1.02875 0.36750

6MO 0.46250 1.02516 1.43333 1.13188 0.42750

7MO 0.51156 1.10109 1.50083 1.18188 0.48313

8MO 0.56188 1.18109 1.58833 1.22375 0.53125

9MO 0.61141 1.26359 1.65667 1.27813 0.58063

10MO 0.66469 1.33641 1.73083 1.32625 0.60750

11MO 0.71781 1.40516 1.83167 1.37125 0.63063

12MO 0.77775 1.47078 1.92083 1.42000 0.66000

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

U.S.A. 86.20 86.00 85.81U.K. 136.51 136.20 135.89EURO 117.21 116.93 116.67CANADA 83.37 83.18 82.96SWITZERLAND 88.16 87.95 87.72AUSTRALIA 83.35 83.16 82.94SWEDEN 12.80 12.77 12.73JAPAN 1.03 1.03 1.03NORWAY 14.69 14.65 14.61SINGAPORE 65.47 65.32 65.15DENMARK 15.73 15.69 15.65SAUDI ARABIA 22.98 22.93 22.87HONG KONG 11.11 11.08 11.05CHINA 12.88 12.85 12.82KUWAIT 302.96 302.26 301.46MALAYSIA 27.92 27.85 27.78NEW ZEALAND 63.47 63.32 63.16QATAR 23.68 23.63 23.56U.A.E. 23.47 23.41 23.35KR WON 0.08 0.08 0.08THAILAND 2.83 2.83 2.82

London Inter Bank Offered Rates (LIBOR)

Name Bid Ask High Low

EUR-USD 1.3588 1.3590 1.3684 1.3562

EUR-GBP 0.8645 0.8648 0.8672 0.8655

EUR-CHF 1.3323 1.3327 1.3352 1.327

EUR-JPY 113.57 113.6 114.21 112.99

USD-CHF 0.9805 0.9809 0.9821 0.9709

USD-CAD 1.0299 1.0303 1.0342 1.0233

GBP-USD 1.5717 1.572 1.5922 1.57

GBP-JPY 131.39 131.43 132.71 131.03

AUD-USD 0.9639 0.9643 0.9733 0.9627

EUR-CAD 1.3992 1.3999 1.4097 1.3952

CHF-JPY 85.22 85.29 85.81 85.07

Gold 1300.01 1300.69 1315.23 1296.18

Silver 21.68 21.70 21.97 21.58

As per 22.00 PST

Time Source Events Forecast Previous

6:00 CNY Manufacturing PMI 52.5 51.7

11:00 EUR German Retail Sales m/m 0.5% -0.1%

11:30 AUD Commodity Prices y/y 52.7%

12:15 CHF Retail Sales y/y 3.2% 4.7%

12:30 CHF SVME PMI 60.8 61.4

1st-7th GBP Halifax HPI m/m 0.6% 0.2%

13:30 GBP Manufacturing PMI 53.9 54.3

14:00 EUR Unemployment Rate 10.0% 10.0%

17:30 USD Core PCE Price Index m/m 0.1% 0.1%

17:30 USD Personal Spending m/m 0.4% 0.4%

18:55 USD Revised UoM Consumer Sentiment 67.1 66.6

Source Events Actual Forecast Previous

GBP GfK Consumer Confidence -20 -19 -18

JPY Prelim Industrial Production m/m -0.3% 1.2% -0.2%

JPY Retail Sales y/y 4.3% 4.6% 3.8%

AUD Building Approvals m/m -4.7% 0.0% 0.1%

AUD Private Sector Credit m/m 0.1% 0.3% 0.3%

GBP Nationwide HPI m/m 0.1% -0.3% -0.8%

EUR German Unemployment Change -40K -20K -20K

EUR CPI Flash Estimate y/y 1.8% 1.8% 1.6%

CAD GDP m/m -0.1% -0.1% 0.2%

Previous Day

Top Economic Events

Central Bank Next Meeting Last Change Current

Interest Rate

Bank of Canada Oct 19 2010 Sep 08 2010 1%

Bank of England Oct 07 2010 Mar 05 2009 0.50%

European Central Bank Oct 07 2010 May 07 2009 1%

Federal Reserve Nov 03 2010 Dec 16 2008 0.25%

Swiss National Bank Dec 16 2010 Mar 12 2009 0.25%

The Reserve Bank of Australia Oct 05 2010 May 04 2010 4.50%

Bank of Japan n/a Dec 19 2008 0.10%

Major Central Banks Overview

Division of National Bank of Pakistan (NBP)KARACHI, September 30,2010 Treasury Management Division of National Bankof Pakistan (NBP) Monday issued the following Exchange rates:

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

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

ABPL 11.90 12.40 12.00 12.50 12.10 12.60 12.75 13.00 12.85 13.10 12.95 13.45 13.00 13.50 13.15 13.65

ABLN 11.90 12.40 12.50 13.00 12.60 13.10 12.85 13.10 13.00 13.25 13.10 13.60 13.25 13.75 13.35 13.85

JSBL 12.10 12.60 12.25 12.75 12.50 13.00 13.00 13.25 13.15 13.40 13.40 13.90 13.40 13.90 13.75 14.25

ASPK 12.20 12.70 12.40 12.90 12.55 13.05 12.80 13.05 13.00 13.25 13.10 13.60 13.20 13.70 13.25 13.75

CIPK 12.65 13.15 12.75 13.25 12.75 13.25 13.00 13.25 13.10 13.35 13.20 13.70 13.40 13.90 13.50 14.00

DBPK 12.00 12.50 12.20 12.70 12.30 12.80 12.75 13.00 12.90 13.15 13.15 13.65 13.25 13.75 13.35 13.85

FBPK 11.90 12.40 12.30 12.80 12.35 12.85 12.75 13.00 13.00 13.25 13.10 13.60 13.15 13.65 13.40 13.90

FLAH 12.10 12.60 12.25 12.70 12.40 12.95 12.65 12.90 12.80 13.05 12.85 13.35 12.95 13.45 13.05 13.55

HBPK 12.10 12.60 12.40 12.90 12.50 13.00 12.80 13.10 13.05 13.30 13.15 13.65 13.20 13.70 13.30 13.80

HKBP 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

NIPK 11.90 12.40 12.40 12.90 12.75 13.25 12.95 13.20 13.10 13.35 13.15 13.65 13.20 13.70 13.25 13.75

HMBP 12.25 12.75 12.60 13.10 12.70 13.20 12.85 13.10 13.10 13.35 13.20 13.70 13.30 13.80 13.50 14.00

SAMB 12.10 12.60 12.35 12.80 12.50 13.00 12.90 13.15 13.10 13.35 13.20 13.70 13.30 13.80 13.40 13.90

MCBK 11.90 12.40 12.30 12.80 12.45 12.95 12.70 12.95 12.90 13.15 13.10 13.60 13.20 13.70 13.40 13.90

NBPK 12.00 12.50 12.10 12.60 12.30 12.80 13.00 13.25 13.10 13.35 13.30 13.80 13.40 13.90 13.50 14.00

SCPK 12.00 12.50 12.20 12.70 12.40 12.90 12.75 13.00 12.90 13.15 13.00 13.50 13.10 13.60 13.20 13.70

UBPL 11.50 12.00 12.15 12.65 12.50 13.00 12.90 13.15 13.00 13.25 13.10 13.60 13.20 13.70 13.30 13.80

AVE 12.02 12.52 12.31 12.81 12.48 12.98 12.84 13.09 13.02 13.27 13.14 13.64 13.23 13.73 13.35 13.85

Karachi Inter Bank Offered Rates (KIBOR)

Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)30/09/2010

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

1 week 0.35 0.23 0.23 0.23 -0.02 0.53 0.11 -0.161 month 0.86 0.81 0.88 0.97 0.85 0.67 -0.64 -0.933 months 0.38 0.21 0.65 0.62 0.03 0.51 -0.39 -0.346 months 0.34 0.77 0.89 0.58 -0.13 0.05 -0.60 0.161 year 0.36 0.90 0.91 0.85 0.50 0.32 0.13 -0.332 years -0.04 0.40 0.29 0.46 -0.32 -0.14 0.19 -0.14

Currencies CorrelationEUR/GBP

CMKA BMA INVSR GSL ICSL JSCM AvgRate

0-7days 11.85 12.00 11.75 12.00 11.90 11.75 11.88

8-15dys 12.15 12.25 12.00 12.40 12.25 12.00 12.18

16-30dys 12.50 12.60 12.25 12.50 12.50 12.30 12.44

31-60dys 12.95 12.70 12.40 12.90 12.70 12.40 12.68

61-90dys 13.00 12.80 12.65 12.90 12.80 12.70 12.81

91-120dys 13.05 12.90 12.85 13.00 12.85 12.85 12.92

121-180dys 13.10 13.05 12.95 13.00 12.90 12.95 12.99

181-270dys 13.15 13.00 13.00 13.05 13.05 13.00 13.04

271-365dys 13.25 13.10 13.10 13.25 13.15 13.10 13.16

2-- years 13.50 13.45 13.40 13.40 13.80 13.45 13.50

3-- years 13.65 13.90 13.55 13.85 13.85 13.85 13.78

4-- years 13.70 13.90 13.60 13.80 13.90 13.60 13.75

5-- years 13.75 13.98 13.85 13.90 13.95 13.90 13.89

6-- years 13.80 13.98 13.70 13.92 14.00 13.70 13.85

7-- years 13.90 14.00 13.75 13.95 14.00 13.75 13.89

8-- years 14.00 13.70 13.70 13.95 14.00 13.70 13.84

9-- years 14.05 13.70 13.70 13.99 13.75 13.70 13.82

10--years 14.05 14.05 14.00 14.05 14.05 14.00 14.03

15--years 14.20 14.15 14.20 14.25 14.30 14.15 14.21

20--years 14.40 14.30 14.40 14.30 14.50 14.25 14.36

Revaluation RatesTreasury Bills / PIBs / FIBs Holding Applicable for September 30, 2010

LONDON: Sterling fell to afour-month low against the euroon Thursday as investors coveredshort positions in the single cur-rency after an annual rebate to theUK from its European Unionfarming contribution was com-pleted.

The flows pushed the euro to itsstrongest since late May, revers-ing selling pressure seen earlierin the day on anticipation that the

payment to UK farmers wouldrequire euros to be converted intopounds. This speculation hadbeen slowing the euro's riseagainst sterling all week even asthe single currency has been ral-lying on the back of broad dollarweakness. "Because of the EUsubsidy to British farmers to bepaid in sterling, there was anexpectation of a massive outflowof euros into sterling so the mar-ket was positioned accordingly,"said Valentin Marinov, currencystrategist at Citi.

By 1533 GMT, the euro traded0.2 per cent higher on the day at

86.43 pence, not far from the86.72 pence hit in late Londontrade.

The rally in the euro lifted thesingle currency above its 200-daymoving average at 85.86 pence.A close above that level wouldprovide further support for theeuro. Sterling slipped 0.5 per centto the day's low of $1.5694,reversing a climb to $1.5924 ear-lier in the day, its strongest since

early August.Providing a short-lived boost to

the pound in earlier trade waswaning speculation about furtherUK monetary easing after Bankof England policymaker AdamPosen said he had not decided onhis vote for the next policy meet-ing. The pound had suffered sincePosen suggested the BoE shouldextend its 200 billion pound assetpurchase scheme in a speech onTuesday -- the first policymakerto do so since November, andputting him in opposition toAndrew Sentance, who has votedfor rate hikes. -Reuters

Sterling falls afterEU rebate transaction

SEOUL: The Thai baht hit a13-year high against the dollarand the South Korean wonhovered around a 4-1/2-monthhigh on continuous inflows offunds.

Investors stayed wary of pos-sible further currency interven-tion by the regional foreignexchange authorities to keepexport competitiveness of theircountries.

Still, the allure of emergingAsia for international investorsis expected to keep the region'scurrencies in demand, analystsand traders said.

"There is nothing to changeinvestors' appetite for Asia yet.Asia's economic fundamentalslook much better than those in

the US and Europe," saidJeong My-young, a currencystrategist at Samsung FuturesInc in Seoul.

"The regional authorities willcontinue intervention, but itdoes not look so easy," Jeongadded.

The won rose to a near 4-1/2-month high against the dollaron exporters' demand for end-month settlements and as theforeign exchange authoritiesstayed on the sidelines.

The won ended domestictrade up 0.2 per cent from theprevious close at 1,140.1against the dollar, just a notchweaker than 1,139.8, thestrongest since May 14.

The Thai Baht hit a 13-year

high against the dollar on con-tinued foreign capital inflows.

But investors remained waryof currency intervention by thecentral bank with one tradersaying the Bank of Thailandentered the market althoughwas not very active.

The baht rose as much as0.62 per cent to 30.26 per dol-lar, the strongest since 1997,from late Wednesday's 30.45.

The currency had room torise up to 30.00 against the dol-lar, but it would not be easy tobreak through the level, dealerssaid. On Wednesday, a seniorThai finance ministry officialsaid more foreign fund inflowswere expected, especially intothe bond market. -Reuters

Asian currencies

Baht, won up on fundinflows; wary of cbank action

SYDNEY/WELLINGTON: The Australiandollar looked set on Thursday to round off itsbest monthly performance in over a year despiterunning into light profit-taking after disappoint-ing domestic data.

The Australian dollar retreated to $0.9660after data showed building approvals dropped4.7 per cent in August owing to a plunge inapprovals for public homes, weaker than expec-tations for a flat outcome.

A large investment bank sold heavily, but thatwas offset by demand from exporters and mutu-al funds, which had to hedge their overseasstock investment before the end of the month.

For the quarter, it was up 15.2 per cent, themost it has climbed in any quarter since June2009, and ranking it the best performer amongthe world's most traded currencies in the threemonths. Charts showed near-term support was at

$0.9649, then $0.9623 and $0.9590. Resistancewas seen at the high of $0.9730.

The New Zealand dollar steady at $0.7371after recovering from a dip to $0.7348 followingvery weak home building data. It hit an offshorehigh of $0.7408. Despite a slew of weak data,the kiwi has risen more than five per cent thismonth, or some 7.5 per cent for the quarter -- thebest performance since June 2009 -- as specula-tion of easier US monetary policy weighs on thedollar.

Support for the kiwi was put at $0.7306, thelow on Tuesday, while resistance was seen atWednesday's high of $0.7408.

The Aussie inched back to NZ$1.3118 onsome profit taking, after hitting a five-and-a-halfmonth high of NZ$1.3173 earlier, but was upover 7 per cent on the quarter. The kiwi fell toone-week low of 61.45 yen. -Reuters

Australian, NZ dollar set forbest quarter since June’09

Taiwan $hits 2-yr

closing highTAIPEI: The Taiwan dollarrose to a two-year closing highon Thursday, ending the thirdquarter with a 2.9 per centgain, with dealers seeing moreupside into the next quarter onhopes of more foreign fundinflows.

The US dollar weakenedagainst most major Asian cur-rencies in July-September, andrecent poor US economic datareinforced expectations the USFederal Reserve will takemore action to help the strug-gling economy.

The Taiwan dollar closed atT$31.330, up fromWednesday's close ofT$31.380, ahead of the centralbank's policy-setting boardmeeting later in the day.

Taiwan's central bank iswidely expected to raise itspolicy interest rate again as theisland's economic growth con-tinues and inflation remainssubdued.

Investors have favouredgrowth-linked Asian forexmarkets such as Taiwan's formost of September because ofstrong fundamentals andupbeat data from across theregion, currency strategistssay. -Reuters

TOKYO: Money dealers trade at a foreign exchange marketin Tokyo. -Agencies

NEW YORK: The euro hit afresh five-month high against thedollar on Thursday, on pace forits best quarterly gain in eightyears, after data showed euro-zone banks are relying less onfunds from the European CentralBank.

The news reinforced expecta-tions Europe may graduallyremove policy stimulus beforemajor economies like the UnitedStates and Britain, helping offsetconcerns about Ireland's fiscaland banking problems.

The yen rose broadly onreported exporter demand for thecurrency on the last day ofJapan's fiscal half-year. Thissparked talk Japan may step inagain to curb yen gains.

The euro's rally, however,seemed to be running out ofsteam in the short-term, analystssaid, after reaching the 55-weekmoving average around $1.3613

and failing to take out the previ-ous high of $1.3692 hit last April12. Midmorning in New York,the euro was up 0.2 per cent at$1.3654.

As long as the euro holds

above $1.3511, the previous 50per cent Fibonacci retracementof the November 2009 peak andJune 2010 low, momentumremains positive. The currency isstill on track to hit its 200-weekmoving average at $1.3916,traders said.

The euro, however, pared gainsversus the dollar after a stronger-than-expected business activity

reading in the US Midwest, withan index of 60.4, compared withforecasts of 56.

In a day of heavy month- andquarter-end flows, investorsopted to buy back the euro after

it fell earlier on Ireland disclos-ing a worst case price tag ofmore than 50 billion euros to bailout its troubled banks.

The euro pushed throughreported options barriers at$1.3650 and $1.3675 to hit afive-month high of $1.3684 onthe EBS trading platform.Traders said there is another bar-rier at $1.3700 and every 25-

point interval all the way to$1.38. The euro has risen almost12 per cent versus the dollar overthe course of this quarter, its bestquarterly performance since June2002. On the month, the eurowas up about 7.5 per cent, itsbest monthly gains sinceDecember 2008.

Euro gains helped push thedollar index to an eight-monthlow against a basket of curren-cies, The dollar index fell to aneight-month low of 78.414 andwas last 78.507, down 0.2 percent. It has fallen more than 8 percent over the quarter, leaving iton track for its biggest quarterlyfall since the second quarter of2002 heightening worries theymay step in again.

The Ministry of Finance saidJapanese authorities sold 2.1249trillion yen ($25.37 billion) incurrency intervention in the lat-est month to Sept. 28. -Reuters

Euro gains vs dollar, ontrack for best quarter in 8 yrs

Swiss franc

flat despite

fresh EU woesZURICH: The Swiss franc wasstuck in a tight range against dol-lar and euro on Thursday as mar-kets brushed off fresh concernsabout euro-zone banks.

The euro was under somepressure after Ireland's centralbank put a 34 billion euro priceon bailing out stricken AngloIrish Bank under a worst casescenario and said Allied IrishBanks needs to raise an addi-tional 3 billion euros by the endof the year.

The franc was little changedagainst the euro compared to theNew York close, trading at1.3314 per euro at 0808 GMT.The franc has been stuck in arange between around 1.3050and 1.3350 against the euro sincethe Swiss National Bank cut itsinflation forecast sharply in mid-September, indicating it was inno rush to raise borrowing costs.

The franc was also littlechanged against the dollar at0.9780 per dollar, within sight ofthe 30-month high 0.9730 hit inthe previous session. -Reuters

Wary of BOT intervention; one says BOT in market

Better-than-expected US data helps limit USD losses

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.

Secular state,non-secularcourt ruling

The attempt to understand the court verdict regarding

Babri Mosque creates more confusion as it fails to estab-

lish the fact who owns the site. Its decision to split the

property into three pieces is likely to create resentment

rather than providing any amicable solution.

Muslims must read the comments of an Indian constitu-

tional lawyer expressing his disappointed on the ruling and

saying that the court had shirked its primary responsibility

of discerning ownership of the site. "If you seek to divide

property, you should at least first find out who owns it,"

said the lawyer.

The decision by the court has hurt the secular image of

India and supported those who insist on calling it

Hindustan. One of the reasons for not giving people of

Kashmir the right to self determination is the slogan 'we

will not allow another division of India on the basis of reli-

gion'.

The desecration of Mosque about 18 years ago had

resulted in the killing of 2000 people. The court decision is

likely to fuel another round of carnage by the Hindu

extremists, who still claim the ownership of the place

belongs to Hindus.

It is true that the court's decision hurt Muslims and they

also have the right to express their dissent. However, they

have to be extra careful because of the presence of enemies

within their rank and file.

It is also feared that some of the elements in Pakistan

may try to show their resentment by holding demonstra-

tions after Friday prayers. The presence of RAW support-

ed elements in Pakistan and knowing their modus operan-

di demands that the government should take extra security

measures today.

Nato forces’transgression

Till recently US drones were striking certain areas fallingwithin the boundaries of Pakistan. While a few criticstermed it not only violation of Pakistan's airspace but alsowent ahead to dub these stealthy surgical attacks as warcrimes. Our government's failure in containing suchattacks, must have given Nato forces the courage to under-take strikes within Pakistan unilaterally. The governmenthas lodged formal protest with the Nato authorities but arelikely to get it-was-a-mistake kind of a reply. However,Nato must realise that this sort of adventurism could haveserious repercussions.

After the verdict against Dr Afia Siddiqui, anti-US senti-ments are running high, evident from the rallies through-out the country. The government also came under severepublic fire for saving the Jacobabad airbase being used bythe allied forces by flooding other areas.

Resistance is also on the rise with regard to logistic sup-port to allied forces operating in Afghanistan. Many of thetankers and other vehicles carrying goods for ISAF wereblown up recently. It is feared that anti-US elementswould, now, attack Afghan bound vehicles more and more.Since these supply-trucks also pass through thickly popu-lated areas, an attack within a city could prove disastrous-ly bloody.

Nato better not attempt such hot-pursuiting in Pakistanfor the sake of hard-built trust, which would evaporatefaster than ever if even legitimate heat on the militants isturned on the wrong way and on wrong side.

One completely fails to understand the US policytowards Afghanistan as it wants to both do away with andshake hands with the Taliban at the same time. If the USintends to leave Afghanistan without achieving the objec-tives declared before attacking Afghanistan, it should steerclear of Pakistan keeping in mind the galore of sacrifices itmade for the mighty mentor-ally which is now a humpty-dumpty-on-the-fall in Afghanistan.

4Friday, October 01, 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

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Email Address: editor@thefinancialdaily.com

The Financial Daily InternationalVol 4, Issue 57

George Soros this monthrepeated his warning gold islocked in the "ultimate bubble",and told investors bluntly it was"certainly not safe" in troubledtimes.

Soros was simply repeating awarning he issued at the WorldEconomic Forum (WEF) back inFebruary. At the time gold wastrading at less than $1,150 perounce. It has since risen to touch$1,300 this week, and is up morethan 400 per cent from its low of$252 in 1999. There is no end insight for the bull run. Anyonewho shorted gold back inFebruary would be sitting onhuge losses.

But while Soros himselfwarned gold was in a bubble, hishedge fund, Soros FundManagement LLC was one ofthe biggest gold bulls of the year,doubling its holding of shares inthe SPDR Gold Trust at aboutthe same time he was issuing hiswarning at the WEF in Davos.

Soros is no longer involved inthe management of the fund. Butthe apparent disconnect betweenthe bubble warning and the bull-ishness of his fund will strikemany observers as strange. In real-ity it illustrates the fascinatinginvestment philosophy of one ofthe most successful financiers ofthe last 50 years and is the bestway to understand what is reallygoing on in the precious metalmarket.

REFLEXIVITY

AND BUBBLES

Soros outlined his theory ofprice formation, and how bub-bles inflate and collapse, in abrilliant book on "The Alchemyof Finance", first published in1987, but updated in 2003. Itremains one of the clearest, most

incisive explanations of how andwhy bubbles occur, and showshow profiting from the "madnessof crowds" has been pivotal tohis success.

In particular, Soros rejected theprevailing idea that "marketprices are … passive reflectionsof the underlying fundamentals",a dogma he dismissed as marketfundamentalism, or that therewere stabilizing forces whichwould automatically drive pricesback towards equilibrium.

Instead, Soros propounded atheory of "reflexivity", in whichfundamentals shape perceptionsand prices, but prices and per-ceptions also shape fundamen-tals. Instead of a one-way, linearrelationship in which causalityflows from fundamentals toprices and perceptions, Sorosdeveloped the theory of a loop inwhich prices, fundamentals andperceptions all act on one anoth-er.

"I contend that financial mar-kets are always wrong in thesense that they operate with aprevailing bias, but that the biascan actually validate itself byinfluencing not only marketprices but also the fundamentalsthat market prices are supposedto reflect".

Later he writes more bluntly:"[The efficient market hypothesisand theory of rational expecta-tions] claims that the markets arealways right; my proposition isthat markets are almost alwayswrong but often they can validatethemselves".

Beyond a certain point, self-reinforcing feedback loopsbecome unsustainable. But in themeantime positive feedbackcauses bubbles to inflate furtherand for longer than anyone could

have foreseen at the outset."Typically, a self-reinforcing

process undergoes orderly cor-rections in the early stages, and,if it survives them, the bias tendsto be reinforced, and is less easi-ly shaken. When the process isadvanced, corrections becomescarcer and the danger of a cli-mactic reversal greater".

RUNNING

WITH THE HERD

Soros cites numerous exam-ples of self-validating behavior -ranging from the conglomerateboom of the 1960s and realestate investment trusts (REITs)in the 1970s to the technologyboom and the rise and spectacu-lar fall of Enron and WorldComat the end of the 1990s and startof the 2000s. Each was heraldedat the time as a "new paradigm".

But none is more fascinatingthan his explanation of thedynamics of the REITs bubble inthe early 1970s. Because Sorosrecognised the potential for abubble early and published aresearch note advocatinginvestors should get aboard thetrend.

In his note he sketched theentire rise and fall of the REITsin the form of a four act play,warning that eventually disap-pointment would affect valuationand lead to a shakeout, withfewer new entries, more regula-tion and more moderate growth.

But he observed "The shakeoutis a long time away. Before itoccurs, mortgage trusts will havegrown manifold in size andmortgage trust shares will haveshown tremendous gains. It isnot a danger that should deterinvestors at the present time. Theonly real danger at present is thatthe self-reinforcing process may

not get underway at all".In the debate about whether

markets are a "weighing machine"for discovering true fundamentalvalue or a "voting machine" whichrecords the popularity of certaintheories and the mass of the crowd,Soros came down firmly on theside of the voting machine.

