International

US conditions India's UNSC seat with Kashmir solution

'Only dialogue can ease Indo-Pak tension' See on Page 12

Restructuring PSEs is a top priority: PM See on Page 12

*Crude Oil (brent)$/bbl 78.66

*Crude Oil (WTI)$/bbl 75.96

*Cotton $/lb 101.47

*Gold $/ozs 1,307.70

*Silver $/ozs 21.78

Malaysian Palm $ 885.00

GOLD (NCEL) PKR 36,375

KHI Cotton 40Kg PKR 7,770

*Last Updated 20:00 PST

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

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

Daily (27-Sep-2010)

Total Portfolio Invest (23 Sep-2010)

43.40

-42.47

0.34

2311

-0.58

-0.88

3.75

-0.30

-0.20

-1.79

-0.005

SCRA(U.S $ in million)

Portfolio Investment

FIPI (29-Sep-2010)

Local Companies (29-Sept-2010)

Banks / DFI (29-Sept-2010)

Mutual Funds (29-Sept-2010)

NBFC (29-Sept-2010)

Local Investors (29-Sept-2010)

Other Organization (29-Sept-2010)

(U.S $ in million)

NCCPL

GDR update

Commodities

Forex Reserves (17-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 09 - Jun 10)

GDP Growth FY10EPer Capita Income FY10Population

$16.63bn

12.79%

$3.56bn

$6.25bn

$(2.69)bn

$(944)mn

$1.72bn

$267.10mn

Rs 185bn

$55.63bn

Rs 4705.40bn

$100.90mn

4.55%

4.10%

$1,051

170.66mn

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

17.15

2.00

1.70

9.72

PKR/Shares

111.93

147.66

43.05

36.59

33.48

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

29-Sep-2010

29-Sep-2010

29-Sep-2010

29-Sep-2010

29-Sep-2010

29-Sep-2010

29-Sep-2010

29-Sep-2010

29-Sep-2010

29-Sep-2010

29-Sep-2010

12.69%

12.82%

12.79%

13.00%

12.66%

12.82%

12.96%

13.28%

13.35%

13.41%

13.49%

13.61%

13.80%

13.93%

14.09%

Money Market Update

Symbols Buy (Rs) Sell (Rs)

Australian $ 82.80 83.80

Canadian $ 83.00 84.00

Danish Krone 14.80 15.20

Euro 116.00 117.30

Hong Kong $ 10.80 11.20

Japanese Yen 1.006 1.032

Saudi Riyal 22.65 22.85

Singapore $ 64.60 65.60

Swedish Korona 11.90 12.40

Swiss Franc 84.70 85.70

U.A.E Dirham 22.80 23.00

UK Pound 135.30 136.00

US $ 86.20 86.55

Open Mkt Currency Rates

Index Close Change

KSE 100 10,022.25 41.18

Nikkei 225 9,559.38 63.62

Hang Seng 22,378.67 268.72

Sensex 30 19,956.34 148.52

ADX 2,677.31 16.33

SSE COMP. 2,610.68 0.67

FTSE 100 5,569.27 9.17

*Dow Jones 10,847.62 10.52

*Last Updated 20:00 PST

Global Indices

Symbols Buying Selling

TT Clean TT & OD

Australian $ 83.24 83.44

Canadian $ 83.64 83.83

Danish Krone 15.68 15.72

Euro 116.86 117.13

Hong Kong $ 11.09 11.11

Japanese Yen 1.019 1.022

Saudi Riyal 22.93 22.98

Singapore $ 65.27 65.42

Swedish Korona 12.73 12.76

Swiss Franc 88.13 88.34

U.A.E Dirham 23.41 23.47

UK Pound 136.07 136.39

US $ 86.10 86.29

Inter-Bank Currency Rates

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ISLAMABAD: Prime Minister Syed Yousuf Raza Gilani talking to Designate-ChairmanJoint Chiefs of Staff Committee General Khalid Shamim Wynne at PM House. -Online

ISLAMABAD: SupremeCourt of Pakistan Wednesdayobserved in its order that StateBank of Pakistan and othercommercial banks were leastbothered about recovering theloans by using the relevantlaw under BankingCompanies Ordinance 1962.

It noted in its order that theywere facilitating influentialpeople, though law was avail-able to them but no one wasserious in applying it.

It directed the counsel forSBP to inquire from the com-mercial banks which werelicensed by it whether they

had initiated any proceedingsagainst loan defaulters underSection-8 of the BankingCompanies Ordinance.

It directed the banks to atleast demonstrate ten casesfrom each year on next date ofhearing in which the personshad taken away money inshape of loans and multipliedthem at the cost of generalpublic and were not showinginterests to return them, sothat they could be issuednotices.

A three-member bench ofChief Justice IftikharMuhammad Chaudhry, Justice

Tariq Parvez and JusticeGhulam Rabbani resumedhearing of a suo moto caserelating to Rs256 billion writ-ten off loans from 1971 to2009.

The bench further observedin its order that prima facieand without prejudice to anyparty, they were of the opin-ion that the Circular 29 onbasis of which huge amountof loans was extended to bor-rowers, had been written offwhich was contrary to Section33B of the Ordinance.

The order said the abovementioned section did not

confer authority upon SBP towrite off loans. Similarly, theelement of discrimination interm of Article 25 relating todiscrimination, was identifi-able, it added.

The bench said that theCircular seemed to have beenissued without any lawfulauthority.

The defaulters were againaccommodated for availingfacility of further loans inname of working Capitalthrough this Circular, itadded.

The order observed that the See # 16 Page 11

Banks not serious in loan recovery: SC

Staff Reporter

KARACHI: Despite anticipa-tions of status quo in interestrates -- if not lowering it down -- State Bank of Pakistan in asurprise move has once againamplified the benchmark ratesby 50 basis points, with the newrates now stand at 13.5 per cent.

According to the SBPMonetary Policy Statement forthe next two months (Oct-Nov)announced here Wednesday,the move aimed to contain fis-cal deficit and combat risinginflation.

This decision was taken at ameeting of the Central Board ofDirectors of the State Bank ofPakistan held under theChairmanship of new SBPGovernor, Shahid H Kardar.

"A tightening of the stance isthus called for in full recogni-tion that the difficulty to con-tain the fiscal deficit has result-ed in the private sector bearingthe full brunt," the SBP said ina statement.

The statement further saidthat the next quarter will be

crucial in forming an assess-ment of the effectiveness ofgovernment efforts to containthe fiscal deficit and its infla-tionary borrowings from theSBP and the banking system.

According to some analysts,the interest rate should havebeen lowered considering thecurrent economic conditions.They are of the view that withsuch a high interest rates itwould become next to impossi-ble for investor to invest intothe country.

Pakistan's economy was frag-ile even before devastationfloods ripped through the coun-try in August. The State Bankof Pakistan raised the rate by 50basis points to 13 per cent onJuly 30, also to control inflationand the fiscal deficit.

"Post-flood projections raiselegitimate concerns about theworsening of the macroeco-nomic balances," the centralbank said, adding that the gov-ernment was not doing enough

See # 12 Page 11

SBP raises keyrates by 50bps

MPS for Oct-Nov announced

l New Policy rate now stands at 13.5pcl Move aimed to combat rising inflation

Pak to raise Nato'strespassing at int'l forum

See on Page 12

WASHINGTON: The UnitedStates will set tougher condi-tions on its aid to foreign gov-ernments, including an expec-tation that rich foreigners won'tskip out on their taxes whileAmericans bankroll thingstheir nations need, Secretary ofState Hillary Rodham Clintonsaid.

The remarks were aimedlargely at Pakistan, a major aidrecipient.

"Countries that will not taxtheir elite who expect us tocome in and help them servetheir people are just not going

to get the kind of help from usthat historically they mayhave," Clinton said.

She singled out Pakistan,where wealthy landownerstypically pay little or no taxes.

Clinton's warning came asshe and other Cabinet officialsdescribed aid and developmentpolicies President BarackObama announced last week.Treasury Secretary TimothyGeithner said the higher bar forUS aid will help the US getmore for its money.

"Unless we are tougher on See # 19 Page 11

Make rich pay up,US tells Pakistan

Clinton hints at tougher terms on aid

ISLAMABAD: President AsifAli Zardari has said that a onetime flood tax will have to beimposed on the well-to-do andpeople of means to help shoreup the relief and rehabilitationefforts.

Addressing a women round-table meeting of federal minis-ters, women legislatives andrepresentatives of nongovern-mental organisations for theflood affectees at Aiwan-e-Sadr Wednesday, the Presidentsaid that "unless we are pre-pared to share bread with ourgrief and disaster strickenbrethren, we should not expectothers to help us".

He said that he has alreadyadvised the government to tap

indigenous resources whereverthere is room for taping suchresources, adding it should bedone in a transparent andaboveboard manner.

The President also said thatthe entire aid received and dis-bursed will be done in a verytransparent manner and everycitizen will have access toinformation relating to the aidreceived and distributed.

Addressing the meeting, thePresident said that women'svoices must be heard and theirconcerns must be taken intoaccount in shaping any disasterresponse strategy.

He said that besides givingrepresentation to the women in

See # 18 Page 11

Affluents to payflood tax: Zardari

ISLAMABAD: Putting to restrumors of change in govern-ment President Asif Ali Zardarisaid that people of this countryhave given PPP mandate forfive years and all attempts tobulldoze this mandate prior to2013 would be foiled and we

would complete our tenure.He expressed these views

while talking to FederalMinister for Law and JusticeDr Babar Awan, who met thePresident at a luncheon.

According to official sources See # 20 Page 11

President upbeatto complete tenure

Swiss cases: Babar meets President

Nawaz Ali

KARACHI: The leading bro-kers of the Karachi StockExchange oppose the decisionof the State Bank of Pakistan toraise the key rates by 50bps to13.5 per cent.

Chairman AKD Group,Aqeel Karim Dhedhi stronglycriticised the step of the centralbank and said these peopledon't have any long-term plan,and the members of SBP boardhave conflict of interest as theyhave savings in their accountson which they want to earn

interests that’s why they aremaking such decisions, andalso they are incompetent peo-ple to look after the affairs ofstate bank.

He said that the businesscommunity had much expecta-tions from newly appointedSBP Governor Kardar as theythought that after a long-time agovernor is appointed whounderstands economy and pre-viously he had also given state-ments against monetary policytightening but this step of hishad certainly disappointed us.

See # 22 Page 11

Brokers flaykey rate hike

SBP Board members has 'conflict of interest: AKD

ISLAMABAD: CompaniesRegularization Scheme (CRS)and Companies Easy ExitScheme (CEES) are coming toan end today, i.e., Thursday.

Both amnesty schemes weresimultaneously launched bythe Securities and ExchangeCommission for three months,

from July 1 to September 3o, inthree phases of one montheach.

The CRS provides defaultercompanies an opportunity tofile their overdue returns,avoiding litigation and heavyfines.

See # 15 Page 11

SECP to go toughagainst defaulters

CRS, CEES schemes end

SikandarIqbal passes

awayISLAMABAD: Formerdefence minister, Rao SikandarIqbal died on Wednesday after

protracted illness.Admitted to CMH, the senior

most leader of PPP was on dial-ysis. He formed his dissident

See # 17 Page 11

Gilanishakes up

bureaucracyISLAMABAD: PrimeMinister Syed Yousuf RazaGilani Wednesday has reshuf-fled high-level bureaucracy,which includes transfer ofChief Secretary KP amongother high-ups to bring revolu-tionary changes.

According to spokesman ofthe PM House, Prime MinisterGilani has given formalapproval regarding reshufflingin high-level bureaucracy.

Accordingly, Athar Tahir hasbeen made Federal SecretaryEducation, Asif BajwaSecretary Statistics, IrfanNadeem Secretary Science andTechnology, Saeed AhmedKhan Secretary OverseasPakistani Affairs, KB RindSecretary Social Welfare, JavedIqbal Secretary Water andPower, Wajid Rana SpecialSecretary Finance, Shahid RajaRailways, Shafqat food andAgriculture, Tariq ShafiProduction, and Arif AzeemAdditional Secretary Ministryfor Labour and Manpowerrespectively.

Source told that reshuffling inhigh-level bureaucracy

See # 21 Page 11

Nato border breach

NA adoptsmotion

ISLAMABAD: NationalAssembly unanimously hasapproved adjournment motionover the issue of boundary viola-tion of Nato-forces and killing of35 people.

The motion was tabled by See # 14 Page 11

Kayanipushing

for politicalchange: NYT

Monitoring Desk

WASHINGTON: A US dailyreported that Pakistan Army,angered by the inept handling ofthe country's devastating floodsand alarmed by a collapse of theeconomy, is pushing for a shake-up of the elected government,and in the longer term, even theremoval of President Asif AliZardari and his top lieutenants.

New York Times stated thatmilitary, preoccupied by a waragainst militants and reluctant toassume direct responsibility forthe economic crisis, has made

See # 13 Page 11

AG seeks more time for NABchairman’s appointment

ISLAMABAD: Government has sought more time from theSupreme Court (SC) in connection with appointment of chair-man NAB; on the other hand, talks between prime minister andopposition leader have not proved productive on the matter ofinduction of chairman NAB.

Official sources told Attorney General (AG) Maulvi Anwar-ulHaq has sought extension for three weeks in the date set by SCfor appointment of chairman NAB as September 30.

The AG has requested the court to grant extension for 3 weeksso that chairman NAB could be appointed after completing theconsultation process which was inevitable as per existing NABordinance.-Online

Karachi, Thursday, September 30, 2010, Shawwal 20, Price Rs12 Pages 12

President addresses women delegation

Budgetary Borrowings - Qumulative Flows since end-june

2 Thursday, September 30, 2010

TV PROGRAMMES

THURSDAY

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 Tonight With

Jasmeen

23:00 News

23:30 24

Jamil Siddiqui

KARACHI: Despite negative perceptionof International media along with somesecurity and safety issue the investorsfrom Republic of Korea are eager to heav-ily invest in Pakistan.

This was stated by the Consul Generalof Republic of Korea On Ke Lee whiletalking to The Financial Daily on theoccasion of a reception given by him andhis spouse in the honour of media at hisofficial residence on Tuesday.

He said that Pakistan and Korea haverich cultural legacies deriving fromancient civilizations that go back thou-sands of years and sharing such a richcultural heritage can bring the two

nations closer in promoting mutualunderstanding and initiating exchangesin various fields that are of benefit toboth countries.

"Every Korean is with Pakistan andeager to help the victims of the gruesomedevastation unleashed by the nature dur-ing recent floods while the Government ofKorea has donated $1m in the form ofemergency relief goods for Pakistaniflood victims and will donate further $ 1mvery soon," he said.

He informed that besides the official aidKorean companies working in PakistanViz. Samsung, Lotte, LG, Daewoo,Poongsan, Posko, Sambu, along withsome individual companies have so farcontributed $ 1.5m by cash and kind.

Koreans keen toinvest in Pakistan

KARACHI: Malaysianfrom all walks of lifehave been contributingtowards the PrimeMinister's Relief Fundand have so far con-tributed Rs.9.78 millionin cash, besides, sendingconsignments of reliefgoods and visits byMalaysian volunteersand relief workers toPakistan to help theflood victims.

This was stated by theHigh Commissioner forPakistan, MasoodKhalid while receiving a

cheque for Rs2.78 mil-lion from the Chairmanof International Bureauof Puteri, UMNO,Malaysia, ShahanimMohammad Yousuf, inKuala Lumpur.

Later while talking tomedia, the HighCommissioner said thatPakistan had sufferedfrom the unprecedentedfloods which had affect-ed 20 million people,destroyed 2 millionhouses and washed away1.3 million acres ofstanding crops.

He said that peopleof Pakistan greatlyappreciate the solidari-ty and brotherhoodshown by Malaysiansfrom all walks of lifewith their brothers andsisters in Pakistan whoare in immense dis-tress.

He said that Pakistanis in the process oflaunching a NationalReconstruction Plan torehabilitate the affectedpeople and reconstructthe damaged infrastruc-ture.-PR

Malaysia donates Rs9.78mn

KARACHI: The BritishHigh Commissioner,Adam Thomson pledgedthat the UK would standby Pakistan as it takes itsfirst steps towards recov-ery since the floods first hitthe country just over 2months ago.

He made these remarksafter he visited an IDPcamp in Kemari town,Karachi on Wednesday,where he took the opportu-nity to see first hand theimpact of the floods.

Adam Thomson high-lighted that the UK wasone of the first and mostgenerous countries torespond to this crisis hav-ing committed a total of£134 million (nearly 18billion rupees) towards therelief efforts, while theUK public had generouslydonated a further £56m(approx 7.5 billionrupees).

Adam Thomson said;"We will stand by Pakistan

helping its people affectedby the floods in any waywe can, both at this criticallife-saving time and longerterm as work begins torebuild people's homes,jobs, farms, schools, andbridges.

This is why I am meetingwith Pakistani and Britishbusiness leaders latertoday to identify ways inwhich the UK can helpsupport reconstructionefforts in Pakistan.Through building on ouralready strong businesslinks we can create oppor-tunities to help the longterm economic recovery ofthe country.

The UK, led by ourPrime Minister DavidCameron, has been instru-mental in backingPakistan's cause to gaingreater access to EU mar-kets. We will continue tobe a champion for Pakistanto ensure the EU deliverson its commitments"-PR

UK stands by Pak

K A R A C H I :

Cooperation betweenGermany and Pakistan inthe textile sector canincrease further, espe-cially in the environmen-tal management field,said German ConsulGeneral Dr ChristianBrecht at the trainingcourses launching cere-mony at SMA TextileInstitute.

He said environmentmanagement was a veryimportant issue whichwould gain even moreimportance in the futurewith the world becomingvery environmentallyconscious. He added thathe was glad that theGerman institution, BfZhad helped the SMARizvi Textile Institute tolaunch training coursesregarding textile manu-facture and productionand the environment.

Dr Brecht pointed outthat these courses wouldhelp with environmental

management in enterpris-es and particularly in tex-tile industries and addedthat modern know-howwas important in thisregard as it guaranteedthe good health of thepeople and their children,as well as helping in thereduction of pollution.

He said that the adop-tion of knowledge,expertise and practicesimparted in these cours-es would help the textileindustries meet certainstandards which are nowmandatory in USA, EUcountries and the devel-oped world, and wouldlead to a boost inPakistan's textileexports.

The German ConsulGeneral said that initiat-ing the courses with BfZhelp was a sign of thehope and trust thatGermany placed in thefuture of Pakistan and inthe future of the youngPakistani people.-PR

Envoy vows toup Pak-Germantextile relations

KARACHI: TradeDevelopment Authorityof Pakistan (TDAP) hasorganised and sponsored65 international exhibi-tions in the year 2009-10, and supported 700exporters to displaytheir products in majorexhibitions throughoutthe world.

According to a dataprovided by TDAP hereon Wednesday, morethan 200 of them werenew exporters, SME'sand women entrepre-neurs. TDAP supportedthem as a part of itsstrategy to encouragenew comers into inter-national trade.

TDAP said that theincreasing purchasingpower of Asia hasopened up new opportu-

nities for Pakistaniexporters in this marketand this is establishedby the fact that Pakistaniexports to China duringthis period grew by 78per cent over the sameperiod in the previousyear.

Similarly, TDAP hasarranged participationof more than 100exhibitors including 32new exporters, SME'sand women entrepre-neurs in trade fairs inAfrica.

As a result of thisaggressive marketingstrategy of TDAP, theexports to African mar-ket grew by 22.79 percent during this periodas compared to the sameperiod in the previousyear.-APP

TDAP facilitates700 exporters

THURSDAYTime Programmes8:00 Pakistan Aaj Raat

9:00 News

9:02 Pehla Sauda

10:00 News

10:15 Bazaar

11:00 News

11:05 Ghar Ka Kharch

12:00 News

12:05 Bara ka Para

12:30 Mang Raha Hay

Pakistan

13:30 Akhri Suada

14:00 News

14:15 Power Hour

15:05 Badalta Pakistan

16:00 News

16:05 Doosra Pehlu

17:05 Ghar Ka Kharch

18:05 Pegham-e-Islam

19:00 News

19:05 Islam Aur Karobar

19:30 Karobari Dunya

20:00 Headlines

20:05 Islamabad Say

21:00 Pakistan Aaj Raat

22:05 Doosra Pehlu

23:00 News

23:05 Karobari Dunya

23:30 Islam Aur Karobar

PNB formsSteering

CommitteeKARACHI: Former USSecretary of StateMadeleine Albright, alongwith Muhtar Kent,Chairman and CEO of TheCoca-Cola Company, andWalter Isaacson, Presidentand CEO of The AspenInstitute, announced the for-mation of the SteeringCommittee and the ClintonGlobal Initiative (CGI)commitments for Partnersfor a New Beginning(PNB).

Partners for a NewBeginning is a non-parti-san, non-profit organiza-tion established to harnessprivate sector and civilsociety resources toadvance the visionPresident Obama laid outin his June 2009 Cairospeech of renewed engage-ment with Muslims aroundthe world based on mutualrespect and responsibility.Secretary Albright servesas PNB's Chair.

This advisory group ofprominent American lead-ers has committed to usingtheir expertise, global net-works, and access toresources to foster locally-driven public-private part-nerships and projects toadvance opportunity inMuslim-majority coun-tries.-PR

Bayer holds‘World

ContraceptionDay’ seminarKARACHI: Bayer recent-ly celebrated 'WorldContraception Day' byorganising series of sympo-siums in seven major citiesin Pakistan to raise aware-ness of contraceptionamongst the Women ofPakistan. Countries aroundthe world organise eventsto mark WorldContraception Day and todemonstrate their commit-ment to raise awareness ofcontraception and improv-ing education regardingWomen Health Care.

The objectives of thesesymposiums were toimprove awareness on var-ious kinds of contraceptivemethods.-PR

APTMA lauds

Indian offer

KARACHI: ShahzadAhmed, Chairman, AllPakistan Textile MillsAssociation (APTMA) appre-ciated the decision of IndianGovernment to allow exportsof 5.5 million bales of Cottonfrom 1st October 2010.

Shahzad Ahmed whileappreciating the decisiontaken during the meeting ofthe Group of Ministers ofIndian Cabinet on the policyof Cotton Exports held inNew Delhi on Wednesdaysaid that this decision wouldleave positive impact on theprice structure of PakistaniCotton. Chairman APTMAalso appreciated theunchanged stance of IndianGovernment relating toexport of Cotton.-PR

Mohtasibchairs child

rights meetingISLAMABAD. First meet-ing of child rights steeringcommittee took place in theWafaqi MohtasibSecretariat, chaired byWafaqi Mohtasib. All majorministries dealing with childrights and responsible forimplementation of theNational Plan of Action forchildren, as well as somecivil society organisationstook part in the meeting.

Since Pakistan is signato-ry to the United NationConvention on the ChildRights since 1990, this is thefirst major initiative to takestock of the situation,review, progress and facili-tate a policy dialogueamong the stakeholders.-PR

Digital

Library

switched

on at KCCIStaff Correspondent

KARACHI: A modernDigital Library along withan updated Website ofKarachi Chamber ofCommerce & Industry wasformally inaugrated in thepresence of large numberof diplomats and KCCImembers on Wednesday.

The mega project the lastone from the outgoingPresident of KCCI and histeam in collaboration withthe Center for InternationalPrivate Enterprises (CIPE)would certainly not onlyboost the capacity ofresearch but will also bringthe global business com-munity more closure toKCCI.

Dawlanceconductscampus

recruitmentStaff Correspondent

KARACHI: Dawlanceconducted an on-campusrecruitment program atNED University to inductfresh engineers in the fieldof Electrical, Electronics,Mechanical and Industrial& ManufacturingSciences. The recruitmentprogram was attended by550 graduates of NEDUniversity.

Commenting on the occa-sion, Ali Ahmed, Head ofHR, Dawlance Group said,"Dawlance is looking for anadditional pool of employ-ees to facilitate this rate ofbusiness growth. Even atthe time of recession wherejob opportunities aredecreasing in Pakistan aswell as abroad.”

KARACHI: Chamber of Commerce & Industry organised an InnauguralCeremony of KCCI’s Digital Library, in Collaboration with Centre for

International Private Enterprise(CIPE), at Aiwan-e-Tijarat. In the picture,Abdul Majid Haji Muhammed President of the Chamber is seen presenting

Chamber’s Crest to Moin M Fudda, Country Director CIPE.-Photo by S Imran Ali

CCP headvisits NY

ISLAMABAD: TheChairperson, CompetitionCommission of Pakistan(CCP), Rahat KaunainHassan, paid a visit to NewYork this week where shecalled on the heads of variouscompetition agencies andattended the 37th AnnualConference on "InternationalAntitrust Law & Policy" and aHeads of Agencies Workshopat Fordham University,School of Law, New York.

The Chairperson hadextremely useful interactionwith heads of CompetitionAgencies.-PR

MUMBAI: The Indian rupeesurged 3.4 per cent in theSeptember quarter boosted byrobust portfolio investmentsinto Asia's third-largest econo-my on the back of stronggrowth fundamentals.

The partially convertiblerupee closed at 44.94/95 perdollar, after hitting 44.85, itshighest since May 10 and half aper cent stronger thanTuesday's close of 45.15/16.Forex and debt markets areclosed on Thursday for half-yearly closing of banks'accounts.

The rupee's quarterly risecompared with a 3.3 per cent fallin the June quarter, which wasits worst quarterly fall in five.

Dealers said there were goodtwo-way flows in the marketwith some corporate dollarbuying seen sub-44.90 levels,with state-run banks also onthe buy-side.

Foreigners have moved $5.3billion into stocks this month,taking net investment so far inthe quarter to $11.4 billion.

The total investments in 2010have reached a record $18.2billion, above last year's $17.5billion.

One-month offshore non-deliverable forward contractswere quoted at 45.14, weakerthan the onshore spot rate.

In the currency futures mar-ket, the most traded near-month dollar-rupee contractson the National StockExchange, MCX-SX andUnited Stock Exchange closedat 45.1475, 45.1350 and45.1525 respectively, with thetotal traded volume on thethree exchanges at about $9.2billion. -Reuters

Indian rupee climbson robust inflows

3Thursday, September 30, 2010

Currency Rates

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

British Members Association Interest Settlement Rates.

AT 11:00 LONDON TIME 29/09/2010

A USD GBP CAD EUR JPY

O/N 0.22500 0.54875 1.04500 0.36125 SN 0.10500

1WK 0.25025 0.55078 1.06750 0.47500 0.11750

2WK 0.25181 0.55563 1.09667 0.51125 0.12625

1MO 0.25625 0.56844 1.12500 0.57813 0.13875

2MO 0.27297 0.62281 1.18667 0.67875 0.17125

3MO 0.29000 0.73188 1.24833 0.83438 0.21688

4MO 0.34406 0.81734 1.30833 0.92000 0.30875

5MO 0.40750 0.92250 1.36500 1.01313 0.36750

6MO 0.46250 1.02500 1.43333 1.11625 0.42750

7MO 0.51281 1.10094 1.50083 1.16500 0.48313

8MO 0.56313 1.18094 1.58800 1.21125 0.53125

9MO 0.61266 1.26344 1.65833 1.26438 0.58063

10MO 0.66469 1.33625 1.73080 1.31125 0.60750

11MO 0.71781 1.40500 1.83500 1.36125 0.63063

12MO 0.77825 1.47063 1.93250 1.40625 0.66000

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

U.S.A. 86.20 86.00 85.81U.K. 136.39 136.07 135.76EURO 117.13 116.86 116.59CANADA 83.83 83.64 83.42SWITZERLAND 88.34 88.13 87.90AUSTRALIA 83.44 83.24 83.02SWEDEN 12.76 12.73 12.70JAPAN 1.03 1.03 1.02NORWAY 14.74 14.70 14.66SINGAPORE 65.42 65.27 65.10DENMARK 15.72 15.68 15.64SAUDI ARABIA 22.98 22.93 22.87HONG KONG 11.11 11.09 11.06CHINA 12.89 12.86 12.83KUWAIT 302.67 301.97 301.17MALAYSIA 27.95 27.89 27.81NEW ZEALAND 63.74 63.60 63.43QATAR 23.68 23.62 23.56U.A.E. 23.47 23.41 23.35KR WON 0.08 0.08 0.08THAILAND 2.83 2.82 2.81

London Inter Bank Offered Rates (LIBOR)

Name Bid Ask High Low

EUR-USD 1.3621 1.3622 1.3642 1.3569

EUR-GBP 0.8621 0.8624 0.8631 0.8574

EUR-CHF 1.3285 1.3290 1.3347 1.3241

EUR-JPY 113.91 113.95 114.17 113.50

USD-CHF 0.9755 0.9758 0.9812 0.9736

USD-CAD 1.0309 1.0314 1.0328 1.0243

GBP-USD 1.5798 1.5801 1.5874 1.5765

GBP-JPY 132.14 132.2 132.91 131.86

AUD-USD 0.9702 0.9705 0.9729 0.9661

EUR-CAD 1.4044 1.4048 1.4049 1.3941

CHF-JPY 85.74 85.81 86.08 85.30

Gold 1309.88 1310.48 1312.78 1305.28

Silver 21.87 21.90 21.97 21.70

As per 22.00 PST

Time Source Events Forecast Previous

4:01 GBP GfK Consumer Confidence -19 -18

4:50 JPY Prelim Industrial Production m/m 1.2% -0.2%

4:50 JPY Retail Sales y/y 4.6% 3.8%

11:00 GBP Nationwide HPI m/m -0.3% -0.9%

12:55 EUR German Unemployment Change -20K -17K

14:00 EUR CPI Flash Estimate y/y 1.8% 1.6%

17:30 CAD GDP m/m -0.1% 0.2%

17:30 USD Unemployment Claims 458K 465K

17:30 USD Final GDP q/q 1.6% 1.6%

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

18:45 USD Chicago PMI 56.0 56.7

Source Events Actual Forecast Previous

NZD Trade Balance -437M -365M -183M

JPY Tankan Manufacturing Index 8 7 1

JPY Tankan Non-Manufacturing Index 2 -2 -5

AUD CB Leading Index m/m 0.8% 0.6%

CNY HSBC Manufacturing PMI 52.9 51.9

GBP Net Lending to Individuals m/m 1.5B 0.5B 0.2B

CHF KOF Economic Barometer 2.21 2.12 2.22

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

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

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

ABPL 11.40 11.90 11.60 12.10 12.00 12.50 12.50 12.75 12.60 12.85 12.70 13.20 12.75 13.25 12.90 13.40

ABLN 11.50 12.00 11.85 12.35 12.15 12.65 12.55 12.80 12.70 12.95 12.80 13.30 12.95 13.45 13.00 13.50

JSBL 11.40 11.90 11.75 12.25 12.25 12.75 12.75 13.00 12.85 13.10 12.90 13.40 12.90 13.40 13.00 13.50

ASPK 11.30 11.80 11.60 12.10 12.10 12.60 12.55 12.80 12.70 12.95 12.75 13.25 12.85 13.35 13.00 13.50

CIPK 11.45 11.95 11.70 12.20 12.15 12.65 12.50 12.75 12.70 12.95 12.85 13.35 13.00 13.50 13.10 13.60

DBPK 11.30 11.80 11.60 12.10 12.10 12.60 12.50 12.75 12.60 12.85 12.70 13.20 12.75 13.25 12.85 13.35

FBPK 11.35 11.85 11.70 12.20 12.10 12.60 12.60 12.85 12.75 13.00 12.75 13.25 12.75 13.25 12.95 13.45

FLAH 11.50 12.00 11.70 12.20 12.15 12.65 12.55 12.80 12.70 12.95 12.75 13.25 12.85 13.35 12.95 13.45

HBPK 11.35 11.85 11.75 12.25 12.15 12.65 12.60 12.85 12.70 12.95 12.80 13.30 12.85 13.35 13.00 13.50

HKBP 11.20 11.70 11.60 12.10 12.05 12.55 12.45 12.70 12.65 12.90 12.70 13.20 12.80 13.30 12.90 13.40

NIPK 11.50 12.00 11.95 12.45 12.60 13.10 12.80 13.05 12.90 13.15 13.00 13.50 13.10 13.60 13.20 13.70

HMBP 11.30 11.80 11.75 12.25 12.30 12.80 12.65 12.90 12.80 13.05 12.85 13.35 12.90 13.40 13.00 13.50

SAMB 11.40 11.90 11.75 12.25 12.25 12.75 12.65 12.90 12.85 13.10 12.90 13.40 12.95 13.45 13.05 13.55

MCBK 11.35 11.85 11.75 12.25 12.25 12.75 12.40 12.65 12.55 12.80 12.60 13.10 12.70 13.20 12.90 13.45

NBPK 11.50 12.00 11.75 12.25 12.00 12.50 12.60 12.85 12.75 13.00 12.80 13.30 12.80 13.35 13.00 13.50

SCPK 11.25 11.75 11.55 12.05 12.20 12.70 12.50 12.75 12.65 12.90 12.75 13.25 12.85 13.35 12.95 13.45

UBPL 11.25 11.75 11.50 12.00 12.20 12.70 12.65 12.90 12.75 13.00 12.75 13.25 12.85 13.35 13.00 13.50

AVE 11.37 11.87 11.70 12.20 12.16 12.66 12.57 12.82 12.71 12.96 12.78 13.28 12.85 13.35 12.98 13.48

Karachi Inter Bank Offered Rates (KIBOR)

Karachi: The following are the Karachi Inter-Bank Offered Rates (KIBOR)29/09/2010

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

1 week 0.94 0.79 0.67 0.95 0.96 0.46 (0.69) (0.89)1 month 0.79 0.86 0.80 0.93 0.94 0.53 (0.61) (0.80)3 months 0.69 0.32 0.04 0.35 0.81 0.64 (0.61) (0.43)6 months 0.76 (0.43) (0.13) 0.06 0.73 0.79 (0.33) (0.90)1 year 0.54 0.56 0.50 0.71 0.88 0.70 0.37 (0.82)2 years 0.40 0.27 (0.33) 0.61 0.69 0.50 (0.40) (0.54)

Currencies CorrelationGBP/USD

CMKA BMA INVSR GSL ICSL JSCM AvgRate

0-7days 11.50 11.50 11.50 11.80 11.60 11.70 11.60

8-15dys 11.90 11.75 11.85 12.00 11.90 11.95 11.89

16-30dys 12.20 12.00 12.25 12.40 12.00 12.35 12.20

31-60dys 12.60 12.70 12.60 12.75 12.50 12.60 12.63

61-90dys 12.65 12.65 12.65 12.75 12.60 12.70 12.68

91-120dys 12.80 12.77 12.80 12.79 12.70 12.80 12.79

121-180dys 12.85 12.80 12.85 12.90 12.80 12.85 12.85

181-270dys 12.90 12.90 12.90 12.95 12.90 12.90 12.91

271-365dys 12.95 12.95 12.95 13.05 12.90 12.96 12.97

2-- years 13.30 13.30 13.35 13.30 13.35 13.35 13.33

3-- years 13.40 13.50 13.55 13.40 13.40 13.55 13.47

4-- years 13.45 13.55 13.50 13.44 13.45 13.50 13.48

5-- years 13.50 13.65 13.63 13.47 13.50 13.65 13.57

6-- years 13.50 13.70 13.60 13.48 13.55 13.60 13.57

7-- years 13.55 13.70 13.75 13.50 13.52 13.75 13.63

8-- years 13.55 13.55 13.55 13.55 13.52 13.55 13.55

9-- years 13.60 13.55 13.55 13.75 13.60 13.55 13.60

10--years 13.70 13.70 13.75 13.85 13.75 13.75 13.75

15--years 13.80 13.95 13.90 14.00 13.80 13.95 13.90

20--years 13.95 14.10 14.05 14.20 13.85 14.10 14.04

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

NEW YORK: The dollar fellfor a fourth straight session onWednesday, hitting a fresh five-month low against the euro, astraders brace for more weak-ness amid growing prospectsfor further US monetary eas-ing.

The euro jumped to a five-month high at $1.3644, accord-ing to electronic trading plat-form EBS, before pulling backto $1.3603, up 0.2 per cent onthe day. Traders say there's anoption barrier at $1.3650,which could go soon given theeuro's upside momentum.

Generally weak US econom-ic data has fueled speculationthe Federal Reserve couldembark on a second round ofquantitative easing, whichwould be negative for the dol-lar. That drove the greenback toa two-year trough against the

Australian dollar and a 2-1/2-year low versus the Swissfranc.

The next big objective for thesingle euro-zone currency is$1.3692, the high hit on April12, traders said.

Also helping the euro was areport on Wednesday showingeuro-zone economic sentimentunexpectedly rose inSeptember.

Gains in the euro, however,were capped after Standard andPoor's downgraded national-ized Anglo Irish Bank's lower

tier 2 debt to CCC from B.Further limiting the euro's

upside was a report showingthat the European Union'sbanking sector remained vul-nerable.

The euro has risen about 11

per cent against the dollar sofar in the July-September quar-ter and is on track for itsbiggest quarterly percentagegain in about eight years,according to Reuters data.

The dollar index, meanwhile,was down 0.3 per cent at78.788, not far from an eight-

month low of 78.616 hit earlier.Dollar weakness helped push

the Australian dollar to a two-year high of US$0.9730 after alarge option barrier atUS$0.9700 gave way. It waslast at US$0.9696, up 0.2 percent from late Tuesday.

The Swiss franc rose to0.9735 francs per dollar, a 2-1/2-year high, according toReuters data.

It later gave up those gainsafter data showed Switzerland'sleading growth indicator, theKOF economic barometer,eased to 2.21 in Septemberfrom 2.22 in August. The dollarlast traded at 0.9753 francs, lit-tle changed on the day.

The dollar fell to 83.50 yenon EBS, its lowest since Sept.15, when Japan intervened. Itwas last at 83.62 yen, down 0.3per cent. -Reuters

Dollar weakness continuesas euro hits new 5-mth high

SHANGHAI: The yuan closedup against the dollar onWednesday after hitting a post-revaluation high as the People'sBank of China set a record highmid-point amid lingering pres-sure from Washington onBeijing to let the yuan climbfurther.

The yuan closed at 6.6868versus the dollar after touchingan intraday high of 6.6825, itshighest level since the Chinesecurrency's landmark July 2005revaluation.

The yuan, which toppled theprevious post-revaluation highof 6.6859 touched on Mondayand rose from Tuesday's close of6.6906, has gained 1.80 per centso far this month and is nowheading for the biggest monthlygain since the revaluation.

Before trading started onWednesday, the Chinese centralbank fixed the yuan's dailymid-point at a record high of6.6936 versus the dollar, upfrom Tuesday's 6.7051. It hasset a slew of strong fixings thismonth to guide the yuan higher.

The US House of

Representatives is poised onWednesday to pass legislationto pressure China to let theyuan rise more quickly, and theUS Senate will wait until afterthe Nov. 2 congressional elec-tions to vote on legislation.

China, which dealers believetreats differently the morehawkish US Congress andmore dovish US administra-tion, cares more about a semi-annual US TreasuryDepartment report on currencypractices of its trading partnerson Oct. 15, which has thepotential to name some coun-tries as currency manipulators.

Spot yuan has now risen 2.08per cent since the PBOCannounced a depegging of theyuan to the dollar on June 19this year.

Three-month NDFs were bidat 6.6270 in early trade, downfrom 6.6490 at Tuesday's close,with their implied three-monthyuan appreciation rising to1.00 per cent from 0.67 percent. The NDFs rebounded to6.6390 late in Wednesday'ssession. -Reuters

Yuan heads forbiggest mthly

gain since 2005

Swiss francstrengthens

ZURICH: The Swiss francwas poised on Wednesday tostrike at the previous day's 30-month high against a dollar onthe defensive owing to rein-forced speculation the US cen-tral bank could take further eas-ing steps.

The franc also gained groundagainst the euro.

Expectations the US FederalReserve could embark on a sec-ond round of quantitative easingkept the dollar stuck near a five-month low versus the euro afterUS consumer confidence fell toits lowest level in seven months.

The franc was up 0.1 per centagainst the dollar compared tothe New York close, trading at0.9753 per dollar at 0602 GMT.The franc rose 0.1 per centagainst the euro to 1.3242. "Wesee further upside in euro/Swisson a one month horizon, target-ing 1.34. However, longer out,our view is neutral, and we fore-cast 1.30 in 3 months and 1.33 in12 months," Credit Suisse said ina note. -Reuters

LONDON: Sterling fell to afour-month low against the euroon Wednesday, staying underpressure after a Bank of Englandpolicymaker talked up thechances of a renewed bout ofquantitative easing to boost aflagging economy.

BoE policymaker Adam Posenon Tuesday became the firstmember of the Monetary PolicyCommittee since November to

call for a further loosening inmonetary policy, sending thepound sharply lower.

Weak UK services output andlending data on Wednesdayrenewed concerns about a frag-ile economy and kept negativesterling sentiment intact.

Against the dollar, the poundsteadied, coming off a seven-week high hit on Tuesday,though the US currency stayedunder pressure as concerns overrenewed policy easing by theFederal Reserve continued totake a toll on the US unit.

"Sterling suffered a fair

amount of collateral damagefrom the Posen comments and ithas not really recovered since,"said Jeremy Stretch, currencystrategist at CIBC.

"Now the same things thathave applied to the US dollar -- the possibility of a secondround of QE and defacto cur-rency devaluation -- now applyto sterling".

By 1546 GMT, the euro was

up 0.3 per cent at 86.19 pence,above its 200-day movingaverage at 85.87. It earlier roseto 86.31, its strongest since lateMay.

Sterling's falls versus the europushed its trade-weighted indexto a two-month low of 80.3.

Against the dollar, sterlingwas steady at $1.5803, off aseven-week high of $1.5896 hiton Tuesday. Charts indicate con-solidation in the near termbefore it hits its August high of$1.5998. Near term support isseen at $1.5718, the low onSept. 8. -Reuters

Stg weakens vs euro;QE worries weigh

SEOUL: Asian currencies roseon Wednesday on expectationsthe US Federal Reserve willease policy to prop up the USeconomy, prompting regionalauthorities to step in and tem-per the strength of their units.

Dealers spotted interventionin a number of countries,including South Korea andThailand, which they estimatedamounted to $3-$4 billion asthe dollar fell broadly.

The intervention marks thelatest response by emergingmarkets to a tide of capitalseeking higher returns as theUS Fed looks to be movingtowards government bond pur-chases to revive the faltering

recovery. The won rose to a 4-1/2-month high against the dol-lar, supported by foreign invest-ment flows into local stocks.

The won also found supportfrom news of local companieswinning big foreign orders anda rise in the yuan to itsstrongest level since Beijing'srevaluation in July 2005.

But dealers spotted currencyauthorities buying dollars, pre-venting the won rising beyond1,140 per dollar. The wonclosed ended domestic trade up0.4 per cent at 1,142.0, fromTuesday's close of 1,146.3. Itrose as high as 1,139.8, itshighest level since May 14.

The Malaysian ringgit hit a

13-year high of 3.08 per dollar,although some traders suspect-ed central bank interventionbecause the ringgit's rise waslargely subdued.

"The pace of MYR strengthhas been frustrating with thehigh-low for each day sincemid September between 30/40pips on most occasions, whichis drying up liquidity."

The peso was bid at 43.90 onWednesday, up from 44.10 onTuesday, as it tracked theregional trend. However, thepeso faces some resistance justabove 43.90, which sometraders said could be owing tointervention from the centralbank (BSP). -Reuters

Asian currencies

Mostly higher, cbanksintervene to cap rally

SYDNEY/WELLINGTON: The surgingAustralian dollar held onto recent outsized gainsto edge towards a 2008 peak on Wednesday,aided by a soft US dollar, a hawkish domestic rateoutlook and strong Chinese data.

The Australian dollar was strong at $0.9685 ,just a touch under a two-year peak of $0.9693,helped by data which showed China's manufac-turing activity at a five-month high in September.

That left the Aussie dollar within sight of$0.9851, a top hit in 2008 that was also the high-est peak scaled since it was floated in 1983.

Traders said a large US bank was seen buyingthe currency as it sold big amounts of the US dol-lar, which is struggling under speculation theFederal Reserve would embark on another roundof quantitative easing.

With excitement building over the prospect of adomestic rate rise next week, more analysts nowdare hope the Australian dollar would finally hitparity, after years of failed attempts.

The Australian dollar has soared 8.7 per centthis month, its best performance in any monthsince May 2009.

Expectations that domestic rates could rise to4.75 per cent next week, from 4.5 per cent, lev-eled the 3/10 cash yield curve to under 14 basispoints, its flattest in two years.

The New Zealand dollar was kept in a tight rangearound $0.7390 in active trading ahead of themonth end. It hit a high of $0.7404 offshore as thecurrency continued to benefit from a broad dollarweakness. Support for the kiwi was expected tocome in from $0.7360, with resistance at $0.7440.

The Aussie hovered around NZ$1.3086, afterhitting a five-month high of NZ$1.3099. Tradersreported active volume as some tried to break theNZ$1.3100 barrier in the options market, but itwas well defended for now by a large Europeanbank. A break of NZ$1.31 would herald furthergains as traders said stop-loss buy orders werelined above the level. -Reuters

Australian $ marches up;yield curve flattens

Taiwan $ hits

5-mth high on

weak US dataTAIPEI: The Taiwan dollar roseto a five-month closing high onWednesday following poor USeconomic data, and as risinglocal stocks triggered foreignfund inflows. But last-minuteintervention by the central bankerased some early gains.

The Taiwan dollar opened atT$31.500 against the US dollar,unchanged from Tuesday'sclose, then reached an intradayhigh of T$31.211 before clos-ing at T$31.380.

US consumer confidence fellto its lowest level in sevenmonths in September, under-scoring lingering concern aboutthe strength of the economicrecovery and reinforced expec-tations the US Federal Reservewill take more action to helpthe struggling economy.

Taiwan's central bank hasbeen seen intervening in latetrade recently to counter theimpact of a stronger Taiwandollar on exporters.

Dealers expect the Taiwandollar to trade betweenT$31.15-T$31.30 on Thursday.

Investors have favouredgrowth-linked Asian forex mar-kets such as Taiwan's for mostof September because of strongfundamentals and upbeat datafrom across the region, curren-cy strategists say. -Reuters

Further gains seen as Fed seems headed to policy easing

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.

Haves& have-nots

distancing apartOver the last couple of years price of almost

every item has doubled or tripled. Some ana-lysts call it inflation but some gross misman-agement of resources. Eroding purchasingpower is pushing more and more people belowthe poverty line. However, the rich are gettingricher and the breach between haves and have-nots is growing wider and wider at cutthroatspeed.

The irony is that rulers instead of containingexpenditures are planning to impose new taxes.One such tax, Reformed General Sales Tax(RGST) is expected to take effect from theOctober 1, 2010. One wonders if the appropri-ate infrastructure exists for its implementationand what level of collection could be expected.

An embarrassing situation is likely to emergebecause the government has consented toimpose RGST but some of the coalition part-ners are openly expressing the intent to opposeit. Politicians are driving the strength from thestance of trade and industry, which is openlyopposing the move. The confrontation looksstrange because the amount expected to bemobilised from RGST will be too small com-pared to the short fall. The point beyond com-prehension is the missing focus on containingexpenditures.

Mian Nawaz Sharif's statement deserves seri-ous thinking. He claims if his party came inpower, steps would be taken to increase rev-enue collection. His party has formed the gov-ernment in Punjab, the province which inciden-tally also has the largest overdraft. The imme-diate question that comes to mind is if his partycan't manage the financial affairs of provinceprudently, how would it manage country'seconomy efficiently? People also wish tounderstand if it is a political jargon only or theparty has any specific plan?

Mian Sahib has also advised that every indi-vidual must pay tax. He seems to forget to takeinto account that Punjab has a low share in rev-enue collection but has been demanding largershare based on its population. People fromother provinces can still recollect that duringhis regime maximum benefits of duty and taxexemptions were offered to Punjab at the costof other provinces.

One of the most glaring examples of this dis-crimination is the incentives provided to indus-trial units established in Chunian. It has createda bias against units located in tariff area.Analysts would have condoned this discrimina-tion had the units been operating efficiently.However, it is on record that most of the unitsenjoying tax exemption also suffer from poorperformance.

It must be reminded to the present and futuregovernments that revenue collection can't beenhanced by squeezing the already taxpayers.All sorts of incentives have to be withdrawn toenhance revenue collection. The cardinal prin-ciple should be all sorts of income are taxableirrespective of the source.

4Thursday, September 30, 2010

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

Editor: Shakil H. Jafri

Executive Editor: Manzar Naqvi

Honorary Advisory Board

Haseeb Khan, FCA

Asim Abbas Ashary, CPA

Akhtar M. Zaidi, FCA

Dr. A. Hadi Shahid, FCA

Muhammad Arif

S. Muneer Hussain Rizvi

Khurram Shehzad, CFA

Prof. Zakaria Sajid (KU)

Zahid Bukhari SVP HBL (retd)

Ismat Sabir

Head office

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

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

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24- Peshawar Block, Fortress Stadium, Lahore

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

Email Address: editor@thefinancialdaily.com

The Financial Daily InternationalVol 4, Issue 56

Islamic finance is tougheningsupervision of its powerfulreligious advisors as share-

holders worldwide demandincreasing accountability fromdirectors, but key reforms maydo little to boost independenceand transparency.

Islamic banking is overhaulingrules that govern the conduct ofits influential Shariah advisors,with competition for investordollars and a growing marketputting pressure on the once-arcane industry to adopt clearer,more uniform guidelines.

Key to these challenges isthe small number of scholarsadvising a growing number ofbanks on increasingly com-plex financing structures,raising issues such as trans-parency of rulings, independ-ence of advisors and how togroom new scholars.

But varying Shariah stan-dards, different regulatoryapproaches and vast dispari-ties in development acrossmarkets stand in the way ofreforms to streamline andboost supervision, which arecritical to growth.

"Investors want to see thesame degree of responsibilityand professionalism goinginto Shariah compliance asthey expect from Moody's for

credit ratings and S&P formarket information," saidJohn Sandwick, a Geneva-based Islamic asset andwealth manager.

Shariah advisors control thereins of the $1 trillion industrythrough their rulings onwhether finan-cial productssatisfy Islamiclaw. Their rolehas been infocus followinga recent attemptby Kuwait'sInvestment Darto challenge itsShariah board'sdecision.

Bahrain-based industry bodyAAOIFI is drafting rules to reg-ulate Shariah scholars' share-holdings in banks and addressconcerns such as the number ofShariah supervisory boards onwhich a single scholar caneffectively serve.

The International ShariahResearch Academy for IslamicFinance, which is backed byMalaysia's central bank, isplanning a global regulatorybody for Shariah advisors.

"This is a step too soon,"said Ayman H. A. Khaleq, apartner and Islamic bankinglawyer at Vinson & Elkins in

Dubai, referring to the pro-posed global authority.

"I don't know how you'regoing to convince all govern-ments that this is the bestapproach. Without convincinggovernments, how are yougoing to give teeth to that asso-

ciation?GIANTS AND MIDGETS?Shariah scholars, typically

experts in Islamic law andinternational banking practices,are now subject to differinglevels of supervision across thejurisdictions but experts thinkthis model cannot sustain theindustry's growth.