Crucially, the successful spec-ulator responds to bubbles not byshorting them and waiting forstabilising forces to drive themarket quickly back to somefundamental value, but by identi-fying them early and riding thewave, hoping to get out beforethe whole edifice finally comescrashing down.

Reading people (otherinvestors, narratives) is as impor-tant - if not more important - asunderstanding the fundamentalsof an asset itself. Identifying thenext "new new thing" earlierthan the rest of the crowd andgetting aboard, and then beingwilling to liquidate before thedeluge, is at the heart of the spec-ulator's success.

GOLD AS ULTIMATE

BUBBLE

In this world, gold is the ulti-mate bubble because apart fromthe cost of actually digging it outof the ground it has almost noreal fundamentals other thanprice itself. Investors have beenbuying it precisely because theprice has been going up and isexpected to carry on rising.Rising prices have created theirown demand. It is the ultimatelyreflexive investment.

Rising gold prices haveencouraged investors to add goldto their portfolios and centralbanks to reverse a long-standingdrift towards eliminating thelow-yielding asset from their

reserves and start adding itinstead.

In a thoughtful research note,Deutsche Bank argues that "thegold market is still some wayfrom displaying the characteris-tics of a bubble" (CommoditiesQuarterly, Sep 28). But using theSoros idea of a bubble as aprocess, rather than simply afrothy end-state, gold has alreadybeen a bubble for some time asan ever larger group of investorshas climbed aboard, propellingprices higher.

In an implicit acknowledgmentof the role self-validating forceshave played driving gold priceshigher, one prominent gold ana-lyst recently pointed out thatgold still has the most com-pelling "narrative" of any invest-ment.

In a research note, BarclaysCapital explains "For analysts …gold has traditionally been atricky one due to its multipleroles as a commodity, currency,inflation hedge and hedgeagainst credit risk and macroeco-nomic uncertainty. Gold is, insum, more than a simple com-modity, it's a hedge against fear"(Commodity Daily Briefing, Sep23). Barclays might have added ahedge against deflation as well,another function cited byDeutsche Bank. But with somany apparent fundamentals, insome sense it has none at all;gold is the ultimate voting asset,which is valuable preciselybecause other investors believe itis valuable.

Soros was right to identify itback in February as the ultimatebubble. And his hedge fund waseven more right to brush asidefundamental concerns and golong.-Reuters

Gold the “Ultimate Bubble”

There are two principal cropseasons in Pakistan namely"Kharif" with sowing

beginning in April and harvestbetween October and Decemberand "Rabi" beginning Octoberand ending in May. Rice, cotton,sugarcane, maize and millet areKharif crops while wheat, gram,tobacco, rapeseed, barley andmustard are Rabi crop.

Sugarcane

Sugarcane is grown in about195 countries. Its production isaround 1.5 billion tons. Theworld's largest producer of sug-arcane is Brazil followed byIndia. Pakistan ranks fifthamong the top ten sugarcaneproducing countries. Sugarcaneis a major cash crop of Pakistanand the main source of incomeand employment for the farm-ing community. Its share invalue added agriculture andGDP is 3.5 per cent and 0.8 percent respectively.

The crop is cultivated duringspring season in the month ofFebruary or March. It is har-vested in November orDecember. Sugarcane is includ-ed in both the Rabi and Kharifcrops. All areas are not suitablefor growing sugarcane. It ismostly cultivated in canal irri-gated areas of Punjab, KhyberPakhtunkhwa and Sindhprovinces. In Punjab it is culti-vated in Faisalabad, Sargodha,Multan, Bahawalpur, Lahoreand Gujranwala districts. InSindh Hyderabad and Sukkurdivision ranks first and secondin the production of sugarcane.Mardan, Peshawar and Bannudistricts of KhyberPakhtunkhwa province rank onthe top in the production of sug-arcane.

In the fiscal year 2009-10 sugar-cane was grown on 943,000hectares. Production was 49.4 mil-lion tons against 50 million tons in2008-09, showing a decline of 1.2per cent. The yield kilogram perhectare in 2009-10 was 52,357.The major reasons for the nominaldecline in sugarcane productionwas primarily due to sufficientarea under wheat crop during2008-09 limited sugarcaneacreage, shortage of canal water,load shedding of electricity, highrates of input, etc.

Pakistan is the fifth largest pro-ducer of sugarcane but its yield is

relatively low. As compared toIndia the yield is very low. Thesugarcane yield in India is far bet-ter than Pakistan not onlybecause of good varieties andsuperior production technologybut mainly due to workable andgood government policies forcontinued production.

In Pakistan the low productivi-ty is partially due to irrigationwater scarcity, non availability offertilizer at the proper time, highprice of electricity, constant loadshedding, and poor crop manage-ment practices, frequent nonavailability of easy loans and lackof suitable marketing system.Further, most the sugar mills runfar below their designed capacitythus lifting sugarcane from othermills to meet their requirement.This undergoes large revenuelosses to the national exchequer.The factors responsible for thisare the unplanned establishmentof vast number of sugar mills andlow price fixed by the provincialgovernment.

Wheat

Wheat is the most widelygrown crop in the world. About17 per cent of the total arable landis cultivated with wheat. Theworld's largest producer of wheatis China followed by India.Among the top ten producingcountries of wheat India rankssecond in terms of productionand consumption and third interms of yield per hectare.Pakistan ranks eighth in terms ofproduction and in terms of yieldranks fifth.

Wheat is the staple food crop ofPakistan and is cultivated in allprovinces of Pakistan. It plays animportant role in the managementof its economy. It contributes14.4 per cent to the value addedin agriculture and 3.1 per cent toGDP.

As compared to otherprovinces of the country, Punjabcultivates wheat on a large are. Itsshare in wheat production is alsothe highest.

The upper Indus plain con-tributes 70 per cent of the totalwheat produced in Pakistan.Canal-fed fields produce abouttwo-third of the wheat and therest comes from the rain fedfields. The main wheat growingareas are Sargodha, Faisalabad,Multan, Dera Ghazi Khan,Bahawalpur, Lahore, Sahiwal,Shaikhupura and Sialkot.Farmers generally plant wheatlate in the rice, sugarcane andcotton cultivating areas of thecountry. Currently, only 20 percent of wheat is being planted atoptimum planting time, 15October to 15 November.

Sindh comes second in wheatproduction. Most of the wheat iscultivated in the lower Indusbasin in the irrigated districts of

Nawabshah, Hyderabad, Sukkur,Tharparkar and Khairpur. InKhyber Pakhtunkhwa provinceMardan, Peshawar and Bannu arefamous for wheat cultivation.Wheat is also grown inBalochistan.

In Pakistan wheat yield overthe last eight years has not shownany significant improvement.There had been erratic growth inthe yield during the review peri-od. The yield dipped during2001-02, 2003-04, 2005-06 and2007-08. The decline in wheatyield and production during theperiod in 2007-08 was 9.8 percent and 10 per cent respectively.The reason for downfall in wheatproduction and yield was mainlydue to delayed start of sugarcrushing season and late cottonpicking by the growers, shortageof irrigation water, price factorand severe frost damaging earlycrop sown in Punjab and KhyberPakhtunkhwa.

On the other hand, India'swheat yield per hectare duringthe past eight years as comparedto Pakistan was better in allrespect. During the precedingthree years from 2005-06 to2007-08 India's growth rate interms of production and yield perhectare has been positive. Its pro-duction recorded high at 78 mil-lion tonnes during 2007-08. Thislevel of production was sufficientto meet the indigenous demand.India enjoys an edge overPakistan due to cheap electricity,tractors, good quality seeds andpesticides provided to the farm-ers. Further, the availability ofurea on time to the farmers at rea-sonable rate has substantiallyincreased its production andyield.

Rice

Rice is the second staple foodcrop for nearly half of the world'spopulation. Rice is grown inabout 114 countries. It is themajor source of income andemployment to million of house-holds in Asia and Africa. Asiaaccounts for 91 per cent of globalharvest. China and India account-ed for over half of the world ricesupply in 2006.The productivityof rice in India was higher thanThailand, Pakistan, Bangladesh,Nepal and Brazil but much belowthe productivity in Japan, Korea,China, United States andIndonesia.

Pakistan ranks twelfth amongthe rice producing countries.About 80 per cent of the world'srice is produced on small farms,mostly to meet the family needs,and poor rice growers' accountfor the same percentage of allrice producers.

Rice is Pakistan's second foodcrop after covering about 11 percent of the total cropped area. It isthe third largest crop along with

wheat and cotton. Pakistan has agood reputation of exportingextra-long grain aromatic basmatirice. Pakistan also exports quanti-ties of coarse rice. Rice is a pri-mary export commodity after cot-ton. Pakistan cultivates betterquality of rice to meet both itsdomestic and internationaldemand. It accounts for 6.4 percent of value added in agricultureand 1.4 per cent in GDP.

The cultivation of rice is con-centrated in the low lying plainsof Punjab and the flooded riversand canal areas of Sindh. It is alsogrown in the mountainous districtin the North and canal irrigatedareas. In Punjab, the division ofLahore and Gujranwala are at thetop. Best quantity of Basmati,Parmal, and Sukhdari rice isgrown in Punjab. Some rice isalso cultivated in Shakupura,Sargodha and Bahawalpur divi-sions. In Sindh Sukkur division isfamous for good quality rice cul-tivation. It is also cultivated inLarkana, Khairpur andHyderabad districts.

Rice yield in Pakistan is muchlower as compared to many otherrice growing countries of theworld. During the past eight yearsthere was dip in yield in threeyears. Rice production and yieldwas lowest in the year 2001-02primarily due to acute shortage ofwater and longer draught spell.Both yield and productiondropped by 9.2 per cent and 19.2per cent respectively. Substantialimprovement both in yield and inproduction was observed in theyear 2002-03. After a drop inyield in the 2003-04 and 2004-05there had been an improvementof 6.1 per cent growth in yieldand 10.4 per cent in production in2005-06. This was achieved dueto efforts of rice research anddevelopment, favorable environ-ment condition, high prices andbetter economic returns to farm-ers. Both production and yieldincreased in 2007-08 after a dropin yield and production in 2006-07.

The low yield was partiallydue to limitations in the adapta-tion of modern technology.Farmers were faced with prob-lems like limited supply of goodseeds, imbalanced use of fertiliz-ers, scarcity of irrigation water,insect and pest attacks and socialand economic constraints.

Apart from its high rice yieldcompared with Pakistan Indiaproduces a good quantity of infe-rior quality rice for its home con-sumption. On the other handPakistan produces the best quali-ty and fairly large quantity of riceboth for the domestic consump-tion and export. Failure in follow-ing aggressive marketingapproach Pakistan has not beenable to compete with India in the

global markets. In order toimprove yield Indian scientistsare working hard to remove thedeficiencies and deploying newtechnologies to suite the localenvironmental conditions.

The sugarcane scientists deal-ing with the improvement of pro-duction and yield should be givena free hand to advice farmerswithout any interference by thebureaucracy and politicians.Meetings should be held duringplanting and harvesting periodamong farmers, scientists, andsugar mill owners. With bettergovernment policies favoring thegrowers, production and yieldcan be increased. The farmersshould be provided credit on softterms to the growers of sugar-cane. Electricity should also beprovided for tube and developirrigation system and marketingsystem be established which iseasily understood by the growersin achieving higher productionand yield. Seeds of high yieldingvarieties should also be madeavailable to the farmers.

Pakistan's wheat yield is farbelow the international standardand the government has not yetcome up with appropriate poli-cies enabling the growers toachieve higher yield. The scien-tists should make serious effortsto produce genetically improvedvarieties. To reduce the financialburden of the farmers the govern-ment should supply electricity,urea, tractors, pesticides, insecti-cides and good quality seeds atreasonable prices.

Irrigation water is essential forsuccessful cultivation of all thecrops. Water should be madeavailable at appropriate time tothe farmers and must be usedjudiciously. In order to achievehigher yield wheat crop shouldnot be planted late. The govern-ment should organize trainingprogrammes to create awarenessamong the farmers and creditshould also be made available atsofter terms.

Pakistan facing serious foodsecurity crisis must not waste timebut utilize all the resources at itsdisposal to enhance yield of bas-mati rice to achieve higherexportable surplus. The govern-ment must develop new rice seedsthrough extensive research anddevelopment. Improved qualityseed enjoying higher resistantagainst pests and insects should bemade available and balanced useof fertilizer ne encouraged.Balanced and appropriate doses ofZinc Sulphate should also beapplied to increase rice productiv-ity. Following optimum sowingand harvesting time is also impor-tant for achieving higher riceyield. Proper water managementpractices must also be followed toachieve higher rice yields.

Let Them Crop Up

Mohammed Arifeen

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 8.39 17.33 BAFL 8.20 8.46 JSGF 3.09 5.02 JSCL 9.97 4.71 SILK 2.85 3.80

Symbol Close ChangeNESTLE 1,900.19 37.75 DREL 636.00 29.10 COLG 706.17 17.89 LAKST 283.97 13.52 APL 340.56 5.29

Symbol Close ChangeFZTM 316.85 -16.54IDYM 234.21 -12.32MTL 570.41 -5.66SHEZ 95.00 -5ICI 117.10 -3.96

Plus 183Minus 182Unchanged 19

Top 5 Volume Leaders

Major Losers

Major Gainers

KSE-100 Index

LSE-25 Index

ISE-10 Index

Active Issues

Europe shares hit by profittaking at quarter-end

SEAsian stocks mostly higher at end of best quarter this year

Friday, October 1, 2010 5

Dhiyan

Overall market outlook is negative due to current situation in thecountry. However, we may not see much decline in the index due tocontinued foreign buying in index heavy weights. Investors areadvised to do very short term trading in blue chip companies havinggood dividend record like in LUCK, DGKC, PPL, and POL whilethey should avoid long term investments. Stability on the politicalfront and launch of margin trading system will be the factors to trig-ger the market. Market will show mix activities today.

Naeem Rafi, Rafi Securities

Farhan Mansuri, Arif Habib LimitedMarket is likely to show range bound activities before Oct 13 when hear-ings of NRO will resume. Therefore, index will be moving in a range of150-200 points and investors should invest at 9,700-9,800 points and sellat 10,000 points. They should invest in high dividend yielding stockswhich have announced their results like APL, ACPL. Improvement in thepolitical situation, launch of MTS, strengthening rupee value, and relax-ation in circular debt will support the market. Some negative activities areexpected today in the market.

AVOID LONG-TERM BUYING

Opening 10,022.25

Closing 10,013.31

Change 8.94

% Change 0.09

Turnover (mn) 88.83

Opening 3,118.89 Closing 3,114.90 Change 3.99% Change 0.13Turnover (mn) 3.56

Opening 2,558.37

Closing 2,557.43

Change 0.94

% Change 0.04

Turnover (mn) 0.22

Nawaz Ali

KARACHI: Shares endedwith a minor loss at KarachiStock Exchange (KSE) onThursday as after some bearishactivities due to rise in keyinterest rates by the State bank,buying was witnessed on goodcorporate results of Attockgroup companies that allowedthe index to sustain the psy-chological level of 10,000points.

The benchmark KSE 100-index skid eight points to10,013 points, KSE 30-indexfell 53 points to 9,674 pointsand KSE all-share was downthree points to 6,996 points.

"Negative close was wit-nessed as SBP raised discountrate by 50 basis points in itsmonetary policy," said AhsanMehanti, Director Arif HabibInvestments.

Following a 50 bps rise ininterest rates, market took a

negative beginning of the dayat 10 points down. Bearishactivities then increased due tocontinued selling pressure.Therefore, index remained inthe red territory almostthroughout the day and atabout 11:55 am it touched itslowest level of the day of 9,934points (-ve 88 points).However some good corporateresults of Attock group compa-nies invited buying during thefinal hour which wiped off the

index losses while buying alsowas witnessed as it was the lastsession of the quarter.Therefore, index gave a coupleof short visits to green zoneand at a moment it touched anintraday high of 10,031 points(+ve 8 points). However, itfailed to give a positive closingand finally ended with someminor losses.

Samar Iqbal, equity dealer atTopline Securities said that theexpected decline after the

interest rate hike was over-shadowed by the excellentannouncements of NRL andAPL. With decent volumes,index recovered early lossesmainly due to good corporateannouncements. Lotptaremained the volume leader asinternational PTA prices con-tinued to rise.

Foreign investors howeverwere on the buying side.According to NCCPL, there

See # 14 Page 11

KSE holds 10k postwith minor casualties

HONG KONG/SHANGHAI:Hong Kong stocks recordedtheir strongest quarterly per-formance in a year onThursday despite retreatingfrom an eight-month high, asGoldman Sach Group Inc's saleof a $2.25 billion stake inIndustrial and CommercialBank of China Ltd weighed onthe market.

The Hang Seng Index hasgained about 11 per cent thisquarter, its best performancesince the same period a yearago, but a bout of short-sellingcould point to weakeninginvestor confidence in any fur-ther upside.

"Momentum is beginning tolook like it will weaken soon,"said Patrick Yiu, a director atCASH Asset Management inHong Kong. "There is likely tobe limited upside for as long asthe Chinese government triesto keep things under control,but foreign capital inflows mayhelp things a little."

Short sellers as a percentageof overall turnover clocked inat about seven per cent inmorning trade, higher than thefive per cent typically seen inHong Kong.

The benchmark Hang SengIndex lost 0.09 per cent to22,358.17 on Thursday. TheChina Enterprises Index of top

locally listed mainland stockswas down 0.19 per cent at12,406.1.

China's key stock indexended up 1.72 percent onThursday, with property sharessuch as Gemdale Corp unex-pectedly jumping after the gov-ernment announced freshmeasures to subdue bubblyprices in the country's red hotreal estate market.

The Shanghai CompositeIndex ended at 2,655.66 points,after finishing flat onWednesday. The market will beclosed for a week starting onFriday for the week-longNational Day holiday.

Shanghai's stock market hasgained 11 per cent for the quar-ter ending in September, but isstill down about 21 per cent sofar this year, with China'sclampdown on bank lendingand the property market havingtaken a toll despite robust eco-nomic growth.

On the charts, the Hang SengIndex's relative momentumindex (RMI), which moveswith the relation to upward anddownward changes in thebenchmark, is currently hover-ing around a 13-month high at80.4, past the overbought 70level.

The last time it hit such alevel was in August 2009,

when the index fell more than6.5 per cent in the two weeksafter hitting a high of about 82.

Industrial and CommercialBank of China fell 3.2 per centto HK$5.78 after Goldmanwatered down its stake in theChinese lender, amid widerfears that regulators may raisethe minimum amount banksmust keep in reserve.

"We're really looking closelyat foreign fund inflows for thefourth quarter," said Peter Lai,a strategist at DBS Vickers,who recommends buying intothe Chinese pharmaceutical,infrastructure and retail sec-tors.

"I'm personally bullish onHong Kong stocks and thinkwe may have some upside inthe next three months."

On the upside, Hong KongExchange and Clearing Ltdrose about one per cent, hover-ing around nine-month highs,with investors chasing up thestock amid a flurry of upcom-ing IPO activities includinginsurer AIA, which has a top-end valuation of $38.8 billion.

Shanghai's property sub-index closed up 3.9 per cent,with traders saying investorswere buying back into the mar-ket after property sharesslumped since mid-April this

See # 12 Page 11

Shanghai gains; Hong Kong flat

TOKYO: Nikkei average slidtwo per cent on Thursday, hitby a late yen rise, but stillbooked its best monthly per-formance in six months, helpedby hopes the central bank willease policy further and that theyen's rapid advance could becurbed by more intervention bythe authorities.

The benchmark Nikkei fell190.03 points to 9,369.35, theday's low, but still managed topost a 6.2 per cent gain for themonth of September, its bestmonthly rise since March.The broader Topix fell 2.1 percent to 829.51. Trade pickedup, with 2.1 billion sharestraded on the Tokyoexchange's first section, thehighest since Sept 15 - whenJapan intervened to weakenthe yen. Declining shares beatadvancing ones by more than9 to 1.

But the benchmark edgeddown 0.1 per cent for the quar-ter, sharply lagging other major

world indexes.The yen advanced against the

euro and against the dollar aswell, after Ireland's centralbank but a 34 billion euro ($46billion) price on bailing outAnglo Irish Bank under a worstcase scenario and said AlliedIrish Banks needs to raise anadditional three billion Eurosby the end of the year.

Market players said investorsbegan dumping shares in latetrade after expected window-dressing -- or buying of someof the quarter's better perform-ers by fund managers toimprove their books -- failed toemerge, with the yen rise alsofeeding sales.

"I think the next quarter willlikely see the market testing thedownside in a tug-of-warbetween hopes for policy eas-ing and the worsening worldeconomy," said Yutaka Miura,senior technical adviser atMizuho Securities.

See # 11 Page 11

Nikkei slides 2pc

MUMBAI: Surging foreignportfolio investment liftedIndian shares higher for theseventh quarter in a row, itslongest winning run in at least20 years. But mounting con-cerns the rally was overdonetook some sheen off the attrac-tive long-term story.

The main stock index gained13.4 per cent in the quarter andnotched a 11.7 per cent gain inSeptember, its best monthlygain in 16 months.

The 30-share BSE indexclimbed 0.57 per cent or 112.78points to 20,069.12, in a chop-py session on expiry of month-ly derivatives contracts on theNational Stock Exchange.Nineteen of its componentsclosed in the green.

In the broader market, losersoutnumbered gainers in a ratioof 1.3:1 on a moderate volumeof 479 million shares. The 50-share NSE index firmed 0.7 percent to 6,029.95 points.

Trade was a bit choppy aheadof the much awaited verdictover a disputed religious site,dealers said.

Later in the day, a court is setto rule whether Hindus orMuslims own a disputed reli-gious site at Ayodhya in north-ern India, a judgment manyfear could trigger an outbreakof communal rioting.

"From the medium-termperspective, we are bullishon Indian stocks," saidSandip Sabharwal, CEO of

portfolio management serv-ices at brokerage PrabhudasLilladher.

"But then, the speed at whichwe have run up, I do not ruleout a small correction in thenext 4-6 weeks. Also, the mar-ket is ignoring the jitters fromEurope."

Foreign funds have poured in$5.3 billion in Indian sharesthis month, including primarymarket offerings.

Even as there is one morequarter to go, their net invest-ment so far in 2010 currentlystands at $18.2 billion, whichhas helped the benchmarkindex rise 14.9 per cent from ayear earlier.

The uncertainty in developedeconomies have attractedmoney flows into India, theworld's second-fastest growingmajor economy.

Mahindra Satyam nosedivedas much as 9.5 per cent afterthe outsourcer reported a netloss for fiscal years 2009 and2010, giving the first view ofits financials nearly two yearsafter it was hit by India'sbiggest corporate fraud.

JPMorgan downgraded thestock to "neutral" from "over-weight" as the restated finan-cials restored normalcy, but theprogress was likely to be slow.

The stock fell the most in10 months weeks and closed8.9 per cent lower at 90.10rupees.

See # 9 Page 11

Indian mkt upwith tad margin

US stocks mid-day

Market fallson profit

takingNEW YORK: Stocks fell onThursday as encouraging dataincreased positive sentiment,but investors still chose to takeprofits going out of a strongquarter and the best Septemberin more than 70 years.

The Dow Jones industrialaverage slid 56.35 points, or0.52 per cent, to 10,778.93. TheStandard & Poor's 500 Indexshed 4.99 points, or 0.44 percent, to 1,139.74. The NasdaqComposite Index dropped16.68 points, or 0.70 per cent,at 2,359.88.

In the S&P 500's biggestmonthly gain since March 2000,the benchmark index surged 8.6per cent in September on signsof economic stabilisation andexpectations that the FederalReserve will take steps to accel-erate the recovery. The S&P 500is up 10.6 per cent in the thirdquarter.

"There's a lot of evening outof positions and profit takingsince we've come up nicely this

See # 13 Page 11

NRL, ATRL,APL, ACPLresults out

Ghulam Raza Rajani

KARACHI: AttockPetroleum Limited (APL),Attock Cement PakistanLimited (ACPL), NationalRefinery Limited (NRL), andAttock Refinery Limited(ATRL), the subsidiaries ofthe Attock Oil CompanyLimited announced onThursday their results for theyear ended at June 30, 2010,according to the Karachi StockExchange (KSE).

Profit after taxation of APLgrew 16.6 per cent to Rs3.59billion over Rs3.08 billion inthe previous year, resultinginto earning per share ofRs62.4 as against Rs53.51 ear-lier.

Furthermore, the companyannounced Rs20 per share div-idend that is in addition tointerim dividend of Rs10 pershare. Moreover, APL's boardof directors also recommendedissuance of 20 per cent bonusshare as well.

See # 8 Page 11

ANNOUNCEMENTS

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

Attock Cement Yearly 32.50%(D) 1016.685 11.74

Attock Petroleum Yearly 200%(D) 20%(B) 3594.309 62.40

National Refinery Yearly 200%(D) 3284.814 41.08

Kohinoor Energy Yearly 15%(D) 687.292 4.06

Noon Pak Non-Vot Yearly 12%(D) - -

Noon Pak Yearly 12%(D) 27.285 2.15

Kohat Cement Yearly - -327.777 -2.55

Buxly Paints Yearly - 2.571 1.79

Khalid Siraj Yearly - -6.421 -0.60

Brothers Textile Yearly - -14.631 -1.49

Crescent Jute Yearly - -82.763 -3.48

Constellation Mod Yearly - 1.694 0.33

First Credit & Yearly - 7.874 0.12

Climax Eng. Yearly - -28.143 -

Attock Refinery Yearly - 126.389 1.48

FTSEfinishes

lower onweak lendersLONDON: Britain's FTSE 100closed lower on Thursday asweaker banks outweighed gainsfrom energy stocks on strongercrude prices and commentssuggesting BP could resumepaying a dividend in 2011.

The FTSE 100 closed 20.65points, or 0.4 per cent lower at5,548.62. It gained 6.2 per centin September and 12.8 per centin the third quarter.