"Each industry player willcome up with their own con-flict avoidance and confiden-tiality provisions and you mayfind that some banks havehigher standards than othersso we will see issues in thefuture if we're not able to reg-

ulate well at this point," saidRafe Haneef, HSBCAmanah's managing directorfor global markets.

Reflecting the industry'sdiversity, Middle Eastern coun-tries like the United ArabEmirates leave regulation to the

industry whereas Malaysianauthorities assume centralisedcontrol through nationalShariah advisors and dedicatedIslamic banking laws.

Practitioners agree on theneed for more supervision butdiffer on the scope of over-sight needed.

Some say regulating theissuance of fatwa would stifleijtihad, or scholars' reasonedjudgment, and could stunt thegrowth of an industry which isstil trying to come to terms withestablished conventional bank-ing concepts like derivatives.

"You can standardise cer-

tain products that are a verycookie cutter, plain vanillatype," said Jawad I. Ali, glob-al deputy head of lawyersKing & Spalding's Islamicfinance group.

"But there are a number ofother products that haven't beendeveloped yet (in Islamicfinance) and you cannot stan-dardise something that hasn'tbeen developed."

Others point out that unifor-mity is hardly attainable, asmarkets range from SaudiArabia's established sector toSouth Korea's infant industry.

"The biggest challenge is tohave these rules to have somekind of enforceability," saidMuddassir Siddiqui, a partnerat lawyers Denton Wilde Sapte."Islamic finance is in so manyjurisdictions throughout theworld. There are some jurisdic-tions which are very mature."

But Yazit Yusuff, OSKInvestment Bank's Islamicbanking head, sees scope forglobal cooperation.

"There are some meetingpoints for these Shariah advi-sors, there are localised issuesand there are globalisedissues," he said. "Local issuessuch as inah (financing con-cept) should be left to localscholars."-Reuters

Shariah Finance& Scholar Reforms

Islamic banking is overhauling rules thatgovern the conduct of its influential

Shariah advisors, with competition forinvestor dollars and a growing market put-ting pressure on the once-arcane industry to

adopt clearer, more uniform guidelines.

Farooq Adil

Amidst the highly pre-carious situation allaround - government's

inability to handle the situa-tion, political mess, blamegame and bad governance;the unabated Taliban terror,suicide hits and droneattacks; unprecedented flooddevastation, near economiccollapse and likely defaultsituation - there seems inPakistan the only ray of hopein the country's Chief ofArmy Staff, General AshfaqParvez Kayani, who standstall and alone as all eyes areon him to steer the countryout of uncertainty and wilder-ness. Unlike the elected rep-resentatives, his timely reach-ing out to the people, affectedby the most devastatingfloods in Pakistan's history,has given further boost to thearmed forces' image, whichthe rival forces are now out totarnish by calling for martiallaw, sending the corrupt dem-ocratic dispensation packing,or acting swiftly on judicia-ry's call for help "to make thethings right."

Many criticise Kayani'sresponse at not-so-right time,which gave 'lease' to a cor-rupt dispensation in the coun-try that has played havoc withthe people, economy, educa-tion, decisions of judiciaryand what not. Many call himfor applying the Kakar for-mula and suggest to takingthings directly in his hands.The US and western media,think-tanks and policymakersare highlighting the "power-ful" military's "political" rolein the country, aimed at tar-nishing its image, justifyingtheir direct dealing with theGeneral Headquarters as "it isarmy that calls shots inPakistan."

The question is whetherKayani kneels down to thepressure from inside, or whatcourse he adopts if the needarises out of the judiciary'scall for help or otherwise. Toanswer this question, one willhave to keep in mindKayani's concept of defencediplomacy in the realm ofnational and global security,and under the newly emerg-ing geo-strategic realities.

The British Ministry ofDefence (MoD) defines thedefence diplomacy mission"to provide forces to meet thevaried activities undertakento dispel hostility, build andmaintain trust and assist inthe development of demo-cratically accountable armedforces, thereby making a sig-nificant contribution to con-flict prevention and resolu-tion." Thus three main ingre-dients of the British defence

diplomacy are: to dispel hos-tility, build & maintain trust,and assist in the developmentof democratically account-able armed forces - all aimedat conflict prevention andresolution. The ultimate goalis to add to the national andglobal security.

Kayani is seen as an impor-tant pillar in the edifice ofnational security and theaccepted chief of defencediplomacy, both at home andabroad. When he took over asarmy chief in 2007, contem-poraries believed that he wasa professional soldier and anapolitical personality both inperception and outlook. Hisinitial actions validated thisconjecture and also supportedthe notion of development ofdemocratically accountablearmed forces.

Five-dimensional acts andaccomplishments during thetenure of his assignmentheretofore can be termed asthe Kayani Doctrine ofDefence Diplomacy. Theseare: to restore the image ofPakistan Armed Forces bothat home and abroad; cultivatetrust with interior and exteri-or forces; boost the combatpotential of the army; assumeall means and measures need-ed for conflict prevention andresolution; and arbitratebetween rival political forcesto circumvent any politicalcollision that could disturbthe already drab nationalsecurity landscape.

On the way of image-restoration in the aftermath ofMusharraf era, Kayani gave acomeback call to all armyofficers serving in civildepartments no sooner thanhe took over as army chief.He commanded that armypersonnel were not allowedto communicate with thepoliticians and himself, too,distanced noticeably from thecountry's political power cor-ridors. Even though General(retd) Musharraf was still thePresident of Pakistan whengeneral elections were heldon February 18, Kayanidecreed that the army wouldnot oversee the electoralprocess, squarely againstwhat had been planned andpronounced by his predeces-sor. These steps worked wellon the way of restoration ofarmy's image after nine yearsof political involvement.

As for building the trustwith interior and exteriorforces, the General acted likea democratically accountablearmy chief at home and nod-ded to every political deci-sion on employment of army.Informed sources also sawhim to be honest in his opin-ion on national security mat-ters whenever asked for by

the political high-ups.Abroad, Kayani enjoys therepute of a gentleman whothinks like a scholar and actslike a soldier. He is held inhigh esteem in Euro-American circles, People'sRepublic of China and theMiddle Eastern armies. Hisphotograph had been addedto the US Army InternationalHall of Fame on February 26,2009. Leavenworth Timesreported on February 27 thathe was fourth Pakistan ArmyGeneral to have attained thishonour. The 2008 Time 100,while listing Kayani the 20thin hundred most influentialleaders and revolutionaries inthe world wrote, "…Kayanishowed that his loyalty laywith the nation he had servedfor nearly four decades…sol-diers, friends, diplomats and

politicians all extol his rea-soned thinking and temperedjudgment." BBC News in aNovember 27, 2007 report,"The Rise of Pakistan's"Quiet Man" wrote:"…[Kayani] is noted for hispatience, diligence, intelli-gence and sheer determina-tion… has ability to keep alow profile when necessarywhile also being able to takedecisive action when it'sneeded... has a "can-do"image as a man who getsthings done". A New YorkTimes report noted that"[Kayani] received highpraise from the US for hismilitary prowess and hiscommitment to disentanglethe army from domestic poli-tics."

Kayani has also been mind-ful of the need to boost thecombat potential of PakistanArmy. He declared year 2008"Year of the Soldier" andYear 2009 "Year of Training".Both soldiery and trainingwent on well as Kayani wasfree from political involve-

ment unlike his predecessor,oversaw every bit of it, whichconsiderably added to thecombat readiness of Pakistanmilitary, the result of whichthe world as a whole saw inthe all-encompassing, swiftand result-oriented opera-tions in Swat-MalakandDivision, South Waziristan,Orakzai, Bajaur and KhyberAgencies, and in TirahValley. Defence observers,particularly the adversarieswatching closely, had beenwaiting for the PakistanArmy being ditched in theSwat valley, where only inPeochar arms dumps of sucha huge quantity were foundduring the operation, whichin words of Pakistan ArmyGeneral, could be used by theTaliban for years to engageand exhaust out the army.

Likewise, the experts predict-ed a clear defeat of PakistanArmy in the most difficultand rugged terrain of SouthWaziristan, which had a morethan two hundred years histo-ry of invincibility, but theGeneral proved not only hisprowess, but sent out a clearmessage to the world that thePakistan military will neveroffer them an opportunity ofweakness. This is whyKayani could be able to con-vince Pentagon, Brussels, thefrequently visiting AdmiralMike Mullen, General DavidPetraeus, GeneralMcChrystal, as well as NewDelhi and Kabul as to whylaunching an all-out opera-tion in North Waziristan,coinciding with the Kandaharoffensive, was not feasible.Probably this was one of thereasons of McChrystal'sunceremonious exit.

As for the conflict preven-tion and resolution, Kayanihas taken hosts of measures.In response to post-Mumbaiwar rhetoric of India's politi-

co-military elite, Gen Kayaniresorted to tri-prongeddefence diplomacy, accordingthe defence analyst EhsanMahmood Khan. Firstly, in awidely published statement,he desired that Pak-India con-flict must be prevented.Secondly, he warned thatPakistan was prepared tostrike back within minutes ofan Indian strike. Thirdly, hetook practical measures bydeploying matching numberof forces on eastern border inresponse to Indian militarymoves and to thwart anyIndian misadventure. Up inthe northwest, he compliedwith the political decision onmilitary operations but at thesame time supported politicalmoves by facilitating peaceagreements in Swat andBajaur. On this account, healso enjoys good relationswith the extra-regional forcesoperating in Afghanistan.

While the General mani-festly remained in low keyinsofar as the political hap-penings in the country areconcerned but when the timecame to act during the days oflong march by politico-judi-cial forces in March 2009, hedid. He skillfully arbitratedand demonstrated the powerof defence diplomacy. Thecountry was saved from apolitical collision that couldwreck the national securityarrangement. He set theprecedent of keeping the mil-itary institution subservientto the democratically electedgovernment and took the ini-tiative of giving briefings tothe political leadership at thePresidency and in theParliament, instead of invit-ing them to GHQ as his pred-ecessors did in the past. Heobjected to the Kerry-LugarBill, but did not resist it.

In the light of discourse anddiscussion made on theKayani Doctrine herein, wemay chart out the Pakistanidefinition of defence diplo-macy suiting our own nation-al security needs. In EhsanKhan's words, "Defencediplomacy is the art of keep-ing the armed forces ready toact against internal and exter-nal threats, conflict preven-tion where possible and con-flict resolution when needed,building trust with interiorand exterior forces, andmaintaining a professionaland apolitical posture whileinterceding in unavoidablepolitical brawls that couldimpinge upon the nationalsecurity situation." Thus thepressure on him for a politicalintervention must be seen inthe light of his doctrine.

Author is anIslamabad-based

defence & security analyst

General’s Gospel

Defence diplomacy is theart of keeping the armed

forces ready to act againstinternal and external threats,

conflict prevention wherepossible and conflict resolution

when needed, building trustwith interior and exterior forces,& maintaining a professionaland apolitical posture whileinterceding in unavoidable

political brawls that couldimpinge upon the nat’l security.

“

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)SILK 2.81 4.83 SSGC 29.63 4.59 LOTPTA 8.72 3.32 NPL 11.88 3.15 HUBC 33.57 2.35

Symbol Close ChangeDREL 606.90 28.90 SIEM 1,154.78 18.47 LAKST 270.45 12.87 NESTLE 1,862.44 12.54 IDYM 246.53 8.58

Symbol Close ChangeFZTM 333.39 -13.14BATA 490.00 -9.74BHAT 187.10 -7.88COLG 688.28 -6.72MTL 576.07 -6.43

Plus 172Minus 192Unchanged 21

Top 5 Volume Leaders

Major Losers

Major Gainers

KSE-100 Index

LSE-25 Index

ISE-10 Index

Active Issues

European shares slip;H&M falls on weak margins

Thailand strong, otherSEAsian stocks mostly higher

Thursday, September 30, 2010 5

Dhiyan

Some negative activities are expected in the market due to increase in inter-est rates and weak economic situation which will have a multiple effects.This rise in discount rates will hurt the market especially heavily leveragecompanies. It will increase the inflation and cost of doing businesses.Investors are recommended to stay on the sidelines and in case of majordips they can invest in dividend yielding stocks especially oil sector.Launch of margin trading system, improvement in economic and law andorder situations and government-judiciary relations will be the factors totrigger the market. Market will be negative today.

Mohammad Siddiq Dalal, Dalal Securities

Khalid Iqbal, Invest & Finance Securities Market has already factored in the rise in interest rates to someextent. Therefore, we will not see much negative reaction excepta decline of about one per cent today. Negotiations with IMF,launch of MTS, and good corporate results will be the factors todrive the market in the short-term. Investors are advised to becautious and defensive and invest in dividend yielding stocks.My top picks are HUBC and ICI.

STAY ON THE SIDELINES

Opening 9,981.07

Closing 10,022.25

Change 41.18

% Change 0.41

Turnover (mn) 46.07

Opening 3,110.30 Closing 3,118.89 Change 8.59% Change 0.28Turnover (mn) 2.47

Opening 2,547.62

Closing 2,558.37

Change 10.75

% Change 0.42

Turnover (mn) 0.10

Nawaz Ali

KARACHI: Karachi StockExchange (KSE) ended higherbut with low volumes onWednesday as investors pre-ferred to be on the sidelinesahead of the monetary policyannouncement. However,index managed to close abovethe psychological level of10,000 points.

The benchmark KSE 100-index rose 41 points to 10,022points, KSE 30-index grew 22points to 9,727 points and KSEall-share index was up by 28points to 7,000 points.

Samar Iqbal, equity dealer atTopline Securities said thatvolumes at local bourseremained low amid uncertaintyover the interest rate. Investorspreferred not to participate in

the market ahead of the mone-tary policy announcement.

Low price small cappedstocks remained in the lime-light. Some interest was alsoseen in the Attock group sharesahead of result announce-ments, he added.

The day started on a positivenote at six points up. Thereaftermarket showed some mixactivities till about 12:00 PST

and was mainly in the negativezone as investors preferred tobook profits ahead of the mon-etary policy while volumeswere much lower as many ofthe investors preferred to staysideline due to uncertainty thatwhether interest rates would beincreased or kept unchanged.Therefore, index at a momenttouched its lowest level of theday of 9,959 (-ve 21 points).

However, buying interest inmid-tier and in some oil andbanking stocks allowed theindex to bounce into the posi-tive zone. Index then remainedin the positive zone during therest of the session and on thelast minute index touched anintraday high of 10,025 points(+ve 44 points) and closed justnear those levels.

See # 9 Page 11

Apex index calls it a dayabove 10k; turnover thin

HONG KONG/SHANGHAI:Hong Kong stocks rose to aneight-month closing high onWednesday for the second-lastsession of the quarter, drivenby buying of index heavy-weights ahead of the expiry offutures settlement contracts,and underpinned by gains onWall Street.

China's key stock indexended flat, reversing a 0.9 percent rise earlier in the session,with a selloff in manufacturingcompanies checking gains inresource issues such asSichuan Western ResourcesHolding Co Ltd.

Hang Seng Index ended up1.22 per cent or 268.72 pointsat 22,378.67. The ShanghaiComposite Index ended at2,610.68, edging down 0.03per cent, with the 60-day mov-ing average at 2,560 providinga firm floor ahead of a week-long national holiday startingon Friday.

In Hong Kong, resourcesshares were among the biggestwinners, with Aluminum Corpof China Ltd (Chalco) rising toa five-month high on hopes itsparent would inject its majoritystake in a rare earths companyinto the listed company.Jiangxi Copper Co Ltd soaredto its highest in more than eightmonths after copper closednear a five-month peak onTuesday.

Abundant liquidity andenthusiasm about the upcominginitial public offering of AIAGroup would boost the per-formance of the market in theupcoming quarter, dealers said.

"The fourth quarter will be

better than the third quarter,"said Ben Kwong, chief operat-ing officer at KGI Asia. "Theweakness in the US dollar willcontinue to push funds into rel-atively risky assets."

"But in between, we expect asignificant correction," he said."I would not recommend buy-ing at this moment. All theseshares are overvalued."

A four-week rally supportedby recovering turnover hadtaken the index well into over-bought territory. The index's14-day Relative Strength Indexhad rebounded to 71 by mid-day Wednesday, indicating themarket is now overbought.

The index looks set to finishthe third quarter with a rise of11.2 per cent. It is up 2.3 percent this year.

The China Enterprises Indexof top locally listed mainlandChinese stocks closed up 2.04per cent at 12,429.28.

Boshiwa InternationalHolding Ltd closed its first dayof trade at HK$7.02 versus itsIPO price of HK$4.98 pershare.

China's stock market has sofar gained 10 per cent in thequarter ending in September,as it recovered following themega-listing of AgriculturalBank of China Ltd.

One of the world's worst per-forming bourses, the Shanghaimarket is still down 20 per centso far this year, with China'sclampdown on bank lendingand the property market havingtaken a toll.

Analysts say investors arecautious that the central bankwill continue to tighten liquidi-

ty policy in a measured way,although most agree there is nonear-term risk of an increase inofficial deposit and lendingrates.

Concerns over a furtherround of property tighteningare also in the background.

"Earlier gains were triggeredby strength overnight in over-seas markets, but for now a fallback is expected," said ChengYi, analyst at XiangcaiSecurities in Shanghai.

"Investors expect a secondround of property controls asthe initial ones have not result-ed in significant falls, theuncertainty remains as to howsevere policies will be," Chengsaid.

Manufacturers fell, with YueYang Paper Co Ltd down 7.4per cent. Electrical equipmentmanufacturer Zhejiang YankonGroup Co Ltd fell 5.9 per cent,while Beijing XidanDepartment Store Co Ltddropped 6.3 per cent.

"Commodity issues arepulling the index higher todayafter profit-taking in yester-day's session," said ChenShaodan, analyst at ChinaDevelopment Bank Securities,in Beijing.

Zhengzhou Coal Industryand Electric Power Co Ltd rose3.2 per cent while Datong CoalIndustry Co Ltd gained 6.4 percent.

Turnover of Shanghai Ashares slipped to 105 billionyuan ($15.7 billion) onWednesday from 113 billionyuan on Tuesday. Fallingshares outnumbered winners617 to 275. -Reuters

HK at 8-month highas traders go for titans

MUMBAI: Indian shares onWednesday closed 0.7 per centlower in choppy trade on theeve of monthly derivativescontracts expiry on theNational Stock Exchange, withweak European markets damp-ening sentiment.

The 30-share BSE indexdropped 0.74 per cent or148.52 points to 19,956.34,after rising as much as 0.6 percent early, with 22 of its com-ponents closing in the red.

Around 12.5 million shareswere traded on the BSE, morethan thrice its average volumeover the last 90 days.

Declining shares beatadvancing ones in a ratio of1.6:1 in a relatively higher vol-ume of 631 million shares.

The 50-share NSE indexdropped 0.6 per cent to5,991.30 points.

Traders also booked profitsafter the recent sharp rally,which saw the benchmarkindex gain 11 per cent inSeptember, and firmly on

course to post its best monthlygain since May 2009.

Sterlite Industries logged itsbiggest fall in 14 months as itfell 8.5 per cent after theVedanta-owned companyclosed the world's ninthlargest copper smelter on courtorder.

"I think the market has run sohard so fast for a reasonableperiod of time and I think itshould breathe little bit," saidSudhakar Shanbhag, chiefinvestment officer for KotakLife Insurance.

"It can't keep running at thispace. The question...at thispoint of time is, can this rate of(fund) inflow continue?," saidShanbhag, who manages 79billion rupees ($1.8 billion) ofassets for the insurance compa-ny.

Foreign funds have been netbuyers of Indian equities on allsessions in September, pump-ing in more than $5 billion sofar in the month.

See # 7 Page 11

BSE bows downamid jerky trade

TOKYO: The Nikkei averageclawed up 0.7 per cent onWednesday on window-dress-ing before the end of Japan'sfinancial first half, but it paredearlier gains as the yen'sstrength revived and resistanceheld strong.

The benchmark Nikkei endedup 63.62 points at 9,559.38,while the broader Topix gained0.5 per cent to 846.97.

Trade was moderate withsome 1.75 billion shareschanging hands on the Tokyoexchange's first section.Advancing stocks outnum-bered declining ones by about5 to 1.

The Nikkei's worst performeron Wednesday was TokyoElectric Power Co (TEPCO),which tumbled 7.8 per cent to2,105 yen after media reportedthat Asia's largest utility wasplanning a share issue worthseveral billion dollars to fundinvestments.

An additional boost camefrom a poor December outlookin the Bank of Japan's "tankan"survey of business sentiment,

which some market playerssaid could increase expecta-tions the central bank will dis-cuss easing monetary policyfurther at a meeting next week.

"The 'tankan' was as expect-ed, showing improvement inthe short term and a gloomyoutlook going forward. Thatonly increased expectations forfurther easing by the Bank ofJapan," said Mitsushige Akino,chief fund manager atIchiyoshi InvestmentManagement Co.

"But more gains in the mar-ket were limited because theyen persistently remained onthe strong side."

This week also marks the endof the April-September firsthalf in Japan, and some ana-lysts said window-dressing, orbuying by fund managers ofsome of the quarter's better per-formers to improve theirbooks, likely provided help.

Some analysts also cited buy-ing of Japanese stocks by a USpension fund.

Still, market players said the See # 8 Page 11

Tokyo shares crawl up 0.7pc

Fraillenders

fret FTSELONDON: Weak banksdragged the top share indexlower on Wednesday on persist-ent concerns over Europeandebt, while drug stocks werealso under pressure, offsettingstrength from BP.

The FTSE 100 closed down9.17 points, or 0.2 per cent, at5,569.27, having quickly sur-rendered an opening pushabove 5,600.

Banks were the main drag onblue-chip sentiment, shedding1.3 per cent, as worries over thedebt picture in Europe contin-ued to have an impact, particu-larly concerns over the futurefor Irish banks.

"It's really just continuing thetheme we've seen all this week.We've got a really choppy

PPL aims

to explore

aggressivelyKARACHI: PakistanPetroleum Ltd (PPL) hasplanned to actively pursue anaggressive exploration pro-gramme to replenish country'sdeclining hydrocarbonreserves.

"From now you will seemore vibrant exploration pro-gramme to optimize produc-tion and enhance company'soil and gas reserves to enlargereturns to shareholders," saidthe managing director andCEO PPL Khalid Rehmanwhile responding to variousqueries of shareholders at 59thannual general meeting(AGM) of the company atlocal hotel here onWednesday.

See # 6 Page 11

ANNOUNCEMENTS

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

Premium Textile Yearly 50%(D) 191.780 31.12

Pak Engineering Co. Yearly 50%(D) 119.104 20.93

Quality Textile Yearly 5%(F)(D) 94.998 5.95

Ellcot Spinining Yearly 35%(D) 128.633 11.75

Prosperity Weaving Yearly 30%(D) 127.320 6.89

Searle Pakistan Yearly 30%(D) 357.164 11.66

Nagina Cotton Yearly 20%(SD)* 248.511 13.29

Fateh Textile XD Yearly 15%(D) 19.622 15.70

Johnson & Philips Yearly - -8.038 -1.47

Kohinoor Textile Yearly - 277.861 1.91

Dadex Eternit Yearly - 10.016 0.93

Karam Ceramics Yearly - 12.495 0.86

Aruj Garments Yearly - 3.489 0.57

Berger Paints Yearly - -116.221 -8.91

Pioneer Cement Yearly - -590.925 -2.87

NOTE: *DIVIDEND = 20%SD (15% shares of Ellcot Sp. & 5% shares of Prosperity Weaving)

Shanghai ends flat

US stocks mid-day

Marketin a mixof trends

NEW YORK: US stocks werelittle changed on Wednesday asinvestors grappled with mixedtechnical signals near the end ofone of the best months forstocks in 20 years.

The Dow Jones industrialaverage edged up 1.93 points,or 0.02 per cent, to 10,860.07.The Standard & Poor's 500Index shed 0.11 points, or 0.01per cent, to 1,147.59. TheNasdaq Composite Indexgained 0.01 points, or 0.00 percent, to 2,379.60.

Advancing stocks outnum-bered declining ones on theNew York Stock Exchange by aratio of about 7-to-5, while onthe Nasdaq, about 13 stocksrose for every 11 that fell.About 3.4 billion shares tradedat midday on the NYSE, theAmerican Stock Exchange andNasdaq.

The S&P 500 has climbednine per cent in September, tra-ditionally a bad month forstocks, as concerns the

See # 10 Page 11

Thursday, September 30, 20106

Volume 46,071,746

Value 1,606,415,910

Trades 31,572

Advanced 172

Declined 192

Unchanged 21

Total 385

Current 7,000.42

High 7,001.52

Low 6,959.46

Change h28.33

Current 10,022.25

High 10,024.62

Low 9,958.82

Change h41.18

Current 9,727.57

High 9,739.51

Low 9,671.08

Change h22.85

Market KSE 100 Index All Share Index KSE 30 Index

Current 15,746.21

High 15,760.80

Low 15,648.17

Change h28.89

KMI 30 IndexSymbolsAlert ! Unusual Movements

Technical AnalysisFundamental Highlights

As on Dec 31, 2009

Lotte Pakistan PTA Ltd

LOTPTA closed down -0.03 at 8.72. Volume was 57 per cent below

average (consolidating) and Bollinger Bands were 41 per cent narrow-

er than normal. The company's profit after taxation stood at Rs2.176 bil-

lion which translates into an Earning Per Share of Rs1.44 for the half

year of current calendar year (1HCY10).

LOTPTA is currently 8.7 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 LOTPTA (mildly bull-

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

RSI (14-day) 56.56 Total Assets (Rs in mn) 18,976.36

MA (10-day) 8.55 Total Equity (Rs in mn) 7,536.40

MA (100-day) 8.82 Revenue (Rs in mn) 38,552.26

MA (200-day) 9.63 Interest Expense 307.33

1st Support 8.59 Profit after Taxation 3,383.27

2nd Support 8.53 EPS 09 (Rs) 2.234

1st Resistance 8.76 Book value / share (Rs) 4.98

2nd Resistance 8.87 PE 10 E (x) 3.03

Pivot 8.70 PBV (x) 1.75

Technical AnalysisFundamental Highlights

As on Jun 30, 2009

STJT closed up 1.00 at 19.38. Volume was 2,128 per cent above aver-

age (trending) and Bollinger Bands were 23 per cent narrower than nor-

mal. The company's profit after taxation stood at Rs46.414 million which

translates into an Earning Per Share of Rs4.80 for the nine months of

fiscal year (9MFY10).

STJT is currently 14.8 per cent above its 200-day moving average and

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

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

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

Trend forecasting oscillators are currently bearish on STJT.

RSI (14-day) 63.72 Total Assets (Rs in mn) 1,447.29

MA (10-day) 17.68 Total Equity (Rs in mn) 339.91

MA (100-day) 16.48 Revenue (Rs in mn) 2,424.34

MA (200-day) 16.80 Interest Expense 102.80

1st Support 19.02 Profit after Taxation 38.89

2nd Support 18.63 EPS 09 (Rs) 4.026

1st Resistance 19.59 Book value / share (Rs) 35.19

2nd Resistance 19.77 PE 10 E (x) 3.03

Pivot 19.20 PBV (x) 0.55

Shahtaj Textile Mills Limited

Technical AnalysisFundamental Highlights

As on Jun 30, 2009

SSGC closed up 0.89 at 29.63. Volume was 1,468 per cent above aver-age (trending) and Bollinger Bands were 205 per cent wider than normal.The company's loss after taxation stood at Rs306.494 million which trans-lates into a Loss Per Share of Rs0.46 for the nine months of fiscal year(9MFY10).SSGC is currently 63.9 per cent above its 200-day moving average and isdisplaying an upward trend. Volatility is relatively normal as compared tothe average volatility over the last 10 trading sessions. Volume indicatorsreflect very strong flows of volume into SSGC (bullish). Trend forecastingoscillators are currently bullish on SSGC. Momentum oscillator is current-ly indicating that SSGC is currently in an overbought condition.

RSI (14-day) 85.65 Total Assets (Rs in mn) 100,553.93

MA (10-day) 24.76 Total Equity (Rs in mn) 9,683.52

MA (100-day) 18.48 Revenue (Rs in mn) 108,151.09

MA (200-day) 18.00 Interest Expense 4,409.79

1st Support 28.04 Profit after Taxation 257.49

2nd Support 26.45 EPS 09 (Rs) 0.384

1st Resistance 30.69 Book value / share (Rs) 14.43

2nd Resistance 31.75 PE 10 E (x) -

Pivot 29.10 PBV (x) 2.05

Sui Southern Gas Company Limited

Technical AnalysisFundamental Highlights

As on Jun 30, 2009

DSFL closed down -0.06 at 1.32. Volume was 54 per cent above averageand Bollinger Bands were 49 per cent narrower than normal. The compa-ny's loss after taxation stood at Rs10.744 billion which translates into aLoss Per Share of Rs2.93 for the nine months of fiscal year (9MFY10).DSFL is currently 29.4 per cent below its 200-day moving average andis displaying a downward trend. Volatility is extremely high when com-pared to the average volatility over the last 10 trading sessions. Volumeindicators reflect volume flowing into and out of DSFL at a relativelyequal pace. Trend forecasting oscillators are currently bearish on DSFL.

RSI (14-day) 34.54 Total Assets (Rs in mn) 16,668.04

MA (10-day) 1.46 Total Equity (Rs in mn) (5,909.01)

MA (100-day) 1.69 Revenue (Rs in mn) 4,169.62

MA (200-day) 1.87 Interest Expense 2,050.22

1st Support 1.25 Loss after Taxation (6,233.79)

2nd Support 1.18 EPS 09 (Rs) (17.017)

1st Resistance 1.42 Book value / share (Rs) (16.13)

2nd Resistance 1.52 PE 10 E (x) -

Pivot 1.35 PBV (x) (0.08)

Dewan Salman Fibre Limited

OIL AND GAS

Performance of SR Oil and Gas Index

Open High Low Close Change % Change

1,236.76 1,247.39 1,231.66 1,242.19 5.43 0.44

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

2,898,989 - - 65,194.15 mn 1,004,856.14 mn 1,242.19

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

10.71 3.96 37.01 68.56 6.40 1,226.06

Attock Petroleum 576 6.05 330.14 338.00 329.01 335.27 5.13 438768 338.00 281.26 250 - 100 -

Attock Refinery 853 9.19 81.95 83.19 81.60 82.00 0.05 615803 93.60 73.47 - - - -

BYCO Petroleum 3921 - 10.33 10.60 10.26 10.43 0.10 797850 13.05 9.62 - - - -

Mari Gas Company 735 14.86 109.64 110.49 109.00 109.68 0.04 14497 138.45 106.00 32.17 100B 31 -

National Refinery 800 6.17 196.94 204.80 195.65 202.53 5.59 129813 207.00 183.25 125 - - -

Oil & Gas Development XD 43009 10.00 143.89 145.38 143.51 144.85 0.96 252945 153.00 133.00 82.5 - 55 -

Pak PetroleumXDXB 11950 5.50 174.95 175.75 173.90 175.44 0.49 489056 214.10 168.70 130 20B 90 20B

Pak Oilfields 2365 6.96 234.83 236.40 233.50 235.79 0.96 937384 240.01 209.99 180 - 80 -

Pak Refinery Limited 350 - 59.60 60.50 59.20 59.64 0.04 7938 82.00 48.26 - - - -

PSO XD 1715 4.52 267.84 270.00 266.00 267.08 -0.76 137681 289.45 233.10 50 - 80 -

Shell Gas LPG 226 13.45 30.01 31.49 29.85 29.85 -0.16 709 40.10 27.32 - - - -

Shell Pakistan XD 685 9.90 192.12 194.00 192.00 193.02 0.90 4208 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

918.53 925.62 911.80 917.23 -1.30 -0.14

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

3,303,764 - - 47,070.70 mn 113,051.90 mn 918.53

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

5.57 0.48 8.64 16.68 2.99 904.74

Ali Asghar Textile 222 - 1.40 1.90 1.05 1.07 -0.33 8252 2.21 0.40 - - - -Amtex Limited 2415 4.56 17.09 17.14 16.71 17.04 -0.05 48784 20.45 13.75 - - 30 -Aruj Garments 62 7.54 5.30 4.61 4.30 4.30 -1.00 6674 6.85 4.30 - - - -Azam Textile 133 0.52 2.22 2.25 1.85 2.21 -0.01 5100 2.90 1.35 - - - -Azgard Nine 4493 259.25 10.52 10.59 10.30 10.37 -0.15 427808 13.40 8.55 - - - -Babri Cotton 29 3.65 16.75 15.75 15.75 15.75 -1.00 500 16.75 9.50 - - - -Bannu Woolen 76 - 9.79 9.98 9.05 9.93 0.14 4893 10.50 7.50 - - - -Bata (Pak) 76 4.84 499.74 490.00 480.00 490.00 -9.74 259 620.00 452.59 120 - - -Blessed Tex Mills 64 0.75 47.22 49.58 49.58 49.58 2.36 1700 49.58 38.89 7.5 - 50 -Chakwal Spinning 400 1.27 1.30 1.30 1.05 1.28 -0.02 4022 2.30 0.70 - - - -Chenab Limited 1150 - 3.08 3.20 3.06 3.19 0.11 16883 4.98 2.93 - - - -Colgate Palm 316 14.78 695.00 720.00 673.01 688.28 -6.72 165 770.00 544.00 115 15B - -Colony Mills Ltd 2442 2.34 2.60 2.80 2.78 2.78 0.18 3107 5.00 2.23 - - - -Crescent Jute 238 - 0.91 1.05 0.72 0.83 -0.08 3998 2.25 0.48 - - - -D M Textile 31 0.48 2.49 2.67 2.50 2.50 0.01 10000 2.68 0.99 - - - -D S Ind Ltd 600 - 1.64 1.94 1.51 1.76 0.12 197503 2.65 1.45 - - - -Dewan Mushtaq Textile 34 0.95 2.60 2.99 2.99 2.99 0.39 436 3.99 1.52 - - - -Din Textile 185 1.34 26.20 26.80 25.07 26.03 -0.17 350 32.30 24.00 - - 20 10BEllcot Spinning 110 1.94 23.99 24.01 22.80 22.80 -1.19 9200 25.45 20.50 7.5 - 35 -Fazal Textile 62 3.30 346.53 340.00 329.21 333.39-13.14 553 410.00 305.00 15 - 100 -Gadoon Textile 234 1.22 43.30 45.46 45.46 45.46 2.16 332 45.46 33.80 - - 70 -Ghani Value Glass 75 7.35 33.50 34.40 33.30 33.30 -0.20 2510 38.64 26.00 8 400R 25 -Ghazi Fabrics 326 1.24 4.10 5.00 3.90 4.26 0.16 17437 5.00 1.11 - - 10 -Gillette Pakistan 192 32.76 69.30 72.00 66.50 66.50 -2.80 2052 72.00 57.50 - - - -Hira Textile Mills Ltd. 716 1.45 4.01 4.18 3.80 4.05 0.04 202610 4.61 2.52 - - - -Ibrahim Fibres 3105 3.28 35.50 35.78 35.00 35.60 0.10 3026 41.00 33.66 - - - -Ideal Spinning 99 0.58 3.00 3.00 3.00 3.00 0.00 25000 4.79 2.45 - - - -Idrees Textile 180 2.55 4.30 4.84 3.53 4.47 0.17 5505 4.90 2.55 - - 10 -Indus Dyeing 181 3.26 237.95 249.84 226.06 246.53 8.58 6244 269.50 185.38 15 - - -Island Textile 5 0.21 75.76 77.74 75.05 75.05 -0.71 155 83.12 70.14 - - 50 -J K SpinningXDXB 175 0.42 6.71 7.00 5.71 6.30 -0.41 584 10.30 4.75 - - 20 5BKhalid Siraj 107 - 0.80 0.70 0.70 0.70 -0.10 500 1.99 0.10 - - - -Kohinoor Ind 303 - 1.44 1.46 1.35 1.38 -0.06 6606 2.00 1.10 - - - -Kohinoor Mills 509 - 2.75 2.75 2.55 2.75 0.00 2317 3.99 1.60 - - - -Kohinoor Textile 1455 2.87 5.70 5.98 5.28 5.48 -0.22 59519 6.30 4.00 - - - -Masood Textile 600 1.01 21.50 21.49 21.48 21.48 -0.02 969 23.25 19.25 15 - - 100RMehmood Textile 150 2.40 64.00 64.00 62.00 62.00 -2.00 102 74.50 46.55 4050.2257B - -Mian Textile 221 - 0.46 0.70 0.41 0.69 0.23 53499 1.40 0.01 - - - -Mohd Farooq 189 - 1.00 0.98 0.68 0.68 -0.32 2101 1.82 0.35 - - - -Mukhtar Textile 145 - 0.40 0.78 0.25 0.47 0.07 2176 0.99 0.25 - - - -Nagina Cotton 187 1.22 15.75 16.75 14.75 16.18 0.43 56657 16.75 11.30 - - 20SD -Nishat (Chunian) 1586 3.01 16.38 16.52 16.12 16.24 -0.14 268246 19.49 14.64 - 50R - -Nishat Mills 3516 5.51 47.19 47.35 46.62 46.86 -0.33 808772 53.14 40.81 20 - 25 45RPremium Textile 62 0.95 29.44 30.90 28.50 29.41 -0.03 62594 30.90 22.77 7.5 - 50 -Prosperity 185 2.53 18.44 19.44 17.44 17.44 -1.00 32013 21.47 16.22 20 - 30 -

Ravi Textile 250 4.10 1.54 1.65 1.51 1.60 0.06 446167 4.79 1.38 - - - -

Redco Textile 213 3.10 0.79 1.00 0.93 0.93 0.14 2000 1.00 0.50 - - - -

Reliance Weaving 308 1.41 10.98 11.64 11.00 11.44 0.46 63481 11.64 6.91 - - - -

Rupali Poly 341 5.90 35.15 36.00 35.49 36.00 0.85 4400 36.40 31.35 40 - 40 -

Saif Textile 264 - 2.90 3.00 2.99 3.00 0.10 1480 4.64 2.01 - - - -

Sally Textile 88 0.32 3.93 4.23 3.86 3.88 -0.05 9001 4.98 2.65 - - - -

Salman Noman 40 0.83 1.30 2.30 2.00 2.30 1.00 500 2.95 1.30 - - - -

Samin Textile 134 23.79 6.09 6.95 6.10 6.90 0.81 8553 8.40 5.02 - - - 100R

Sana IndSPOT 55 5.60 36.05 37.75 36.05 37.50 1.45 36367 38.00 27.25 35 - 60 -

Saritow Spinning 133 0.53 2.13 2.30 2.00 2.30 0.17 7600 2.80 1.01 - - - -

Service Ind 120 4.74 185.15 188.99 182.00 184.01 -1.14 2028 236.61 176.50 200 - - -

Shahpur Textile 140 1.36 0.99 0.98 0.80 0.98 -0.01 508 2.26 0.25 - - - -

Shahtaj Textile 97 1.74 18.38 19.38 18.81 19.38 1.00 187837 21.50 14.75 20 - 45 -

Shams Textile 86 1.05 15.99 16.25 15.26 16.25 0.26 301 17.63 15.00 - - - -

Shield Corp 39 9.19 53.91 54.00 51.75 52.21 -1.70 600 59.99 50.45 - 30B 10 -

Suraj Cotton 180 1.53 34.20 35.55 32.61 34.20 0.00 5401 36.20 29.50 15 - - -

Tata Textile 173 0.60 15.60 15.90 15.25 15.30 -0.30 1206 19.70 12.61 - - 25 -

Thal Limited 256 4.05 109.67 109.80 107.50 108.07 -1.60 31537 114.99 93.50 20 20B 80 20B

Treet Corp 418 0.55 41.17 43.22 42.00 43.22 2.05 100367 49.49 37.20 - - - -

Yousuf Weaving 400 1.37 1.19 1.44 1.00 1.00 -0.19 12484 1.90 0.73 - - - -

Zephyr Textile Ltd 594 - 2.08 2.25 2.20 2.25 0.17 7600 4.99 1.50 - - - -

Zil Limited 53 6.59 40.48 39.47 38.46 38.50 -1.98 2110 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

1,025.75 1,031.22 1,013.85 1,027.27 1.52 0.15

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

198,788 - - 3,763.71 mn 5,405.98 mn 1,041.08

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

3.39 0.36 10.64 6.27 1.85 1,025.75

Gauhar Engineering Ltd 22 - 0.21 0.15 0.15 0.15 -0.06 2500 0.50 0.15 - - - -

Pak Elektron 1174 2.96 13.54 13.95 13.35 13.84 0.30 194325 15.95 11.41 - 10B - 10B

Tariq Glass Ind XD 231 2.85 17.81 17.85 17.10 17.50 -0.31 1858 19.12 13.50 - - 17.5 -

Paid up Last 60 days 2009 2010

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

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

FOOD PRODUCERS

Performance of SR Food Producers Index

Open High Low Close Change % Change

1,450.52 1,457.20 1,442.41 1,449.99 -0.53 -0.04

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

61,358 - - 11,335.33 mn 185,567.31 mn 1,450.52

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

30.78 9.33 30.30 30.57 0.99 1,435.68

Abdullah Shah Ghazi Sugar 793 19.19 8.98 9.98 9.00 9.98 1.00 14450 9.98 1.12 - - - -

Adam Sugar 58 0.64 11.30 12.00 11.95 12.00 0.70 5000 14.75 10.50 10 - - -

AL-Noor Sugar 186 4.17 42.70 41.00 41.00 41.00 -1.70 199 47.35 37.50 40 - - -

Dewan Sugar 365 - 1.45 1.50 1.49 1.50 0.05 2000 2.98 1.12 - - - -

Habib Sugar 600 6.08 29.50 29.95 29.30 29.48 -0.02 2225 30.44 22.50 35 25B - -

Habib-ADM Ltd 200 4.52 16.04 16.10 16.00 16.09 0.05 1395 16.98 13.00 40 - 40 -

Hussein Sugar 121 - 12.20 13.19 11.20 12.37 0.17 2753 13.25 4.22 - - - -

Mehran Sugar 143 2.94 52.84 52.50 51.25 52.49 -0.35 1410 58.74 48.50 35 30B 25 10B

Mirza Sugar 141 0.30 4.80 4.80 4.75 4.76 -0.04 600 5.70 3.55 - - - -

National Foods 414 22.10 46.02 46.50 45.00 46.19 0.17 1388 65.29 41.35 - 25B 12 -

Nestle Pakistan XD 453 21.43 1849.90 1875.00 1836.00 1862.44 12.54 221 1937.22 1550.00 600 - 200 -

Noon Sugar 165 - 12.50 12.80 12.00 12.00 -0.50 1200 14.35 10.00 50 10B - -

Quice Food 107 - 2.21 2.21 2.21 2.21 0.00 1000 2.80 1.60 - - - -

Rafhan Maize 92 6.32 1304.00 1303.00 1300.00 1303.00 -1.00 103 1599.00 1120.00 900 - 600 -

S S Oil 57 1.01 3.49 3.50 3.15 3.50 0.01 3000 3.50 2.51 - - - -

Sakrand Sugar 223 - 3.00 3.00 2.12 3.00 0.00 10500 3.50 2.12 - - - -

Shahmurad Sugar 211 15.91 10.99 11.00 10.90 10.98 -0.01 5001 11.00 7.40 15 - - -

Shakarganj Mills 695 - 3.48 4.22 4.17 4.18 0.70 505 5.16 3.02 - - - -

Tandlianwala 1177 284.55 29.90 31.39 29.00 31.30 1.40 8083 35.50 22.42 - - - -

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

1,046.80 1,057.76 1,032.82 1,042.13 -4.67 -0.45

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

61,210 - - 6,768.53 mn 37,718.04 mn 1,046.93

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

3.68 0.93 25.35 20.42 5.54 1,042.13

Agriautos Ind 144 5.14 70.00 71.65 70.05 70.30 0.30 2071 78.39 63.01 40 - 90 -

Atlas BatteryXDXB 101 5.11 135.50 135.51 135.00 135.50 0.00 1240 209.00 131.00 100 20B 100 20B

Atlas Engineering Ltd 247 11.64 17.00 17.00 16.90 17.00 0.00 4000 19.80 15.90 - 100R - -

Dewan Motors 890 - 1.44 1.49 1.35 1.42 -0.02 7491 2.24 1.16 - - - -

General Tyre XD 598 6.42 23.49 23.42 22.50 23.42 -0.07 4010 28.80 21.71 - - 20 -

Ghandhara Nissan 450 - 4.50 4.69 4.16 4.47 -0.03 2142 6.60 4.15 - - - -

Ghani Automobile Ind 200 3.87 4.00 4.65 4.15 4.60 0.60 13905 5.70 3.55 - - - -

Honda Atlas Cars 1428 - 10.81 10.90 10.90 10.90 0.09 200 14.50 10.05 - - - -

Indus Motors XD 786 4.96 218.23 220.90 216.49 217.09 -1.14 4431 287.00 212.29 100 - 150 -

Pak Suzuki 823 8.78 72.18 72.00 70.20 70.70 -1.48 6456 89.99 70.20 5 - - -

Sazgar Engineering 125 6.43 24.97 24.90 24.70 24.77 -0.20 15261 27.85 23.91 - 20B 10 20B

Paid up Last 60 days 2009 2010

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

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

INDUSTRIAL ENGINEERING

Performance of SR Industrial Engineering Index

Open High Low Close Change % Change

1,431.11 1,441.44 1,407.37 1,421.05 -10.05 -0.70

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

57,952 - - 1,336.62 mn 31,405.20 mn 1,435.12

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

8.34 3.17 38.02 131.49 15.77 1,421.05

AL-Ghazi Tractor XD 215 5.12 217.09 217.00 214.00 215.59 -1.50 1774 227.45 198.00 400 - 150 -

Bolan Casting 95 5.75 49.72 50.00 49.00 49.80 0.08 1881 50.61 35.25 - 20B 25 10B

Ghandhara Ind 213 2.29 14.50 14.84 14.26 14.59 0.09 2004 20.24 13.79 - - - -

Millat TractorsSPOT 293 7.38 582.50 584.90 574.01 576.07 -6.43 52272 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

887.03 903.07 885.33 892.63 5.61 0.63

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

30,190 - - 3,043.31 mn 33,237.81 mn 892.63

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

2.61 1.15 43.91 15.55 5.95 876.66

Cherat Papersack 92 4.53 47.46 48.00 47.15 47.51 0.05 13891 51.05 33.30 - - 20 25B

ECOPACK Ltd 230 - 1.79 1.90 1.70 1.82 0.03 9900 2.89 1.70 - - - -

Ghani Glass 970 6.18 60.00 60.50 59.50 60.34 0.34 1422 61.99 54.65 30 10B 25 10B

MACPAC Films 389 - 3.00 3.30 3.09 3.09 0.09 517 4.69 2.21 - - - -

Packages Ltd 844 15.45 101.99 102.00 102.00 102.00 0.01 1500 125.96 98.00 32.5 - - -

Siemens Engineering 82 10.29 1136.31 1190.00 1138.00 1154.78 18.47 220 1299.75 981.00 900 - 300 -

Tri-Pack Films 300 8.07 100.67 101.00 100.50 100.50 -0.17 2715 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

910.13 920.92 896.63 908.67 -1.45 -0.16

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

2,354,312 - - 54,792.74 mn 68,109.17 mn 910.13

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

6.69 0.47 7.10 19.04 2.85 900.98

Al-Abbas Cement 1828 - 3.25 3.30 3.15 3.20 -0.05 24501 4.69 2.82 - - - -

Attock Cement 866 4.64 66.05 66.40 65.00 65.41 -0.64 43946 72.40 63.00 50 20B 17.5 -

Balochistan Glass Ltd 858 - 1.80 1.90 1.50 1.85 0.05 4002 2.00 1.01 - - - -

Berger Paints 182 - 16.50 16.00 15.50 15.50 -1.00 62096 20.00 15.42 - - - 122R

Cherat Cement 956 - 11.10 11.25 10.25 10.32 -0.78 879 12.50 8.90 - - - -

Dadabhoy Cement 982 12.08 1.60 1.74 1.52 1.57 -0.03 7002 2.74 1.30 - - - -

Dadex Eternit 108 28.76 25.63 26.90 24.41 26.75 1.12 2972 32.90 22.10 - - - -

Dewan Cement 3574 - 1.49 1.48 1.42 1.43 -0.06 2056 2.20 1.30 - - - -

DG Khan Cement Ltd 3651 33.90 24.56 24.70 24.29 24.41 -0.15 874120 28.74 23.02 - 20R - 20R

Fauji Cement 6933 11.75 4.73 4.75 4.65 4.70 -0.03 300859 5.50 4.50 - - - -

Flying Cement Ltd 1760 - 1.94 1.94 1.90 1.94 0.00 8010 2.37 1.75 - - - -

Gharibwal Cement 2319 - 3.29 3.95 3.05 3.68 0.39 81283 7.50 2.11 - - - -

Javedan Cement 581 - 61.00 63.00 60.00 62.00 1.00 500 66.10 56.05 - 200R - -

Kohat Cement 1288 - 6.15 6.20 5.87 6.03 -0.12 25462 7.38 5.70 - - - -

Lafarge Pakistan Cmt. 13126 - 2.84 2.85 2.75 2.77 -0.07 368036 3.53 2.60 - - - -

Lucky Cement 3234 6.27 69.50 69.95 69.00 69.79 0.29 241583 73.88 61.29 40 - 40 -

Maple Leaf Cement 3723 - 2.98 2.98 2.88 2.90 -0.08 300258 3.84 2.88 - - - -

Pioneer Cement 2228 - 7.90 8.10 7.75 7.75 -0.15 3701 8.47 6.30 - - - -

Safe Mix Concrete 200 - 6.66 7.35 6.00 6.00 -0.66 5015 9.47 5.50 - - - -

Thatta Cement 798 - 19.49 19.69 19.50 19.67 0.18 3001 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

966.65 981.86 958.89 977.29 10.64 1.10

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

71,922 - - 3,596.11 mn 9,354.07 mn 977.29

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

3.01 1.00 33.10 30.91 10.28 957.68

Crescent Steel 565 3.35 24.70 24.70 24.26 24.70 0.00 501 31.73 23.75 - - 30 -

Dost Steels Ltd 675 - 2.05 2.05 2.00 2.03 -0.02 18042 3.20 1.65 - - - -

Huffaz Pipe 555 6.72 15.80 16.75 15.60 16.07 0.27 23989 16.75 13.00 - 30B - -

International Ind 1199 4.77 47.99 49.27 47.80 49.00 1.01 28890 70.71 47.50 - - 40 20B

Siddiqsons Tin 785 18.57 9.01 9.10 9.10 9.10 0.09 500 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

1,177.58 1,192.55 1,164.18 1,179.91 2.33 0.20

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

13,727 - - 1,186.83 mn 3,283.02 mn 1,182.83

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

6.19 0.46 7.47 25.28 4.08 1,174.55

Century Paper 707 - 19.74 19.75 19.25 19.29 -0.45 1302 22.70 15.80 - 425R - -

Pak Paper ProductSPOT 38 6.35 60.71 61.70 60.00 61.00 0.29 7213 62.85 42.10 20 - 2533.33B