Sharp falls in US weeklyclaims for jobless benefits andearly signs of strength inSeptember business activityhelped to lift stocks in after-noon trade, but uncertainty overthe outlook for banks and thewider economy saw it retreatjust before trading closed.

"There's optimism out thereand investors are happy to

See # 10 Page 11

Friday, October 1, 20106

Volume 88,830,993

Value 3,131,679,606

Trades 48,819

Advanced 183

Declined 182

Unchanged 19

Total 384

Current 6,996.83

High 7,008.99

Low 6,943.71

Change i3.59

Current 10,013.31

High 10,031.19

Low 9,933.67

Change i8.94

Current 9,674.34

High 9,727.57

Low 9,619.96

Change i53.23

Market KSE 100 Index All Share Index KSE 30 Index

Current 15,682.85

High 15,751.16

Low 15,595.94

Change i63.36

KMI 30 IndexSymbolsAlert ! Unusual Movements

Technical AnalysisFundamental Highlights

As on Jun 30, 2009

EcoPack Limited

ECOP closed up 0.12 at 1.94. Volume was 503 per cent above aver-

age (trending) and Bollinger Bands were 29 per cent narrower than nor-

mal. The company's loss after taxation stood at Rs18.393 million which

translates into a Loss Per Share of Rs0.80 for the year ended FY10.

ECOP is currently 40.1 per cent below its 200-day moving average and

is displaying a downward trend. Volatility is low as compared to the

average volatility over the last 10 trading sessions. Volume indicators

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

casting oscillators are currently bearish on ECOP.

RSI (14-day) 44.78 Total Assets (Rs in mn) 1,850.83

MA (10-day) 1.93 Total Equity (Rs in mn) 180.12

MA (100-day) 2.38 Revenue (Rs in mn) 1,764.85

MA (200-day) 3.23 Interest Expense 195.37

1st Support 1.75 Loss after Taxation (85.62)

2nd Support 1.56 EPS 09 (Rs) (3.726)

1st Resistance 2.14 Book value / share (Rs) 7.84

2nd Resistance 2.34 PE 10 E (x) -

Pivot 1.95 PBV (x) 0.25

Technical AnalysisFundamental Highlights

As on Jun 30, 2009

PACE closed up 0.10 at 2.71. Volume was 252 per cent above average

(trending) and Bollinger Bands were 58 per cent narrower than normal.

The company's profit after taxation stood at Rs293.733 million which

translates into an Earning Per Share of Rs1.11 for the nine months of

fiscal year (9MFY10).

PACE is currently 41.0 per cent below its 200-day moving average and

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

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

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

Trend forecasting oscillators are currently bullish on PACE.

RSI (14-day) 51.90 Total Assets (Rs in mn) 9,025.24

MA (10-day) 2.59 Total Equity (Rs in mn) 5,194.40

MA (100-day) 3.42 Revenue (Rs in mn) 1,261.81

MA (200-day) 4.59 Interest Expense 272.59

1st Support 2.53 Profit after Taxation 436.80

2nd Support 2.33 EPS 09 (Rs) 1.805

1st Resistance 2.90 Book value / share (Rs) 21.46

2nd Resistance 3.07 PE 10 E (x) 1.83

Pivot 2.70 PBV (x) 0.13

PACE Pakistan Limited

Technical AnalysisFundamental Highlights

As on Dec 31, 2009

PAKRI closed up 0.08 at 13.22. Volume was 190 per cent above aver-

age (trending) and Bollinger Bands were 38 per cent narrower than nor-

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

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

calendar year (1HCY10).

PAKRI is currently 38.0 per cent below its 200-day moving average and

is displaying 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 PAKRI at a relatively equal pace.

Trend forecasting oscillators are currently bearish on PAKRI.

RSI (14-day) 36.26 Total Assets (Rs in mn) 12,372.62

MA (10-day) 13.57 Total Equity (Rs in mn) 6,785.66

MA (100-day) 16.80 Revenue (Rs in mn) 2,170.95

MA (200-day) 21.34 Interest Expense 0.00

1st Support 12.90 Profit after Taxation 269.91

2nd Support 12.55 EPS 09 (Rs) 0.90

1st Resistance 13.50 Book value / share (Rs) 22.62

2nd Resistance 13.75 PE 10 E (x) -

Pivot 13.15 PBV (x) 0.58

Pakistan Reinsurance Company Ltd

Technical AnalysisFundamental Highlights

As on Jun 30, 2009

RAVT closed up 0.23 at 1.83. Volume was 399 per cent above average(trending) and Bollinger Bands were 65 per cent narrower than normal.The company's profit after taxation stood at Rs7.167 million which trans-lates into an Earning Per Share of Rs0.29 for the nine months of fiscalyear (9MFY10).RAVT is currently 78.8 per cent below its 200-day moving average and isdisplaying a downward trend. Volatility is relatively normal as compared tothe average volatility over the last 10 trading sessions. Volume indicatorsreflect volume flowing into and out of RAVT at a relatively equal pace.Trend forecasting oscillators are currently bearish on RAVT.

RSI (14-day) 42.98 Total Assets (Rs in mn) 437.02

MA (10-day) 1.64 Total Equity (Rs in mn) 75.13

MA (100-day) 4.78 Revenue (Rs in mn) 316.78

MA (200-day) 8.55 Interest Expense 12.51

1st Support 1.65 Profit after Taxation 0.24

2nd Support 1.40 EPS 09 (Rs) 0.01

1st Resistance 2.10 Book value / share (Rs) 3.01

2nd Resistance 2.30 PE 10 E (x) 4.73

Pivot 1.85 PBV (x) 0.61

Ravi Textile Mills Limited

OIL AND GAS

Performance of SR Oil and Gas Index

Open High Low Close Change % Change

1,242.19 1,254.03 1,228.69 1,243.46 1.27 0.10

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

7,255,100 - - 65,194.15 mn 1,005,314.18 mn 1,243.46

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

10.71 3.96 37.01 68.56 6.40 1,231.85

Attock Petroleum 576 5.24 335.27 350.00 336.00 340.56 5.29 807326 350.00 281.26 250 - 300 20

Attock Refinery 853 14.45 82.00 81.75 78.51 79.48 -2.52 1083011 93.60 73.47 - - - -

BYCO Petroleum 3921 - 10.43 10.39 10.00 10.16 -0.27 871986 13.05 9.62 - - - -

Mari Gas Company 735 14.71 109.68 109.09 108.00 108.54 -1.14 32194 138.45 106.00 32.17 100B 31 -

National Refinery 800 5.03 202.53 208.49 198.00 202.06 -0.47 324438 208.49 183.25 125 - 200 -

Oil & Gas Development XD 43009 10.06 144.85 146.40 144.00 145.71 0.86 215196 153.00 133.00 82.5 - 55 -

Pak PetroleumXDXB 11950 5.40 175.44 175.30 171.77 172.41 -3.03 991282 214.10 168.70 130 20B 90 20B

Pak Oilfields 2365 6.99 235.79 238.00 234.26 237.13 1.34 3487884 240.01 209.99 180 - 80 -

Pak Refinery Limited 350 - 59.64 59.50 58.25 58.30 -1.34 2667 82.00 48.26 - - - -

P.S.O XD 1715 4.55 267.08 271.00 261.51 268.70 1.62 1378578 289.45 233.10 50 - 80 -

Shell Gas LPG 226 13.62 29.85 30.50 30.00 30.23 0.38 1266 40.10 27.32 - - - -

Shell Pakistan XD 685 9.87 193.02 194.00 190.00 192.45 -0.57 14269 244.00 188.00 330 - 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

917.23 926.21 913.80 918.93 1.70 0.18

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

7,778,032 - - 47,070.70 mn 113,399.17 mn 918.93

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

5.64 0.49 8.64 16.68 2.96 910.01

Ali Asghar Textile 222 - 1.07 1.40 1.40 1.40 0.33 1000 2.21 0.40 - - - -

Amtex Limited 2415 4.54 17.04 17.00 16.75 16.98 -0.06 532159 20.45 14.00 - - 30 -

Artistic Denim 840 5.86 19.66 20.30 20.00 20.10 0.44 51746 21.29 17.55 20 - - -

Aruj Garments 62 6.14 4.30 3.51 3.50 3.50 -0.80 6326 6.85 3.50 - - - -

Azam Textile 133 0.52 2.21 2.22 1.75 2.22 0.01 301 2.90 1.35 - - - -

Azgard Nine 4493 253.25 10.37 10.50 10.00 10.13 -0.24 2015049 13.40 8.55 - - - -

Bannu Woolen 76 - 9.93 10.79 10.00 10.40 0.47 5941 10.79 7.50 - - - -

Blessed Tex Mills 64 0.77 49.58 52.05 49.99 51.00 1.42 17170 52.05 38.95 7.5 - 50 -

Brothers Textile 98 - 0.31 0.33 0.32 0.33 0.02 20000 1.50 0.10 - - - -

Chakwal Spinning 400 1.24 1.28 1.28 1.20 1.25 -0.03 5400 2.30 0.70 - - - -

Chenab Limited 1150 - 3.19 3.20 3.03 3.19 0.00 5702 4.98 2.93 - - - -

Colony Mills Ltd 2442 2.10 2.78 2.80 2.50 2.50 -0.28 3102 5.00 2.23 - - - -

Crescent Jute 238 - 0.83 1.00 0.50 0.77 -0.06 50021 2.25 0.48 - - - -

Crescent Textile 492 3.22 19.61 20.61 20.25 20.61 1.00 2020 28.60 19.51 - - - -

D S Ind Ltd 600 - 1.76 1.85 1.61 1.72 -0.04 16447 2.65 1.45 - - - -

Ellcot Spinning 110 1.84 22.80 22.20 21.66 21.66 -1.14 5430 25.45 20.50 7.5 - 35 -

Fazal Textile 62 3.14 333.39 349.89 316.73 316.85-16.54 375 410.00 305.00 15 - 100 -

Gadoon Textile 234 1.26 45.46 47.73 45.00 47.03 1.57 54162 47.73 33.80 - - 70 -

Ghani Value Glass 75 7.28 33.30 33.90 33.00 33.00 -0.30 2617 38.64 26.00 8 400R 25 -

Ghazi Fabrics 326 1.26 4.26 4.65 4.30 4.33 0.07 23000 5.00 1.11 - - 10 -

Hira Textile Mills Ltd. 716 1.38 4.05 3.98 3.75 3.85 -0.20 11093 4.61 2.52 - - - -

Ibrahim Fibres 3105 3.37 35.60 36.99 35.70 36.62 1.02 140 41.00 33.66 - - - -

Indus Dyeing 181 3.10 246.53 234.21 234.21 234.21-12.32 5000 269.50 185.38 15 - - -

Jubilee Spinning 325 2.08 2.99 3.00 1.99 2.49 -0.50 20776 4.84 1.96 - - - -

Khalid Siraj 107 - 0.70 0.85 0.84 0.84 0.14 2599 1.99 0.10 - - - -

Kohinoor Ind 303 - 1.38 1.64 1.41 1.47 0.09 2706 2.00 1.10 - - - -

Kohinoor Spinning 1300 7.06 1.00 1.20 0.71 1.20 0.20 101 1.80 0.56 - - - -

Kohinoor Textile 1455 2.87 5.48 5.50 5.25 5.49 0.01 6665 6.30 4.00 - - - -

Masood Textile 600 1.06 21.48 22.54 21.00 22.54 1.06 505 23.25 19.25 15 - - 100R

Mehmood Textile 150 2.32 62.00 60.00 59.05 60.00 -2.00 1235 74.50 46.55 4050.2257B - -

Mian Textile 221 - 0.69 0.45 0.42 0.45 -0.24 3498 1.40 0.01 - - - -

Mohd Farooq 189 - 0.68 0.99 0.67 0.69 0.01 1067 1.82 0.35 - - - -

Mukhtar Textile 145 - 0.47 0.64 0.25 0.41 -0.06 110113 0.99 0.25 - - - -

Nagina Cotton 187 1.28 16.18 17.18 16.15 16.98 0.80 16390 17.18 12.00 - - 20SD -

Nishat (Chunian) 1586 2.98 16.24 16.24 15.85 16.08 -0.16 898883 19.49 14.64 - 50R - -

Nishat Mills 3516 5.41 46.86 46.69 45.81 46.00 -0.86 663863 53.14 40.81 20 - 25 45R

Pak Synthetic 560 3.72 6.95 7.20 6.10 6.21 -0.74 152 7.90 5.50 12.5 - - -

Premium Textile 62 0.94 29.41 30.80 29.10 29.21 -0.20 9385 30.90 22.77 7.5 - 50 -

Prosperity 185 2.46 17.44 16.99 16.44 16.97 -0.47 24109 21.47 16.22 20 - 30 -

Quality Textile 160 1.51 8.92 9.00 9.00 9.00 0.08 500 11.00 8.92 - - 15 -

Ravi Textile 250 4.69 1.60 2.05 1.60 1.83 0.23 2536362 4.79 1.38 - - - -

Reliance Weaving 308 1.44 11.44 11.75 11.30 11.70 0.26 35779 11.75 6.91 - - - -

Safa Textile 40 5.08 3.00 4.00 3.00 3.00 0.00 200 4.00 3.00 - - - -

Saif Textile 264 - 3.00 3.74 2.95 3.72 0.72 20525 4.64 2.01 - - - -

Samin Textile 134 21.14 6.90 7.00 6.05 6.13 -0.77 1006 8.40 5.02 - - - 100R

Sana IndSPOT 55 5.64 37.50 38.40 36.77 37.79 0.29 11238 38.40 27.25 35 - 60 -

Saritow Spinning 133 0.46 2.30 2.39 2.00 2.00 -0.30 15610 2.80 1.01 - - - -

Service Ind 120 4.74 184.01 185.00 181.00 184.03 0.02 829 236.61 176.50 200 - - -

Shahtaj Textile 97 1.70 19.38 20.00 18.80 18.93 -0.45 156202 21.50 14.75 20 - 45 -

Shahzad Textile 136 1.05 6.25 6.25 5.25 6.25 0.00 4502 8.05 3.25 - - - -

Shield Corp 39 9.65 52.21 54.82 49.60 54.82 2.61 2968 59.99 49.60 - 30B 10 -

Suraj Cotton 180 1.57 34.20 35.50 33.50 35.10 0.90 24517 36.20 29.50 15 - - -

Thal Limited 256 3.97 108.07 108.00 106.00 106.16 -1.91 20108 114.99 93.75 20 20B 80 20B

Treet Corp 418 0.54 43.22 45.38 42.53 43.02 -0.20 343864 49.49 37.20 - - - -

Tri-Star Poly 215 - 0.51 0.74 0.52 0.55 0.04 601 1.36 0.30 4 - - -

Zephyr Textile Ltd 594 - 2.25 2.50 2.26 2.50 0.25 6201 4.99 1.50 - - - -

Zil Limited 53 6.59 38.50 39.00 38.50 38.51 0.01 323 46.12 33.00 40 10B 35 -

Paid up Last 60 days 2009 2010

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

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

HOUSEHOLD GOODS

Performance of SR Household Goods Index

Open High Low Close Change % Change

1,027.27 1,041.09 1,015.71 1,030.28 3.01 0.29

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

749,071 - - 3,763.71 mn 5,415.89 mn 1,041.08

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

2.54 0.27 10.64 6.27 2.47 1,025.75

AL-Abid Silk 96 1.07 28.00 27.00 26.60 26.70 -1.30 800 32.00 26.60 7.5 - - -

Pak Elektron 1174 2.99 13.84 14.30 13.50 14.00 0.16 747007 15.95 11.50 - 10B - 10B

Tariq Glass Ind XD 231 2.88 17.50 17.70 17.00 17.70 0.20 1261 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

1,449.99 1,473.34 1,438.76 1,458.87 8.88 0.61

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

64,963 - - 11,335.33 mn 187,421.76 mn 1,458.87

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

30.40 9.21 30.30 30.57 1.01 1,438.44

Abdullah Shah Ghazi Sugar 793 20.58 9.98 10.98 9.99 10.70 0.72 6609 10.98 1.12 - - - -

AL-Noor Sugar 186 4.27 41.00 42.89 42.00 42.00 1.00 3001 47.35 37.62 40 - - -

Clover Pakistan 94 27.34 46.05 48.30 43.75 43.75 -2.30 1588 50.00 33.33 - - 15 -

Fecto Sugar 146 - 35.00 36.75 36.00 36.60 1.60 1877 36.75 12.26 - - - -

Habib Sugar 600 6.08 29.48 29.95 29.48 29.48 0.00 4855 30.44 22.50 35 25B - -

Habib-ADM Ltd 200 4.47 16.09 16.15 15.35 15.93 -0.16 3976 16.98 13.00 40 - 40 -

Hussein Sugar 121 - 12.37 13.33 12.00 13.17 0.80 1350 13.33 4.22 - - - -

Ismail Ind 505 12.59 72.85 76.49 71.05 74.00 1.15 701 76.90 53.64 15 - 17.5 110R

Kohinoor Sugar 109 - 5.00 5.99 4.00 4.96 -0.04 190 8.50 2.11 - - - -

Mirpurkhas Sugar 70 6.12 61.23 58.19 58.19 58.19 -3.04 831 68.13 54.62 25 10B - -

National FoodsSPOT 414 21.52 46.19 46.50 44.00 44.98 -1.21 3218 65.29 41.35 - 25B 12 -

Nestle Pakistan XD 453 21.87 1862.44 1955.00 1835.00 1900.19 37.75 2246 1955.00 1550.00 600 - 200 -

Pangrio Sugar 109 0.44 5.40 5.40 5.30 5.35 -0.05 15215 7.00 4.00 - - - -

Premier Sugar 38 6.80 39.00 39.10 37.07 37.07 -1.93 121 43.60 35.00 30 - - -

Punjab Oil 38 5.04 38.95 37.15 37.15 37.15 -1.80 500 38.95 32.80 15 25B - -

Shahmurad Sugar 211 15.87 10.98 11.15 10.70 10.95 -0.03 551 11.15 7.40 15 - - -

Shakarganj Mills 695 - 4.18 4.45 3.34 4.13 -0.05 2164 5.16 3.02 - - - -

Tandlianwala 1177 290.91 31.30 32.86 31.20 32.00 0.70 14904 35.50 22.42 - - - -

UniLever Pakistan XD 665 22.54 4024.00 4030.00 4000.00 4024.95 0.95 267 4200.00 3710.00 458 - 178 -

Wazir Ali 80 - 6.00 7.00 5.00 5.51 -0.49 417 8.74 5.00 - - - -

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

1,042.13 1,047.32 1,026.65 1,032.73 -9.40 -0.90

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

78,676 - - 6,768.53 mn 37,248.96 mn 1,046.93

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

3.83 0.97 25.35 20.42 5.34 1,032.73

Agriautos Ind 144 5.11 70.30 70.98 69.00 70.00 -0.30 3975 78.39 63.01 40 - 90 -

Atlas BatteryXDXB 101 5.18 135.50 139.00 136.00 137.41 1.91 2544 209.00 131.00 100 20B 100 20B

Atlas Engineering Ltd 247 11.64 17.00 17.00 17.00 17.00 0.00 500 19.80 15.90 - 100R - -

Dewan Motors 890 - 1.42 1.51 1.26 1.31 -0.11 17121 2.24 1.16 - - - -

General Tyre XD 598 6.17 23.42 22.89 22.35 22.53 -0.89 23616 28.80 21.71 - - 20 -

Ghani Automobile Ind 200 3.91 4.60 5.55 4.50 4.65 0.05 5808 5.70 3.55 - - - -

Honda Atlas Cars 1428 - 10.90 11.00 10.40 10.49 -0.41 5260 14.50 10.05 - - - -

Indus Motors XD 786 4.94 217.09 216.75 215.99 216.59 -0.50 1218 287.00 212.29 100 - 150 -

Pak Suzuki 823 8.61 70.70 71.98 69.25 69.29 -1.41 14216 89.99 69.25 5 - - -

Sazgar Engineering 125 6.42 24.77 25.25 24.50 24.70 -0.07 3336 27.85 23.91 - 20B 10 20B

Transmission 117 4.02 2.19 2.40 2.19 2.25 0.06 1003 3.25 1.53 2 - - -

Paid up Last 60 days 2009 2010

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

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

INDUSTRIAL ENGINEERING

Performance of SR Industrial Engineering Index

Open High Low Close Change % Change

1,421.05 1,423.65 1,395.13 1,410.67 -10.39 -0.73

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

168,899 - - 1,336.62 mn 31,190.27 mn 1,435.12

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

8.76 3.33 38.02 131.49 15.01 1,410.67

AL-Ghazi Tractor XD 215 5.09 215.59 215.99 213.00 214.08 -1.51 2274 227.45 198.00 400 - 150 -

Bolan Casting 95 5.57 49.80 49.84 48.00 48.27 -1.53 15830 50.61 35.25 - 20B 25 10B

Ghandhara Ind 213 2.20 14.59 14.89 14.00 14.00 -0.59 20788 20.24 13.79 - - - -

Millat TractorsSPOT 293 7.31 576.07 573.99 566.00 570.41 -5.66 129986 597.90 476.00 450 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

892.63 897.93 886.08 890.07 -2.56 -0.29

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

210,765 - - 3,043.31 mn 33,061.91 mn 892.63

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

2.62 1.15 43.91 15.55 5.94 877.03

Cherat Papersack 92 4.48 47.51 49.49 46.75 47.04 -0.47 20925 51.05 34.00 - - 20 25B

ECOPACK Ltd 230 - 1.82 2.15 1.76 1.94 0.12 174673 2.89 1.70 - - - -

Ghani Glass 970 6.18 60.34 60.50 59.27 60.39 0.05 3006 61.99 54.65 30 10B 25 10B

Merit Pack 47 - 13.93 14.93 14.05 14.05 0.12 2986 20.70 11.81 - - - -

Packages Ltd 844 15.30 102.00 102.50 101.00 101.00 -1.00 6661 125.96 98.00 32.5 - - -

Tri-Pack Films 300 7.95 100.50 100.00 99.00 99.00 -1.50 2510 105.00 91.00 100 - - -

Paid up Last 60 days 2009 2010

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

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

CONSTRUCTION AND MATERIALS

Performance of SR Construction and Materials Index

Open High Low Close Change % Change

908.67 918.30 891.35 902.96 -5.71 -0.63

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

3,171,000 - - 54,792.74 mn 68,013.61 mn 910.13

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

7.79 0.55 7.10 19.04 2.44 902.96

Al-Abbas Cement 1828 - 3.20 3.30 3.14 3.20 0.00 23503 4.69 2.82 - - - -

Attock Cement 866 5.12 65.41 66.51 63.50 64.34 -1.07 116493 72.40 63.00 50 20B 50 -

Balochistan Glass Ltd 858 - 1.85 2.05 1.70 1.87 0.02 18500 2.05 1.01 - - - -

Berger Paints 182 - 15.50 15.99 14.50 15.16 -0.34 71866 20.00 14.50 - - - 122R

Bestway Cement 3257 - 26.25 27.20 27.20 27.20 0.95 657 27.51 10.50 - - - -

Dadabhoy Cement 982 13.31 1.57 1.83 1.55 1.73 0.16 14703 2.74 1.30 - - - -

Dadex Eternit 108 28.87 26.75 26.85 25.50 26.85 0.10 319 32.90 22.10 - - - -

Dandot Cement 948 - 2.19 3.12 2.22 2.22 0.03 1001 3.90 1.02 - - - -

Dewan Cement 3574 - 1.43 1.56 1.35 1.53 0.10 266887 2.20 1.30 - - - -

DG Khan Cement Ltd 3651 33.22 24.41 24.20 23.78 23.92 -0.49 1588185 28.74 23.02 - 20R - 20R

Fauji Cement 6933 11.73 4.70 4.70 4.62 4.69 -0.01 145550 5.50 4.50 - - - -

Fecto Cement 502 - 5.23 5.20 4.70 5.20 -0.03 455 7.90 4.65 - 10B - -

Flying Cement Ltd 1760 - 1.94 1.95 1.89 1.93 -0.01 13128 2.37 1.75 - - - -

Gharibwal Cement 2319 - 3.68 3.80 3.27 3.60 -0.08 38362 7.50 2.11 - - - -

Javedan Cement 581 - 62.00 63.90 60.00 61.28 -0.72 2975 66.10 56.05 - 200R - -

Kohat Cement 1288 - 6.03 6.14 6.00 6.10 0.07 39753 7.38 5.70 - - - -

Lafarge Pakistan Cmt. 13126 - 2.77 2.85 2.73 2.84 0.07 320771 3.53 2.60 - - - -

Lucky Cement 3234 6.21 69.79 69.80 68.95 69.16 -0.63 245685 73.88 61.29 40 - 40 -

Maple Leaf Cement 3723 - 2.90 2.89 2.75 2.83 -0.07 238840 3.84 2.75 - - - -

Mustehkam Cement 417 - 11.00 11.95 11.95 11.95 0.95 5000 13.50 10.26 - 177R - -

Pioneer Cement 2228 - 7.75 7.70 7.25 7.42 -0.33 9062 8.47 6.31 - - - -

Shabbir Tiles 361 - 9.25 9.25 8.60 8.60 -0.65 400 12.23 8.10 - - - -

Thatta Cement 798 - 19.67 19.78 18.80 19.78 0.11 8700 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

977.29 980.22 960.16 969.29 -8.00 -0.82

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

27,551 - - 3,596.11 mn 9,279.83 mn 977.29

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

3.02 1.00 33.10 30.91 10.25 957.68

Crescent Steel 565 3.31 24.70 24.75 24.16 24.45 -0.25 328 31.73 23.75 - - 30 -

Dost Steels Ltd 675 - 2.03 2.05 2.01 2.03 0.00 9579 3.20 1.65 - - - -

Huffaz Pipe 555 6.51 16.07 16.65 15.26 15.56 -0.51 9465 16.75 13.00 - 30B - -

International Ind 1199 4.75 49.00 49.18 48.70 48.80 -0.20 7878 70.71 47.50 - - 40 20B