Security Paper 411 4.83 40.00 40.90 40.00 40.90 0.90 5212 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

1,149.48 1,154.04 1,137.57 1,144.08 -5.40 -0.47

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

5,918,919 - - 52,251.88 mn 260,916.88 mn 1,149.48

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

7.03 2.46 35.00 48.81 6.94 1,125.67

Agritech Limited 3924 - 23.61 24.48 22.52 23.74 0.13 3409 27.79 21.15 - - - -

Bawany Air 68 1.36 12.48 13.46 12.30 13.32 0.84 10679 16.78 10.06 - - - -

Biafo Ind 200 6.93 37.75 38.99 38.95 38.95 1.20 9000 39.20 31.64 40 - 45 -

Clariant Pak 273 5.68 160.89 161.50 159.25 161.35 0.46 972 174.00 146.00 125 - - -

Dawood Hercules 1203 7.75 168.99 168.00 166.25 167.94 -1.05 2339 185.88 155.38 40 10B 20 -

Descon Oxychem Ltd. 1020 - 4.50 4.50 4.10 4.40 -0.10 61690 5.45 3.20 - - - -

Dewan Salman 3663 - 1.38 1.45 1.28 1.32 -0.06 741693 2.21 1.28 - - - -

Engro Corp. Ltd XD 3277 9.06 179.29 179.94 176.26 176.70 -2.59 610873 194.59 165.60 6010B 40R 20 -

Engro Polymer 6635 - 12.03 12.19 11.92 12.03 0.00 61507 12.75 9.57 - 27.5R - -

Fatima Fertilizer 22000 - 10.93 11.17 10.86 11.13 0.20 661525 12.46 9.02 - - - -

Fauji Fertilizer 6785 7.21 106.27 106.40 105.61 105.92 -0.35 291305 113.39 102.91 131.5 10B 75 -

Fauji Fert. Bin Qasim 9341 6.96 27.24 27.50 27.00 27.34 0.10 514315 30.65 25.90 40 - 5 -

Gatron Ind 384 3.73 39.50 41.47 40.00 40.00 0.50 153 48.30 36.80 - - 20 -

Ghani Gases Ltd 725 - 11.03 11.40 11.03 11.22 0.19 94277 11.45 7.41 - - - -

ICI Pakistan XD 1388 7.21 121.02 122.49 120.60 121.06 0.04 55956 128.30 109.50 80 - 55 -

Ittehad Chemical XD 360 4.99 22.05 21.05 21.00 21.05 -1.00 150 37.80 21.00 15 - 5 -

Lotte Pakistan 15142 3.03 8.75 8.81 8.64 8.72 -0.03 3321202 9.09 6.75 5 - - -

Mandviwala 74 - 1.74 1.80 1.33 1.70 -0.04 21105 3.24 1.05 - - - -

Nimir Ind Chemical 1106 70.00 1.47 1.47 1.40 1.40 -0.07 23171 1.81 1.16 - - - -

Shaffi Chemical 120 1.31 2.85 2.75 2.15 2.73 -0.12 2110 3.80 2.00 - - - -

Sitara Chem Ind 204 5.08 110.40 115.90 111.01 115.12 4.72 25086 138.00 110.03 75 - 25 5B

Sitara Peroxide 551 - 8.17 8.24 7.67 8.17 0.00 67662 11.09 7.67 - - - -

United Distributors 92 3.25 15.90 15.70 15.01 15.06 -0.84 250 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

819.54 825.23 807.77 817.71 -1.83 -0.22

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

668,096 - - 3,904.20 mn 27,587.65 mn 819.54

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

6.18 1.38 22.31 44.54 7.21 814.24

Abbott (Lab) 979 7.76 88.06 88.51 87.30 88.51 0.45 2550 95.50 77.00 120 - 20 -

Ferozsons (Lab) 208 6.81 103.00 103.80 101.10 103.80 0.80 402 124.00 96.00 10 20B - 20B

GlaxoSmithKline 1707 12.20 67.89 68.50 67.26 67.57 -0.32 3387 83.77 65.00 50 - - -

Highnoon (Lab) 165 6.48 23.60 23.90 23.61 23.85 0.25 3800 25.79 22.10 25 - - -

IBL HealthCare Ltd 200 16.22 7.10 7.96 7.06 7.30 0.20 13300 8.66 6.10 - - - -

Searle Pak 306 5.27 62.64 62.70 59.86 61.42 -1.22 644637 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

680.74 695.25 651.75 677.22 -3.53 -0.52

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

31,480 - - 3,242.17 mn 12,495.83 mn 701.95

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

5.40 1.38 25.53 11.08 2.05 677.22

Pak Int Con. Terminal XD 1092 7.98 66.00 67.00 62.75 65.01 -0.99 1220 87.86 62.75 - 20B 40 -

PNSC 1321 5.32 37.95 39.60 37.05 38.98 1.03 30260 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

Adamjee Insurance 30-Sep 06-Oct 10(I) 22-Sep -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-Oct

INDICATIONS

# Extraordinary General Meeting

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

OTHER SECTORS

Johnson & Philips 11.39 11.68 10.39 11.47 0.08 4091Pakistan CablesXD 57.2 59 54.34 58.09 0.89 2825TRG Pakistan Ltd 4.23 4.27 4.1 4.12 -0.11 1069502Murree Brewery 87.15 91.5 91.5 91.5 4.35 105Shezan International 104.44 100 99.25 100 -4.44 1336Grays of Cambridge 57.26 60 56 56.13 -1.13 327Lakson Tobacco 257.58 270.45 270.45 270.45 12.87 6554Shifa Int.Hosp SPOT 34.79 36.5 35.35 35.9 1.11 104Eye Television 20.99 20.07 20.05 20.05 -0.94 500PIAC (A) 2.07 2.15 2.07 2.14 0.07 70019AKD Capital 42.84 44.98 44.98 44.98 2.14 5870Pace (Pak) Ltd 2.63 2.66 2.51 2.61 -0.02 128794Netsol Technol 18.18 18.32 17.9 17.99 -0.19 148256Pak Telephone 1.8 2.2 1.63 1.91 0.11 2013

Symbols Open High Low Close Change Vol

Thursday, September 30, 20107

Technical Analysis Leverage Position

KSE 100 INDEX

Technical Outlook

KSE 100 INDEX closed up 41.18 points at 10,022.25. Volume was 49

per cent below average (consolidating) and Bollinger Bands were 43 per

cent narrower than normal. As far as resistance level is concern, the

market will see major 1st resistance level at 10,045.00 and 2nd resist-

ance level at 10,067.70, while Index will continue to find its 1st support

level at 9,979.20 and 2nd support level at 9,936.10.

KSE 100 INDEX is currently 1.1 per cent above its 200-day moving

average and is displaying an upward trend. Volatility is low as compared

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

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

Trend forecasting oscillators are currently bullish on INDEX.

RSI (14-day) 56.19 Support 1 9,979.20

MA (5-day) 9,936.34 Support 2 9,936.10

MA (10-day) 9,985.45 Resistance 1 10,045.00

MA (100-day) 9,879.97 Resistance 2 10,067.70

MA (200-day) 9,909.63 Pivot 10,001.90

Technical Analysis Leverage Position

Hub Power Co Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

HUBC closed up 0.54 at 33.57. Volume was 33 per cent above average

and Bollinger Bands were 85 per cent wider than normal.

HUBC is currently 0.2 per cent below its 200-day moving average and is

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

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

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

oscillators are currently bearish on HUBC.

*Arif Habib Ltd 48 Buy

AKD Securities Ltd 46 Buy

TFD Research 44.9 Positive

RSI (14-day) 40.92 Free Float Shares (mn) 810.01

MA (10-day) 33.35 Free Float Rs (mn) 27,191.97

MA (100-day) 34.01 ** NOI Rs (mn) N/A

MA (200-day) 33.63 Mean 33.32

* 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 0.96 at 235.79. Volume was 19 per cent below average and

Bollinger Bands were 3 per cent narrower than normal.

POL is currently 2.1 per cent above its 200-day moving average and is dis-

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

average volatility over the last 10 trading sessions. Volume indicators

reflect very strong flows of volume into 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) 62.29 Free Float Shares (mn) 107.94

MA (10-day) 234.70 Free Float Rs (mn) 25,450.40

MA (100-day) 224.48 ** NOI Rs (mn) 177.39

MA (200-day) 230.86 Mean 235.15

* 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 -0.15 at 24.41. Volume was 68 per cent below average

(consolidating) and Bollinger Bands were 32 per cent narrower than normal.

DGKC is currently 11.6 per cent below its 200-day moving average and is

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

volatility over the last 10 trading sessions. Volume indicators reflect 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) 44.57 Free Float Shares (mn) 182.55

MA (10-day) 24.57 Free Float Rs (mn) 4,456.04

MA (100-day) 25.03 ** NOI Rs (mn) 18.78

MA (200-day) 27.61 Mean 24.50

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

Technical Analysis Leverage Position

Nishat Mills Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

NML closed down -0.33 at 46.86. Volume was 64 per cent below average

(consolidating) and Bollinger Bands were 25 per cent narrower than normal.

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

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

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

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

oscillators are currently bullish on NML.

*Arif Habib Ltd 65 Buy

AKD Securities Ltd 61.46 Buy

TFD Research 74.2 Positive

RSI (14-day) 53.85 Free Float Shares (mn) 175.80

MA (10-day) 47.27 Free Float Rs (mn) 8,237.98

MA (100-day) 46.75 ** NOI Rs (mn) 16.19

MA (200-day) 53.73 Mean 47.00

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

Technical Analysis Leverage Position

Bank Alfalah Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

BAFL closed down -0.04 at 8.03. Volume was 40 per cent below average

and Bollinger Bands were 57 per cent narrower than normal.

BAFL is currently 26.3 per cent below its 200-day moving average and is

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

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

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

tors are currently bullish on BAFL.

*Arif Habib Ltd 14 Buy

AKD Securities Ltd 12.47 Buy

TFD Research 14.01 Positive

RSI (14-day) 45.00 Free Float Shares (mn) 674.58

MA (10-day) 8.01 Free Float Rs (mn) 5,416.86

MA (100-day) 9.02 ** NOI Rs (mn) N/A

MA (200-day) 10.90 Mean 8.05

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

Technical Analysis Leverage Position

MCB Bank Ltd

Brokerage House Fair Value Rs Recommendations

Technical Outlook

MCB closed up 1.64 at 190.67. Volume was 30 per cent below average

and Bollinger Bands were 50 per cent narrower than normal.

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

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

average volatility over the last 10 trading sessions. Volume indicators

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

ing oscillators are currently bullish on MCB.

*Arif Habib Ltd 194 Hold

AKD Securities Ltd 201.29 Accumulate

TFD Research 218.18 Positive

RSI (14-day) 51.78 Free Float Shares (mn) 342.10

MA (10-day) 188.23 Free Float Rs (mn) 65,227.59

MA (100-day) 194.36 ** NOI Rs (mn) 62.54

MA (200-day) 205.63 Mean 189.95

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

Technical Analysis Leverage Position

Engro Corporation

Brokerage House Fair Value Rs Recommendations

Technical Outlook

ENGRO closed down -2.59 at 176.70. Volume was 50 per cent below average

(consolidating) and Bollinger Bands were 39 per cent narrower than normal.

ENGRO is currently 3.5 per cent below its 200-day moving average and is

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

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

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

casting oscillators are currently bullish on ENGRO.

*Arif Habib Ltd 205 Buy

AKD Securities Ltd 248 Buy

TFD Research 208.75 Positive

RSI (14-day) 52.15 Free Float Shares (mn) 131.09

MA (10-day) 176.28 Free Float Rs (mn) 23,164.44

MA (100-day) 180.43 ** NOI Rs (mn) 63.33

MA (200-day) 186.98 Mean 178.05

* 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

1,017.88 1,038.31 1,005.66 1,021.57 3.69 0.36

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

1,336,163 - - 29,771.58 mn 17,434.69 mn 1,029.92

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

6.67 0.27 4.09 104.19 27.46 1,005.00

1st Fid Leasing 264 - 1.39 1.38 1.10 1.38 -0.01 1412 2.24 1.01 - - - -

AL-Meezan Mutual F. 1375 2.69 6.90 7.00 6.90 6.96 0.06 35500 7.25 6.35 - - 18.5 -

B R R Guardian Mod. 780 - 1.30 1.36 1.20 1.36 0.06 3122 2.43 0.90 - - - -

Crescent St Modaraba 200 2.15 0.45 0.59 0.45 0.58 0.13 155140 0.90 0.16 - - - -

Elite Cap Modaraba 113 3.99 2.22 2.83 2.83 2.83 0.61 304 3.59 1.65 4.5 - - -

First Capital Mutual F. 300 3.19 3.00 3.00 2.70 2.97 -0.03 12504 3.80 0.99 - - - -

First Dawood Mutual F. 581 - 1.78 1.75 1.73 1.73 -0.05 260 2.09 1.21 - - - -

Golden Arrow 760 3.98 3.63 3.70 3.62 3.66 0.03 70579 3.74 2.32 - - 17 -

H B L Modaraba 397 5.58 6.01 6.50 6.15 6.30 0.29 115521 6.50 4.80 5 - 11 -

Habib Modaraba 1008 4.50 5.91 5.99 5.91 5.99 0.08 2050 7.49 5.56 20 - 21 -

JS Growth Fund 3180 38.88 3.20 3.19 3.10 3.11 -0.09 18591 4.39 2.70 - - 5 -

JS Value Fund 1186 - 3.00 3.01 2.83 2.95 -0.05 16203 3.98 2.31 10 - 10 -

KASB Modaraba 283 2.50 1.51 1.63 1.50 1.50 -0.01 1002 2.44 0.52 - - 2.8 -

Meezan Balanced F. 1200 2.90 6.02 6.00 6.00 6.00 -0.02 500 7.49 6.00 - - 15.5 -

NAMCO Balanced F. 1000 3.30 2.85 3.30 3.00 3.30 0.45 200 3.70 2.25 5 - 15 -

Nat Bank Modaraba 250 7.16 7.60 8.00 6.90 7.73 0.13 33502 8.45 6.10 - - - -

Pak Prem Fund XD 1698 3.62 7.64 8.35 7.60 7.60 -0.04 357938 9.86 7.00 - - 18.6 -

Pak Strat Fund 3000 5.34 6.89 6.85 6.80 6.83 -0.06 395100 8.10 6.01 - - 11.53 -

Paramount Mod. XD 59 3.09 7.90 8.50 7.51 8.40 0.50 8504 8.68 6.55 15 - - -

PICIC Energy Fund 1000 2.48 4.74 4.80 4.51 4.66 -0.08 4503 6.49 4.00 - - 5 -

PICIC Growth Fund 2835 2.29 8.19 8.35 8.20 8.34 0.15 23611 10.55 7.60 - - 20 -

PICIC Inv Fund XD 2841 1.84 3.60 3.79 3.55 3.64 0.04 10973 5.00 3.50 - - 10 -

Prud Modaraba 1st XD 872 2.24 0.81 0.85 0.80 0.85 0.04 62500 1.20 0.70 - - 3 -

Punjab Modaraba 340 - 1.00 1.00 0.71 0.77 -0.23 125 2.00 0.57 - - - -

Stand Chart Mod. XD 454 4.72 8.40 8.35 8.00 8.30 -0.10 5403 10.99 7.75 16.5 - 17 -

Trust Modaraba 298 4.37 3.17 3.45 2.40 3.45 0.28 1105 3.50 1.00 - - 5 -

Paid up Last 60 days 2009 2010

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

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

FINANCIAL SERVICES

Performance of SR Financial Services Index

Open High Low Close Change % Change

355.84 359.82 349.01 352.61 -3.22 -0.91

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

3,258,232 - - 30,336.44 mn 25,935.03 mn 359.11

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

0.44 0.16 37.22 4.60 10.44 351.22

AMZ Ventures 225 - 0.60 0.60 0.55 0.60 0.00 6120 1.19 0.42 - - - -

Arif Habib Invest. XB 360 6.58 14.36 14.49 14.06 14.08 -0.28 651 20.99 13.75 - - - 20B

Arif Habib Limited XB 450 6.73 27.08 27.08 26.70 27.00 -0.08 16323 50.12 26.11 15 25B - 20B

Arif Habib Securities 3750 2.26 22.99 23.30 22.80 22.94 -0.05 516856 35.65 21.76 - - 30 -

Dawood Cap Mang. XB 150 7.32 1.39 1.45 1.15 1.39 0.00 102 3.30 0.50 - - - -

Dawood Equities 250 - 1.87 2.00 1.85 1.85 -0.02 6000 3.36 1.55 - - - -

Escorts Bank 441 - 2.30 2.60 2.11 2.60 0.30 501 3.20 2.01 - - - -

First Credit & Invest Bank Ltd 650 8.57 3.00 3.48 3.00 3.00 0.00 8817 3.98 2.00 - - - -

Grays Leasing 215 - 1.30 2.27 1.75 1.75 0.45 182 4.00 0.32 - - - -

IGI Investment Bank 2121 - 1.70 1.80 1.61 1.61 -0.09 1100 2.98 1.17 - - - -

Invest and Fin Sec 600 2.61 8.15 7.90 7.37 7.50 -0.65 7556 9.00 6.90 - - 11.5 -

Invest Bank 2849 - 0.55 0.60 0.55 0.57 0.02 2317 1.23 0.50 - - - -

Ist Cap Securities 2878 - 3.43 3.40 3.25 3.37 -0.06 1020 5.90 2.54 - 10B - -

Ist Dawood Bank 626 0.35 2.21 2.24 2.07 2.13 -0.08 391314 2.84 1.17 - - - -

Jah Siddiq Co 7633 14.17 9.86 9.94 9.74 9.78 -0.08 1425700 15.47 9.36 -243.778B 10 -

JOV and CO 508 - 2.60 2.65 2.50 2.55 -0.05 603637 6.48 2.50 - - - -

JS Global Cap 500 - 34.74 34.93 33.01 33.46 -1.28 49456 42.40 33.01 150 - - -

JS Investment 1000 12.56 5.81 5.79 5.62 5.65 -0.16 31393 8.65 5.40 - - - -

KASB Securities 1000 - 4.20 4.35 4.00 4.14 -0.06 23688 5.49 3.20 - - - -

Orix Leasing 821 3.66 4.67 4.99 4.55 4.65 -0.02 9737 5.95 3.66 - - - -

Pervez Ahmed Sec 775 - 1.41 1.49 1.40 1.47 0.06 162590 2.89 1.35 -231.08R - -

Stand Chart Leasing 978 4.77 2.04 2.34 2.10 2.10 0.06 1950 3.89 1.42 - - - -

Paid up Last 60 days 2009 2010

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

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

LIFE INSURANCE

Performance of SR Life Insurance Index

Open High Low Close Change % Change

824.93 816.32 811.13 811.13 -13.80 -1.67

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

1,110 - - 2,290.72 mn 8,605.87 mn 824.93

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

83.39 3.21 3.85 355.53 4.26 811.13

EFU Life Assurance XB 850 31.41 59.00 59.00 57.80 57.80 -1.20 500 84.99 51.25 5513.33B - -

New Jub Life Insurance 627 52.50 42.70 42.00 42.00 42.00 -0.70 600 46.00 34.50 10 - - -

Paid up Last 60 days 2009 2010

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

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

BANKS

Performance of SR Banks Index

Open High Low Close Change % Change

936.24 948.60 927.74 941.49 5.25 0.56

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

9,681,629 - - 257,548.02 mn 583,842.59 mn 941.49

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

6.72 0.90 13.45 34.35 5.11 920.82

Allied Bank Limited 7821 5.55 50.80 51.50 50.50 51.40 0.60 85502 59.70 48.51 40 10B 20 -Askari Bank 6427 6.04 14.53 14.70 14.40 14.61 0.08 84072 17.46 13.99 - 20B - -Atlas Bank 5001 - 1.70 1.80 1.75 1.75 0.05 12500 3.00 1.52 - - - -Bank Alfalah 13492 10.71 8.07 8.10 7.96 8.03 -0.04 773729 10.25 7.32 8 - - -Bank AL-Habib 7322 6.68 30.90 31.00 30.52 30.98 0.08 22576 34.00 29.10 20 20B - -Bank Of Khyber 5004 3.12 3.10 3.15 3.01 3.12 0.02 8121 4.75 2.50 - - - -Bank Of Punjab 5288 - 8.28 8.30 8.10 8.14 -0.14 468114 11.24 7.35 - - - -BankIslami Pak 5280 - 3.20 3.29 3.05 3.15 -0.05 19125 3.90 2.31 - - - -Faysal Bank 6091 3.14 13.50 13.68 13.40 13.63 0.13 6457 15.95 12.75 - - - -Habib Bank Ltd 10019 6.18 95.43 96.35 94.00 96.04 0.61 137068 109.10 92.00 60 10B - -Habib Metropolitan Bank 8732 5.59 19.00 19.29 18.31 18.90 -0.10 11196 23.75 18.10 10 16B - -JS Bank Ltd 6128 - 2.44 2.49 2.40 2.47 0.03 172427 3.00 2.00 - - - 66RKASB Bank Ltd 9509 - 2.44 2.48 2.22 2.45 0.01 203 4.00 2.03 - 26B - -MCB Bank Ltd 7602 8.89 189.03 192.00 188.00 190.67 1.64 705661 214.99 180.40 110 10B 55 -Meezan Bank 6983 7.22 14.97 15.00 14.62 14.87 -0.10 12070 16.50 13.80 - 5B - -Mybank Ltd 5304 - 2.10 2.05 1.94 2.00 -0.10 110160 3.28 1.62 - - - -National Bank 13455 5.33 63.36 63.62 63.05 63.47 0.11 492875 73.89 60.51 75 25B - -NIB Bank 40437 - 2.60 2.64 2.58 2.60 0.00 1134583 3.50 2.42 - - - -Royal Bank Ltd 17180 - 6.46 6.65 6.00 6.40 -0.06 9641 13.40 5.65 - - - -Samba Bank 14335 - 1.76 1.84 1.74 1.76 0.00 6898 2.90 1.55 - - -63.46RSilkbank Ltd 26716 12.77 2.71 2.86 2.65 2.81 0.10 4833936 3.30 2.15 - - - -Soneri Bank 6023 - 5.67 5.89 5.50 5.51 -0.16 3433 8.34 5.01 - - - -Stand Chart Bank 38716 9.44 6.08 6.67 6.20 6.61 0.53 4405 8.50 6.00 - - - -Summit Bank Ltd 5000 - 2.47 2.70 2.40 2.64 0.17 112634 4.38 2.30 - - - -United Bank Ltd 12242 6.12 51.53 52.25 51.49 52.01 0.48 566877 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

626.35 634.42 616.26 621.76 -4.59 -0.73

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

253,177 - - 11,111.34 mn 40,426.58 mn 626.35

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

8.96 0.47 5.20 79.54 8.87 618.82

Adamjee Ins. XD 1237 12.03 66.81 67.49 66.01 66.18 -0.63 46711 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

1,642.57 1,694.16 1,591.34 1,668.17 25.60 1.56

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

4,891,824 - - 12,202.80 mn 36,991.53 mn 1,668.17

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

11.97 1.37 11.41 66.79 5.58 1,479.70

Sui North Gas 5491 18.32 31.47 31.51 31.10 31.15 -0.32 301971 31.90 25.00 - - - -Sui South Gas 6712 - 28.74 30.16 27.51 29.63 0.89 4589853 30.16 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

1,141.20 1,159.80 1,130.56 1,149.42 8.23 0.72

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

6,952,589 - - 95,369.29 mn 96,975.55 mn 1,149.42

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

12.45 1.16 9.35 104.13 8.36 1,132.01

Genertech 198 - 0.72 0.85 0.65 0.79 0.07 72105 1.53 0.51 - - - -

Hub Power XD 11572 6.22 33.03 33.75 32.92 33.57 0.54 2350304 37.24 31.59 33.5 - 50 -

Japan Power 1560 - 1.48 1.50 1.40 1.42 -0.06 25000 2.38 0.70 - - - -

KESC 7932 - 2.06 2.14 2.00 2.05 -0.01 154999 2.63 1.92 - 31R - 7.8R

Kohinoor Energy 1695 4.71 25.44 24.48 24.20 24.20 -1.24 4301 26.50 23.00 45 - - -

Kohinoor Power 126 2.78 5.50 5.40 4.75 5.01 -0.49 106 7.00 3.90 - - - -

Kot Addu Power 8803 7.13 41.64 41.69 41.05 41.22 -0.42 218429 44.85 39.51 64.5 - 50 -

Nishat Chunian Power Ltd 3673 - 10.75 11.00 10.70 10.91 0.16 900150 11.00 8.60 - - - -

Nishat Power Ltd 3541 84.86 11.44 11.94 11.31 11.88 0.44 3153302 11.94 9.25 - - - -

Sitara Energy Ltd 191 3.65 21.50 21.74 20.70 21.74 0.24 1701 23.48 20.00 20 - - -

Southern Electric 1367 5.82 2.29 2.39 2.25 2.27 -0.02 63017 3.21 2.21 - - - -

Tri-star Power XD 150 - 0.89 1.00 0.71 0.85 -0.04 9175 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

1,104.91 1,109.51 1,086.18 1,095.48 -9.43 -0.85

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

728,326 - - 50,077.79 mn 77,145.28 mn 1,104.91

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

6.03 0.77 12.84 62.56 10.38 1,073.74

Pakistan Telecomm Co A 37740 8.96 18.96 19.00 18.70 18.82 -0.14 439940 20.22 17.20 15 - 17.5 -Telecard 3000 - 2.21 2.22 2.10 2.12 -0.09 118182 3.18 1.80 - - - -WorldCall Tele 8606 - 2.50 2.58 2.43 2.47 -0.03 170180 3.30 2.30 - - - -Wateen Telecom Ltd 6175 - 4.19 4.19 3.94 3.97 -0.22 107981 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 5.54 9.85 10.00 9.75 9.75 -0.10 753 11.95 8.45 - - - -

Atlas Insurance 369 4.33 28.10 29.38 29.34 29.34 1.24 401 31.00 27.10 40 10B - -

Central Insurance XB 279 5.07 49.48 50.00 49.00 49.01 -0.47 4071 64.90 47.37 20 25B 10 10B

EFU General Ins. XB 1250 30.42 38.45 39.98 37.65 38.33 -0.12 700 55.20 35.52 40 8.7B - -

Habib Insurance 400 7.64 11.15 11.00 10.45 11.00 -0.15 3000 13.89 10.10 35 - - -

IGI Insurance 718 12.80 73.33 74.99 70.50 72.47 -0.86 52672 79.10 66.02 35 - 10 20B

Pak Reinsurance 3000 - 13.38 13.40 13.01 13.14 -0.24 140378 19.40 12.50 30 - - -

Pak Gen Insurance 250 1.39 6.75 6.89 5.80 5.90 -0.85 2670 8.20 5.50 5 25B - -

Silver Star Insurance 253 1.55 6.63 6.22 6.20 6.22 -0.41 1806 10.00 6.00 - 20B - -

UPTO 100 VOLUME

SALT 22.30 23.41 23.41 23.41 1.11 100

DLL 40.90 40.99 40.99 40.99 0.09 100

AASM 28.00 28.00 28.00 28.00 0.00 100

BAFS 48.93 51.35 47.00 47.00 -1.93 98

KOHS 6.00 5.00 5.00 5.00 -1.00 95

COTT 1.50 1.20 0.80 0.80 -0.70 81

SANSM 13.90 13.88 13.05 13.80 -0.10 70

ADMM 19.89 19.89 19.65 19.66 -0.23 52

PASM 8.14 8.30 8.00 8.00 -0.14 51

ISTM 4.98 4.00 4.00 4.00 -0.98 49

DREL 578.00 606.90 606.00 606.90 28.90 33

SPLC 0.70 0.74 0.65 0.73 0.03 30

BUXL 14.24 13.98 13.98 13.98 -0.26 30

DCH 2.11 2.35 2.06 2.14 0.03 30

BHAT 194.98 187.10 187.10 187.10 -7.88 28

MERIT 14.80 13.93 13.93 13.93 -0.87 25

PAKD 115.00 115.98 109.25 115.50 0.50 24

CLOV 43.98 46.05 46.05 46.05 2.07 21

WYETH 948.00 949.00 941.00 941.92 -6.08 19

SJTM 1.25 1.00 1.00 1.00 -0.25 17

SHJS 45.10 47.35 47.35 47.35 2.25 15

PGCL 22.07 20.99 20.99 20.99 -1.08 15

RICL 6.50 6.99 6.99 6.99 0.49 12

PECO 303.41 313.90 288.57 309.45 6.04 12

PSYL 7.20 6.95 6.26 6.95 -0.25 11

FRSM 19.37 19.40 18.40 18.60 -0.77 11

ALICO 18.95 18.95 18.95 18.95 0.00 10

JDMT 16.40 17.20 17.20 17.20 0.80 10

NOPK 25.75 27.03 26.00 26.00 0.25 10

FNEL 9.90 9.85 8.90 9.49 -0.41 8

SRSM 1.04 1.22 1.22 1.22 0.18 8

SZTM 5.25 6.25 6.25 6.25 1.00 7

ADOS 20.70 20.82 20.82 20.82 0.12 7

HADC 0.95 1.00 0.73 0.90 -0.05 6

FEM 1.02 1.18 1.17 1.17 0.15 5

FIMM 64.00 65.50 65.50 65.50 1.50 5

ELCM 5.80 6.80 6.80 6.80 1.00 3

GUSM 5.70 6.50 5.22 5.23 -0.47 3

TOWL 20.00 20.00 20.00 20.00 0.00 3

FECTC 5.65 5.50 4.68 5.23 -0.42 3

GUTM 20.50 20.45 20.45 20.45 -0.05 2

ATLH 96.85 97.96 92.50 97.96 1.11 2

SING 18.16 17.61 17.51 17.61 -0.55 2

FRCL 3.49 3.98 3.25 3.25 -0.24 2

STCL 9.00 9.50 9.00 9.25 0.25 2

FCONM 1.89 1.95 1.93 1.93 0.04 1

CENI 10.90 10.20 10.20 10.20 -0.70 1

CSIL 4.00 4.61 4.61 4.61 0.61 1

PIL 1.95 2.34 2.34 2.34 0.39 1

MQTM 8.25 7.25 7.25 7.25 -1.00 1

MIRKS 60.00 61.23 61.23 61.23 1.23 1

PMRS 37.25 39.11 39.00 39.00 1.75 1

SGMLPS 3.21 2.50 2.50 2.50 -0.71 1

MLCFPS 6.49 6.89 6.89 6.89 0.40 1

KSBP 79.59 81.00 80.00 80.00 0.41 1

DWAE 0.50 0.76 0.72 0.72 0.22 1

TREI 2.19 2.44 2.19 2.19 0.00 1

PIAB 9.75 10.74 10.74 10.74 0.99 1

OTSU 29.00 30.04 30.04 30.04 1.04 1

WAZIR 7.00 6.00 6.00 6.00 -1.00 1

UPFL 1045.00 1038.95 1038.88 1038.88 -6.12 1

EMCO 3.42 3.94 3.39 3.39 -0.03 1

ARPAK 5.00 4.00 4.00 4.00 -1.00 1

Symbols Open High Low Close Change Vol

FUTURE CONTRACTS

DGKC-OCT 24.67 24.67 24.35 24.56 -0.11 218500

MCB-OCT 188.63 190.99 187.25 190.24 1.61 185000

POL-OCT 236.32 237.00 234.10 236.40 0.08 171500

NBP-OCT 63.51 63.99 63.21 63.83 0.32 139500

ENGRO-OCT 178.51 178.50 176.25 176.60 -1.91 139000

NML-OCT 45.04 44.90 44.50 44.79 -0.25 126000

PSO-OCT 267.29 268.30 265.00 267.12 -0.17 67000

PTC-OCT 19.00 18.95 18.90 18.95 -0.05 54500

PPL-OCT 174.79 175.50 173.80 175.31 0.52 33500

OGDC-OCT 142.90 144.10 143.00 144.08 1.18 24500

AICL-OCT 67.48 66.80 66.42 66.80 -0.68 12000

LUCK-OCT 66.40 66.50 65.70 66.49 0.09 11500

ANL-OCT 10.51 10.45 10.35 10.36 -0.15 7500

UBL-OCT 52.31 51.50 51.50 51.50 -0.81 1000

NETSOL-OCT 17.20 17.50 17.50 17.50 0.30 1000

FFBL-OCT 28.05 28.05 28.05 27.74 -0.31 0.00

AICL-COCT 68.80 0.00 0.00 67.12 -1.68 0.00

ABL-COCT 51.54 0.00 0.00 52.13 0.59 0.00

AKBL-COCT 14.74 0.00 0.00 14.82 0.08 0.00

ATRL-COCT 83.15 0.00 0.00 83.16 0.01 0.00

ANL-COCT 10.67 0.00 0.00 10.52 -0.15 0.00

FFC-COCT 107.82 0.00 0.00 107.42 -0.40 0.00

Symbols Open High Low Close Change Vol

ZERO VOLUME

AABS 89.90 89.50 89.50 89.50 -0.40 0.00

AKGL 3.50 3.51 3.51 3.51 0.01 0.00

BILF 1.05 1.00 1.00 1.00 -0.05 0.00

DCTL 0.80 0.60 0.60 0.60 -0.20 0.00

DIIL 17.50 16.95 16.95 16.95 -0.55 0.00

FANM 3.39 3.35 3.35 3.35 -0.04 0.00

FASM 28.93 30.37 30.37 30.37 1.44 0.00

FTSM 3.99 2.99 2.99 2.99 -1.00 0.00

HUSI 9.89 9.50 9.50 9.50 -0.39 0.00

HWQS 21.95 21.80 21.80 21.80 -0.15 0.00

ICCT 0.89 0.85 0.85 0.85 -0.04 0.00

LPGL 7.51 8.51 8.51 8.51 1.00 0.00

MDTL 58.00 55.20 55.20 55.20 -2.80 0.00

MOON 11.85 11.00 11.00 11.00 -0.85 0.00

NCLNCP 21.56 21.00 21.00 21.00 -0.56 0.00

NMBL 1.19 1.17 1.17 1.17 -0.02 0.00

PHDL 60.74 63.77 63.77 63.77 3.03 0.00

Symbols Open High Low Close Change Vol

Al-Abbas Cement 40.99 3.15 3.05 3.30 3.35 3.20

Allied Bank Limited 45.04 50.75 50.15 51.75 52.15 51.15

Attock Cement 39.99 64.80 64.20 66.20 67.00 65.60

Arif Habib Limited 31.43 26.80 26.55 27.15 27.30 26.95

Arif Habib Securities 40.46 22.70 22.50 23.20 23.50 23.00

Adamjee Insurance 34.77 65.65 65.10 67.10 68.05 66.55

Askari Bank 47.23 14.45 14.25 14.75 14.85 14.55

Azgard Nine 50.94 10.25 10.15 10.55 10.70 10.40

Attock Petroleum 66.93 330.20 325.10 339.15 343.10 334.10

Attock Refinery 49.32 81.35 80.65 82.90 83.85 82.25

Bank Alfalah 45.16 7.95 7.90 8.10 8.15 8.05

BankIslami Pak 50.82 3.05 2.90 3.25 3.40 3.15

Bank Of Punjab 42.96 8.05 8.00 8.25 8.40 8.20

Dewan Cement 42.82 1.40 1.35 1.50 1.55 1.45

D G K Cement 44.75 24.25 24.05 24.65 24.90 24.45

Dewan Salman 34.54 1.25 1.20 1.40 1.50 1.35

Dost Steels Ltd 42.43 2.00 1.95 2.10 2.15 2.05

EFU General Insurance 41.40 37.30 36.30 39.65 41.00 38.65

EFU Life Assurance 38.09 57.40 57.00 58.60 59.40 58.20

Engro Chemical 51.56 175.30 173.95 179.00 181.30 177.65

Faysal Bank 48.02 13.45 13.30 13.75 13.85 13.55

Fauji Cement 38.56 4.65 4.60 4.75 4.80 4.70

Fauji Fert Bin 44.93 27.05 26.80 27.55 27.80 27.30

Fauji Fertilizer 51.05 105.55 105.20 106.35 106.75 106.00

Habib Bank Ltd 48.08 94.55 93.10 96.90 97.80 95.45

Hub Power 41.37 33.05 32.60 33.90 34.25 33.40

ICI Pakistan 52.37 120.25 119.50 122.15 123.25 121.40

Indus Motors 36.71 215.40 213.75 219.85 222.55 218.15

JOV and CO 24.12 2.50 2.40 2.65 2.70 2.55

Japan Power 44.26 1.40 1.35 1.50 1.55 1.45

JS Bank Ltd 59.15 2.40 2.35 2.50 2.55 2.45

Jah Siddiq Co 44.21 9.70 9.60 9.90 10.00 9.80

Kot Addu Power 46.38 40.95 40.70 41.60 41.95 41.30

KESC 47.19 2.00 1.90 2.10 2.20 2.05

Lucky Cement 53.64 69.20 68.65 70.15 70.55 69.60

MCB Bank Ltd 51.95 188.45 186.20 192.45 194.20 190.20

Maple Leaf Cement 37.57 2.85 2.80 2.95 3.00 2.90

National Bank 44.62 63.15 62.80 63.70 63.95 63.40

Nishat (Chunian) 48.36 16.05 15.90 16.45 16.70 16.30

Netsol Technologies 33.83 17.80 17.65 18.25 18.50 18.05

NIB Bank 42.31 2.55 2.50 2.65 2.70 2.60

Nimir Ind.Chemical 43.88 1.35 1.30 1.45 1.50 1.40

Nishat Mills 53.47 46.55 46.20 47.25 47.65 46.95

Oil & Gas Dev XD 52.26 143.80 142.70 145.65 146.45 144.60

PACE (Pakistan) Ltd 46.43 2.50 2.45 2.65 2.75 2.60

Pervez Ahmed Sec 39.56 1.40 1.35 1.50 1.55 1.45

PIAC (A) 46.59 2.05 2.00 2.15 2.20 2.10

Pioneer Cement 49.63 7.65 7.50 8.00 8.20 7.85

Pak Oilfields 62.39 234.05 232.35 236.95 238.15 235.25

Pak Petroleum 30.17 174.30 173.20 176.15 176.90 175.05

Pak Suzuki 29.28 69.95 69.15 71.75 72.75 70.95

PSO XD 56.85 265.40 263.70 269.40 271.70 267.70

PTCLA 52.41 18.70 18.55 19.00 19.15 18.85

Shell Pakistan 37.55 192.00 191.00 194.00 195.00 193.00

Sui North Gas 70.38 31.00 30.85 31.40 31.65 31.25

Sitara Peroxide 37.31 7.80 7.45 8.40 8.60 8.05

Sui South Gas 85.65 28.05 26.45 30.70 31.75 29.10

Telecard 43.29 2.10 2.05 2.20 2.25 2.15

TRG Pakistan 61.89 4.05 4.00 4.20 4.35 4.15

United Bank Ltd 41.19 51.60 51.15 52.35 52.70 51.90

WorldCall Tele 45.57 2.40 2.35 2.55 2.65 2.50

Company RSI 1st 2nd 1st 2nd Pivot

(14-day) Support Resistance

TECHNICAL LEVELS

Al-Abbas Cement Industries Ltd 30-Sep 4:00

Apollo Textile Mills Ltd 30-Sep 4:00

Attock Cement Pakistan Ltd 30-Sep 2:00

B.F Modaraba 30-Sep 3:00

Bawany Air Products Ltd 30-Sep 3:00

Bestway Cement Ltd 30-Sep 11:00

Brothers Textile Mills Ltd 30-Sep 11:00

Buxly Paints Ltd 30-Sep 10:00

Crescent Jute Products Ltd 30-Sep 11:00

First Constellation Modaraba 30-Sep 9:30

First Elite Capital Modaraba 30-Sep 3:30

First National Bank Modaraba 30-Sep 3:30

First UDL Modaraba 30-Sep 4:00

Frontier Ceramics Ltd 30-Sep 9:30

Khalid Siraj Textile Mills Ltd 30-Sep 10:30

Kohat Cement Co Ltd 30-Sep 11:00

Modaraba Al-Mali 30-Sep 4:00

Moonlite (Pak) Ltd 30-Sep 2:00

Mustehkam Cement Ltd 30-Sep 10:00

Noon Pakistan Ltd 30-Sep 12:30

BOARD MEETINGS

Company Date Time

Friday, September 30, 2010 8

EmiratesAirlines

SkyCargohonoured

KARACHI: The EmiratesSkyCargo has become the firstairline to win a prestigiousDeutsche Bahn Supplier'sAward.

An announcement here saidthat Deutsche Bahn AG, one ofthe leading mobility and logis-tics companies in Europe,awarded the Dubai-based air-line `Deutsche Bahn Supplierof the Year 2010' in the`Logistics Services' category.

It said that Dr. Volker Kefer,DB Board MemberTechnology and Infrastructure,said that Emirates SkyCargoreceived this award for highlyinnovative air freight services,and in particular for its flexiblescheduling which enablesabsolutely customer-friendlyand generous solutions to bemade.

Its younger than averagefleet is state-of-the-art andallows the carrier to reduce itsnoise and CO2 emissions to aminimum, thus supportingDB's ambitious goals for greenlogistics in exemplary fashion.

Hiran Perera, Emirates'Senior Vice President CargoFreighters, who travelled toGermany to receive the acco-lade, said that `To be recog-nised as the only airline with aDeutsche Bahn Supplier'sAward, in any category, is apowerful endorsement of ourcommitment to customer serv-ice and quality'. -APP

KARACHI: Marketing Manager of Turkish Airlines Adnan Khan, presenting a ticket to a lucky

winner at LADIESFUND Entrepreneurship Conference 2010 at local hotel. Advisor to CM,

Sharmilla Farooqui, Tara Uzra Dawood, CEO Dawood Capital and Sidra Iqbal also seen. -PR

ISLAMABAD: Etihad Airways,the national airline of the UnitedArab Emirates, has announced theextension of its existing codeshareagreement with Royal Air Maroc,the national airline of Morocco.

This provides customers withaccess to more destinations inMorocco and West Africa.

The new deal will allow Etihadpassengers to travel fromCasablanca to the Moroccan desti-

nations of Agadir, Laayoune, Fezand Marrakech adding Nouakchottin Mauritania and Dakar in Senegalin the near future, said a pressrelease issued here on Wednesday.

In return, Royal Air Maroc willoffer the travellers, an access toEtihad Airways services beyondAbu Dhabi to Bahrain, Kuwait,Oman and Singapore, further com-plementing the partnership on theCasablanca Abu Dhabi route.

James Hogan, Etihad Airways'Chief Executive Officer, said "Animportant part of Etihad's growthstrategy is to offer access to asmany global destinations as possi-ble".

He said whether this be throughopening up new routes of our ownor through strategic agreementswith other airlines, adding breadthand depth to our network. -Agencies

Etihad expands codesharedeal with Royal Air Maroc

Gulf’s RAKto resumepassenger

flights next mthRAS AL-KHAIMAH: Gulfairline Ras al-Khaimah (RAK)Airways will resume passengerflights next month after a hia-tus of about two years, thecompany's chairmanannounced.

"The time is now right for usto make a spectacular returninto the market," Sheikh Omarbin Saqr al-Qassimi said at anews conference in Ras al-Khaimah, the northernmostemirate in the United ArabEmirates federation.

"RAK Airways will play apivotal role in Ras al-Khaimah's growth plan,"Sheikh Omar said.

The emirate aims to quadru-ple its number of tourists by2012, and also increase thenumber of five-star hotelrooms from 1,400 to 7,500,Sheikh Omar said.

The company will resume

passenger flights using two

leased Boeing 737-400 aircraft

on October 10, 2010, RAK

Airways chief executive Omar

Jahameh told the news confer-

ence.

The airline will initially fly to

Jeddah, Saudi Arabia, and

Calicut, India, Jahameh said.

RAK Airways was estab-

lished by a decree from Ras al-

Khaimah ruler Sheikh Saqr bin

Mohammed al-Qassimi in

2006, but stopped passenger

flights in late 2008, Jahameh

said. -APP

ISLAMABAD: ManagingDirector of PakistanInternational Air LinesCorporation (PIAC)Muhammad Aijaz Haroon toldthe Public Account Committeethat PIA is suffering accumula-tive losses of Rs144 billion andit needs immediate bail outpackage.

The meeting of the PublicAccount Committee (PAC),chaired by Chaudhry Nisar AliKhan met at Parliament Housewhich reviewed the auditobjections on the monetarymatters of the Ministry ofDefence and FederallyAdministered Tribal Areas(FATA) for the year of 2007-08and 2009.

Aijaz Haroon said that due tothe fuel prices hike, PIA suf-fered a loss of Rs39 billion. Hesaid that they were makinggood future business plan tocontrol the expenditures and toboost the PIA.

The Chairman PAC directedthe MD PIA to brief the com-mittee about the futureBusiness plan of and said thatwe have to establish our everydepartment and have to convertthe losses into profit.

About the Audit objections in

purchasing of Aircraft Spareparts, PAC formed a committeeunder the Supervision ofAdditional Secretary Defenceand DG Audit to check the pro-curement, maintenance andproposal of Air crafts parts anddirected to submit report with-in one month.

Regarding the irregularappointments over and aboveapproved strength in PIA, thePAC directed SecretaryDefence Syed Athar and MDPIA to provide details of theappointee's names and domi-cile and also provide advertise-ment of the said posts in news-papers. Nisar said that Politicalfavorite's trend must be end inPIA and every body must betreated as a normal passenger,rather he is politician or gov-ernment employee.

During the meeting DGAudit told the PAC that, thereare hurdles in the Audit of PIAbecause, PIA officials are notcooperating with the audit teamproperly. Chauhdry Nisar,Chairman PAC said that, wewould never bear these types ofthings again and every depart-ment and official is account-able to PAC. -Agencies

PIAbegs

bailoutright away

ISLAMABAD: PrimeMinister Syed Yousuf RazaGilani said the governmentwas committed to bringing thecountry back on the worldtourism map as a great touristdestination, which it oncewas.

The prime minister said forlast few years, the tourismindustry has suffered onaccount of incidents of terror-ism that resulted in the reduc-tion of international tourists.

"For all these reasons, mygovernment has extended fullsupport and attention totourism. The country'sNational Tourism Policy

should be a broad mix of pub-lic-private partnership. Thetheme on this year's WorldTourism Day 'Tourism andBiodiversity' is very apt andreminds us of our collectiveresponsibility to protect ournature and to promote the realimage of Pakistan in the comi-ty of nations," the prime min-ister said in his message on theoccasion of World TourismDay.

"We are celebrating WorldTourism Day at a time whenthe need for enhanced interac-tion and engagement amongpeople and nations could notbe greater.

The day reminds us of hugevistas of opportunities forincreasing people-to-peoplecontacts and engaging withone another for buildingbridges. Tourism links peopleand helps build better under-standing among nations andcultures. Sustainable tourismis also essential for the preser-vation and enhancement of thecultural and natural heritageof our country.

Tourism is not only a sourceof income of people and coun-tries. It is much more than justbeing an economic sector,"Prime Minister Gilani said. -Agencies

Gilani upbeat ontourism comeback

KARACHI: Sindh Minister forTourism Ms. Shazia Marri has saidthat Pakistan, Sindh specially is fullof opportunities of tourism.

This she said while addressing toan award distribution ceremony.Shazia Marri said the present govern-ment is taking concrete efforts topromote tourism, reduce poverty andto project Pakistan's soft, positiveand peace loving image throughoutthe World.

Shazia Marri said that the economyof various developed countriesdepends upon the tourism but in past,the governments in Pakistan ignoredthis very important sector.

She said that the President Asif AliZardari and Prime Minister, SyedYusuf Raza Gilani are determined forsolid and concrete efforts for the pro-

motion of tourism.These goals can not be achieved

without the participation of commonpeople, the provincial Ministeradded.

Shazia Marri called upon the peopleto take proper care and preservationof national heritage, which is, shesaid, responsibility of everyPakistani. She said that we have greatheritage and colorful culture and ifwe succeeded to bring that our hiddenand rich treasure before the World,the poverty ad unemployment will beeradicated from our country. Shesaid that by providing safety, and allrequired facilities to world touristsduring their visits of Pakistan, we canattract foreigners and thereby we canalso deliver message to the World thatwe are a peace loving nation. -APP

Marri sees big Sindhtouristry potential

Efforts afootto lure moresightseers:minister

ISLAMABAD: Governmentis eying on finding out waysto promote tourism after cata-strophic floods ruined mostof the attractions sites inKhyber-Pukhtunkhwa andGilgit-Baltistan.

Tourism suffered massivedamages in the floods, whichdisrupted bridges, roads,hotels/motels, besides othercrucial infrastructure, FederalTourism Minister MaulanaAtta ur Rahman said onTuesday. World donors areputting in resources to helpPakistan cope with this chal-lenge. Tourism Ministryplans to launch certain ambi-tious programmes to steer thecountry's spectacular indus-try out of crisis. -APP

JAKARTA: Global vegetableoil markets fell on Wednesdayafter China said it would sellvegetable oil reserves and as animproving outlook for soycrops for crushing in SouthAmerica depressed the market.

Markets had rallied stronglyearlier this week as traders beton top Asian buyers -- Chinaand India -- snapping up morecargoes in the months to come,with Malaysian palm oilfutures hitting their highestlevel since May 2009.

But on Wednesday, palm oilclosed down 1.42 per cent at2,698 ringgit per tonne whileUS Oct soyoil eased 1.19 percent during Asian hours.

China's most-active May2011 palm oil futures fell 1.4per cent and May 2011 soy-bean oil eased 1.06 per cent by

1041 GMT after the govern-ment announced that it wouldrelease some of its temporaryvegetable oil reserves.

"Prices plunged on wide-spread profit-taking afterChinese authorities decided tosell edible oil reserves," said atrader at a local commoditiesbrokerage in Kuala Lumpur.

"It's a vicious cycle becauseafter auctioning, China maycome to replenish their stocks,"the trader said.

Cargo surveyors are sched-uled to report September palmoil exports from Malaysia on

Thursday. So far, shipmentshave risen by almost a fifth forSept. 1-25 period thanks tostrong Chinese, Indian, andEuropean demand.

Traders expect that exportsfor September will be higher,but concerns over the Chinesevegetable oil auction mayweigh the markets.

Concerns over a stock builddue to stronger Malaysianpalm oil output and a firmerringgit currency against the USdollar may take out the steamfrom the palm oil rally, the firsttrader said. -Reuters

Palm oil slips; Chinaselling reserves eyed

9Thursday, September 30, 2010

POLYPROPYLENE(PP) LINEAR LOW (LL)

Cash Buyer 1240 1140

March (3rd Wednesday) 1240 1130

April (3rd Wednesday) 1240 1140

LONDON METAL EXCHANGE (PLASTIC)

LME Official Prices, US$ per tonne for September 28 2010

LME Official Prices, US$ per tonne for September 28 2010

ALUMINIUM ALUMINIUM COPPER LEAD NICKEL TIN ZINC NASAAC

ALLOY

Cash buyer 2200 2224 7865 2222.5 22805 23600 2145 2200

Cash seller 2215 2225 7866 2223 22810 23610 2145.5 2201

3-months buyer 2180 2268 7860 2246 22890 23650 2170 2220

3-months seller 2190 2269 7861 2248 22895 23700 2171 2230

15-months buyer 2125 2342 7785 2260 22275 23275 2225 2220

15-months seller 2135 2347 7795 2265 22375 23325 2230 2230

27-months buyer 2125 2403 7545 2238 21325 2220 2270

27-months seller 2135 2408 7555 2243 21425 2225 2280

LONDON METAL EXCHANGE (METALS)

LONDON: Gold hit its 10threcord high in 12 trading days onWednesday as investors worriedthat aggressive measures by theFederal Reserve to prop up theUS economy could underminethe dollar and spark inflation.