Siddiqsons Tin 785 18.37 9.10 9.00 8.75 9.00 -0.10 301 11.25 8.20 10 - 7.5 -

Paid up Last 60 days 2009 2010

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

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

FORESTRY AND PAPER

Performance of SR Forestry & Paper Index

Open High Low Close Change % Change

1,179.91 1,195.34 1,149.03 1,174.26 -5.65 -0.48

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

39,984 - - 1,186.83 mn 3,268.19 mn 1,179.91

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

6.11 0.46 7.47 25.28 4.13 1,174.26

Century Paper 707 - 19.29 19.93 19.00 19.67 0.38 24545 22.70 15.80 - 425R - -

Pak Paper ProductSPOT 38 6.22 61.00 61.99 59.01 59.76 -1.24 10350 62.85 42.10 20 - 25 33.33B

Security Paper 411 4.73 40.90 40.75 39.50 40.00 -0.90 5089 50.40 38.10 50 - 50 -

Paid up Last 60 days 2009 2010

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

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

CHEMICALS

Performance of SR Chemicals Index

Open High Low Close Change % Change

1,144.08 1,142.48 1,123.18 1,131.65 -12.43 -1.09

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

21,218,215 - - 52,251.88 mn 258,828.69 mn 1,149.48

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

7.02 2.46 35.00 48.81 6.95 1,131.65

Agritech Limited 3924 - 23.74 23.89 22.66 23.68 -0.06 8701 27.79 21.15 - - - -

Bawany Air 68 1.32 13.32 13.99 12.32 13.00 -0.32 8625 16.78 10.06 - - - -

Biafo Ind 200 7.09 38.95 40.89 38.90 39.82 0.87 900 40.89 31.64 40 - 45 -

BOC (Pak) XD 250 9.80 75.70 78.99 75.80 77.00 1.30 7104 82.50 66.90 90 - 15 -

Clariant Pak 273 5.68 161.35 162.75 155.60 161.49 0.14 197 174.00 146.00 125 - - -

Dawood Hercules 1203 7.64 167.94 166.90 165.00 165.69 -2.25 2758 185.88 155.38 40 10B 20 -

Descon Chemical 1996 - 2.14 2.19 2.01 2.03 -0.11 56527 3.15 1.78 - - - -

Descon Oxychem Ltd. 1020 - 4.40 4.50 4.15 4.44 0.04 35172 5.45 3.20 - - - -

Dewan Salman 3663 - 1.32 1.39 1.29 1.34 0.02 313097 2.21 1.28 - - - -

Engro Corp. Ltd XD 3277 8.93 176.70 175.44 173.27 174.21 -2.49 311722 194.59 165.60 6010B 40R 20 -

Engro Polymer 6635 - 12.03 13.03 11.93 13.03 1.00 720388 13.03 9.57 - 27.5R - -

Fatima Fertilizer 22000 - 11.13 11.30 10.90 11.24 0.11 436745 12.46 9.02 - - - -

Fauji Fertilizer 6785 7.13 105.92 105.50 104.50 104.84 -1.08 470449 113.39 102.92 131.5 10B 75 -

Fauji Fert.Bin Qasim 9341 6.90 27.34 27.49 26.95 27.10 -0.24 949768 30.65 25.90 40 - 5 -

Ghani Gases Ltd 725 - 11.22 11.45 10.90 11.14 -0.08 137277 11.45 7.41 - - - -

ICI Pakistan XD 1388 6.98 121.06 120.00 116.80 117.10 -3.96 808640 128.30 109.50 80 - 55 -

Ittehad Chemical XD 360 5.17 21.05 22.10 21.06 21.83 0.78 429 37.80 21.00 15 - 5 -

Leiner Gelatine 75 7.49 8.51 9.51 8.30 9.51 1.00 144 19.50 6.20 12 - - -

Lotte Pakistan 15142 2.91 8.72 8.64 8.17 8.39 -0.33 17331058 9.09 6.75 5 - - -

Nimir Ind Chemical 1106 69.50 1.40 1.45 1.37 1.39 -0.01 52403 1.81 1.16 - - - -

Shaffi Chemical 120 1.29 2.73 2.70 2.50 2.70 -0.03 1715 3.80 2.00 - - - -

Sitara Chem Ind 204 5.29 115.12 120.85 113.05 119.89 4.77 4590 138.00 110.03 75 - 25 5B

Sitara Peroxide 551 - 8.17 8.30 8.01 8.18 0.01 52733 11.09 7.67 - - - -

United Distributors 92 3.46 15.06 16.06 16.00 16.06 1.00 331 17.99 15.00 10 10B - -

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

817.71 822.52 809.73 816.14 -1.56 -0.19

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

137,313 - - 3,904.20 mn 27,524.44 mn 819.54

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

5.83 1.30 22.31 44.54 7.64 816.14

Abbott (Lab) 979 7.76 88.51 88.90 88.50 88.51 0.00 7851 95.50 77.00 120 - 20 -

Ferozsons (Lab) 208 6.69 103.80 102.00 100.15 101.98 -1.82 742 124.00 96.00 10 20B - 20B

GlaxoSmithKline 1707 12.17 67.57 67.89 67.00 67.40 -0.17 1506 83.77 65.00 50 - - -

Highnoon (Lab) 165 6.45 23.85 23.75 23.75 23.75 -0.10 10082 25.79 22.10 25 - - -

IBL HealthCare Ltd 200 16.22 7.30 7.92 7.25 7.30 0.00 26503 8.66 6.10 - - - -

Otsuka Pak 100 4.37 30.04 28.80 28.57 28.80 -1.24 510 34.99 28.53 15 - - -

Searle Pak 306 5.32 61.42 63.48 60.50 62.00 0.58 90119 64.05 53.36 15 15B 30 -

Paid up Last 60 days 2009 2010

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

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

INDUSTRIAL TRANSPORTATION

Performance of SR Industrial Transportation Index

Open High Low Close Change % Change

677.22 685.01 673.15 685.01 7.79 1.15

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

1,339 - - 3,242.17 mn 12,587.70 mn 701.95

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

5.56 1.42 25.53 11.08 1.99 677.22

Pak Int Cont. Terminal XD 1092 8.11 65.01 66.13 65.00 66.13 1.12 726 87.86 62.75 - 20B 40 -

PNSCSPOT 1321 5.29 38.98 38.75 38.00 38.75 -0.23 613 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

Pak Oman Advantage 01-Oct 04-Oct - - -Shifa Int Hospitals 01-Oct 07-Oct 15(F) 23-Sep 07-OctSana Industries 02-Oct 09-Oct 60 24-Sep 09-OctMillat Tractors 04-Oct 15-Oct 350(F),25(B) 24-Sep 15-OctAtlas Engineering 05-Oct 11-Oct - - 11-OctDescon Chemicals 06-Oct 12-Oct - - 12-OctPak Int Cont Terminal 06-Oct 13-Oct - - 13-OctDescon Oxychem 07-Oct 13-Oct - - 13-OctNational Foods 07-Oct 15-Oct 12 29-Oct 15-OctPak National Shipping Corp 07-Oct 14-Oct 15 29-Sep 14-OctAmtex Ltd 08-Oct 15-Oct 30 30-Sep 15-OctIsland Tex Mills 08-Oct 16-Oct 50 30-Sep 16-OctJS Global Capital 08-Oct 14-Oct 50 30-Sep 14-OctOtsuka Pakistan 08-Oct 14-Oct - - 14-OctSalfi Tex Mills 08-Oct 16-Oct 25 30-Sep 16-OctTata Tex Mills 08-Oct 16-Oct 25 30-Sep 16-OctMerit Packaging 09-Oct 15-Oct - - 15-OctAl-Meezan Mutual Fund 11-Oct 19-Oct 8.5(F) 01-Oct -Ghandhara Industries 11-Oct 19-Oct - - 19-OctHabib ADM 11-Oct 20-Oct 40 01-Oct 20-OctMeezan Balanced Fund 11-Oct 19-Oct 5.5(F) 01-Oct -Bolan Castings 12-Oct 25-Oct 25,10(B) - 25-Oct

INDICATIONS

# Extraordinary General Meeting

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

OTHER SECTORS

Pakistan CablesXD 58.09 59.9 56.05 59.48 1.39 1502TRG Pakistan Ltd. 4.12 4.15 3.94 3.99 -0.13 2342110Murree Brewery 91.5 96.07 91.26 93.71 2.21 33755Shezan International 100 101.99 95 95 -5 528Lakson Tobacco 270.45 283.97 280 283.97 13.52 2242Pak Tobacco 110.49 111.5 109 111.5 1.01 2327Eye Television 20.05 20.31 20.3 20.31 0.26 210PIAC (A) 2.14 2.24 2.12 2.21 0.07 100841AKD Capital 44.98 47.22 44.25 46.94 1.96 25009Pace (Pak) Ltd 2.61 2.87 2.5 2.71 0.1 1484990Netsol Technol 17.99 17.98 17.7 17.79 -0.2 143484Pak Telephone 1.91 2.14 1.61 1.66 -0.25 8809

Symbols Open High Low Close Change Vol

Friday, October 1, 20107

Technical Analysis Leverage Position

KSE 100 INDEX

Technical Outlook

KSE 100 INDEX closed down -8.94 points at 10,013.31. Volume was 20

per cent above average and Bollinger Bands were 42 per cent narrow-

er than normal. As far as resistance level is concern, the market will see

major 1st resistance level at 10,051.75 and 2nd resistance level at

10,090.25, while Index will continue to find its 1st support level at

9,954.25 and 2nd support level at 9,895.20.

KSE 100 INDEX is currently 1.0 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 bull-

ish on INDEX.

RSI (14-day) 55.58 Support 1 9,954.25

MA (5-day) 9,980.81 Support 2 9,895.20

MA (10-day) 9,982.63 Resistance 1 10,051.75

MA (100-day) 9,875.35 Resistance 2 10,090.25

MA (200-day) 9,917.07 Pivot 9,992.70

Technical Analysis Leverage Position

Bank Alfalah Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

BAFL closed up 0.17 at 8.20. Volume was 526 per cent above average

(trending) and Bollinger Bands were 57 per cent narrower than normal.

BAFL is currently 24.6 per cent below its 200-day moving average and is

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

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

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

oscillators are currently bullish on BAFL.

*Arif Habib Ltd 14 Buy

AKD Securities Ltd 12.47 Buy

TFD Research 14.01 Positive

RSI (14-day) 51.05 Free Float Shares (mn) 674.58

MA (10-day) 8.00 Free Float Rs (mn) 5,531.54

MA (100-day) 9.00 ** NOI Rs (mn) N/A

MA (200-day) 10.87 Mean 8.14

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

Technical Analysis Leverage Position

Pakistan Oilfields Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

POL closed up 1.34 at 237.13. Volume was 196 per cent above average

(trending) and Bollinger Bands were 4 per cent narrower than normal.

POL is currently 2.7 per cent above its 200-day moving average and is dis-

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

average volatility over the last 10 trading sessions. Volume indicators

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

oscillators are currently bullish on POL.

*Arif Habib Ltd 261 Buy

AKD Securities Ltd 305.7 Buy

TFD Research 281.35 Positive

RSI (14-day) 64.39 Free Float Shares (mn) 107.94

MA (10-day) 234.89 Free Float Rs (mn) 25,595.03

MA (100-day) 224.51 ** NOI Rs (mn) 188.20

MA (200-day) 230.93 Mean 236.30

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

Technical Analysis Leverage Position

Dera Ghazi Khan Cement Co Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

DGKC closed down -0.49 at 23.92. Volume was 42 per cent below aver-

age and Bollinger Bands were 29 per cent narrower than normal.

DGKC is currently 13.3 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 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) 41.06 Free Float Shares (mn) 182.55

MA (10-day) 24.44 Free Float Rs (mn) 4,366.59

MA (100-day) 25.01 ** NOI Rs (mn) 16.60

MA (200-day) 27.59 Mean 24.08

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

Technical Analysis Leverage Position

Pakistan State Oil Co Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

PSO closed up 1.62 at 268.70. Volume was 75 per cent above average

and Bollinger Bands were 14 per cent narrower than normal.

PSO is currently 6.3 per cent below its 200-day moving average and is dis-

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

average volatility over the last 10 trading sessions. Volume indicators

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

ing oscillators are currently bullish on PSO.

*Arif Habib Ltd 396 Buy

AKD Securities Ltd 422.6 Buy

TFD Research 360.05 Positive

RSI (14-day) 58.38 Free Float Shares (mn) 74.05

MA (10-day) 266.01 Free Float Rs (mn) 19,897.29

MA (100-day) 266.41 ** NOI Rs (mn) 83.56

MA (200-day) 286.85 Mean 267.07

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

Technical Analysis Leverage Position

Pakistan Telecommunication Co Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

PTC closed down -0.02 at 18.80. Volume was 33 per cent below average

and Bollinger Bands were 28 per cent narrower than normal.

PTC is currently 3.7 per cent below its 200-day moving average and is dis-

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

average volatility over the last 10 trading sessions. Volume indicators

reflect 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) 52.08 Free Float Shares (mn) 584.63

MA (10-day) 18.78 Free Float Rs (mn) 10,991.14

MA (100-day) 18.95 ** NOI Rs (mn) 6.72

MA (200-day) 19.53 Mean 18.81

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

Technical Analysis Leverage Position

Pakistan Petroleum Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

PPL closed down -3.03 at 172.41. Volume was 17 per cent above average

and Bollinger Bands were 269 per cent wider than normal.

PPL is currently 11.3 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 volume

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

oscillators are currently bearish on PPL. Momentum oscillator is currently

indicating that PPL is currently in an oversold condition.

*Arif Habib Ltd 230 Buy

TFD Research 239.15 Positive

RSI (14-day) 28.03 Free Float Shares (mn) 247.57

MA (10-day) 176.90 Free Float Rs (mn) 42,683.58

MA (100-day) 193.12 ** NOI Rs (mn) 29.44

MA (200-day) 194.39 Mean 173.73

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

Technical Analysis Leverage Position

Fauji Fertiliser Bin Qasim Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

FFBL closed down -0.24 at 27.10. Volume was 43 per cent below average

and Bollinger Bands were 24 per cent narrower than normal.

FFBL is currently 5.3 per cent below its 200-day moving average and is

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

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

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

Trend forecasting oscillators are currently bearish on FFBL.

*Arif Habib Ltd 33 Buy

AKD Securities Ltd 32.87 Accumulate

TFD Research 29.1 Neutral

RSI (14-day) 42.34 Free Float Shares (mn) 326.94

MA (10-day) 27.22 Free Float Rs (mn) 8,860.03

MA (100-day) 27.79 ** NOI Rs (mn) N/A

MA (200-day) 29.22 Mean 27.22

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

EQUITY INVESTMENT INSTRUMENTS

Performance of SR Equity Investment Instruments Index

Open High Low Close Change % Change

1,021.57 1,053.82 1,009.13 1,029.98 8.40 0.82

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

7,165,613 - - 29,771.58 mn 17,564.45 mn 1,029.98

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

6.85 0.28 4.09 104.19 26.74 1,017.60

1st Fid Leasing 264 - 1.38 1.99 1.25 1.39 0.01 10010 2.24 1.01 - - - -

AL-Meezan Mutual F. 1375 2.67 6.96 6.99 6.90 6.91 -0.05 31155 7.25 6.35 - - 18.5 -

B R R Guardian Mod. 780 - 1.36 1.36 1.30 1.30 -0.06 1010 2.43 0.90 - - - -

Crescent St Modaraba 200 1.89 0.58 0.55 0.50 0.51 -0.07 1201 0.90 0.16 - - - -

Elite Cap Modaraba 113 3.99 2.83 2.84 2.83 2.83 0.00 1513 3.59 1.65 4.5 - - -

Equity Modaraba 524 7.69 1.17 1.24 1.00 1.00 -0.17 35660 1.68 0.76 - - - -

First Capital Mutual F. 300 3.49 2.97 3.25 3.00 3.25 0.28 63598 3.80 0.99 - - - -

First Dawood Mutual F. 581 - 1.73 2.00 1.75 1.77 0.04 39950 2.09 1.24 - - - -

Golden Arrow 760 3.99 3.66 3.75 3.62 3.67 0.01 639381 3.75 2.32 - - 17 -

H B L Modaraba 397 5.64 6.30 6.41 6.10 6.37 0.07 191370 6.50 4.80 5 - 11 -

Habib Modaraba 1008 4.50 5.99 5.99 5.97 5.99 0.00 103340 7.49 5.56 20 - 21 -

Imrooz Modaraba 30 7.05 65.50 67.09 64.50 67.08 1.58 400 67.09 43.00 63 - 76 -

JS Growth Fund 3180 38.63 3.11 3.20 2.85 3.09 -0.02 5016636 4.39 2.70 - - 5 -

JS Value Fund 1186 - 2.95 3.00 2.80 2.86 -0.09 56205 3.98 2.31 10 - 10 -

KASB Modaraba 283 2.83 1.50 1.70 1.50 1.70 0.20 5006 2.44 0.52 - - 2.8 -

Meezan Balanced Fund 1200 2.86 6.00 6.10 5.85 5.92 -0.08 7820 7.49 5.85 - - 15.5 -

Mod Al-Mali 184 - 0.99 1.25 1.13 1.13 0.14 125010 1.75 0.56 - - - -

Nat Bank Modaraba 250 7.15 7.73 7.99 7.40 7.72 -0.01 21151 8.45 6.10 - - - -

Pak Prem Fund XD 1698 3.77 7.60 8.25 7.51 7.91 0.31 523095 9.86 7.00 - - 18.6 -

Pak Strat Fund 3000 5.44 6.83 7.00 6.82 6.96 0.13 157500 8.10 6.01 - - 11.53 -

PICIC Energy Fund 1000 2.47 4.66 4.89 4.56 4.65 -0.01 3010 6.49 4.00 - - 5 -

PICIC Growth Fund 2835 2.28 8.34 8.33 8.15 8.29 -0.05 43956 10.55 7.60 - - 20 -

PICIC Inv Fund XD 2841 1.80 3.64 3.79 3.55 3.56 -0.08 57653 5.00 3.50 - - 10 -

Prud Modaraba 1st XD 872 2.26 0.85 0.86 0.85 0.86 0.01 20987 1.20 0.70 - - 3 -

Stand Chart Mod. XD 454 4.79 8.30 8.50 8.40 8.43 0.13 8876 10.99 7.75 16.5 - 17 -

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

352.61 370.64 344.08 358.69 6.08 1.72

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

8,014,940 - - 30,336.44 mn 26,285.95 mn 359.11

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

0.44 0.16 37.22 4.60 10.50 352.61

AMZ Ventures 225 - 0.60 0.65 0.54 0.55 -0.05 25015 1.19 0.42 - - - -

Arif Habib Invest. XB 360 6.85 14.08 14.80 14.45 14.65 0.57 4575 20.99 13.75 - - - 20B

Arif Habib Limited XB 450 6.54 27.00 26.89 26.00 26.21 -0.79 35831 50.12 26.00 15 25B - 20B

Arif Habib Securities 3750 2.25 22.94 23.07 22.52 22.80 -0.14 2329599 35.65 21.76 - - 30 -

Dawood Equities 250 - 1.85 1.94 1.81 1.94 0.09 1692 3.36 1.55 - - - -

Escorts Bank 441 - 2.60 2.55 2.15 2.55 -0.05 201 3.20 2.01 - - - -

IGI Investment Bank 2121 - 1.61 1.95 1.51 1.75 0.14 16417 2.98 1.17 - - - -

Invest and Fin Sec 600 2.50 7.50 7.68 7.01 7.18 -0.32 9679 9.00 6.90 - - 11.5 -

Invest Bank 2849 - 0.57 0.60 0.56 0.56 -0.01 8033 1.23 0.50 - - - -

Ist Cap Securities 2878 - 3.37 4.36 3.22 3.82 0.45 200328 5.90 2.54 - 10B - -

Ist Dawood Bank 626 0.33 2.13 2.17 1.92 2.00 -0.13 176893 2.84 1.17 - - - -

Jah Siddiq Co 7633 14.45 9.78 10.29 9.60 9.97 0.19 4713739 15.47 9.36 -243.778B 10 -

JOV and CO 508 - 2.55 2.71 2.31 2.64 0.09 251670 6.48 2.31 - - - -

JS Global Cap 500 - 33.46 34.80 33.05 33.93 0.47 15815 42.40 33.01 150 - - -

JS Investment 1000 12.64 5.65 5.99 5.41 5.69 0.04 91512 8.65 5.40 - - - -

KASB Securities 1000 - 4.14 4.30 3.90 4.05 -0.09 26404 5.49 3.20 - - - -

Orix Leasing 821 4.03 4.65 5.12 4.52 5.12 0.47 48859 5.95 3.66 - - - -

Pervez Ahmed Sec 775 - 1.47 1.55 1.38 1.47 0.00 57853 2.89 1.35 -231.08R - -

Saudi Pak Leasing 452 - 0.73 0.70 0.65 0.65 -0.08 150 1.83 0.40 - - - -

Stand Chart Leasing 978 5.32 2.10 2.90 2.33 2.34 0.24 520 3.89 1.50 - - - -

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

811.13 820.97 813.63 816.60 5.47 0.67

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

3,112 - - 2,290.72 mn 8,709.36 mn 824.93

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

57.14 2.20 3.85 355.53 6.22 811.13

EFU Life Assurance XB 850 32.05 57.80 59.99 58.50 58.98 1.18 3101 84.99 51.25 5513.33B - -

Paid up Last 60 days 2009 2010

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

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

BANKS

Performance of SR Banks Index

Open High Low Close Change % Change

941.49 947.29 923.97 937.80 -3.69 -0.39

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

16,339,630 - - 257,548.02 mn 580,517.96 mn 941.49

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

6.69 0.90 13.45 34.35 5.14 926.50

Allied Bank Limited 7821 5.56 51.40 51.90 50.40 51.48 0.08 35402 59.70 48.51 40 10B 20 -Askari Bank 6427 6.13 14.61 14.99 14.40 14.83 0.22 148090 17.46 13.99 - 20B - -Atlas Bank 5001 - 1.75 2.00 1.75 1.75 0.00 8541 3.00 1.52 - - - -Bank Alfalah 13492 10.93 8.03 8.41 7.93 8.20 0.17 8462035 10.25 7.32 8 - - -Bank AL-Habib 7322 6.69 30.98 31.40 30.65 31.05 0.07 27342 34.00 29.10 20 20B - -Bank Of Khyber 5004 3.39 3.12 3.50 3.00 3.39 0.27 49637 4.75 2.50 - - - -Bank Of Punjab 5288 - 8.14 8.28 8.00 8.05 -0.09 825812 11.24 7.35 - - - -BankIslami Pak 5280 - 3.15 3.45 3.00 3.32 0.17 378705 3.90 2.31 - - - -Faysal Bank 6091 3.10 13.63 13.60 13.35 13.45 -0.18 14017 15.95 12.75 - - - -Habib Bank Ltd 10019 6.13 96.04 96.35 94.20 95.22 -0.82 27066 109.10 92.00 60 10B - -Habib Metropolitan Bank 8732 5.66 18.90 19.25 18.75 19.14 0.24 33871 23.75 18.10 10 16B - -JS Bank Ltd 6128 - 2.47 2.49 2.35 2.45 -0.02 24595 3.00 2.00 - - - 66RKASB Bank Ltd 9509 - 2.45 2.74 2.16 2.60 0.15 49652 4.00 2.03 - 26B - -MCB Bank Ltd 7602 8.78 190.67 189.60 186.74 188.31 -2.36 608702 214.99 180.40 110 10B 55 -Meezan Bank 6983 7.10 14.87 14.62 14.50 14.62 -0.25 10030 16.50 13.80 - 5B - -Mybank Ltd 5304 - 2.00 2.17 1.90 2.13 0.13 12704 3.28 1.62 - - - -National Bank 13455 5.32 63.47 63.49 62.85 63.39 -0.08 773775 73.89 60.51 75 25B - -NIB Bank 40437 - 2.60 2.71 2.58 2.66 0.06 554990 3.50 2.42 - - - -Royal Bank Ltd 17180 - 6.40 6.50 5.66 6.00 -0.40 34019 13.40 5.65 - - - -Samba Bank 14335 - 1.76 1.94 1.70 1.81 0.05 17854 2.90 1.55 - - -63.46RSilkbank Ltd 26716 12.95 2.81 2.93 2.68 2.85 0.04 3796782 3.30 2.15 - - - -Soneri Bank 6023 - 5.51 5.95 5.35 5.74 0.23 17233 8.24 5.01 - - - -Stand Chart Bank 38716 9.29 6.61 6.50 6.27 6.50 -0.11 4469 8.50 6.00 - - - -Summit Bank Ltd 5000 - 2.64 2.60 2.42 2.44 -0.20 67945 4.38 2.30 - - - -United Bank Ltd 12242 6.05 52.01 51.99 51.03 51.41 -0.60 424307 60.20 49.90 25 10B 10 -

Paid up Last 60 days 2009 2010

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

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

NON LIFE INSURANCE

Performance of SR Non Life Insurance Index

Open High Low Close Change % Change

621.76 625.19 609.64 615.54 -6.22 -1.00

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

1,593,421 - - 11,111.34 mn 40,110.61 mn 626.35

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

8.75 0.46 5.20 79.54 9.09 615.54

Adamjee Insurance XD 1237 11.83 66.18 66.50 64.60 65.09 -1.09 110389 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

1,668.17 1,712.31 1,635.87 1,685.77 17.60 1.05

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

3,027,682 - - 12,202.80 mn 37,268.55 mn 1,685.77

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

12.23 1.39 11.41 66.79 5.46 1,543.39

Sui North Gas 5491 18.15 31.15 31.45 30.65 30.86 -0.29 224248 31.90 25.00 - - - -Sui South Gas 6712 - 29.63 30.70 29.00 30.28 0.65 2803434 30.70 16.00 - - - -

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

1,149.42 1,155.22 1,135.71 1,139.61 -9.81 -0.85

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

2,165,131 - - 95,369.29 mn 96,248.86 mn 1,149.42

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

12.48 1.17 9.35 104.13 8.34 1,132.01

Genertech 198 - 0.79 0.84 0.66 0.69 -0.10 25006 1.53 0.51 - - - -Hub Power XD 11572 6.16 33.57 33.75 33.20 33.29 -0.28 384280 37.24 31.96 33.5 - 50 -Japan Power 1560 - 1.42 1.45 1.35 1.36 -0.06 40300 2.38 0.70 - - - -KESC 7932 - 2.05 2.10 2.01 2.02 -0.03 157202 2.63 1.92 - 31R - 7.8RKohinoor Energy 1695 5.71 24.20 23.99 23.00 23.20 -1.00 2702 26.50 23.00 45 - 15 -Kohinoor Power 126 2.78 5.01 5.40 5.00 5.00 -0.01 2501 7.00 3.90 - - - -Kot Addu Power 8803 7.11 41.22 41.25 41.03 41.10 -0.12 43343 44.85 39.51 64.5 - 50 -Nishat Chunian Power Ltd 3673 - 10.91 11.00 10.92 10.92 0.01 74000 11.00 9.26 - - - -Nishat Power Ltd 3541 83.36 11.88 11.85 11.45 11.67 -0.21 1394284 11.94 9.25 - - - -Sitara Energy Ltd 191 3.76 21.74 22.50 21.99 22.38 0.64 7000 23.48 20.00 20 - - -Southern Electric 1367 6.00 2.27 2.35 2.26 2.34 0.07 34010 3.21 2.21 - - - -Tri-star Power XD 150 - 0.85 0.99 0.75 0.90 0.05 503 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

1,095.48 1,106.68 1,079.49 1,092.90 -2.58 -0.24

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

2,369,515 - - 50,077.79 mn 77,142.78 mn 1,104.91

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

6.00 0.77 12.84 62.56 10.43 1,073.74

Pak Datacom 78 5.44 115.50 116.00 115.00 115.00 -0.50 379 120.61 100.50 70 - 30 -Pakistan Telecomm Co A 37740 8.95 18.82 19.00 18.60 18.80 -0.02 1368572 20.22 17.32 15 - 17.5 -Telecard 3000 - 2.12 2.18 2.01 2.10 -0.02 433999 3.18 1.80 - - - -WorldCall Tele 8606 - 2.47 2.50 2.37 2.43 -0.04 566565 3.30 2.30 - - - -Wateen Telecom Ltd 6175 - 3.97 4.19 3.93 4.16 0.19 490917 6.29 3.80 - - - -

Paid up Last 60 days 2009 2010

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

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

Ask Gen Insurance 204 6.02 9.75 10.74 10.60 10.60 0.85 439 11.95 8.45 - - - -

Atlas Insurance 369 4.27 29.34 29.02 28.54 28.98 -0.36 2140 31.00 27.10 40 10B - -

Central Insurance XB 279 5.00 49.01 50.00 48.26 48.26 -0.75 1003 64.90 47.37 20 25B 10 10B

Century Insurance 457 5.71 10.20 10.50 10.15 10.16 -0.04 3100 11.95 8.35 - - - -

EFU General Ins. XB 1250 29.83 38.33 38.49 37.18 37.58 -0.75 7030 55.20 35.52 40 8.7B - -

Habib Insurance 400 7.28 11.00 10.56 10.41 10.49 -0.51 9339 13.89 10.10 35 - - -

Pak Reinsurance 3000 - 13.14 13.40 12.80 13.22 0.08 1453639 19.40 12.50 30 - - -

Pak Gen Insurance 250 1.20 5.90 6.90 5.06 5.06 -0.84 6050 8.20 5.06 5 25B - -

Shaheen Insurance 200 - 12.50 13.40 13.40 13.40 0.90 200 16.49 11.51 -14.28B - -

UPTO 100 VOLUME

NBF 3.30 3.30 3.00 3.30 0.00 100

MZSM 4.76 4.85 4.85 4.85 0.09 100

NONS 12.00 11.25 11.25 11.25 -0.75 100

CHCC 10.32 10.99 10.96 10.96 0.64 100

AABS 89.50 89.00 89.00 89.00 -0.50 97

DKTM 1.55 1.00 1.00 1.00 -0.55 91

COLG 688.28 712.99 685.00 706.17 17.89 86

JKSM 6.30 6.70 5.50 6.69 0.39 82

SALT 23.41 24.58 24.58 24.58 1.17 72

PIL 2.34 2.82 1.90 2.22 -0.12 66

DCM 1.39 1.59 1.20 1.44 0.05 63

PHDL 63.77 60.59 60.59 60.59 -3.18 59

SLYT 3.88 4.00 4.00 4.00 0.12 50

GRYL 1.75 2.35 0.85 1.83 0.08 49

BUXL 13.98 13.01 12.98 13.01 -0.97 46

FNEL 9.49 10.00 8.49 9.90 0.41 42

BWHL 29.04 30.10 28.25 29.94 0.90 40

GHNL 4.47 4.92 4.20 4.42 -0.05 36

JDWS 65.10 65.90 64.56 64.56 -0.54 31

IGIIL 72.47 71.75 71.75 71.75 -0.72 25

JOPP 11.47 10.90 10.47 10.50 -0.97 22

RMPL 1303.00 1300.00 1300.00 1300.00 -3.00 22

KCL 6.40 7.30 7.20 7.20 0.80 20

EMCO 3.39 3.42 2.69 3.42 0.03 19

HINO 120.00 120.00 120.00 120.00 0.00 14

GATI 40.00 41.49 39.00 39.00 -1.00 12

BATA 490.00 490.00 490.00 490.00 0.00 12

EWLA 2.45 2.74 2.40 2.74 0.29 11

SANSM 13.80 13.84 13.84 13.84 0.04 10

TICL 73.00 75.00 75.00 75.00 2.00 10

FRCL 3.25 4.25 3.38 3.38 0.13 10

HADC 0.90 1.02 0.71 1.02 0.12 9

DATM 0.53 0.60 0.15 0.49 -0.04 8

DINT 26.03 26.50 24.85 24.85 -1.18 8

YOUW 1.00 1.40 1.06 1.23 0.23 8

IDRT 4.47 4.90 3.51 4.49 0.02 7

PECO 309.45 319.98 294.38 310.00 0.55 6

FCONM 1.93 2.35 1.79 1.79 -0.14 5

FPJM 0.77 1.50 1.14 1.14 0.37 5

MQTM 7.25 8.19 7.26 8.00 0.75 5

MRNS 52.49 52.70 52.70 52.70 0.21 5

BFMOD 3.80 3.90 3.76 3.90 0.10 4

SHJS 47.35 49.71 49.71 49.71 2.36 4

SMCPL 6.00 6.48 5.71 6.40 0.40 4

GRAYS 56.13 58.90 55.10 58.00 1.87 4

TRSM 3.45 4.40 2.65 3.30 -0.15 3

DSML 3.49 4.00 3.00 3.00 -0.49 3

RUPL 36.00 36.45 36.45 36.45 0.45 3

BAFS 47.00 49.34 47.00 47.78 0.78 3

ELCM 6.80 7.80 7.80 7.80 1.00 2

ILTM 75.05 78.44 78.44 78.44 3.39 2

HUSI 9.50 9.89 9.40 9.40 -0.10 2

INKL 9.99 9.99 8.99 9.99 0.00 2

EXIDE 140.02 146.50 144.99 144.99 4.97 2

SIEM 1154.78 1160.00 1160.00 1160.00 5.22 2

MACFL 3.09 3.80 3.20 3.20 0.11 2

SHFA 34.40 36.11 35.01 35.01 0.61 2

ASFL 3.80 4.80 4.80 4.80 1.00 1

TSMF 1.79 1.88 1.88 1.88 0.09 1

PAKMI 0.79 0.90 0.90 0.90 0.11 1

SIBL 2.25 2.99 2.99 2.99 0.74 1

CSIL 4.61 5.22 5.22 5.22 0.61 1

IDSM 3.00 3.45 3.45 3.45 0.45 1

NPSM 19.24 20.20 20.20 20.20 0.96 1

SANE 2.30 1.80 1.80 1.80 -0.50 1

SRSM 1.22 1.50 1.50 1.50 0.28 1

TATM 15.30 15.98 15.98 15.98 0.68 1

NCLNCP 21.00 21.95 21.95 21.95 0.95 1

DLL 40.99 42.98 41.80 41.80 0.81 1

QUET 34.00 32.30 32.30 32.30 -1.70 1

MLCFPS 6.89 7.00 6.98 6.98 0.09 1

KSBP 80.00 83.18 83.00 83.00 3.00 1

ATLH 97.96 94.10 94.10 94.10 -3.86 1

MDTL 55.20 57.80 57.80 57.80 2.60 1

PGCL 20.99 21.48 21.48 21.48 0.49 1

PPVC 1.50 2.00 2.00 2.00 0.50 1

GLPL 66.50 69.75 69.75 69.75 3.25 1

DIIL 16.95 17.90 16.95 16.95 0.00 1

DREL 606.90 636.00 636.00 636.00 29.10 1

Symbols Open High Low Close Change Vol

FUTURE CONTRACTS

DGKC-OCT 24.56 24.40 23.75 24.01 -0.55 629000

POL-OCT 236.40 238.50 235.10 237.81 1.41 362000

PSO-OCT 267.12 269.90 261.70 268.47 1.35 332500

NBP-OCT 63.83 63.85 63.10 63.82 -0.01 215500

MCB-OCT 190.24 189.00 186.71 188.50 -1.74 202000

ANL-OCT 10.36 10.45 10.06 10.18 -0.18 174000

NML-OCT 44.79 44.45 43.82 44.04 -0.75 121500

ENGRO-OCT 176.60 175.86 173.60 174.70 -1.90 102500

PPL-OCT 175.31 174.20 171.56 172.80 -2.51 101500

AICL-OCT 66.80 66.35 65.20 65.36 -1.44 46000

OGDC-OCT 144.08 144.89 143.40 144.85 0.77 15000

LUCK-OCT 66.49 66.05 65.00 65.99 -0.50 13500

PTC-OCT 18.95 18.99 18.85 18.99 0.04 6000

UBL-OCT 51.50 54.00 51.50 53.00 1.50 2000

FFC-OCT 107.47 106.25 106.25 106.25 -1.22 1000

Symbols Open High Low Close Change Vol

ZERO VOLUME

AHTM 19.95 18.95 18.95 18.95 -1.00 0.00

ALICO 18.95 18.75 18.75 18.75 -0.20 0.00

CFL 15.50 14.99 14.99 14.99 -0.51 0.00

CPAL 2.45 2.44 2.44 2.44 -0.01 0.00

DMTX 2.50 2.49 2.49 2.49 -0.01 0.00

FANM 3.35 3.25 3.25 3.25 -0.10 0.00

FASM 30.37 31.88 31.88 31.88 1.51 0.00

FIBLM 2.89 2.50 2.50 2.50 -0.39 0.00

Symbols Open High Low Close Change Vol

Al-Abbas Cement 40.99 3.10 3.05 3.30 3.35 3.20

Allied Bank Limited 45.66 50.60 49.75 52.10 52.75 51.25

Attock Cement 35.62 63.05 61.75 66.05 67.80 64.80

Arif Habib Limited 29.37 25.85 25.50 26.75 27.25 26.35

Arif Habib Securities 39.69 22.55 22.25 23.10 23.35 22.80

Adamjee Insurance 32.02 64.30 63.50 66.20 67.30 65.40

Askari Bank 52.16 14.50 14.15 15.10 15.35 14.75

Azgard Nine 47.39 9.90 9.70 10.40 10.70 10.20

Attock Petroleum 70.09 334.40 328.20 348.40 356.20 342.20

Attock Refinery 42.11 78.05 76.65 81.30 83.15 79.90

Bank Alfalah 51.05 7.95 7.70 8.45 8.65 8.20

BankIslami Pak 55.91 3.05 2.80 3.50 3.70 3.25

Bank Of Punjab 40.99 7.95 7.85 8.20 8.40 8.10

Dewan Cement 50.39 1.40 1.25 1.60 1.70 1.50

DGK Cement 41.06 23.75 23.55 24.15 24.40 23.95

Dewan Salman 36.79 1.30 1.25 1.40 1.45 1.35

EFU General Insurance 37.92 37.00 36.45 38.30 39.05 37.75

EFU Life Assurance 42.54 58.35 57.65 59.80 60.65 59.15

Engro Chemical 47.78 173.20 172.15 175.35 176.50 174.30

Faysal Bank 44.54 13.35 13.20 13.60 13.70 13.45

Fauji Cement 38.24 4.60 4.55 4.70 4.75 4.65

Fauji Fert Bin 42.34 26.85 26.65 27.40 27.70 27.20

Fauji Fertilizer 46.02 104.40 103.95 105.40 105.95 104.95

Habib Bank Ltd 45.40 94.15 93.10 96.30 97.40 95.25

Hub Power 39.06 33.05 32.85 33.60 33.95 33.40

ICI Pakistan 42.22 115.95 114.75 119.15 121.15 117.95

Indus Motors 36.28 216.15 215.70 216.90 217.20 216.45

JOV and CO 27.91 2.40 2.15 2.80 2.95 2.55

Japan Power 41.74 1.35 1.30 1.45 1.50 1.40

JS Bank Ltd 57.73 2.35 2.30 2.50 2.55 2.45

Jah Siddiq Co 44.21 9.60 9.25 10.30 10.65 9.95

Kot Addu Power 45.31 41.00 40.90 41.25 41.35 41.15

KESC 44.71 2.00 1.95 2.10 2.15 2.05

Lucky Cement 50.26 68.80 68.45 69.65 70.15 69.30

MCB Bank Ltd 48.26 186.85 185.35 189.70 191.10 188.20

Maple Leaf Cement 34.72 2.75 2.70 2.90 2.95 2.80

National Bank 44.22 63.00 62.60 63.65 63.90 63.25

Nishat (Chunian) 46.57 15.90 15.65 16.25 16.45 16.05

Netsol Technologies 32.41 17.65 17.55 17.95 18.10 17.80

NIB Bank 46.95 2.60 2.50 2.70 2.80 2.65

Nimir Ind.Chemical 43.01 1.35 1.30 1.45 1.50 1.40

Nishat Mills 48.76 45.65 45.30 46.55 47.05 46.15

Oil & Gas Dev XD 55.21 144.35 142.95 146.75 147.75 145.35

PACE (Pakistan) Ltd. 51.90 2.50 2.30 2.90 3.05 2.70

Pervez Ahmed Sec 39.56 1.40 1.30 1.55 1.65 1.45

PIAC (A) 51.43 2.15 2.05 2.25 2.30 2.20

Pioneer Cement 42.44 7.20 7.00 7.65 7.90 7.45

Pak Oilfields 64.39 234.90 232.70 238.65 240.20 236.45

Pak Petroleum 28.03 171.00 169.65 174.55 176.70 173.15

Pak Suzuki 26.39 68.35 67.45 71.10 72.90 70.15

PSO XD 58.38 263.15 257.60 272.65 276.55 267.05

PTCLA 52.08 18.60 18.40 19.00 19.20 18.80

Shell Pakistan 36.65 190.30 188.15 194.30 196.15 192.15

Sui North Gas 66.62 30.55 30.20 31.35 31.80 31.00

Sitara Peroxide 37.61 8.00 7.85 8.30 8.45 8.15

Sui South Gas 86.58 29.30 28.30 31.00 31.70 30.00

Telecard 42.37 2.00 1.95 2.20 2.25 2.10

TRG Pakistan 57.95 3.90 3.80 4.10 4.25 4.05

United Bank Ltd 38.26 50.95 50.50 51.95 52.45 51.50

WorldCall Tele 42.99 2.35 2.30 2.50 2.55 2.45

Company RSI 1st 2nd 1st 2nd Pivot

(14-day) Support Resistance

TECHNICAL LEVELS

Al-Khair Gadoon Ltd 01-Oct 4:00

Dost Steels Ltd 01-Oct 4:00

Dreamworld Ltd 01-Oct 10:30

Ibrahim Fibres Ltd 01-Oct 4:00

Macpac Films Ltd 01-Oct 4:00

Nakshbandi Industries Ltd 01-Oct 4:30

S.S Oil Mills Ltd 01-Oct 11:00

Shahzad Textile Mills Ltd 01-Oct 3:30

Al-Abid Silk Mills Ltd 02-Oct 11:00

KASB Cash Fund 02-Oct 11:00

Kohinoor Mills Ltd 02-Oct 3:00

Punjab Oil Mills Ltd 02-Oct 10:00

Samin Textiles Ltd 02-Oct 3:00

Sardar Chemical Industries Ltd 02-Oct 10:00

Huffaz Seamless Pipe Industries Ltd 03-Oct 11:30

(TFC) Saudi Pak Leasing Co Ltd 04-Oct 11:30

Allawasaya Textile & Finishing 04-Oct 3:30

Balochistan Particle Board Ltd 04-Oct 12:00

Dawood Capital Management Ltd 04-Oct 11:00

Dawood Equities Ltd 04-Oct 12:00

BOARD MEETINGS

Company Date Time

ICBC: China banks regulatorapproves rights issue plan

Taiwan cbank hikeskey rate by 12.5bps

Friday, October 1, 2010 8

Londonto remain

HSBC’s HQ SHANGHAI: The headquar-ters of banking giant HSBCwill remain in London, depart-ing chairman Stephen Greensaid Wednesday, dismissingmarket speculation that its headoffice might move to HongKong.

The lender moved its chiefexecutive to Hong Kong inFebruary to highlight theimportance of Asia -- particu-larly China -- but Londonremains its headquarters, Greensaid on the sidelines of a boardmeeting in Shanghai. "We haveno current plan to change that,"Green said. "Our policy willremain committed to buildingup our business in China. Thereis no country strategically moreimportant to us. That's why webrought our board meetinghere," Green said, according toDow Jones Newswires.

Green, who is leaving tobecome Britain's trade minister,spoke during a break from themeeting that is expected toendorse the recent shake-up ofthe bank's top management.

HSBC confirmed on Fridaythat chief financial officerDouglas Flint would succeedGreen as group chairman andStuart Gulliver, its head ofinvestment banking, wouldreplace Michael Geoghegan aschief executive.

The bank, which was estab-lished as the Hong Kong &Shanghai Banking Corp. in1865 to finance trade betweenEurope, China and India,expects global banking marketsto contribute 30-40 percent ofits profits, Gulliver said.

Flint said major challengesand opportunities lie ahead asthe global financial system con-tinues to recover from the 2008crisis. "One is the huge amountof reform in the regulatoryframework, and we hope tohave a leading role in shapingthat framework, and lots ofopportunities for us to build ouremerging market presence todevelop what we've alreadygot,"Flint said. -APP

MicrobankTMBL

takes partin UN forum

KARACHI: Around 70 percent of the unbanked in Pakistanwill be able to access socio eco-nomic services throughEasypaisa by 2015, This wasstated by Nadeem Hussain,Founder, President and CEO ofTameer Bank, while chairing thediscussion on FinancialInclusion, at the United NationsPrivate Sector Forum onMillennium Development Goals(MDG's), recently.

He said that more than 2.7 bil-lion people in the world have noaccess to any formal financialservices and if the financialinclusion goals are to beachieved, then the solution hasto be transformational not tran-sitional. He outlined howTameer Bank has revolutionisedbanking in Pakistan with thelaunch of mobile banking withEasypaisa, which has so far suc-cessfully completed 7 milliontransactions. During the forumhe submitted 5 year commit-ments and a socio economicdevelopment plan, for accelerat-ing the establishment of MDG'sthrough Tameer Bank. Theforum was organized at the UNHead Quarters in New York, bySecretary-General Ban KiMoon, convened with approxi-mately 300 heads of states, chiefexecutives, civil society leadersand heads of UN agencies toreview progress on MDG's andmake new commitments foraccelerated establishment of thegoals before 2015.-PR

BEIJING: Like other seg-ments of Pakistani society,country's banks are also notlagging behind in extendinghelping hands to their coun-trymen to start a fresh life andrecover from flood ravagesthat left nothing but theirsouls.

The President and ChiefExecutive Officer of HabibBank Limited (HBL), ZakirMahmood said on Thursdaythat HBL will commence soondistribution of payments onbehalf of the government toflood affectees in theprovinces of Baluchistan andSindh through the "WatanCards" scheme developed byNADRA.

HBL is working in closecoordination with the provin-cial government and NADRAto ensure timely disbursementof the funds. In the initialstage, through this scheme,the banks would distributegrants for relief and suste-nance, which will subsequent-ly be expanded for support forrehabilitation.

"The government is takingserious measures to mitigatethe suffering of the victims ofthe massive flood which hasalso had a very serious effecton the country's economy.Recovery will require a sus-tained and extensive relief andrehabilitation program," saidPresident Zakir Mahmood.

"The agriculture sector hasbeen badly affected. It isimportant that support is pro-vided by making agriculture

inputs available to farmers asearly as possible to preparethem for the next season," saidZakir Mahmood.

On his current visit to China,the President HBL said thatthe purpose was to meet banksand the corporate sector lead-ers of China to promote tradeand investment in Pakistan.There are many opportunitiesfor Pakistani and Chinesecompanies to increase theiractivities in both these areas.In Pakistan the energy sectorin particular offers investmentopportunities in the thermal,hydro and wind power seg-ments.

In this regard, Habib Bank iscommitted to supportingChinese businesses andthrough its representativeoffice in Beijing the bank is inclose contact with Chinesebanks and corporates.

Mahmood also met with agroup of Pakistani business-men settled in China at a din-ner. He supported the effortsof establishment ofPAKCHAM by the Pakistanibusiness community and saidthat this platform should workin close coordination withPakistan Government to playan effective role as a bridgebetween the business and cor-porate sectors of Pakistan andChina.

Muhammad Yasin, an activebusinessman, briefed Mr.Zakir Mahmood and enumer-ated the progress so farPAKCHAM has achieved inits establishment. -APP

HBLto give

out WatanCards soon

PESHAWAR: The Bank ofKhyber (BoK) earned Rs408million profit before tax for theperiod ended 30th June 2010which shows 168 per centgrowth over correspondingperiod profit of 2009, this wasstated by Bilal MustafaManaging Director BOK in hiskey note address at BOKOperational PerformanceReview Manager's Conferenceheld here.The Conference was attendedby Mir Javed HashmatExecutive Director BoK,Arbab Riaz Ahmad GroupHead Islamic Banking Group,Imran Samad Group HeadCredit Management apart fromDivisional Heads. BilalMustafa lauded the growth inall operational areas of the

BoK during first half of 2010and expressed his confidenceover the field staff and Headoffice supporting team, addingthat we have to work withmore devotion and diligently toachieve the targets of MCR setby the State Bank of Pakistanfor 2010.He said that due to increase inbranches network, we couldattract more clientage whichwould alternatively help us togrow our deposit and advancebase. He also welcomed the ChiefManagers of newly openedbranches of BOK in thirdquarters of the 2010. BilalMustafa mentioned that in-spite of unfavorable economicconditions across the thecountry specially in our

Province due to natural disas-trous, BOK total depositsshows 17 per cent growthwhile advances shows 59 percent While total assets ofBOK registered growth of 18per cent and now Bank's totalassets are Rs 46Billions.Mir Javed Hashat ExecutiveDirector in his address saidthat professionalism is a keyto success and presently infinancial sector the competi-tion required that we shouldbe services oriented financialinstitution in order to achievethe desired goals. He also advised the BranchManagers that they shouldpass on Head Office instruc-tion to their respective staff asit is always a team effort toachieve the targets. -PR

BoK pre-tax-profitvaults to Rs408mn

2nd quarter of 2010

NEW YORK: Nobel Prize winner Yunus, MD of Grameen Bank, listens to CEO of Women's World Banking

Ellen-Iskenderian speak during a panel discussing microfinance at the Clinton Global Initiative in New York.-Reuters

To flood hit people in Sindh, Balochistan

KARACHI: NIB Bank ispleased to announce thatShahid Sattar has joined theNIB Bank as Head of its Retail,SME and Commercial BankingGroup. He is a seasonedbanker with over 29 years ofbanking experience in Pakistanand abroad. He holds an MBA(Marketing) from University ofPunjab, Lahore and a B.Sc. inTextile Engineering.

Before joining NIB Bank,Shahid Sattar worked withBank Al-Bilad, Saudi Arabia asHead of Retail Banking andwas instrumental in improvingthe performance of the bank ina short period of time. Beforeleaving for Saudi Arabia,Shahid Sattar was Head of

Retail and CommercialBanking at MCB for 10 years,looking after a branch networkof 1070 branches, in additionto Consumer Finance, CreditCards and the CommercialLoan Portfolio of MCB. Priorto joining MCB, Shahid Sattarworked with Citibank, (1992-1998) at Faisalabad andLahore.

NIB Bank is delighted towelcome Shahid Sattar and isconfident that his presence willassist the bank in making sig-nificant progress towardsachieving its goals ofincreased customer penetra-tion, a versatile product offer-ing and enhanced customerservice. -PR

One of NIB armsgets a new head

Head of Retail, SME and Commercial Banking Group

ISLAMABAD: The SupremeCourt on Tuesday questionedthe authority and jurisdictionof State Bank of Pakistan(SBP) to waive off Rs 256 bil-lion bank loans during the peri-od from 1971 to 2009 underBanking CompaniesOrdinance.

A three-member bench ofChief Justice IftikharMuhammad Chaudhry, JusticeTariq Parvez and JusticeGhulam Rabbani while hearinga suo motu case, directed theSBP counsel to submit on

Wednesday details of at leastten cases from each year whichmet two conditions set inSection 33B BankingCompanies Ordinance andwhich were pre-requisites forwriting off loans.

The Chief Justice told SyedIqbal Haider, counsel for SBP,that they would check SBP'sauthority and examine the cir-culars while keeping in viewArticle 25 of the Constitution.