Spot gold hit a record$1,313.20 and was bid at$1,308.65 an ounce at 1443GMT, against$1,307.40 late inNew York onTuesday. US goldfutures forDecember deliveryrose $1.70 anounce to$1,310.10.

Gold's strength also liftedother precious metals, with sil-ver reaching a fresh 30-yearpeak, palladium its highest levelsince March 2008 and platinuma four-month high.

The price of gold has ralliedby 5 per cent in September, ontrack for a second month ofincreases, and while analysts areexpecting to see some sort ofpull-back, further gains appearto be on the cards.

"It's quite possible that if thereare any further upsets in eitherthe currency markets or the ratesmarkets ... we could get anotherleg higher and then we'd belooking at the next upside targetat $1,330," he said.

Buying in India, the world'sbiggest gold consumer, rose onWednesday despite the hike in

spot prices, as strength in therupee helped shield local buyersfrom the rise.

Scrap sales have also slowedafter prices retreated from theirrupee peak, with sellers waitingfor prices to breach the 20,000-rupee level from around 19,100rupees currently.

Investment interest in goldwas also firm, with holdings ofthe world's largest gold-backedexchange-traded fund, New

York's SPDR Gold Trust, climb-ing just over five tonnes onTuesday.

Holdings of the largest silverETF, the iShares Silver Trust,also rose on Tuesday, climbing143 tonnes to a record high of9,756 tonnes.

Silver prices responded bymarking another 30-year high at

$22.00 anounce, beforeeasing back to$21.81 anounce against$21.69. Gainsin silver areou t s t r ipp ingthose of gold.

Palladium was the biggestclimber of the precious metalson Wednesday, rising by asmuch as 2.5 per cent to a 2-1/2year high at $571 an ounce earli-er in the day, before slippingback to $566.00 versus $557.15.The autocatalyst metal is risingon hopes demand will improve.

Platinum reached its highestsince May at $1,650.50, and waslater at $1,647.00 an ounceagainst $1,631.65. -Reuters

Gold surges to hit 10threcord peak in 12 days

Coffee,sugar fall;

Cocoa risesLONDON: Arabica coffeeslipped on light volumes ofselling on Wednesday, whileraw sugar traded lower as rainin Brazil brought relief to caneafter a dry spell.

Cocoa was higher, consoli-dating recent gains.

Coffee eased after Tuesday'sstrong close with dealers notingthe market was vulnerable tosharp moves on light volumesof activity.

"Trading so thin it's not tak-ing much to move the market,"a London-based broker said.

Market participants remainedcautious after volatile tradingin recent months, during whicharabica coffee hit 13-year highof $1.9865 a lb.

Dealers said rain in Brazil isexpected to improve conditionsfor the development of the2011/12 coffee crop.

ICE March arabica coffeefutures were down 4.3 cent or2.3 per cent at $1.8600 a lb asat 1405 GMT, while LiffeNovember robusta coffee trad-ed down $36 or 2 per cent at$1,730 per tonne.

Sugar eased from Tuesday'sseven-month high of 27.15cents a lb to trade at 26.68 centsa lb, as dealers said any bullishnews could push the marketabove its 29-year peak of over30.4 cents a lb hit in February.

"The trade seem to be quitebullish of the market," aLondon-based broker said.

Brazil's 2010/11 cane crushhas been revised lower repeat-edly to account for the dryweather reducing cane yields.

"It seems to be very much aweather market in terms of theMarch 2011 contract, the mar-ket is concerned more overwhat will happen to the nextBrazilian crop," Whiteheadsaid.

ICE October raw sugarfutures traded down 0.16 centor 0.6 per cent at 26.68 cents alb. London December whitesugar was down $13.50 or 2.1per cent at $631.50 per tonne.

Cocoa traded slightly higher,consolidating recent gains, withdealers expecting the market toremain rangebound for the nearterm as limited demand growthcaps gains.

ICE December cocoa tradedup $35 or 1.2 per cent at $2,852per tonne. Liffe Decembercocoa was up 23 pounds at1,916 pounds a tonne. -Reuters

National Commodity Exchange Ltd Trading SummaryDate Commodity Contract Price Open High Low Close Traded Volume Previous Current Open Interest

Date Quotation in lots Settlement Settlement in Lots

Price Price

29-Sep-2010 CRUDE100 NO10 US$ Per Barrel 76.15 77.04 75.70 76.47 206 76.46 76.47 55

29-Sep-2010 CRUDE100 DE10 US$ Per Barrel 77.10 78.25 76.92 77.74 58 77.72 77.74 23

29-Sep-2010 CRUDE100 JA11 US$ Per Barrel 77.93 78.79 77.93 78.79 - 78.77 78.79 -

29-Sep-2010 SILVER - SL500 NO10 US$ Per Troy Ounce 21.20 21.79 21.20 21.79 - 21.79 21.79 -

29-Sep-2010 SILVER - SL500 DE10 US$ Per Troy Ounce 21.27 22.01 21.21 21.81 50 21.79 21.81 26

29-Sep-2010 GOLD 01oz NO10 US$ Per Troy Ounce 1290.00 1313.70 1288.00 1308.30 1,344 1309.50 1308.30 1,646

29-Sep-2010 GOLD 01oz DE10 US$ Per Troy Ounce 1291.00 1314.70 1288.10 1309.00 1,507 1310.50 1309.00 1,134

29-Sep-2010 GOLD 01oz JA11 US$ Per Troy Ounce 1313.50 1314.90 1288.10 1309.80 131 1311.30 1309.80 112

29-Sep-2010 GOLD 100oz NO10 US$ Per Troy Ounce 1288.00 1308.30 1288.00 1308.30 - 1309.50 1308.30 -

29-Sep-2010 GOLD 100oz DE10 US$ Per Troy Ounce 1295.00 1314.00 1288.10 1309.00 56 1310.50 1309.00 7

29-Sep-2010 GOLD 100oz JA11 US$ Per Troy Ounce 1288.10 1309.00 1288.10 1309.00 - 1311.30 1309.80 7

29-Sep-2010 GOLD OC10 Per 10 grms 35815.00 36465.00 35759.00 36365.00 15 36375.00 36365.00 48

29-Sep-2010 GOLD NO10 Per 10 grms 35768.00 36374.00 35768.00 36374.00 - 36384.00 36374.00 -

29-Sep-2010 GOLD DE10 Per 10 grms 35782.00 36388.00 35782.00 36388.00 - 36398.00 36388.00 -

29-Sep-2010 Kilo GOLD OC10 Per 10 grms 35863.00 36442.00 35731.00 36337.00 7 36347.00 36337.00 3

29-Sep-2010 Tola Gold50 OC10 Per Tola 41676.00 42383.00 41676.00 42383.00 - 42395.00 42383.00 -

29-Sep-2010 Tola Gold100 OC10 Per Tola 41676.00 42383.00 41676.00 42383.00 - 42395.00 42383.00 -

29-Sep-2010 Mini Gold 1-Aug Per 10 grms 36803.00 37405.00 36803.00 37405.00 - 37415.00 37405.00 -

29-Sep-2010 Mini Gold 2-Aug Per 10 grms 36839.00 37442.00 36839.00 37442.00 - 37451.00 37442.00 -

29-Sep-2010 Mini Gold 3-Aug Per 10 grms 36768.00 37454.00 36768.00 37454.00 - 37464.00 37454.00 -

29-Sep-2010 Mini Gold 4-Aug Per 10 grms 36780.00 37381.00 36780.00 37381.00 - 37391.00 37381.00 -

29-Sep-2010 Mini Gold 5-Aug Per 10 grms 36792.00 37393.00 36792.00 37393.00 - 37403.00 37393.00 -

29-Sep-2010 TT Gold 1-Sep Per Tola 41873.00 42959.00 41873.00 42959.00 1 42970.00 42959.00 1

29-Sep-2010 IRRI6W 30SE10 Per 100 kg 2402.00 2402.00 3127.00 3151.00 - 3127.00 3151.00 -

29-Sep-2010 Rice IRRI - 6 OC10 Per 100 kg 3143.00 3167.00 3143.00 3167.00 - 3143.00 3167.00 -

29-Sep-2010 RBD Palm Olein OC10 Per Maund 4204.00 4204.00 4172.00 4172.00 - 4204.00 4172.00 -

29-Sep-2010 KIBOR3M 10-Sep Per Rs. 100 87.15 87.17 87.15 87.17 - 87.15 87.17 -

29-Sep-2010 KIBOR3M 10-Dec Per Rs. 100 86.86 86.88 86.86 86.88 - 86.86 86.88 -

Note: Traded Volume reflects the trades from 06:00 pm of previous day to 06:00 pm of current day

XINJIANG - CHINA: Farmers pour sacks of cotton onto a truck on a farm on the outskirts of

Hami, Xinjiang Uighur autonomous region. -Reuters

LONDON: Oil hovered above$76 a barrel on Wednesday,paring losses after US govern-ment data showed crude and oilproducts stocks fell last week.

The dollar slipped against abasket of major currencies afterpoor US economic data onTuesday reinforced expecta-tions the US Federal Reservewould take more action to helpthe struggling economy.

US crude for November was

down 8 cents at $76.10 a barrelby 1502 GMT. Prices had beendown around 50 cents prior tothe US inventory report. ICEBrent for November was up 14cents to $78.85.

The US Energy InformationAdministration said crudestocks fell 475,000 barrels lastweek, more than the forecastfor stocks to be down 300,000barrels.

The EIA said gasoline stocksfell 3.47 million barrels, whena build of more than half a mil-lion barrels had been expected.Distillate stocks fell 1.27 mil-lion barrels, against a forecastfor stocks to have risen400,000 barrels.

"Despite the EIA report of

stock draws across the board,there is still a decent amount ofsupply around, after recentweekly builds," said RichardIlczyszyn, senior market strate-gist at Lind-Waldock inChicago.

HSBC's China PurchasingManagers' Index hit a five-month high in September,pointing to renewed, thoughmoderate, momentum in thevast industrial sector that is the

backbone of China's economy.Oil prices have remained rel-

atively stable so far this year,trading for two-thirds of 2010between $70 and $80 per bar-rel, a range that oil producersin the Organization of thePetroleum Exporting Countrieshave said they favour.

OPEC meets in Vienna nextmonth and is expected to keepits oil production targetsunchanged.

OPEC crude oil supply hasfallen so far this month to thelowest level since November2009 due to reduced output fromAngola and smaller declines inthe United Arab Emirates andIran, a Reuters survey showed onTuesday. -Reuters

Oil pares losses onUS supply draw

LONDON: Copper rose abovethe key $8,000 a tonne level onWednesday to hit its highestsince August 2008, triggered bystrong manufacturing data in topmetals consumer China and aweaker dollar.

Benchmark copper for three-month delivery on the LondonMetal Exchange touched a highof $8,075 a tonne and closed at$8,064, versus a closing bid of$7,951 on Tuesday.

"Mainly the Chinese data anddollar weakness is driving themarket," said analyst DavidThurtell at Citi. "Dollar's ataround 1.36 and that's definitelygiven copper a boost."

A rise in HSBC's ChinaPurchasing Managers' Index to afive-month high in Septemberpointed to renewed, though mod-erate, momentum in the vastindustrial sector that is the back-bone of China's economy.

As the copper market isexpected to be in deficit this yearand the next and with the draw-down in copper stocks continu-ing, people would want to takesome copper on board, Thurtellsaid. Sterlite Industries, a unit ofLondon-listed VedantaResources, has shut its copper-smelter unit in south India fol-lowing an Indian high courtorder, a company spokesmansaid on Wednesday.

Falling LME inventories havealso helped overall sentiment.Latest LME data showed that onTuesday, copper stocks slipped175 tonnes to 375,100 tonnes,

having fallen from 6-1/2 yearhighs at 555,075 tonnes in mid-February.

Aluminium gained to $2,341 atonne from $2,309 a tonne on

Tuesday, when it hit a five-month high at $2,336.25.

LME stocks of the metal, usedin transport and packaging,slipped 3,350 tonnes to 4.35 mil-lion tonnes. A large portion ofthose aluminium stocks are tiedup in finance deals.

Steel-making ingredient nickelended the day at $23,350 from$23,175, while battery materiallead was at $2,300 from $2,281.

Zinc closed at $2,225 a tonnefrom $2,215 and tin was last at$24,325 from $24,000.

Tin, which is used in electri-cal solder, earlier touched$24,390 a tonne -- a peak notseen since May 2008 -- on sup-ply worries in top exporterIndonesia. -Reuters

Copper rises to 2-yrhigh on China data

NEW YORK: Cotton futuresfinished Tuesday at a 15-yearpeak for the second day in a rowon a steady influx of investmentfund and mill buying whichkept the market poised to chal-lenge all-time highs.

For the sixth time in sevensessions, the market tradedover $1 a lb as index funds whobelieve fiber contracts will testthe all-time record of $1.172bought cotton while millsbooked supplies regardless ofthe cost because they fear themarket is headed much higher.

A further spark was providedby news that No. 2 world cot-ton producer India will delay

exports by a month until Nov.1 and analysts say this couldexacerbate the already tight sit-uation in cotton at a time ofbrisk demand.

ICE Futures US keyDecember cotton contractincreased 1.31cents to close at$1.0524 per lb.The all-time highof $1.172 is justunder 12 centsaway.

Total cotton volume stood at22,397 lots at 1855 GMT, overa third above the 30-day aver-age of 16,035 lots, according topreliminary Thomson Reuters

data. Open interest in the cot-ton market hovered at levelsnear a two-year high as it stoodat 237,646 lots as of Monday,up from the previous session's236,866 lots.

But the pace of the increase in

open interest has slowed as mostinvestors appeared to have satback to wait for clear signs onthe market's direction. Some areworried the steep rally may beclose to topping out. -Reuters

NY cotton ends at 15-yrhigh, outlook bullish

Tokyo rubber

inches up

on firm oilTOKYO: Tokyo rubber futuressettled up 0.4 per cent onWednesday despite the yen'sadvance against the dollar asfirm oil and other commoditiesmarkets provided support whilesellers retreated to the side-lines.

The key Tokyo CommodityExchange rubber contract forMarch delivery settled up 1.3yen, or 0.4 per cent, at 309.8yen per kg.

The dollar hit an eight-monthlow, driving gold to a recordhigh, on rising expectations theFederal Reserve will act againto help the struggling economywhile new evidence of China'srobust health lifted Europeanstocks.

Oil rose after an industryreport showed crude and winterfuel stockpiles declined lastweek in top consumer theUnited States, reducing a sur-plus that has weighed on mar-ket sentiment for months. -Reuters

Indian sugarends steady

MUMBAI: India's spot sugarprice was steady onWednesday on weak demand,but may rise on Thursday sup-ported lower non-levy sugarquota for October, dealers said.

The world's biggest con-sumer has made available 1.6million tonnes of non-levysugar for October, FarmMinister Sharad Pawar toldreporters on Wednesday,sharply lower than 1.85 milliontonnes it had released inOctober 2009.

India will take a decision onallowing sugar exports afterthe Diwali festival, Pawar said.In Kolhapur, a key market intop producing Maharashtrastate, the most traded S-varietyedged up by 0.1 per cent to2,536 rupees ($56.4) per 100kg.

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

Europeanvegetableoil prices

ROTTERDAM: The follow-ing were the Wednesday'sRotterdam vegetable oil price'sat 21:00 PST.

SOYOIL: EU degummedeuro tonne fob exmillNov10/Jan11 809.00-10.00,Feb11/Apr11 814.00-10.00.

RAPEOIL: Dutch/EU eurotonne fob exmill Nov10/Jan11780.00-15.00, Feb11/Apr11786.00-14.00, May11/Jul11792.00-13.00.

SUNOIL: EU dlrs tonneextank six ports optionNov10/Dec10 1180.00-10.00,Jan11/Mar11 1175.00-15.00,Apr11/Jun11 1175.00-5.00.

LINOIL: Any origin dlrstonne extank RotterdamOct10/Nov10 1327.50+2.50.

CRUDE PALM OIL:Sumatra/Malaysia slrs optiondlrs tonne cif R'dam Sep10920.00-20.00, Oct10 922.50-17.50, Nov10/Dec10 917.50-15.00, Jan11/Mar11 912.50-12.50.

PALM STEARIN: Dlrs tonnefob Malaysia Oct10 900.00-5.00, Nov10/Dec10 892.50.

PALM FATTY ACID DIS-TILLATE: Dlrs tonne fobMalaysia Nov10 720.00.

COCONUT OIL: Phil/Indondlrs tonne cif RotterdamOct10/Nov10 1365.00-20.00,Nov10/Dec10 1360.00-25.00,Dec10/Jan11 1360.00-20.00,Jan11/Feb11 1355.00.

CASTOROIL: Any origindlrs tonne extank RotterdamOct10/Nov10 2025.00-75.00. -Reuters

Shanghai copper

strengthensCopper broke above $8,000

and hit its highest in more thanfive months, as the US dollarweakened further on weakdata and talk of quantitativeeasing by the Federal Reserve.

Three-month copper on theLondon Metal Exchange roseto as high as $8,038 a tonne. Iteased to $8,027 by 0702 GMT.Shanghai's benchmark third-month copper futures contractended up 0.7 per cent to60,790 yuan a tonne.

Record gold prices lift silver, platinum, palladium

NY cotton early-tradeICE Futures US key December cotton

contract dropped the 4-cent limit to$1.0124 per lb at 1444 GMT. The sessiontop was at $1.0603.

10Thursday, September 30, 2010

Zaheer backs Younas as Test captain

“Huge bonus”if Harbhajandoesn’t play:says Clarke

CHANDIGARH: Australiahave great respect forHarbhajan Singh but it will be a"huge bonus" for the visitors incase he misses out in the firstTest at Mohali in the wake ofinjury scare surrounding him,vice-captain Michael Clarkesaid on Tuesday.

Clarke, however, he was con-fident that the Indian off-spin-ner will play at Mohali and theywere preparing how to tacklehim.

"I am very confidentHarbhajan will play. I knowhow much he loves playingagainst Australia," Clarke toldreporters at a press conferencehere.

"But if doesn`t play, it wouldbe a huge bonus for us. He hasenjoyed quite a success againstAustralia," he said.

Asked about the confronta-tions involving Harbhajan andthe Australian players in thepast, Clarke said, "Certain play-ers like confrontation and per-form better with that but it wasone aspect which we are notgoing to focus on and our eyewould be on Harbhajan thebowler."

"There are guys like him inall teams around the world whoperform better with that kind ofconfrontation. In my opinion,Harbhajan is one of the bestspinners in the world. He isalways tough to face under anyconditions," he said.

"Facing pace bowlersIshant Sharma and ZaheerKhan is also going to betough, with their reverseswing abilities."

Asked about too much cricketbeing played these days, Clarkesaid at the end of the day thechoice has to be made by theplayers whether to play tourna-ments like IPL and theChampions League Twenty20or not.

"I guess guys have a choice.They don`t have to play all ofIPL or the Champions League,"he said.

Clarke, however, said that itwas also one aspect of interna-tional cricket where playershave to travel a lot, switchbetween formats and makeadjustments to varying playingconditions.

"As professional athletes, youare trained to handle this andyou have to adapt and makethings do. I guess that`s whatmakes you a successful interna-tional cricketer," he said. -Online

Bopara toplay in

South AfricaDURBAN: England batsmanRavi Bopara has signed to playfor South African franchise theKwaZulu-Natal (KZN)Dolphins, the team said onTuesday.

Bopara, 25, will play in twofirst-class matches and SouthAfrica’s domestic limited-oversseries, which runs from Oct. 29to Dec. 10.

The right-handed Bopara wasleft out of England’s squad forthe Ashes tour but will hope tofeature in the limited-oversmatches against Australia afterplaying in the recent seriesagainst Pakistan.

“We were looking for anexperienced player who couldadd value to the changeroom,”chief executive of KZN cricketJesse Chellan told reporters.

“Ravi was keen to play inSouth Africa and we knew hewould want to prepare wellahead of the limited-overs legof England’s tour to Australia.”

England batsman KevinPietersen will play two first-class matches for the Dolphinsto get match practice before theAshes series. -Online

With nearly1 0 0 , 0 0 0police guard-ing theCommonwea

lth Games in India's capital,the biggest threat will beattacks on soft targets, frombombs in markets to a shootingof a tourist on a crowded street.

In recent years India has suf-fered one of the world's worsttolls from militant attacks --one study put it only second toIraq. But there has not been anattack on a "hard" target sincegunmen tried to storm India'sparliament in 2001.

The attack a week ago thatwounded two Taiwaneseunderscored how hard it willbe for security forces in thiscrowded city of 16 millionpeople. Gunmen on motor-bikes shot at a tourist bus in aseemingly random attack onforeigners, before speedingoff.

The Games is a showpieceevent for India, and an enticingtarget for groups such asPakistan-based Lashkar-e-Taiba, which carried out the2008 Mumbai attacks thatkilled 166 people.

"Any attack is likely to beopportunistic," the AKE secu-rity consultancy company saidin a statement.

While Indian-Pakistan tiesare still tense with Pakistani-based militants eyeing ways toinfiltrate into India, experts saya more likely scenario wouldbe an attack by local militantsusing often crude, homemadedevices.

Surrounded by what PrimeMinister Manmohan Singh hascalled a "dangerous and unsta-ble neighbourhood", India hassuffered bomb attacks on mar-kets, cafes, and shoppingstreets by suspected home-grown militants backed byextremists organisations inrecent years.

Since 2000, there have beenat least 14 attacks in Delhi in

places likem a r k e t s

and trains t a t i o n s ,accordingto a traveladvisoryby the

A u s t r a l i a nH i g hCommission,w h i c hwarns of"a highrisk ofterror-i s m "d u r i n gt h e

CommonwealthGames.

Some athleteshave alreadywi thdrawnfrom theGames.

" Iwould-n't ruleout astriking eventsuch as the par-liament attack,"said Steven Vickers,chairman of FTI-International Risk Ltd. "But

the most likely scenario wouldbe a target like a hotel, or abus."

An attack like Mumbai mayprovoke India to respond mili-tarily to Pakistan. Vickers saidhe had been told by top Indiansecurity officials that 12 for-eign-inspired plots had beenfoiled in 2009.

But in India's typical style,the suffocating numbers ofpolice will make a large-scaleattack difficult.

"The Games are an attractivebut not easy target," said AjaiSahni, head of the Institute forConflict Management thinktank in New Delhi. "With itssheer numbers, India uses aheavy-handed response. It'svery crude but it tends to be

successful."One of the most serious

threats, the local IndianMujahideen (IN) groupwhich is believed to have

some support fromPakistan, has suf-

fered from a

serieso f

a r r e s t ssince it was

blamed forseveral attacks on

Indian cities in 2008that killed dozens of

people.DEVIL IN THE

DETAILS?Since Mumbai,

which showed policeoutgunned in India's

financial hub, intelligenceservices have receivedmore funding and training.But there are questions

about progress."This is the biggest

test for Indiani n t e l l i g e n c e

since theMumbai attacks," saidVickers. "But it's not the

most efficient organisation in

the world."Some commentators say the

massive numbers of policehide serious gaps in trainingand organisation.

"It is difficult for a lowlypolice officer to pull up aMercedes Benz. If someone inIndia looks like a VIP, they cangain access," said AnthonyMoorhouse, CEO of securityconsultants Dynamiq, which ishelping Australian's team withsecurity.

Last minute preparations forthe Games has meant thatsecurity forces may have cutcorners. Police locked downareas only a week before theOct. 3 opening ceremony.

"The main gap may be lack

of the security protocols, dryruns, the sanitation of venues,"said Sahni.

Visiting delegations havegiven few complaints oversecurity.

"It's taking a long time forthe people coming in and outof the Games Village," saidEngland spokespersonCaroline Searle. "But it'snot a hindrance as itproves that checking isbeing done tightly."

Many delegations havetold athletes not to wearteam colours when travel-ling outside venues. Butthere are 71 participatingcountries, and not all follow-ing the same security guide-

lines.There are more worries

about the transport of athletesbetween venues. One delega-tion head said his driver, fromoutside Delhi and poorlytrained, got lost on the way tothe village and stopped in themiddle of a

h ighway

to ask for direc-

tions."These drivers were

obviously untrained," said thedelegation chief, who askednot to be named. "It didn'tinspire confidence."

There may be many moreincidents like that.

"You are onlya s

strong asthe weakest link and terrorists

focus on the weakest link,"said Moorhouse. "It could

be pretty

easyt op i c koff af o r -eign-e r

crossing the street." -Reuters

Just how safe are

India’s Commonwealth Gamesl India deploys 100,000 police for the Games l Soft targets are moreprone to attacks l Despite tight security, athletes told to be vigilant

Pakistan’sCommonwealthGames squad departs

Pakistan’s 54-member Commonwealth Games contingentleft for India on Wednesday after organisers moved quick-ly to improve the squad’s accommodation in the Games

Village.Speaking at the squad’s departure from Lahore, Pakistan

Olympic Association (POA) president Lt Gen Arif Hasan saidthe contingent’s hopes for winning medals in some of the dis-ciplines are high after undergoing satisfactory pre-tourna-ment preparations.