He said under Section 33B ofthe Banking CompaniesOrdinance, the SBP could

write off loans of borrowersunder two conditions, ie., secu-rity and rehabilitation of sickunits.

He said the SBP powersdepended upon these two con-ditionalities.

The Court would examineconstitutionality of theCircular 29 of the 2002 underwhich banks waived off loansout of public money, he added.

He observed that the SBPpolicy appeared as an openended with everybody explain-ing it to his or her own inter-

ests. Justice Tariq Parvezremarked that the section 33Bdid not give you a blanketpower.

At the outset of proceedings,Abdul Hafeez Pirzada, appear-ing as amicus curae, stated thatfew days back a report waspresented by the finance minis-ter before a National Assemblycommittee showing anotheramount of Rs 50 billion loanswritten off during last twoyears.

He said they were aware thatthe apex Court was already

seized with the matter butanother huge amount was writ-ten off by the private banks.

He said these banks weremaking tremendous profits butwere not paying taxes to thegovernment.

Iqbal Haider replied that pri-vate banks had done it and theSBP had not instructed them.

The Chief Justice said thatno bank could operate withoutobtaining license from theSBP.

An SBP official apprised thecourt that the names of benefi-

ciaries who got their loanswritten off during last twoyears from the private bankshad been included in the listsalready submitted with theCourt.

He said the banks decidedthe loan issues on their ownunder the mechanism and reg-ulations of SBP.

Syed Iqbal Haider told thatthey had submitted 49 volumesof books containing detailsbesides, all circulars from theyear 1971 to December 2009. -Agencis

SC questions SBP's jurisdiction to write off Rs256bn loans

KARACHI: StandardChartered Bank (SCB)launched an Islamic bankingawareness campaign under itsGlobal Islamic Brand 'Saadiq',said a handout issued here onTuesday.

Standard Chartered was thefirst international bank inPakistan to receive an IslamicBanking license and to openIslamic Banking branchesacross the country. The Bank inPakistan has 15 dedicatedIslamic banking branches andwindow based operations in 147branches spread across 41 cities,200 Standard Chartered ATMsand 19 Cash/Cheque DepositMachines (CDMs) and access tomore than 2000 ATMS acrossthe country via 1-Link. Saadiq,

which means 'truthful', isStandard Chartered's identity forour global Islamic Bankingbusiness. Under the Saadiqbrand, Standard Chartered con-tinues to offer a range of IslamicBanking services in both whole-sale and consumer banking withthe guidance and advice of ourGlobal Shariah Board.

Standard Chartered offersShariah compliant financialsolutions to its valued cus-tomers. Saadiq comprises ateam of qualified professionalswho design and structureIslamic financial solutions andensure that they are in line withShariah principles on Islamicbanking and finance.

All Islamic products offeredby Standard Chartered in

Pakistan are approved by anindependent ShariahSupervisory Committee com-posed of respected and qualifiedscholars of international repute.Its operations are reviewed andappraised by a dedicatedShariah Advisor who providesguidance on Shariah relatedmatters. These experts haveprovided valuable support andguidance to Standard Chartered,helping the bank develop prod-ucts suited to customers whoshow a preference for Islamicfinance. Standard CharteredSaadiq offers Current & SavingsAccounts, Term Deposits, FirstShariah Compliant Credit Card,Takaful, Home Financing andSME Trade & Finance facili-ties. -Agencies

SCB Islamic financeawareness drive starts

India’s ICICI

sees FY11 loan

growth beating

earlier forecastSINGAPORE: ICICI BankIndia's second largest lender,said on Thursday loan growthin the 2010/11 financial yearwould beat an earlier forecastand rise to 18 percent on theback of the country's strongeconomic growth.

Corporate and retail borrow-ings would boost lending froma July forecast of 15 percent forthe year ending March 2011,and in 2011/12, when loangrowth was expected to bebetween 20-22 percent, ChiefExecutive Chanda Kochharsaid.

"Our expectation for this yearis ... we will grow by around 18percent or so and in 2012 ... thegrowth will be 20-22 percent,"she said while inauguratingICICI's first retail branch inSingapore.

She also said the bank, whichranks second only to State Bankof India, was aiming to keep anet interest margin (NIM) of atleast 2.5 percent as seen in itsfirst-quarter results whichended in June, and was workingon ways to improve it.

"We will try for certainimprovement, because we areworking towards increasing theshare of our low-cost stabledeposits in our total funding,"Kochhar told Reuters in aninterview.

The lender, which has a mar-ket value of $27 billion, report-ed a 17 percent rise in its first-quarter net profit, in line withanalyst forecasts, backed bystrong loan growth from retailand corporate segments.

Kochhar said the companyexpected upward momentum inprofitability to continue.

"We are focusing on variousitems that would improve ourprofitability (such as) at leastmaintaining net interest mar-gins and trying to improve it,"Kochhar added. -Reuters

KUALA LUMPUR/JAKAR-

TA: Malaysian palm oil rose 1.19per cent on Thursday, booking itsfirst quarterly gain in a year as aglobal economic recovery fueleddemand and erratic weather pat-terns meant an uncertain graincrop outlook worldwide.

Palm oil gained 15.04 per centin the third quarter and other veg-etable oil markets also gained intheir first positive quarter for thesame period, despite news ofChina getting ready to sell statereserves and higher yields fromthe incoming US soy crop.Benchmark December palm oilon the Bursa MalaysiaDerivatives Exchange closed up1.19 per cent at 2,730 ringgit($885) per tonne. Trading washeavy with volumes of 13,775

lots of 25 tonnes each, up fromthe usual 10,000 lots.

Palm oil is likely to trade in arange of 2,700-2,800 ringgit atonne in the next few days, asChina's markets will close start-ing Friday for another holiday,a trader said.

China's most-active May 2011soybean oil rose 0.28 per centand May 2011 palm olein futuresrose 0.78 per cent as some traderswere still digesting news thatChina will sell some of its veg-etable oil reserves.

China is buying more veg-etable oil cargoes. Cargo sur-veyor Intertek Testing Servicesreported a 21.3 per cent jump inMalaysia's September palm oilexports with China's purchasesalmost triple.

US Oct soyoil rose 0.8 percent on higher crude oil andahead of the USDA's quarterlystocks report later on Thursdaythat is expected to show amplesupplies of soybeans despiteChina's strong demand for thegrain. -Reuters

Palm oil in 1st quaterlygain, weather lifts prices

9Friday, October 1, 2010

POLYPROPYLENE(PP) LINEAR LOW (LL)

Cash & Settlement 1240 1120

October (3rd Wednesday) 1240 1110

November (3rd Wednesday) 1240 1120

LONDON METAL EXCHANGE (PLASTIC)

LME Official Prices, US$ per tonne for September 29 2010

LME Official Prices, US$ per tonne for September 29 2010

ALUMINIUM ALUMINIUM COPPER LEAD NICKEL TIN ZINC NASAAC

ALLOY

Cash buyer 2210 2293 8016 2272 23195 24350 2186.5 2250

Cash seller 2220 2293.5 8016.5 2272.5 23200 24355 2187 2251

3-months buyer 2190 2328 8025 2296 23150 24325 2215 2280

3-months seller 2200 2329 8030 2297 23175 24350 2216 2290

15-months buyer 2125 2400 7950 2308 22525 23700 2270 2285

15-months seller 2135 2405 7960 2313 22625 23750 2275 2295

27-months buyer 2125 2460 7700 2287 21575 2265 2335

27-months seller 2135 2465 7710 2292 21675 2270 2345

LONDON METAL EXCHANGE (METALS)

LONDON: Gold looked set torack up its eighth consecutivequarterly gain on Thursday,driven by weakness in the USdollar and a growing beliefamong investors that policy-makers will do more to pro-mote economic growth.

Having hit its 11th recordhigh in 13 trading sessions,gold was on course for a 5 percent gain for themonth and thelikelihood theFederal Reservewill pump morecash into thefinancial systemto support theeconomy liftedsilver as well.

The dollar index fell to aneight-month low, under pres-sure from investors shunningthe US currency as expecta-tions mounted for the Fed toresume its quantitative easingprogramme to keep rates lowand increase money supply.

Spot gold reached a recordhigh of $1,315.80 an ounce andwas bid at $1,305.20 at 1455GMT, against $1,308.80 late onWednesday. US gold futures for

December delivery also hit arecord $1,317.50 an ounce andwere later down $3.90 at$1,306.70. Two measures ofregional business activity beatexpectations and a drop in week-ly jobless claims boosted thedollar, which in turn weighed ongold. But this was unlikely tochange the view that the world'slargest economy is flagging.

Speculation in markets isbuilding for the Fed, the Bankof England and the Bank ofJapan to limit rises in interestrates, which would prove apositive for gold, which tendsto benefit in an environment ofloose monetary policy.

"With quantitative easing, itis probably no longer a ques-tion of if, but when," saidDaniel Briesemann, an analystat Commerzbank.

Silver hit a fresh 30-year

high at $22.07 an ounce, andwas later at $21.83 an ounceagainst $21.87, yet still ontrack for its biggest monthlygain since May 2009.

The metal has climbed on theback of rising gold prices, butcontinues to outperform itsrival. The gold-silver ratio --how many ounces of silver areneeded to buy an ounce of gold

-- fell to 59.7on Thursday,its lowestsince lastOctober.

Holdings ofthe world'slargest silver-b a c k e d

exchange-traded fund, theiShares Silver Trust, rose to arecord 9,786.47 tonnes byWednesday, the trust said,showing healthy investmentappetite for the metal.

Platinum hit a four-month highat $1,661.00 an ounce and waslater at $1,657.50 against$1,645.75, while palladium wasat $569.00 against $563.45, hav-ing earlier touched its highestsince March 2008 at $572 anounce. -Reuters

Gold notches up eighthstraight quarter of gains

Europeanvegetableoil prices

ROTTERDAM: The follow-ing were the Thursday'sRotterdam vegetable oil price'sat 21:00 PST.

SOYOIL: EU degummedeuro tonne fob exmillNov10/Jan11 797.00-12.00,Feb11/Apr11 802.00-12.00,May11/Jul11 806.00.

RAPEOIL: Dutch/EU eurotonne fob exmill Nov10/Jan11780.00+0.00, Feb11/Apr11787.00+1.00, May11/Jul11795.00+3.00.

SUNOIL: EU dlrs tonneextank six ports optionNov10/Dec10 1185.00+5.00,Jan11/Mar11 1180.00+5.00,Apr11/Jun11 1175.00+0.00.

LINOIL: Any origin dlrstonne extank RotterdamOct10/Nov10 1325.00-2.50.

CRUDE PALM OIL:Sumatra/Malaysia slrs optiondlrs tonne cif R'dam Sep10935.00+15.00, Oct10932.50+10.00, Nov10/Dec10930.00+12.50, Jan11/Mar11927.50+15.00.

PALMOIL: RBD dlrs tonnecif Rotterdam Nov10/Dec10960.00.

PALMOIL: RBD dlrs tonnefob Malaysia Nov10/Dec10912.50+15.00.

PALM OLEIN: RBD dlrstonne fob MalaysiaNov10/Dec10 922.50+15.00,Jan11/Mar11 917.50+12.50,Apr11/Jun11 922.50+15.00.

PALM STEARIN: Dlrs tonnefob Malaysia Nov10 900.00,Dec10 895.00.

COCONUT OIL: Phil/Indondlrs tonne cif RotterdamOct10/Nov10 1380.00+15.00,Nov10/Dec10 1380.00+20.00,Dec10/Jan11 1380.00+20.00.

CASTOROIL: Any origindlrs tonne extank RotterdamOct10/Nov10 2025.00+0.00. -Reuters

National Commodity Exchange Ltd Trading SummaryDate Commodity Contract Price Open High Low Close Traded Volume Previous Current Open Interest

Date Quotation in lots Settlement Settlement in Lots

Price Price

30-Sep-2010 CRUDE100 NO10 US$ Per Barrel 76.11 79.03 75.72 79.03 305 77.78 79.03 98

30-Sep-2010 CRUDE100 DE10 US$ Per Barrel 77.62 80.24 76.95 80.24 93 79.07 80.24 33

30-Sep-2010 CRUDE100 JA11 US$ Per Barrel 78.79 81.23 78.79 81.23 - 80.18 81.23 -

30-Sep-2010 SILVER - SL500 NO10 US$ Per Troy Ounce 21.79 22.07 21.79 22.07 - 21.87 22.07 -

30-Sep-2010 SILVER - SL500 DE10 US$ Per Troy Ounce 21.81 22.08 21.81 22.08 13 21.89 22.08 29

30-Sep-2010 GOLD 01oz NO10 US$ Per Troy Ounce 1308.20 1316.20 1306.60 1316.20 498 1308.30 1316.20 1,647

30-Sep-2010 GOLD 01oz DE10 US$ Per Troy Ounce 1309.50 1317.00 1307.30 1316.90 765 1309.10 1316.90 1,246

30-Sep-2010 GOLD 01oz JA11 US$ Per Troy Ounce 1310.00 1317.70 1308.50 1317.70 305 1310.00 1317.70 134

30-Sep-2010 GOLD 100oz NO10 US$ Per Troy Ounce 1308.30 1316.20 1308.30 1316.20 - 1308.30 1316.20 -

30-Sep-2010 GOLD 100oz DE10 US$ Per Troy Ounce 1309.90 1316.90 1308.00 1316.90 47 1309.10 1316.90 13

30-Sep-2010 GOLD 100oz JA11 US$ Per Troy Ounce 1309.80 1316.90 1309.80 1316.90 - 1310.00 1317.70 13

30-Sep-2010 GOLD OC10 Per 10 grms 36404.00 36608.00 36365.00 36608.00 9 36359.00 36608.00 47

30-Sep-2010 GOLD NO10 Per 10 grms 36374.00 36617.00 36374.00 36617.00 - 36368.00 36617.00 -

30-Sep-2010 GOLD DE10 Per 10 grms 36388.00 36631.00 36388.00 36631.00 - 36382.00 36631.00 -

30-Sep-2010 Kilo GOLD OC10 Per 10 grms 36337.00 36580.00 36337.00 36580.00 - 36331.00 36580.00 3

30-Sep-2010 Tola Gold50 OC10 Per Tola 42383.00 42666.00 42383.00 42666.00 - 42376.00 42666.00 -

30-Sep-2010 Tola Gold100 OC10 Per Tola 42383.00 42666.00 42383.00 42666.00 - 42376.00 42666.00 -

30-Sep-2010 Mini Gold 1-Aug Per 10 grms 37405.00 37640.00 37405.00 37640.00 - 37388.00 37640.00 -

30-Sep-2010 Mini Gold 2-Aug Per 10 grms 37442.00 37679.00 37442.00 37679.00 - 37424.00 37679.00 -

30-Sep-2010 Mini Gold 3-Aug Per 10 grms 37454.00 37692.00 37454.00 37692.00 - 37436.00 37692.00 -

30-Sep-2010 Mini Gold 4-Aug Per 10 grms 37381.00 37705.00 37381.00 37705.00 - 37449.00 37705.00 -

30-Sep-2010 Mini Gold 5-Aug Per 10 grms 37393.00 37628.00 37393.00 37628.00 - 37376.00 37628.00 -

30-Sep-2010 TT Gold 1-Sep Per Tola 42959.00 43232.00 42959.00 43232.00 - 42938.00 43232.00 1

30-Sep-2010 IRRI6W 30SE10 Per 100 kg 2402.00 2402.00 3151.00 3175.00 - 3151.00 3175.00 -

30-Sep-2010 Rice IRRI - 6 OC10 Per 100 kg 3167.00 3192.00 3167.00 3192.00 - 3167.00 3192.00 -

30-Sep-2010 RBD Palm Olein OC10 Per Maund 4172.00 4182.00 4172.00 4182.00 - 4172.00 4182.00 -

30-Sep-2010 KIBOR3M 10-Sep Per Rs. 100 87.17 87.17 86.91 86.91 - 87.17 86.91 -

30-Sep-2010 KIBOR3M 10-Dec Per Rs. 100 86.88 86.88 86.54 86.54 - 86.88 86.54 -

Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day

Tokyo rubber

surges near

5-mth highTOKYO: Key Tokyo rubberfutures inched up to trade nearfive-month highs on Thursday,helped by steady oil and physi-cal rubber prices, and put intheir best quarter sinceOctober-December 2009.

The key Tokyo CommodityExchange rubber contract forMarch delivery rose 1.6 yen or0.5 per cent to settle at 311.4yen per kg, having risen as highas 313.2 yen earlier, near a five-month high of 314.7 yen hit onMonday. Strength in the yencapped further gains.

This quarter's rise of 15 percent was the highest increasesince a 40 per cent rise inOctober-December 2009.

The most active March con-tract on Shanghai rubber futures,was at 26,875 yuan a tonne onThursday, well below 27,395yuan a tonne hit on Monday, itsstrongest since mid-2008.Japan's crude rubber inventoriestotalled 5,776 tonnes as of Sept.10, jumping 39 per cent from 10days earlier, data from theRubber Trade Association ofJapan showed on Thursday.

Rubber inventories in ware-houses monitored by theShanghai Futures Exchangerose 17.4 per cent from a weekearlier, the exchange said. -Reuters

GAZA - PALESTINE: Palestinian farmers harvest dates from palm trees in Khan Yunis inthe southern Gaza Strip. -Reuters

NEW YORK: Cotton futuressettled limit down Wednesdayon investor liquidation spurredby news that India has set adate when it will begin cottonexports and by lower cottonprices in China, analysts said.

Investors also wanted tobook their profits for the end ofthe third quarter on Thursday,having entered the rally whenit began in July, according toanalysts.

Cotton has rallied nearly 40per cent for most of the quarter,the best quarterly performancefor a benchmark contract since

1994.Cotton's rally has been fueled

by robust demand and heavy

buying by investment, hedgeand long-only funds that feltthe market was undervalued.

ICE Futures US keyDecember cotton contractdropped the 4-cent limit toclose at $1.0124 per lb. Thesession top was at $1.0603.

Cotton volume slowed afteraveraging 40 per cent abovethe 30-day average for the past

week, according to pre-liminary Reuters data.Total volume tradedstood at around 17,178lots at 1847 GMT, 6.3per cent higher than the

30-day average of 16,000 lots,preliminary Thomson Reutersdata showed.

Brokers believe cotton salesshould run from 250,000 to400,000 running bales (RBs,500-lbs each), versus sales lastweek of 571,700 RBs. -Reuters

NY cotton ends limitdown on investor sales

NY cotton early-tradeICE Futures US key December cotton

contract rose 1.05 cents to trade at $1.0229

per lb at 1407 GMT. The contract traded

from 99.29 cents to $1.0278.

LONDON: Copper eased onThursday as moves by top met-als consumer China to curbproperty prices prompted prof-it taking, although losses werelimited by dollar weakness andbetter-than forecast US data.

Three-month copper on theLondon Metal Exchange wasuntraded at the close but bid at$8,010 a tonne from $8,064 atthe close on Wednesday. Itjumped to a more than two-year peak on Wednesday at$8,075.

Copper, used in power andconstruction, is on course for a25 per cent rise this quarter,and its largest quarterly gain inone year. In the second quarter,copper fell about 15 per cent.

Data out earlier showed newUS claims for jobless benefitsfell last week, pointing to amodest strengthening in thelabour market, while second-quarter growth was revised atouch higher on firmer con-sumer spending.

Denting sentiment slightly,however, China has told banksto demand a down payment ofat least 30 per cent from allmortgage applicants as part ofits new efforts to put a lid onproperty prices.

"During the summer slow-down period, the dollar contin-ued to weaken, so here we areat $8,000 again," said AlexHeath at RBC Capital Markets.

Falling LME inventories,seen as a demand indicator,have helped overall sentiment.Latest LME data showed cop-per stocks shed 950 tonnes to

374,150 tonnes, having fallenfrom 6-1/2 year highs at555,075 tonnes in midFebruary.

All the same, copper pricesare on track for a third consec-utive month of gains, with aclimb of 8.5 per cent so far inSeptember.

Three-month aluminiumclosed at $2,351 a tonne from$2,341 at the close onWednesday. LME stocks of themetal, used in transport andpackaging, eased 3,150 tonnesto 4.35 million tonnes.

Aluminium is on course foran 18 per cent gain this quarter.Zinc's last traded at $2,195 atonne from $2,225, lead at$2,279 from $2,300. Tin endedat $24,250 from $24,325 andnickel at $23,400 from $23,350on Wednesday. -Reuters

Copper dips onChina property;

US data supports

Sugar falls,

arabicas firm

as 3rd qtr endsLONDON: ICE raw sugarfutures fell on Thursday afterthe spot contract swung to aseven-month high onWednesday, with expectationsof a good-sized delivery ton-nage at the October expiry.

Arabica coffee futures edgedup in thin volumes, consolidat-ing from Tuesday's steep rally,while cocoa edged lower onThursday, the last trading dayof the third quarter of

2010.ICE front-month raw sugar

futures have surged around 44per cent in the third quarter,bolstered by tight global sup-plies and a fresh infusion ofinvestor funds, with Liffe front-month white sugar futures upabout 20 per cent.

ICE October raw sugar wasdown 0.9 cent or 3.4 per cent to25.92 cents a lb at 1403 GMT,while Liffe December whitesugar was down $4.2 or 0.7 percent to $630.80 per tonne inmoderate volume of 2,143 lots.

Sugar traders focused onadverse weather in key produc-ers, with attention turning toBrazil's 2011/12 crop. Brazil's2010/11 cane crush has beenrevised lower repeatedly toaccount for the dry weatherreducing cane yields.

ICE arabicas have outpaced therise in Liffe's robusta coffee thisquarter with arabica coffee uparound 13 per cent versus aroughly 0.2 per cent rise inrobusta. ICE December arabicaswere up 0.45 cent or 0.2 per centat 186.20 cents a lb at 1405GMT, while Liffe Novemberrobustas were down $7 or 0.4 percent at $1,730 per tonne in mod-est volume of 2,340 lots.

In cocoa, the London markethas seen a much sharper fallthan New York, as a strongerpound and improving WestAfrican supply prospectsweighed. ICE December cocoawas down $10 or 0.4 per cent to$2,855 per tonne, while LiffeDecember cocoa wasunchanged at 1,924 pounds pertonne in modest volume of3,953 lots. -Reuters

LONDON: Oil topped $79 abarrel, hitting a fresh seven-week high on Thursday afterdata in the United Statesoffered hope for a pick-up ineconomic activity in theworld's largest economy.

On the last day of the thirdquarter, US crude oil futurestouched $79.40 a barrel, thehighest since mid-August andwere trading $1.42 higher at$79.26 a barrel. ICE Brentcrude futures rose $1.40 to

$82.17 a barrel."The higher euro, stronger

stocks in Asia, the better job-less claims data and a revisedupward GDP reinforced yester-day's fresh look at fundamen-tals and the idea that perhapsdemand might pick up andinventories pull back," saidPeter Beutel, president ofCameron Hanover inConnecticut.

New US claims for joblessbenefits fell last week, pointingto a modest strengthening inthe labour market, while sec-ond-quarter growth wasrevised a touch higher on

firmer consumer spending.On Wednesday, weekly data

showed larger than expectedfalls in oil inventories in theUnited States, the world'slargest oil consumer.

US crude oil futures are ontrack to close September upmore than 8 per cent, thebiggest monthly percentagerise since February, and are setto post a gain of less than 1 percent in the third quarter.

North Sea ICE Brent crude

futures, in contrast, are likelyto close the third quarter withgains of nearly 5 per cent.

Mike Wittner, SocieteGenerale's Global Head of OilMarket Research, said therecent strength of ICE gas oilfutures have been leading theoil complex higher.

Brokers said support camefrom a French rolling portstrike at the country's strategicFos-Lavera oil hub nearMarseille, which entered itsfourth day on Thursday.

They are blocking a total of24 oil tankers, the port authori-ty said. -Reuters

Oil tops $79 after USjobless, GDP data

Shanghai copper weakensShanghai copper dropped to

its lowest in more than a monthas China's move to curb proper-ty prices dented sentiment, butlosses were limited by improv-ing demand prospects and ongo-ing weakness in the dollar.

Shanghai's benchmark third-month copper futures contractdropped nearly 6 per cent to57,280 yuan a tonne -- its lowestsince Aug. 26 in early trade, butrecovered to 60,600 yuan atclose, down 0.3 per cent.

Shanghai copper notched up a16 per cent quarterly gain, itsbest so far this year, before mar-kets closed for a week ofNational Day holiday starting onFriday.

Indian sugar

rises on lower

Oct quotaMUMBAI: India's spot sugarprice rose on Thursday onlower non-levy sugar quota forOctober and hopes the govern-ment will allow exports to sup-port local farmers and theindustry, dealers said.

India, the world's biggestconsumer, has made available1.75 million tonnes of non-levysugar for October, lower than1.85 million tonnes it hadreleased during the same montha year ago, the government saidin a statement late on Thursday.

In Kolhapur, a key market intop producing Maharashtrastate, the most traded S-varietyrose 1.3 per cent to 2,569rupees per 100 kg.

The country is expected toproduce 26 million tonnes inthe new season that begins onOct. 1, up from previous fore-casts of 25 million tonnes,Prakash Naiknavare, managingdirector of Maharashtra StateCooperative Sugar FactoriesFederation, told Reuters in aninterview. -Reuters

Silver hits 30-yr high; ratio to gold lowest in 11 months

10Friday, October o1, 2010

McIlroy hits out of a bunker during practiceahead of the 2010 Ryder Cup at Celtic Manor

Contadorsuspended

over positivedope result

SYDNEY: Tour de France win-ner Alberto Contador has beenprovisionally suspended aftertesting positive for a "very smallconcentration" of a banned ana-bolic agent during the race,cycling's governing body saidThursday.

The Spaniard, who won histhird Tour this year, was testedduring the second rest day of therace and the second B test hadconfirmed the presence of clen-buterol, the InternationalCycling Union (UCI) said in astatement.

"The rider, who had already putan end to his cycling season beforethe result was known, was never-theless formally and provisionallysuspended as is prescribed by theWorld Anti-Doping Code," thestatement said.

Contador, who is leavingAstana to join Bjarne Riis'sSaxo Bank team next season,blamed food contamination forthe finding.

"It's possible to put your handin the fire and not burn yourself.If it had been a clear case of dop-ing it would have come out aweek later. The food poisoningcame from a cut of meat fromSpain," Contador told Spanishradio station Cadena Cope.

"It is Riis Cycling's hope thatthis case can be resolved in aorderly and timely fashion as itis in the best interests of all par-ties involved that the properconclusions are drawn within areasonable period of time," SaxoBank said in a statement.

"The team has had and willcontinue to have the positionthat cheating of any form willnot be tolerated."

Clenbuterol can be abused byathletes to strip fat and enhancemuscle size and can have short-term stimulant effects includingincreasing aerobic capacity,blood pressure and alertness. Ithas led to bans for cyclists in thepast.

The concentration inContador's A test was "400time(s) less than what the anti-doping laboratories accreditedby (World Anti-Doping Agency)WADA must be able to detect,"the UCI said in a statement.

"In view of this very smallconcentration and in consulta-tion with WADA, the UCIimmediately had the properresults management proceed-ings conducted including theanalysis of B sample that con-firmed the first result."

The case would require "fur-ther scientific investigation"before any conclusion could bedrawn and could take sometime, the statement added, pro-viding no further comment.

The finding puts 27-year-oldContador's Tour de France victo-ry with Kazakh-funded Astana inJuly under a cloud and threatensto leave an indelible stain on theSpaniard, who also won the 2007and 2009 Tours and is regardedone of the greatest cyclists of themodern era.-Reuters

LONDON: Samuel Eto'oscored a scintillating hat-trickfor holders Inter Milan in theChampions League onWednesday but Lionel Messi'smagic went missing asBarcelona laboured to a drawwith their Russian bogey team.

While Rafa Benitez celebrat-ed a 4-0 victory over WerderBremen and his first home winin Europe as Inter coach, PepGuardiola's Barcelona wereforced to scrap for a 1-1 drawat Rubin Kazan in Group D.

Manchester United savoureda rare win in Spain when theybeat Valencia 1-0 to go joint-top of Group C with Rangers,1-0 winners over Bursaspor,while troubled OlympiqueLyon won 3-1 at Hapoel TelAviv to lead Group B.

While Eto'o was lighting up

the San Siro, TottenhamHotspur's Rafael van der Vaartchalked up a different kind oftriple when he missed a penal-ty, scored and was sent off in a4-1 home win against TwenteEnschede, taking his side levelwith Inter at the top of GroupA.

There was no rivalling Eto'ofor the performance of thenight, as the Cameroon strikerscored two in a six-minute firsthalf burst, helped set upWesley Sneijder for Inter'sthird and completed his hat-trick nine minutes from time.

"I don't know if it was theirbirthday today but we gavethem too many presents,"seethed Werder coach ThomasSchaaf.

BARCELONA BEHINDWhere Inter shone as bright-

ly as Eto'o's brilliant yellowboots, Barcelona struggledwith World Player of the YearMessi returning from an ankleinjury.

The Spanish champions hadto come from behind to sal-vage a point against the sameunglamorous opponents whostunned the then Europeanchampions 2-1 at the NouCamp last season before a 0-0home draw.

Messi, who scored twice inBarcelona's opening group Dmatch, came off the bench forthe last half-hour but wasunable to make the differencewith Rubin keeper SergeiRyzhikov denying theArgentine wizard late on.

Both goals came from thepenalty spot, with captainChristian Noboa putting the

home side ahead in the 30thminute and David Villa equal-ising on the hour.

FC Copenhagen pushedBarcelona off the top of thegroup, with striker DameN'Doye returning to haunt hisformer club Panathinaikos,who had former Arsenal mid-fielder Gilberto Silva sent off,in a surprise 2-0 away win.

Villa's former club Valencia,top of La Liga, failed to con-vert possession into goals andpaid the price against United.

With Wayne Rooney side-lined by injury but RioFerdinand returning, United'snew Mexican signing Javier'Little Pea' Hernandez came offthe bench to break the dead-lock with a clinical finish inthe 85th minute of an uninspir-ing match.-Reuters

Eto bags hat-trick for Inter

TOKYO: Wozniacki of Denmark hits a return against Pavlyuchenkova of Russia during Pan Pacific Open .-Reuters

MILAN: Inter Milan's Eto'o scores a second goal past Werder Bremen's goalkeeper Wieseduring their Champions League Group A soccer match.-Reuters

TOKYO: Top seed CarolineWozniacki reached the PanPacific Open semi-finals afterPolish opponent AgnieszkaRadwanska retired with a footinjury on Thursday.

The Dane was leading 5-0 inthe first set when sixth seedRadwanska called for the train-er at the changeover and decid-ed to pull out of the $2 milliontournament in Tokyo.

Wozniacki, winner of fivetitles this year and closing in onthe world number one ranking,plays eighth seed VictoriaAzarenka of Belarus in thesemi-finals.

Azarenka beat Americanqualifier Coco Vandeweghe 6-2 6-1.

"I've been playing some greattennis," Wozniacki toldreporters. "I am sad forAgnieszka of course but I'mhappy with my performance.

"It's always been a goal ofmine to be number one," addedWozniacki, who could leapfrogSerena Williams if she winsthis week and reaches the lasteight in Beijing next week.

"But if it doesn't happen thisyear there will be otherchances."

French Open championFrancesca Schiavone of Italybeat Estonia's Kaia Kanepi 7-54-6 7-5 and will face eitherElena Dementieva or VeraZvonareva for a place inSunday's final.-Reuters

Wozniacki cruisesinto Tokyo semis

LONDON: Coverage of thisyear's World Cup football finalsin South Africa by the Al-Jazeerasatellite television was jammedfrom Jordan, Britain's Guardiannewspaper reported in itsThursday edition.

"Mysterious jamming of TVbroadcasts of the summer'sWorld Cup by the Arabic satel-lite channel Al-Jazeera has beentraced to Jordan, which appearsto have retaliated angrily afterthe collapse of a deal that wouldhave allowed football fans therefree access to the matches," thepaper reported.

"Secret documents seen exclu-sively by the Guardian trace five

episodes of jamming definitivelyto a location near Salt in Jordan,northeast of the capital Amman,confirmed by technical teamsusing geolocation technology.

"The co-ordinates identifiedwere 32.125N 35.766E. It isaccurate to within a range ofthree to five kilometres (one tothree miles)."

Jordanian officials were notimmediately available to com-ment on the reported jamming,which infuriated million of fanswho had payed in advance forcoverage of the tournament onlyto receive blank screens, pixelat-ed images or commentary in thewrong languages.-APP

Coverage for part ofArab region wasjammed: report

WELLINGTON: DanielVettori, the New Zealand cap-tain, has singled outBangladesh allrounder ShakibAl Hasan as the biggest threatfor the visitors during theupcoming five-match ODIseries.

"We have seen theBangladesh team improve",Vettori said. "ObviouslyShakib is probably their bestplayer, so if we can nullify himwe know we are going to win.He is a very good player, hehas proven himself particularlyin these conditions, so he isprobably their main player."

Shakib, who is the vice-cap-tain of the Bangladesh one-dayteam, is currently rated No. 1 inthe ICC ranking for allroundersin ODIs. He has played 94 one-dayers, scoring 2465 runs andhas picked up 109 wickets.Vettori, who is rated No. 5, saida comparison between him andShakib was inevitable.

"I think we have some simi-larity, we both bat down theorder at the same position andwe both bowl left-arm spin," hesaid. "And Shakib was captainfor a while, so there was someobvious comparison. The keyfor us hopefully is that we canplay a role in our team win-ning. Obviously you want totry and out-think the oppositionas much as you can. AndShakib is probably our mainopposition."

Vettori said the absence ofopener Tamim Iqbal, who wasruled out of the series due tosurgery on his left wrist, was abig blow for Bangladesh."Iqbal is injured, so that's a bigloss for Bangladesh. He scoreda lot of runs at the top of theorder. So he will be a lossthroughout the series."

Vettori had warned his sideagainst complacency duringthe series, but was confident ofhis team's chances.-APP

Vettori eyes Shakibas biggest threat

ISLAMABAD: Pakistan hock-ey legend Hassan Sardar hopesthat honour will be restored forthe country in hockey at theCommonwealth Games as theplayers are hungry for revengethis time round.

Pakistan hockey team per-formed poorly in the FIHWorld Cup held in February-March in New Delhi as theyfinished 12th in the quadrennialcompetition. In their matchagainst India they had lost 1-4.But Hassan believes that thingswould be different this time.

"The Pakistan hockey teamhas been working very hard

since the World Cup and theyare an improved lot. An India-Pakistan hockey match isalways a very close call andOctober 10 will be no different.Whichever team takes theirchances, will win," he wasquoted as saying by the websitemid-day.com on Friday.

Hassan Sardar arguably is thebest centreforward Pakistanhas produced. In the 1980s,Sardar, Kaleemullah,Samiullah, Hanif Khan andShahnaz Sheikh formed one ofthe most dreaded attacks inworld hockey. Ask formerIndia goalkeeper Mir Ranjan

Negi, who conceded as manyas seven goals in India's 1-7humiliation at the hands of theneighbours in the 1982 AsianGames hockey final.

Sardar scored a hat-trick inthe match that turned Negi's lifeturned upside down. A sectionof the Indian public brandedNegi a traitor, claimingPakistan had bribed him to letin the goals.

Sardar refutes the allegationvery strongly. "It's nonsense.Given the passion for hockeybetween the two countries, it'sridiculous to even suggest sucha thing."-APP

Hassan hopes toreclaim hockey honour

NEW DELHI: The spirit ofthe Games doesn't seem to beprevailing. Seen to be anessential ingredient of theGames, volunteers ofCommonwealth Games havegone missing. An estimated10,000 volunteers havedropped out after enrolling forthe mega sports show.

The volunteers have dis-played less than expected zestfor the Games due to what isseen as a combination of rea-sons ranging from random allo-cation of responsibilities, rela-tively unglamorous assign-ments and poor training andmotivation.

A part of the problem alsoseems to have been the termsoffered to volunteers. Instead

of payments, the experience ofparticipating in the Gameswith a certificate at the end ofthe event are the mainrewards. However, there isalso a smart set of clothes - thekit costs Rs 12,000 - besidesmeals while at work.

While these terms are thenorm at most such events, thethrill and experience of the joband an opportunity to watch topathletes being the big hook, theattrition rate of volunteers hasbeen rather high. Beset withcontroversies, the Games haveperhaps not proved too attrac-tive for many who signed up.

Sources said the missing vol-unteers have gone away withtheir uniforms that might havebeen what they found to be of

interest. Perhaps, they shouldhave been paid a dailyallowance at least. Some of thework is quite tough andrequires good communicationskills, said an official who con-firmed mass desertions.

The situation has led to pri-vate parties having to step uptheir participation. "We aredoing all that has been askedof us," said Abhijit Sarkar,spokesperson of Sahara group.Many of the volunteers at theairport and Village are fromthe group.

It is being hoped that the vol-unteers will return as those whodid turn up at the Village havemade a good impression on ath-letes who have moved in.-Agencies

Half of CWGvolunteers went

missing with kits

Olympianathlete callson Minister

SportsPESHAWAR: Olympian ath-lete Sadaf Siddiqui called onMinister Sports KhyberPakhtunkhwa Syed Aqil Shahat Olympic Secretariat here onThursday.

25-year old Sadaf Siddiquirepresented Pakistan at the 2008Summer Olympics in Beijing.She competed at the 100m sprintand placed seventh in her heatwithout advancing to the secondround. She ran the distance in atime of 12.41 seconds.

Besides representing Pakistanin the Olympic, Sadaf Siddiquiis a national record holder ath-lete and she was the undisputedchampion in 100m and 200mdash and won many medals indifferent national and interna-tional events.

Well before theCommonwealth Games, a two-member anti-doping discipli-nary panel banned national ath-letes Sadaf Siddiqui and JaveriaHasan for two years each afterthey tested positive for dopingduring preparations and trialsheld for the CommonwealthGames.

It is worth mentioning herethat Pakistan Sports Board(PSB) had appointed an inquirycommission comprisingDirector General PakistanOlympic Association (POA),Major (Retd.) MohammadAfzal and Pakistan MedicalCommission's vice chairmanMeesaq Rizvi and theyannounced the decision toimpose bans on the two femaleathletes in August, last.

Sadaf remained with theMinister for some time and dis-cussed about banning here byPSB panel. It seemed that mycarrier was over, the dejectedSadaf added.-APP

FIFA WC SAfrica

11Friday, October 1, 2010

International & Continuation

terming it invaluable in war against terrorism and extremism. The President,during the meeting, said that the fight against militancy and terrorism remainsthe highest priority and the government was determined to pursue its struggleagainst militancy till its logical end. He said that there was a need to enhancetrust, cooperation and coordination at the strategic, policy and operationalplanes. Capacity enhancement of the Pakistan security apparatus was very cru-cial, the President observed. The President said Dr Aafia's sentence was beingperceived as harsh and disproportionate and has led to protests in Pakistan.

While underscoring the importance of intelligence sharing and cooperationbetween Pakistan and the US, PM said that the US and Isaf forces should sharecredible and actionable information with Pakistan's forces enabling them to takethe required action against the possible threat in the bordering areas withAfghanistan. He further said that Pakistan being a frontline ally in the war againstterror expects from its partners to respect its territorial sovereignty. -Online

Continued from page 12No #1

bridges and infrastructure. This is such a huge challenge for any governmentor party to undertake on its own and can only be faced with the combined andconcerted efforts of the whole nation, NGOs, the civil society, the internation-al community and donor agencies.

President IFRC Tadateru Konoe apprised President Zardari that PRCS andmovement partners have so far reached out to over 143,000 families by pro-viding food packs and non food items and added that IFRC planned to provideassistance to 300,000 affected families during emergency relief phase. He fur-ther informed that nine water purification plants, six in Sindh and three inPunjab, have been deployed to provide clean drinking water to affectees. ThePresident thanked Tadateru Konoe for the efforts by PRCS and movementpartners for the relief and rehabilitation of flood affectees in Pakistan. -Online

Continued from page 12No #2

Minister of State for Finance, Hina Rabbani Khar on a supplementary ques-tion said that the government is providing subsidised food items to poor peo-ple despite the fact that there is huge difference of prices between the USC andwholesale market. She further said that mobile vans of USC have beendeployed in flood-hit areas and other parts of the country where USC outletshave yet not established, to provide subsidised food items. -APP

Continued from page 12No #3

that India changed its mind while Krishna said Pakistan was not prepared tohave talks. "Well it takes two hands for a clap... my Foreign Secretary(Nirupama Rao) was ready." -Online

Continued from page 12No #4

"We would like to emphasise that no final agreement has been reached atthis point in time as this offer depends on the fulfillment of specific require-ments and conditions," the Etisalat statement said. It said Zain was satisfiedwith the bid. "We are pleased with offered price because it is good and suit-able for both sides," Nasser al-Khorafi, chairman of the Khorafi Group, wasquoted as saying by Kuwait's Al-Qabas newspaper.

The Khorafi Group has a direct ownership of 12.7 per cent of Zain but itsshare is believed to be more than 20 per cent if indirect stakes are taken intoaccount. The 46 per cent is a controlling stake in Zain since 10 per cent of itsequity are in treasury shares which do not have voting power. In March, Zainsold its operations in 15 African nations to India's Bharti Airtel for 10.7 billiondollars, netting a profit of more than three billion dollars from the deal. BesidesKuwait, Zain operates in Saudi Arabia, Bahrain, Jordan, Iraq, Lebanon, Sudanand Morocco. The Kuwaiti government holds a 24.6 per cent stake in the firm,which currently has more than 30 million clients. Before striking the deal withBharti Airtel, Zain held unsuccessful negotiations with an Indo-Malaysian con-sortium to sell 46 per cent of the company for about 14 billion dollars.

Continued from page 12No #5

in notice. He said that India does not have the capability to stop water shareof Pakistan. He said that Kalabagh dam has become controversial as threeprovincial assemblies approved resolutions against it. He said that construc-tion of Neelam Jehlum Hydropower Project could be delayed by one yearwhile Rs17541 million would be spent on the project and 1000-megawattpower would be generated. He said that Pepco and the companies under itwould be given autonomy and handed over to private sector so that they wouldbe responsible for their loss and profit. The decision would improve Pepco'sperformance and decrease its line losses. He said that Prime Minister has con-stituted special committee in this regard. He said that power pilferage is a bigissue and system is pressurised due to it. He said that agreements have beenmade with distribution companies to stop power pilferage.

He further said that Pepco and distribution companies are being restruc-tured. He said that strict steps are being taken to stop electric pilferage through"kunda culture". He said that he had appealed the provinces to restore magis-trate system and the government was legislating in this regard so that powerpilferage could be declared heinous crime. -Online

Continued from page 12No #6

The donors' conference was attended by ambassadors of 57 countries, rep-resentatives of world monetary institutions, industrialists, chambers and com-merce and members of parliament. Chief Minister Punjab Mian ShahbazSharif addressing on the occasion stated that flood wreckages in the countrywere far greater as compared to earthquake of 2005 in Pakistan and earthquakeof Haiti and Tsunami and at this time the world should come forward to assistPakistan to tackle prevailing flood devastations.

He informed the participants of the 'Donors' Conference' that approximate-ly 20 million people have been affected across the country in flood devasta-tions, while 1.2 million houses have been damaged in the flood-affected areas,crops standing at 1.7million acre swept in floodwater and more than five laccattle died in flash floods. Chief Minister Punjab stated that Punjab govern-ment would utilise all its available resources to compensate the smaller culti-vators of the province and to compensate the affected farmers, Punjab govern-ment would provide free of cost seed and fertilisers to the cultivators.

He also informed the participants of the donors' conference that Punjab gov-ernment had already initiated reconstruction of model villages, modelcolonies, hospitals, school and colleges in the flood affected areas on prioritybasis. Punjab government has been committed to rehabilitate the flood affect-ed homeless people in their native areas and for this purpose Punjab govern-ment has been desperately in need of assistance from world community andworld donor agencies to rehabilitate the flood affectees. -Online

Continued from page 12No #7

Volumetric sales and prices pushed the net sales revenue of the company up33.8 per cent to Rs82.79 billion from Rs61.86 billion. However, cost of salesescalated 34.9 per cent at Rs79.03 billion. APL's gross profit for the yearended June 30 increased 14.2 per cent to Rs3.76 billion as compared to Rs3.29

Continued from page 5No #8

Tech Mahindra, which has a 42.7 per cent stake in Mahindra Satyam, closed4.7 per cent lower at 756.35 rupees. "Limited visibility in this part of the busi-ness and a weak core telecom business force us to maintain our underperformrating on TechM," Credit Suisse said in a note as it cut its target price on thestock to 650 rupees from 760 rupees.-Reuters

Continued from page 5No #9

see modest improvement but we are going to see insipid reaction to positivedata," David Buik, senior partner at BGC Partners, said. Trade was alsovolatile as investors adjusted positions at the end of the quarter. Banks tookmost points off the index, extending Wednesday's sharp losses.-Reuters

Continued from page 5No #10

"The Nikkei could break below 9,000 over the next month or two, with theupcoming first-half results likely seeing some downward revisions mainly onthe stronger yen." Despite the monthly rise, persistent worries about the threata strong yen poses to the fragile economic recovery sent the Nikkei down 0.1per cent for the July-September quarter. The MSCI index of Asia Pacificstocks outside Japan shot up some 17 per cent in the same period.-Reuters

Continued from page 5No #11

year as China clamped down on speculation in the real estate sector. Analystscautioned that the rally was likely to be short term with the outlook for theproperty sector still cloudy. Major mainland developers were among the mostactive with Poly Real Estate Group Co Ltd jumping 8.9 per cent. The govern-ment has instructed banks to demand a down payment of at least 30 per centfrom all mortgage applicants and to restrict loans to buyers of third homes.

"The market was expecting negative news on new property controls so nowthat information is out, property companies like Vanke which have continu-ously slumped, are able to gain," said Ren Chengde, analyst at GalaxySecurities in Shanghai. China Vanke Co Ltd rose 7.6 per cent, while Gemdalejumped 5.3 per cent. China's property inflation slowed to 9.3 per cent in theyear to August, down from a peak of 12.8 per cent in April, but real estateinvestment has remained buoyant, with growth picking up to 34.1 per cent inthe year to August from 33 per cent in July.

"The intensity of property policies is likely to increase so these gains mayjust be a short term burst. I expect property shares could gain a maximum of10-15 per cent before falling back," said Zheng Weigang, a senior trader atShanghai Securities. -Reuters

Continued from page 5No #12

quarter and investors are now a little tepid," said Jay Suskind, senior vicepresident at Duncan-Williams in Jersey City, New Jersey. Initial jobless claimsfell sharply in the latest week, pointing to modest strengthening in the labormarket, while the Commerce Department revised higher its final read on sec-ond-quarter economic growth.

That backed up stronger readings for regional business activity indexes inNew York City and the US Midwest, seen as early indicators before nationalsurveys on Friday and later next week.

"Today's data was better than expected," Suskind said, but he added that itwas not strong enough "for a major move to the upside." Semiconductor com-panies, a growth sector that has advanced during the quarter, ranked among theday's losers and weighed on the Nasdaq. SanDisk Corp slumped four per centto $36.13 while the Philadelphia semiconductor index fell 1.6 per cent. TheS&P information technology index was off one per cent, making this thebiggest decliner among sectors. US crude oil futures for November deliverygained 1.4 per cent, or $1.12, to $78.98 per barrel, just off a seven-week highabove $79 on the positive US data. In contrast, gold slid 0.7 per cent, after hit-ting a record high of $1,315.81 earlier in the session.-Reuters

Continued from page 5No #13

billion in the comparable period. ACPL recorded 31.9 per cent decline in itsnet earnings to Rs1.01 billion from Rs1.49 billion, resulting into earning pershare of Rs11.74 versus Rs17.24 earlier. The final cash dividend wasannounced at Rs3.25 per share for the year in addition to interim dividend ofRs1.75 per share, bringing total to four rupees per share. Net sales of the com-pany fell 9.9 per cent on account of lower retention prices at Rs7.67 billion infinancial 2009-10 as against Rs8.51 billion in financial 2008-09.

However, two per cent surge in total dispatches offset downside retentionprices. Lower cement prices brought down gross profit of the company 27.7per cent to Rs1.96 billion versus Rs2.71 billion. Though administrativeexpenses increased, yet they were under control. They were slightly up 0.8 percent to Rs184 million from Rs182 million. Distribution cost rose 6.7 per centto Rs467 million from Rs437 million.

Other operating income grew significantly 57 per cent to Rs262 million ascompared to Rs166 million. During financial year 2010, after tax profit ofNRL witnessed a staggering jump of 114 per cent to Rs3.28 billion as com-pared to Rs1.53 billion in the comparable period. The earning per share of thecompany remained at Rs41.08 as against Rs19.17. The company announced200 per cent cash dividend i.e. Rs20 per share.

Sales revenue of the company saw a marginal increase of one per cent fromRs110.2 billion to Rs109.6 billion. However, gross profit rose 20 per cent toRs6.33 billion as against Rs5.27 billion. Gross profit margin scaled 5.7 percent this year as against 4.8 per cent earlier. NRL dealt in unregulated productsduring the year which have stable margin. Therefore, its net margin shot from1.4 per cent to three per cent. ATRL saw a substantial plunge of 88 per cent inits net earnings to Rs126 million in this year from Rs1,017 million previous-ly, showing earning per share of Rs1.48 as against Rs11.92.

Annual net sales revenue of the company increased 14.14 per cent toRs88.18 billion from Rs77.26 billion. ATRL incurred gross loss of Rs509.66million against gross profit of Rs1.92 billion earlier. Similarly, gross margindecreased to negative 0.6 per cent as against 2.5 per cent.

WASHINGTON: New USclaims for jobless aid fell lastweek, while manufacturing inthe nation's Midwest regiongrew faster than expected inSeptember, supporting theview that economic activitypicked up a bit in the thirdquarter.

Another report on Thursdayshowed consumer spendingwas slightly stronger thanexpected in the April-Juneperiod, causing the govern-ment to revise its second-quar-ter growth estimate up to a 1.7per cent annualized pace from1.6 per cent.

Although the reports furtherdiminished fears of a new eco-nomic downturn, analysts saidthey were not enough to preventthe Federal Reserve from embark-ing on a new round of monetaryeasing as early as November.

William Larkin, portfoliomanager at Cabot MoneyManagement in Salem,Massachusetts, said the UScentral bank would need to seegreater stability in both thejobs and housing markets tostay on the sidelines. Whenthat happens, he said, "Youcan't say you are worried about

deflation."Stocks on Wall Street rose on

the reports, with the Dow Jonesindustrial average and theStandard & Poor's 500 Indexbriefly rising more than 1 percent before turning negative asinvestors locked in profits fromSeptember's strong rally.

Prices for safe-haven govern-ment debt fell, while the dollarcut losses against the euro andthe yen.

Initial claims for state unem-ployment benefits fell 16,000last week to 453,000, the LaborDepartment said, exceedingmarket expectations for adecline to 460,000. Separately,the Institute for SupplyManagement-Chicago's busi-ness barometer rose to 60.4 thismonth from 56.7 in August,showing manufacturing in theMidwest perking up.

Markets had expected a read-ing of 55.9 for the index, whichis seen as closely correlatedwith national trends. A readingabove 50 indicates expansionin the regional economy.

The employment componentof the index sank to its lowestsince May, but new orders rosestrongly.

"It's encouraging to see thatjobless claims are trendinglower now. And also it lookslike the US economy enteredthe third quarter with a little bitmore momentum than previ-ously expected," said OmerEsiner, chief market analyst atCommonwealth ForeignExchange in Washington.

The economy slowed downin the second quarter after a 3.7per cent growth pace in thefirst three months of the year,leaving the recovery from thelongest and deepest downturnsince the Great Depressionwith little strength to chipaway at a 9.6 per cent unem-ployment rate.

Worried about the slowgrowth pace and low inflation,the Fed last week signaled itwas ready to inject moremoney into the economy.

The Fed's preferred measureof inflation -- the personal con-sumption expenditures priceindex, excluding food andenergy -- rose at a slow 1.0 percent in the second quarter, aslight downward revision fromthe 1.1 per cent increase thegovernment had estimated lastmonth.-Reuters

US data supportsQ3 growth hopes

China saysUS yuan bill

may harm tiesBEIJING: China on Thursdaywarned that a US House ofRepresenatives bill to penaliseit for not letting the yuan risefaster could seriously affectbilateral ties.

In a relatively measuredresponse, Foreign Ministryspokeswoman Jiang Yu saidCongress should avoid steps thatcould harm relations, sayingBeijing was "resolutely opposed"to the bill. But she declined to saywhether China would retaliate.

The US House ofRepresentatives bill, which manyanalysts say is unlikely tobecome law, is aimed at pressur-ing Beijing to let its currency,also called the renminbi, risefaster by branding it in violationof world trade rules.

"Using the renminbi exchangerate issue as an excuse to engagein trade protectionism againstChina can only harm China-UStrade and economic relations,and will have a negative effect onboth countries' economies andthe world economy," Jiang told aregular news briefing.

"We urge the members of theUS Congress to understand clear-ly the importance of China-UStrade and economic relations,and put a halt to protectionism soas to avoid hurting the interestsof the peoples of the two coun-tries and of the world."-Reuters

was a net foreign buying of $0.47 million on Thursday. On the local side,banks and mutual funds did a net selling of $6.86 and $1.09 million respec-tively while individual investors and companies did a net buying of $4.62 and$2.18 million respectively. Investor participation was much higher as 88.8 mil-lion shares-42.8 million shares more as compared to a turnover of 46 millionshares on Wednesday-changed hands. Active issues showed a neutral view asout of total 384 active issues 183 advanced and 182 declined while 19 issuesremained unchanged.

Continued from page 5No #14

the lawyer for the Babri Masjid Action Committee, Zafaryab Jilani, toldreporters.

"We can say we are partly disappointed not fully because some of the standof the Muslims has been vindicated."

In 1992 the demolition of the mosque by Hindu activists sparked riots thatkilled more than 2,000 people, mostly Muslims, and propelled India's Hindunationalists into the political mainstream. -Agencies

Continued from page 1No #15

security operation involving hundreds of thousands of troops and paramilitaries across the country got underway.Police arrested more than 10,000 people to prevent them from inciting violence, while another 100,000 had to sign affi-davits saying they would not cause trouble after the verdict, officials said.

Helicopters hovered over the sites in the state as people entered temples were checked with metal detectors. The gov-ernment also extended its ban on bulk texting to stop people from sending mass messages that could incite violence.

More than 40,000 police fanned out across the city of Mumbai, which erupted in anti-Muslim riots and retaliatorybombings after the mosque's demolition in 1992, but has played host to scattered peace marches in recent days.

If the ruling soothes tensions, it would be a boost for the ruling Congress party, a left-of-centre group with secularroots that does not want to upset either voter bloc. Major political parties had called for calm.

The verdict came only days before Sunday's opening of the Commonwealth Games in New Delhi, with the govern-ment wanting to project an image of stability and modernity to the world.

"Nobody has won. Nobody has lost," Yashwant Sinha, a leader of the Hindu nationalist Bharat Janata Party, told localtelevision. "Let's not look at this as a victory for anyone."

"It was a very sensible judgement and the court has tried to balance the parties," said Anil Verma, a political analyst."Apportioning one-third to the Muslims means they have not completely lost." -Agencies

Continued from page 1No #16

killed three Pakistani soldiers, officials said. Trucks and fuel tankers for foreign forces in Afghanistan were stoppedat Toorkham border post in Khyber tribal region near the city of Peshawar, hours after the raid, the fourth reported byPakistani authorities in recent days. "Yes, the Nato supplies have been stopped. It has been done locally," a senior secu-rity official told Reuters on condition of anonymity.

A spokeswoman for the Nato-led International Security Assistance Force in Kabul, however, said none of its heli-copters had crossed into Pakistani airspace. The incident was under investigation. -Agencies

Continued from page 1No #17

President Obama visiting Pakistan after India's tour, however if he wants to come to Pakistan than we would wel-come him. He said India's suggestion that Pakistan should clean its own house first is surprising India instead of teach-ing us should first get its own house in order in Jammu and Kashmir and other areas and work for improving humanrights violations. It is relevant to note here that despite severe protest and warnings by Pakistan, the Nato helicoptersThursday shelled a paramilitary checkpost and killed three soldiers and injured three in a cross border attack in KurramAgency, security officials said.

Meanwhile Pakistan has blocked supplies for NATO troops fighting in Afghanistan after an airstrike Meanwhile theNato Spokesman in Afghanistan has said we are investigating the attack on Pakistani check post. Isaf in a statement saidthat coalition forces did not enter the Pakistani side and they only retaliated to firing of militants in Afghan province ofPaktia District Dandpatan. The Isaf spokesman said however on complaint of Pakistan we are investigating the incident.

Continued from page 1No #18

financial sector. Kardar said that the present scenario does not bode well for the agenda on financial inclusion as asignificant proportion of the flood-hit population could be pushed below the poverty line. Moreover, those alreadyexcluded will have little access to formal financial services such as savings or insurance mechanisms to re-build theirasset base, he added. The SBP Governor urged the financial institutions to come forward and play their due role inrebuilding of the affected areas as the State Bank and the Government would not be able to do it alone.

"The agriculture, microfinance and SME sectors need special support of the banking industry in order to re-start theprocess of income generation," he stressed.

Continued from page 1No #19

exposure margins and renew them or arrange new guarantees as their replacement to fulfil margin requirements.In a notice issued to members here Thursday, KSE said bank guarantees can be renewed on opening of KATS on sec-

ond day of expiry dates stated on bank guarantee documents. KSE said that most brokerage houses have not been track-ing the expiry dates of their bank guarantees provided to the Exchange against their exposure margin and mark to mar-ket requirements. KSE said that collateral management system automatically marks the amounts, guaranteed by bankson bank guarantee documents as "zero" two business days prior to its actual expiry date that can create undue prob-lems for the brokerage house as well as for the exchange.

Continued from page 1No #20

compared to 193.66 points in the corresponding period of the previous year. During the period all three sub-sectorsperformed well as Oil Companies Advisory Committee (OCAC) reported 5.87 per cent surge in production.

Similarly, Provincial Bureau of Statistics showed a hike of 5.01 per cent in production and Ministry of Industriesposted growth by 1.46 per cent. Oil Companies Advisory Committee Index (OCAC), included 11 items, increased by5.87 per cent mainly due to increased in production of two main petroleum products. Production of motor-sprit up 11.5per cent to 159 million litres from 142.7 million litres; similarly, sale of High Speed Diesel went up 8.23 per cent to332.7 million litres from previous year's same period of 307.43 million litres. Production and Provincial Bureau ofStatistics (Provincial BOS) increased by 5.01 per cent which was mainly contributed by food sector as production ofcooking oil rose 20.36 per cent, wheat & grain milling 6.05 per cent and vegetable ghee 2.4 per cent.

Continued from page 1No #21

A 17-member larger bench of SC presided over by the Chief Justice of Pakistan (CJP) Iftikhar Muhammad Chaudhryheard the case. Giving his arguments on behalf of Sindh High Court Bar, Rashid A Rizvi advocate said article 175 (A)be not nullified fully but its clauses which run contrary to the independence of the judiciary be declared void. Onlyjudges and lawyers should be kept in judicial commission and the role of parliamentary committee be eliminated, headded. "Elected representatives cannot overstep the limits set by the constitution and their obligations differ from thoseof state functionaries. Parliament is such an institution, which cannot go beyond the constitution. Honoring the opin-ion of public rather than a dictator is must. Constitution making is not the mandate of the judiciary. How can we nul-lify the constitutional amendment", Justice Jawad S Khawaja remarked.

Opening his counter arguments, senior lawyer Abdul Hafeez Pirzada said it was historical and first of its nature caseand its decision would also be historical which would fortify the foundations of the parliament.

"Article 175-A runs counter to the independence of judiciary. The structure of federation was negated through 18thamendment", Abdul Hafeez Pirzada said. "No amendment aimed at changing the structure of the constitution can bemade without seeking prior mandate of the people. Transferring of 8 items from concurrent list to federal list has affect-ed the federation. This amendment prevented Sindh from utilising its coal", Hafiz Pirzada argued.

CJP remarked this is important case of the history of the country and a 17-member bench of apex court heard thecase for more than four months. -Agencies

Continued from page 1No #22

competition and recession. Prime Minister expressed these views in a meeting with former President of LCCI, ZafarIqbal Chaudhry who called on him along with a delegation at his Parliament House Chamber here Thursday.

Prime Minister urged the business community to identify challenges, analyse emerging trends in the world marketsand de vise new strategies for the promotion of exports.

He said that the competitive environment requires us to be competitive besides improving the quality of our exports.Commenting on the recent EU concession to grant enhanced market access to Pakistani export, the Prime Minister

said that it manifests the sustained engagement and persuasion that the government has been following since its incep-tion. He added that it is the need of hour to put in joint efforts by both the Government and the private sector to con-solidate our foothold in the existing markets. The members of delegation apprised the Prime Minister about the vari-ous business activities going on in their area. They appreciated the government for its concerted efforts for openingnew vistas for business activities for Pakistan investors and entrepreneurs. -INP

Continued from page 1No #23

respectively. Sources further say that Major General Raheel Shareef is currently the Commandant of the MilitaryAcademy Kakul while Major Sajjad Ghani is performing duties as Deputy Chief of the General Staff.

Maj Gen Tariq Kahn is currently IG FC Khyber-Pakhtunkhwa, Maj Gen Muzzammil Ahmed DG Military Trainingand Maj Gen Khalid Rabbani is working as GOC 17 division. They will assume their new responsibilities after theirformal promotions. -Online

Continued from page 1No #24

is a vast difference between LPG supply and demand. Replying to a calling attention notice, Advisor to PrimeMinister Nawabzada Ghazanfar Gul told the House that LPG prices had witnessed a surge of Rs 7 owing to the floodshitting most part of the country, also affecting the gas installations.

He said the situation is returning to normally and a decrease of Rs3 has been witnessed in LPG prices, hoping thatprices would be returned to the older rates. Gul said as the LPG is a deregulated product so it does not fall under thepurview of Oil and Gas Regulatory Authority; however a pricing mechanism exists there to ensure sale of commodityat rate determined by the government.

He 86 companies have been issued license and are operating across the country adding the government is authorizedto impose fine and suspend license if found overcharging from the consumers. -Agencies

Continued from page 1No #25

discussion of some kind or other and certainly at this moment all kinds of pressures must be on this army chief,"added Musharraf. The 67-year-old former president, now living in self-imposed exile in London, said similar "pres-sures" in his first year as army chief had led him to launch the coup against then-prime minister Nawaz Sharif."

In that one year Pakistan was going down and a number of people, including politicians, women, and men came tome telling me 'Why are you not acting? Are you going to act for Pakistan's good?'" Musharraf told the IntelligenceSquared debating forum. Musharraf said the solution was to give the army a constitutional role in governing the nation,which has spent more than half its existence since independence from Britain in 1947 under military rule. "The situa-tion in Pakistan can only be solved when the military has some role," he said. "If you want stability, checks and bal-ances in the democratic structure of Pakistan, the military ought to have some sort of role."

Musharraf reiterated that he would launch a new political party, the All Pakistan Muslim League, in London onFriday to contest the next elections in 2013 as a civilian, though his opponents have scoffed at the move.

Musharraf refused to say when he would return to Pakistan, where he could face treason charges. He insisted thathe would go back eventually, saying: "When I see what is happening in Pakistan I think there is a bigger cause, andwhen there is a bigger cause you have to take risks."

The former leader accused Zardari's government of failing adequately to deal with Pakistan's moribund economy, thethreat from Taliban militants and the after effects of devastating floods earlier this year. But he condemned a recentsurge in US drone strikes in Pakistan border areas which was reportedly aimed at eliminating the leaders of an al Qaedaplot to launch Mumbai-style militant attacks in Britain, France and Germany. -Agencies

Continued from page 1No #26

reserves is due to increased inflow of remittances," said Wasimuddin. The previous record high was $16.77 billion,hit the week ending July 2.

Continued from page 1No #27

major development as it increased by 291 points - 3 per cent during the quarter while it jumped by 2,187points - 30.54 per cent during the same period last year. According to the experts, there are a number of rea-sons due to which investors remained cautious, that include unavailability of leverage product, impositionof capital gains tax, destructive floods in the country, uncertain political situation, weak economic position,rise in interest rates, delay in IMF tranche, deteriorating law and order situation and tussle between govern-ment and judiciary. Farhan Mahmood, analyst at Topline Securities said that besides imposition of newlycapital gain tax, delay of IMF tranche, 100bps increase in discount rates and devastation by floods remainedthe major factors of declining market activity as investors were cautious that these factors will increase bal-ance of payments problem, cost of doing business, inflation and budget deficit. He said that the last quarteraverage turnover was at 9 year low.

Our analysis excludes 5 months (Sep 08-Jan 09) market performance during and post-floor rule as hardly anyactivity was seen as most of the stocks were on lower limits.

According to a report by Topline Securities performance of Pakistan market was not good in the outgoingquarter, as it underperformed with other regional markets and indices by posting a meager dollar gain of 2 percent. Amid liquidity crunch, political and economic issues continue to affect investor's sentiments in local mar-ket that prefer to put money in better yielding fixed income papers. In the outgoing quarter, MSCI world, MSCIEM, MSCI EM Asia posted dollar gains of 13.7, 16.6, and 14.6 per cent respectively.

Moreover, after Vietnam, Pakistan market was second worst performer in Frontier markets that posted aver-age gain of 13.3 per cent. Similarly, due to low volumes, activity by foreign investors also decline during3Q2010.

During this period foreigners bought share of $248mn and sold $142mn with net buying of $106mn.Compared to this foreign buying was US$437mn and selling was US$201mn (net buying $236mn) in 3Q2010.

Continued from page 1No #28

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ISLAMABAD: President AsifAli Zardari on Thursday hastold Director CIA Leon Panettaany violation of internationallyagreed principles will be coun-terproductive to war on terrorand unacceptable to Pakistan.

He was talking to head of CIALeon Panetta at Aiwan-e-Sadr.

President Asif Ali Zardari saidthat the government of Pakistanstrongly disapproves any inci-dent of violation of its sover-eignty. Any violation of interna-tionally agreed principles iscounterproductive and unac-ceptable, he remarked.

According to spokesman ofPresidency, Leon Panetta wasaccompanied with Anne W

Patterson US Ambassador inPakistan. Interior MinisterSenator Rehman Malik, ForeignSecretary Salman Bashir andDG ISI Lt Gen Ahmed ShujaPasha also attended the meet-ing.

During a meeting withDirector CIA at PM House,Prime Minister Syed YousufRaza Gilani also expressed hisprofound concern of his govern-ment over the increasing droneattacks and violation of thePakistani airspace by the Natoand the Isaf helicopters to theUS government.

Sources say that Chief of theArmy Staff General AshfaqPervez Kayani strongly protest-

ed with the head of the CIALeon Panetta at the GHQ onNato violation on Pakistani bor-der urging that Nato shouldremain in its mandate adding nointrusions into our border wouldbe tolerated at any cost.

Sources say that CIA headassured COAS, "we will inves-tigate into the gruesome matteradding information sharing onoperation against terrorists willbe shared with the intelligenceagencies of Pakistan".

According to militarysources, Leon Panetta highlyacclaimed the role and sacri-fices of Pakistani securityforces and intelligence agencies

See # 1 Page 11

Top brass harshes onNato’s overstepping

CIA Head assures COAS of investigation

ISLAMABAD: None of the five parlia-mentarians summoned before the hear-ing by special committee of ElectionCommission of Pakistan bothered toshow up in connection with fake degreecase while only two parliamentariansvoluntarily appeared before the com-mittee.

The fifth hearing regardingfake/invalid degrees of MNA's andMPA's was held on Thursday under thechairmanship of Muhammad AfzalKhan, the nominated officer of ElectionCommission of Pakistan under thedirection of Supreme Court of Pakistan.The Representative/focal Person ofHigher Education Commission (HEC),Rahim Bux Channa was also present.

In all, five members were issuednotices to appear on Thursday. All ofthem remained absent. Two other MPAsalso appeared voluntarily before thecommittee.

As per details, the five parliamentari-ans Yar Muhammad Rind memberSindh Assembly and former federalminister, Mir Hamdaan Khan memberNational Assembly, Haji Sher Azamprovincial minister for labor remainedabsent.

Yar Muhammad (PB-31) and MirAhmeddan Khan (NA-265) did notappear and the committee decided to re-issue them notices for 11th October2010. Shakeel Ahmed advocateappeared on behalf of Ms ShamaParveen Magsi (PB-Reserved Seat) andstated that she is abroad and will beback after three weeks. Therefore, herequested for copies of documents andadjournment till her arrival to file reply.The committee adjourned the case and

the next date will be fixed later. Kashif Hussain, the representative of

Shaukat Aziz (PP-4) appeared beforethe committee and requested that asShaukat Aziz was busy in flood reliefactivities his case may be adjourned forsome other suitable date. The commit-tee adjourned the case on his requestand fixed 11th October 2010 for thenext hearing.

Waseem Afzal Gondal (PP-119) whowas issued notice for 23rd August 2010appeared in person voluntarily and stat-ed that as he was abroad at the previoushearing he could not appear. He, there-fore, requested for supply of copies ofrelevant documents and sought adjourn-ment. The committee adjourned thecase and next date of hearing would befixed later on.

Sher Azam Khan Wazir (KPK-71) didnot appear and next date of hearing is4th October 2010.

HEC has handed over the seven fakedegrees to election commission afterconfirmation. The committee sum-moned Yar Muhammad Rand, HamdaanKhan and provincial minister Haji SherAzam on 4th October.

The commission has handed over the150 genuine and seven fake degrees toelection commission.

The parliamentarians whose degreeshave been confirmed fake includedMohaish Kumar Malani member Sindhassembly and provincial minister,Deewan Ashique member nationalassembly, Mir Ali Shah, Javed Latifmember provincial assembly Punjaband Iftikhar Ahmad. The number offake degree parliamentarians hasreached to 57. -Online

Fake-degree holder MPsmake a game of EC body

Skip 5th hearing before EC committee

ISLAMABAD: PML-N chiefMian Nawaz Sharif said thatgiving an impression of gov-ernment stability through ameeting between President,PM and Army Chief is in factweakness of the government.

Talking to media afteraddressing a donor conferencecalled by Punjab governmentto seek donations for the floodaffectees of the province hereon Thursday, he said attack ofNato troops inside Pakistan isan attack on our sovereigntyand we condemn it in strongestof words. But these attacksalso leave a big question markon the government function-ing. Foreign forces comeinside our borders and targetour citizens while the govern-ment is sitting like silent spec-tator. Why isn't it raising itsvoice at the internationalforum?

The government should

protest with Nato and wewould be with the government.He said that PML-N is notagainst the democratic systemand neither we would allowthe system to be derailed.

But we oppose the manner inwhich the government is run-ning the affairs of the state. Itis inviting a flood of publichatred. The governmentshould reform its working.

Earlier addressing the donorconference Nawaz Sharif saidthat prevailing floods devasta-tions have jolted the economyof the country and in the pre-vailing circumstances mili-tants could take advantage ofthe situation if the floodsaffectees are not providedtimely assistance.

He said that militant ele-ments could take advantagefrom prevailing flood devasta-tions. However, Punjab gov-ernment would do its best by

speeding the rehabilitation andreconstruction activities in theflood affected areas and wouldnot leave the affectees at themercy of the terrorists.

He also pointed that flooddevastations across the coun-try were unprecedented andowing to flood devastationsthe ratio of GDP had downedto almost two per cent, whileflood wreckages had ruinedemployment opportunities formillions of people.

PML-N chief further under-lined that Chief MinisterPunjab has done a Herculeanjob to rescue the flood victimsfrom flooded areas, whileservices of the NGOs, civilsociety and other welfaretrusts were also commendableand at this time of misery thenation has been united to tack-le prevailing flood devasta-tions.

See # 7 Page 11

President, PM, COASmeet govt frailty: ‘N’

ISLAMABAD: Interior MinisterRehman Malik on Thursday again madeit clear that Pakistan has no secretagreement with US or Nato urgingAmerica must understand the differencebetween true friends and foes.

Rehman Malik expressed these viewswhile talking to host of journalists out-side Parliament House here onThursday.

Rehman said that Pakistan has sacri-ficed the most in war against terrorism.

He said that Prime Minister is takingkeen interest in border violation terming

it gruesome.He went on to say that Nato should

remain in its mandate stressing no intru-sions into our border would be tolerated.

Pakistan would not tolerate borderviolations and investigations have beenlaunched into the incident of killing ofthree security officials in KurramAgency by Nato jets bombardment,Rehman pointed out.

He further added that governmentmust be allowed to continue its stateof affairs without asserting pres-sure. -Online

Haven’t let US intrudeunder any accord:Malik

ISLAMABAD: PresidentAsif Ali Zardari Thursdaycalled on Pakistan RedCrescent Society, NGOs andother humanitarian organisa-tions to augment its humani-tarian efforts for relief andrehabilitation of floodaffectees and complementgovernment's efforts particu-larly in reaching out to theflood victims in remote areasof the country.

According to spokesman ofPresidency, he said this dur-ing his meeting with TadateruKonoe, PresidentInternational Federation RedCrescent who called on himat the Aiwan-e-Sadr on

Thursday. President IFRC was accom-

panied with Senator NiloferBakhtiar ChairpersonPakistan Red CrescentSociety, Pepe Salmela IFRCPakistan, Jagan Chapagainhead of operations, IFRC,Muhammad Ilyas KhanSecretary General PRCS andother members of PresidentIFRC's delegation.

From Pakistani side thosewho attended the meetingincluded MakhdoomShahabuddin, minister forhealth senator Sughra Imam,Ms Farahnaz Ispahani,Farhatullah Babar and othersenior government officials.

The President appreciatedIFRC for the humanitarianservices to the most vulnera-ble sections of the society incritical times of natural disas-ter including the recent dev-astating floods.

The President said thatnever before in the history thecountry had seen such largescale devastation caused byfloods that affected over 70districts throughout the coun-try. He said that besides ini-tial relief to the floodaffectees we have to takemeasures against the spreadof diseases and rebuild thedestroyed homes, roads,

See # 2 Page 11

Zardari seeks NGOsassist for flood relief

India can’trestrict our

water: AshrafISLAMABAD: FederalMinister for Water and PowerRaja Pervaiz Ashraf has dis-closed that India does not havecapability to stop water share ofPakistan while it is even notusing its own share of waterunder Indus basin water rivertreaty.

Responding to queries ofmembers of national assembly(NA) on Thursday, Raja PervezAshraf said that dams are beingconstructed to utilise rainwaterbut Kalabagh dam is controver-sial while only consensualdams are being constructed.

He said that India reserved 2-lac acre-feet water for initialdigging of Baglihar plant dur-ing 8th August to 25th August2008 and President and PrimeMinister raised the issue.

He brushed aside the rumorsthat India is stopping watershare of Pakistan as no viola-tion of stoppage of water comes

See # 6 Page 11

Etisalat eyes

majority stake

in Kuwait firmMonitoring Desk

KUWAIT CITY: UAE-based,leading telecom operator ofMiddle East and Africa,expressed its willingness toacquire 46 per cent shares ofKuwait's cellular serviceprovider Zain.

"Etisalat has submitted a pre-liminary conditional offer tobuy a 46 per cent stake of Zainfor an amount of 1.7 dinars(5.97 dollars) per share," thecompany said in a statementposted on Abu Dhabi SecuritiesExchange.

Etisalat has also purchased 26per cent shares in state-runPakistan TelecommunicationCompany Limited (Ptcl) in theprivatisation drive during thelast government. However, theUAE-telecom operator failed todefray final installment of totalbuying shares due to reporteddelay of transfer of properties'ownerships to Etisalat fromgovernment of Pakistan.

See # 5 Page 11

No-talks nota setback:Krishna

NEW YORK: External AffairsMinister SM Krishna has saidthat he does not perceive as asetback the inability of both thecountries to meet here for dia-logue and was looking forwardto Indo-Pak talks in New Delhi.

"Certainly not," Krishna toldPTI in response to a questionabout whether the inability ofboth the countries to meet thistime around had been a setback.

"I have invited him to cometo Delhi after my Islamabadvisit and I am looking forwardto receiving him in New Delhiso the talks are going to contin-ue," he added.

Both the countries haverefrained from blaming eachother, but Qureshi has indicated

See # 4 Page 11

USC gotRs10.5bn

as subsidy during 5yrsISLAMABAD: An amount ofRs10.5 billion was provided assubsidy to Utility StoresCorporation (USC) during thelast five years for subsidisedprovision of basic food itemsto poor and low incomegroups.

Minister for Finance,Revenue and Planning andDevelopment in a written replyinformed Senate that Rs1400million were provided duringfiscal year 2009-10, Rs2700million in 2008-09,Rs5260.839 million in 2007-08, Rs470.590 million in 2006-07 and Rs660.476 million in2005-06.

See # 3 Page 11

ISLAMABAD: Leon Panetta, director CIA USA, called on President Asif Ali Zardari atAiwan-e-Sadr.-APP

Sharif demands serious action on Nato violations