Earlier, giving a quick response to Pakistan’s ultimatum of24 hours, the organisers of the 19th Commonwealth Gamesremoved all objections regarding the accommodation, asthe first batch of the Pakistan contingent comprising 54 ath-letes and officials left via the Allama Iqbal Airport inLahore.

“There is a remarkable improvement in the accommodation ofthe Pakistan athletes in the official village of the games. Ourfour-member delegation has taken charge of the accommo-dation,” the POA president told on Tuesday.

“The arrangements were extremely poor until Monday,but a quick action from the delegation and fine responsefrom the organisers made departure of the contingent possi-ble,” he said.

“Our shooters, tennis players and some officials will leavefor New Delhi on October 2,” he said.

Arif said the shooters and tennis players wanted to go in thesecond phase because their events would start in later stages,giving them more time to practice at home.

Pakistan has decided to compete in hockey, squash, tennis,weightlifting, wrestling, shooting and boxing. In the last editionheld in Melbourne, Australia, Pakistan grabbed five medals (onegold, three silver and one bronze).

Pakistan’s hockey team is included in Pool A, along withAustralia, Malaysia, India and Scotland. Pakistan will play theirfirst Hockey match on October 5, against world championsAustralia.

11Thursday, September 30, 2010

International & Continuation

BRUSSELS: The EuropeanCommission proposed toughersemi-automatic sanctions onWednesday on euro zone countriesthat breach EU budget rules, astrade unions staged strikes andprotests against austerity measures.

Spain's first general strike foreight years disrupted public trans-port and some factories but seemedunlikely to make Socialist PrimeMinister Jose Luis RodriguezZapatero back down on wage cuts,spending curbs, pension and labourmarket reforms.

The European Trade UnionConfederation said at least 100,000people were due to join a pan-European protest march in Brusselsbut analysts said the actions weretoo small and disjointed to swaydebt-laden governments obliged tocut public deficits.

Under pressure from investors

who fear another Greek-stylemeltdown, Ireland was preparingto announce a massive bill forrescuing stricken Anglo IrishBank, while government andopposition leaders in Portugalwrangled over spending cuts andtax hikes to narrow that country'syawning deficit.

European Commission PresidentJose Manuel Barroso said the situa-tion in his native Portugal was seri-ous and the government had tostick to its fiscal targets.

"Portugal has to show responsi-bility," he said, adding that marketsbelieved the government was"shilly-shallying".

The European Union executiveoutlined plans to prevent any repeti-tion of Greece's debt crisis by mak-ing repeat deficit offenders deposit0.2 per cent of their gross domesticproduct with Brussels.-Reuters

EU unveilsdeficit sanctionsas unions protest

BEIJING: Chinese manufacturingis regaining some of its usual vigourafter slowing in the first half of 2010as the government reeled in creditand battled to deter speculative prop-erty investment.

A rise in HSBC's China PurchasingManagers' Index to a five-month highin September pointed to renewed,though moderate, momentum in thevast industrial sector that is the back-bone of China's economy.

The index, which is designed to pro-vide an early indication of conditions,rose to 52.9 from 51.9 in August, main-

ly reflecting stronger gains in outputand new business.

A reading above 50 indicates expan-sion on the month; a figure below 50denotes contraction.

"Overall, manufacturing industry isrecovering well, with domesticdemand reviving and inventoriesfalling," said Sun Wencun, an econo-mist with CITIC Securities in Beijing.

The sub-index for new orders rose to54.4 in September from 52.7 in Augustand new export orders climbed backinto positive territory after three monthsbelow the boom-bust line. -Reuters

China industryrebounds, HSBC

PMI at 5-mth high

CONTINUATION

to reduce the deficit. A widening fiscal deficit increases aggregate demand and fuels inflation. Thegovernment has borrowed 220 billion Pakistani rupees ($2.55 billion) from the central bank from July1 to Sept 24, missing the target of zero net borrowing from the State Bank of Pakistan. The central banksaid GDP growth could fall to 2.5 per cent in fiscal year 2010/11, compared with the original target of4.5 per cent. Inflation for the fiscal year ending June 30 could be between 13.5 per cent and 14.5 percent, compared with the original target of 9.5 per cent. The central bank in July had raised its benchmarkrate for the first time since November 2008, citing "risks to the inflation outlook" after the governmentincreased power tariffs. Analysts had earlier made a long term prediction that there would be a 50 to 100basis point increase in the rate. This hike also follows after a recent forecast by the Asian DevelopmentBank (ADB) which predicted a tepid economic growth of 2.5 per cent in fiscal year 2010-11 comparedto the target of 4.5 per cent because of the massive flooding and its impact on all sectors.

Continued from page 1No #12

clear it is not eager to take over the government, as it has many times before, military officials andpoliticians said. But the government's performance since the floods, which have left 20 million peoplehomeless and the nation dependent on handouts from skeptical foreign donors, has laid bare the deepunderlying tensions between military and civilian leaders. In a meeting on Monday that was played onthe front page of newspapers, the army chief, Gen Ashfaq Parvez Kayani, confronted the president andhis prime minister, Yousuf Raza Gilani, over incompetence and corruption in the government.

According to the press and Pakistani officials familiar with the conversation, the general demand-ed that they dismiss at least some ministers in the oversized 60-member cabinet, many of whom facecorruption charges. The civilian government has so far resisted the general's demand. But the meet-ing was widely interpreted by the Pakistani news media, which has grown increasingly hostile to thepresident, as a rebuke to the civilian politicians and as having pushed the government to the brink.

Continued from page 1No #13

Pakistan Muslim League (Nawaz) for debate in the House. As per details, the move was presentedby PML-N MNA, Khawaja Saad Rafique here Wednesday during NA Session while State Ministerfor Foreign Affairs, Malik Ammad also favored the motion upon which the Lower House unanimous-ly approved the move. On the occasion, Opposition Leader Chaudhry Nisar Ali Khan lauded the pos-itive attitude of the government despite strong criticism of the opposition side. However, this con-structive initiative by the government regarding adjournment motion has set a good example. Headded that adjournment motion regarding journalist Umar Cheema should also be discussed. -Online

Continued from page 1No #14

The CEES, on the other hand, allows the companies having no assets or liabilities and not carryingon any business, to avail themselves of easy dissolution facility without undergoing the cumbersomewinding up procedure. Today is the last date of the final phase of the schemes. Inactive companiesare advised to take advantage of the schemes by either regularising themselves through filing of theiroverdue returns under the CRS or strike their companies off the register under the CEES. After theclosing of the schemes, strict action shall be taken against the defaulter companies. -Agencies

Continued from page 1No #15

SBP issued circulars from time to time and such people were succeeded in getting loans. The per-sons who got their loans written off did not appear before the bench during the last three years to claimthat they had got their loans waived off legally for the reasons that these circular served their interests.Further hearing was adjourned till October 20. At the outset of proceedings, Syed Iqbal Haider, coun-sel for SBP, said that it had not written off loans or passed nay directive to commercial banks.

They only laid down guidelines and their board of directors had to take decisions, he added. Hesaid bad loans/irrecoverable loans as defined in Circular 29 of October 15, 2002, were allowed to bewritten off by the banks/NBFIs themselves with the express approval of their respective Boards orDirectors or their nominated/designated authority/committee. The Chief Justice told him that thetool was laid down by the SBP which was responsible for it. Justice Tariq Parvez remarked that therewas no law to declare a defaulter ineligible forever for further loans. Iqbal said that during his tenureas senator he had moved a bill seeking such legislation but it was not favoured. He said the com-mercial banks allowed writing off such a huge loan.-APP

Continued from page 1No #16

group PPP (patriot), whose chairmanship he held, during the Musharraf era.During PPP's tenure, he also held various portfolios, while such renowned personalities like

President Asif Ali Zardari, PM Yousuf Raza Gilani, Chaudhry Shujaat, Pervez Elahi, ChairmanSenate Farooq H Naek, Speaker NA Fehmida Mirza, and other political leaders have expressed theirdeep sorrow over his demise. -Agencies

Continued from page 1No #17

all forums, a system needs to be evolved to inform and warn, in advance, the women and the chil-dren about the risks involved in case of non-evacuation of their areas during any natural disasters,on one hand, and to take care of their special needs during any such situation. -NNI

Continued from page 1No #18

how we provide assistance, unless we look at those basic simple things, like are they running theircountry in ways that give us confidence that our resources will be used well, we should not befinancing them at this level," Geithner said. -Agencies

Continued from page 1No #19

during the meeting matters related to Constitution and law were discussed.Sources told that both President and Babar Awan agreed to keep their old stance in the court

regarding president immunity and restoration of Swiss cases when it meets in October 13 and BabarAwan briefed the President on all legal modalities.The government would continue to press forPresident's immunity and no letter would be written to Swiss authorities regarding reopening ofcases against the president, sources told. President said that we respect the judiciary and we wouldimplement the court verdict in line with the constitution and law. -Online

Continued from page 1No #20

including large number of secretaries have occurred due to lackluster performance as some of thesecretaries failed to achieve targets hence were transferred in this regard. -Online

Continued from page 1No #21

He said that they should see that tightening of monetary policy haven't benefited in the last twoand a half years and in my opinion Government of Pakistan bears loss due to increasing discountrates. He also said that this will increase the unemployment.

He said that market would react negatively for about 1-2 sessions but then it will recover due toattractive valuations. Chairman Arif Habib Group, Arif Habib also opposed the decision saying it isnot a good decision on aspect of growth and business point of view but excessive government bor-rowing pushed the central bank to do so. He said that we would see some initial negative reactionin the market today. Director Karachi Stock Exchange, Abid Ali Habib said that it is a discouragingstep for the stock market however market participants were mentally prepared for it therefore wewould not see its reaction in the market.

Continued from page 1No #22

Sources say that President stressed on General Khalid ShameemWynne to put in extra efforts and weigh in with sheer hard workfor the defense and sovereignty of Pakistan and Pakistan Army.

He said that undoubtedly Pakistan Amy is the best in the worldas it is equipped to tackle any natural calamity like we saw in thecase of one of the worst floods in the history of Pakistan. He fur-ther added that we are proud to have such an Army adding it hassaved numerous lives, sources concluded. Meanwhile CJCSCdesignate General Khalid Shameem Wynne also called on PrimeMinister Yousuf Raza Gilani According to sources, the PrimeMinister felicitated the new CJCSC and expressed hope that hewould carry out his responsibilities in an amicable manner andwould work for the betterment of the armed forces. -Online

Continued from page 12No #1

Maulana Fazalur Rehaman assured the Prime Minister of theircomplete support in the coming phases of rehabilitation and recon-struction. He apprised the Prime Minister on the latest situation inthe flood hit areas of Khyber PakhtoonKhawa andBalochistan.Other members of the delegation included Minister forTourism Maulana Attaur Rehman, Minister for Housing and WorksRehmatullah Kakar and Deputy Speaker Balochistan AssemblySyed Matiullah Agha. Minister for Labour and Manpower SyedKhursheed Shah was also present during the meeting. The PrimeMinister said that standing crops spreading of millions of acreswere washed away causing a loss of billions of rupees.

He said that agricultural sector forms the lynchpin of the econ-omy and the government is taking urgent measures to rehabilitatethis important sector. He said government is seriously consideringfree supply of seeds and fertilisers to farmers in the affected areasin this regard. The Parliamentarians apprised the Prime Ministeron the situation of flood affected areas they have visited. Theyappreciated the government efforts in the timely provision ofrelief goods to the flood affected people. -Online

Continued from page 12No #2

He said that negotiations between both the countries were taskedin accordance of eight point agenda that included peace and stabil-ity in the region, peaceful solution of Jammu Kashmir, Siachin andSir-Creek, Wooler barrage, elimination of terrorists and drug ped-dlers from both the sides, economic and trade cooperation betweenboth the countries and friendly visits from both the sides.

After the Mumbai terrorists' attacks on November 26, 2008 Indiapostponed composite dialogues process with Pakistan and during themeeting between the Premiers of both the countries at the venue of16th Saarc Conference in Thimpu on April 29, 2010 both the lumi-naries agreed to restart dialogues process between both the coun-tries, Malik Imdad Said. While Ministry of Railways informed thehouse that Pakistan Railways owes $317 million to America that wastaken for repairing of dysfunctional railway engines and bogies.

The ministry stated that within next three years, they have sug-gested to lay down new railway track from Sahiwal to Raiwind(127 Kilometre), Shahdra-Bagh-Faislabad, 135Km, Shahdra-Bagh-Lals Musa, 125 Km, Lala Musa-Chaklala 151 Km, Gola toPeshawar 159 Km and Sahiwal to Raiwind Section 127 Km andtwo way railway track would be installed at these routes. FederalMinister for Food and Agriculture Nazar Muhammad Gondal dur-ing question hour informed the house that the government hasbeen seeking arrangements to enhance production of pulses, mil-let, sunflower and sugarcane in the country and the governmenthas initiated Benazir Tractor scheme to provide tractors and agri-cultural machinery to the cultivators at subsidized rates.

While parliamentary secretary of health ministry informed thehouse that the federal government has established 13 free of costmedical centers in public and private hospitals to facilitate the AIDSpatients and the health ministry has also initiated an awareness cam-paign on AIDS. The ministry also informed that AIDS medical cen-ters have been established in the federal capital at HIV Treatmentand Care Centre PIMS, Mayo and Services Hospital Lahore,Shaukat Khanum Hospital, Jinnah Hospital Lahore and DHQHospital Sargodha, while AIDS medical centers in Sindh have beenestablished at Civil Hospital Karachi, Indus Hospital, Aga Khan

Continued from page 12No #3

ministers. We will be delighted to have foreign ministers. AndForeign Minister Qureshi is most welcome to witness some of thegames at least, and they again give us a chance to have, to continuethe dialogue," he said. "Pakistan's Foreign Minister had also notedthat Islamabad had sent "some suggestions" through diplomatic chan-nels to New Delhi about these talks. Without going to specific detailsabout these "suggestions," Qureshi had said that he was awaiting aresponse from the Indian side. When asked if the suggestions givenby Pakistan were conditions for talks, Qureshi told NDTV, "No no, Idon't believe in conditions. I don't believe in any preconditions, butthe issues that are outstanding are known to everyone.

"When asked what these issues are, Qureshi replied, "Kashmiris a burning issue. It has been on the negotiating table. It has beenon the UN agenda. It has been part of the composite dialogue. AndIndia and Pakistan have agreed to talk about it. Siachen is anissue, it is under discussion." "What I have been suggesting is thatengagement is in the interest of both countries. I am an advocateof good neighbourly and peaceful relations recognising the factthat there are outstanding issues. We have agreed to resolve themthrough peaceful means. The way out is engagement, dialogue,consultations," he added. -Online

Continued from page 12No #4

On Sept 26, a senior al Qaeda leader, identified as Shaikh al-Fateh, also known as Shaikh Fateh al-Masri, was believed to havebeen killed, intelligence officials said. There have been 21 strikescarried out by the remotely piloted drones in September, the high-est number in a single month. "As we have repeatedly said, weknow al Qaeda wants to attack Europe and the United States. Wecontinue to work closely with our European allies on the threatfrom international terrorism, including al Qaeda," US intelligencechief James Clapper said in a statement.

One US official said militants in Pakistan were "constantly"planning attacks in the region and beyond, and the United Stateswould react to that. "It shouldn't surprise anyone that linksbetween plots and those who are orchestrating them lead to deci-sive American action. The terrorists who are involved are, aseveryone should expect, going to be targets. That's the wholepoint of all of this," the official said. -Reuters

Continued from page 12No #5

Chairman PPL, Hidayatullah Pirzada and directors on the boardof PPL were also present on the occasion. "Currently, we arespending four billion rupees per annum on exploration activities.This amount will be enhanced significantly as we are building upour reserves by retaining our profits. This amount will be used forour ambitious exploration plan," he added.

Rehman said that PPL will go for partnership if the governmentallowed the company for the joint venture.Responding to a question, hesaid that corporate circular debt has also affected the profitability of thecompany and the total receivables have touched Rs20 billion. -APP

Continued from page 5No #6

Foreign funds have poured in nearly $18 billion so far in 2010,and could well post a new record. They had pumped in a record$17.5 billion in 2009. "We, as long-term investors, are not too excit-ed or too worried. We would continue to be invested," saidShanbhag. Mahindra Satyam notched a 0.1 per cent gain in choppytrade, as investors awaited its review of audited results for fiscalyears 2009 and 2010. Larsen & Toubro shed 0.6 per cent after gain-ing 2.6 per cent over four sessions. Sun Pharmaceutical Industriesrose 1.7 per cent to 2,002.15 rupees after the drugmaker said onTuesday it got tentative US FDA approval for generic version ofSanofi Aventis' Rilutek. Indosolar listed at 29.80 rupees, 2.8 percent higher than its issue price of 29 rupees, on the Bombay StockExchange. The stock erased all of its gains and closed 23.70 rupees.Total 82.9 million shares of Indosolar traded on Wednesday, fol-lowed by Mahindra Satyam 12.5 million shares, and ShreeAshtavinayak 11.3 million shares. ($1= 45 rupees) -Reuters

Continued from page 5No #7

longer-term outlook for the benchmark was poor, given the dollar's persistent weakness, and resist-ance around 9,660 -- the upper level of the Nikkei's Ichimoku cloud on daily charts -- would hold.

Exporters rose, with Canon Inc rising 1.7 per cent to 3,945 yen and Sony Corp up two per cent at2,645 yen. Elpida Memory Inc surged 8.1 per cent to 985 yen after the company said it would startmass production of advance DRAM chips in December, putting it ahead of bigger rival SamsungElectronics in technology. Nintendo Co turned negative and fell 3.7 per cent to 23,010 yen after thegame maker said its launch of a 3D-capable version of its DS handheld game console would be inFebruary in Japan and March in the United States, missing the crucial holiday season. -Reuters

Continued from page 5No #8

However, later in the day State Bank in its monetary policy statement increased the key discount ratesby 50 bps to 13.5 per cent. After a long time foreign investors were mainly on the selling side. Accordingto NCCPL, there was a net foreign selling of $0.57 million on Wednesday. On the local side, banks dida net buying of $3.75 million while individual investors and companies did a net selling of $1.79 and$0.88 million respectively. Investor participation remained on the lower side throughout the session as46 million shares traded in the overall market, which were 40.7 million shares less as compared to aturnover of 86.7 million shares a day earlier. Despite a positive close most of the scrip ended negative.Out of total 385 active issues, 192 declined and 172 advanced while 21 issues remained unchanged.

Continued from page 5No #9

economy may contract again eased, and more recently on hopes the Federal Reserve would take extrasteps to lift the economy. Hewlett-Packard Co rose 2.5 per cent to $42.68 after the computer and print-er maker forecast 2011 profits above estimates.Family Dollar Stores Inc gained 2.5 per cent to $44.44after the discount retailer recorded upbeat profits and issued a bullish outlook. On the downside, GreenMountain Coffee Roasters Inc slid 15.5 per cent to $31.29 after disclosing a regulatory inquiry into itsaccounting practices. Over the past several sessions, near-term resistance for the S&P 500 appeared tobuild near 1,150, and a break above that could draw more investors into both equities and options, saidScott Fullman, director of derivative investment strategy at WJB Capital Group in New York.

Instinet's Schlitz said 1,150 is "a fair checkpoint," as it corresponds to January highs. But he saidthere is little strong resistance for the S&P before the 1,175 area. -Reuters

Continued from page 5No #10

market with no real overall direction, and the worry at the moment is this debt crisis in Europe,"David Jones, chief market strategist at IG Index, said. Drug stocks also fell back, with AstraZenecathe worst off, down 1.9 per cent after RBS cut its rating for the drugmaker to "hold" from "buy."

The broker said that "after a strong run of positive clinical news flow ... many share price drivershave played out." Vedanta Resources was the biggest FTSE 100 faller, down 4.3 per cent, after itsSterlite Industries unit was ordered by a court to shut its Tuticor copper smelter in south India.

"The problem at the moment is that there's been no real major economic news for the markets tohang their hats on," IG Index's Jones said, adding that US September non-farm payrolls, due onOctober 8, should provide fresh direction. "I know (the US mortgage market index) has come inlower than expected, but I would imagine that given the doom and gloom out there, then (peoplehave) priced in a really bad number and (they) are quite happy with the way things are going," YusufHeusen, senior sales trader at IG Index, said.-Reuters

Continued from page 5No #11

Hospital, and Larkana Hospital. In Khyber Pakhtunkhwa these cen-ters have been established at HMC Peshawar, HIV treatment centreKohat and in Balochistan HIV treatment centers have established atBolan medical complex Quetta. -Online

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NEW YORK: Expectations ofa bilateral meeting between theforeign ministers of India andPakistan on the sidelines of theUN General Assembly havebeen dashed with a war ofwords breaking out betweenthe two sides.

"I am genuinely disappointedover the unacceptable refer-ences made by the PakistaniForeign Minister in his addressat the United Nations GeneralAssembly (UNGA). Pakistanis a country that has enormousinternal challenges confrontingit. Such unsolicited remarkscannot divert attention fromthe internal problems they arehaving," Indian Foreign

Minister SM Krishna said,speaking at a meeting of theAsiatic Society, soon afterQureshi's speech at the UNGA.

Krishna also said Pakistan istrying to "deflect attention" byusing "Kashmir as aploy.""There is a pattern andthe pattern you know is when-ever things big are happeningin India, they try or in otherwords distress over takes themand they try to divert people'sattention by using Kashmir as aploy and this is the way theyhave gone on in the last 60years."

Speaking at the UNGA, thePakistan Foreign Minister hadraised the issue of Kashmir

again."The Jammu andKashmir dispute is about theexercise of the right to self-determination by the Kashmiripeople through a free, fair andimpartial plebiscite under theUN auspices. Pakistan viewsthe prevailing situation in theIndian Occupied Kashmir withgrave concern," he had said.

But India has left the windowopen for possible talks in NewDelhi by extending an invitationto Qureshi for theCommonwealth Games in Delhi.

Speaking to NDTV, SMKrishna said this could give achance for talks."Well we willcertainly invite all foreign

See # 4 Page 11

Krishna spits fire atQureshi on UN front

ISLAMABAD: Special Committee hasdirected the NAB authorities to providea detailed list of cases, their currentposition and the money recovered fromthe defaulters.

A meeting of the special committeewas held at the Parliament HouseWednesday to examine the cases initiat-ed by NAB to victimise people for polit-ical reasons and to ascertain the currentposition of the total amount recoveredand reward given to the employees ofNAB.

The meeting was presided over by itsconvener and Leader of the House in theSenate Syed Nayyer Hussain Bukhari.

The committee expressed its displeas-ure on the sketchy details by the NAB

and directed the authorities to provide adetailed list of cases, their current posi-tion and the money recovered from thedefaulters. It also directed the NAB toprovide break up of the money that hasbeen distributed as reward among theNAB employees. It also asked for moneyreturned to the affectees of Double Shahcase including also the name of the bankwhere this money is parked and the inter-est being received on it.

The meeting was attended amongothers by senators Dr Abdul Malik,Gul Muhammad Lot and senior offi-cial of NAB and Law ministry.Special Secretary Senate IftikharullahBabar was also present on the occa-sion. -Online

NAB tasked withdefaulters’ details

ISLAMABAD: Interior MinisterRehman Malik stated that the govern-ment is seriously deliberating over com-plete elimination of target killing fromthe country while Pakistan would raiseissue of violation of Pakistani territoryby Nato, in session of TripartiteCommission.

Talking to reporters outsideParliament House here on Wednesday,Rehman Malik said that the governmentis taking serious steps for elimination ofincreasing incidents of target killing inthe country.

He reiterated that no country wouldbe allowed to violate Pakistani territorywhile after complete investigation ofviolation of Pakistani boundary territo-ry by Nato, issue would be raised incoming meeting of TripartiteCommission.

He said that Pakistan has also sum-moned Afghan ambassador and USambassador to condemn the violation ofPakistani territory.

He further said that defense and sta-bility of the country would not be com-promised at any expense. -Online

Pakistan to raise Natointrusion at int’l forum

ISLAMABAD: PrimeMinister Syed Yousuf RazaGilani has said that the govern-ment has devised a comprehen-sive short-, medium- and long-term strategy for sustained eco-nomic growth in the country.

The Prime Minister was talk-ing to the Parliamentarianswho called on him at hisParliament House Chamberhere on Wednesday.

He said that the restructuring ofailing public sector enterprises isat the top of government eco-nomic priorities so that theycould be converted into profitearning institutions. He urged thepublic representatives to focustheir energies on the uplift of

their respective areas and bringin innovative ideas for launchingprojects of public utility.

While talking to a delegationof JUI (F) headed by its AmirMaulana Fazalur Reham whocalled on him at his ParliamentHouse Chamber, PrimeMinister assured that theaffected population would notbe left alone and every possiblestep would be taken to rehabil-itate them as soon as possible.

He said that projects andpublic spending are beingreprioritised in order to fix thetargets that would ultimatelycontribute toward the wellbe-ing of the affected population.

He added that the govern-

ment's finance team has beenworking day and night to sortout viable economic policy inthe wake of the situation thathas emerged out of the devas-tating floods in the country.

Gilani said Pakistani nationhas the will, capacity and com-mitment to face challenges likethe one which has engulfed theone fifth land mass of thecountry in the shape of floods.

He said that although thecatastrophe was huge, theresolve to convert it into anopportunity and build betterPakistan is being pursued bythe government with full deter-mination and devotion.

See # 2 Page 11

Tending sick PSEs toprecede anything: PM

WASHINGTON: US in itsclear-cut message to India saysthat if the country wants toclinch membership of UnitedNations Security Council(UNSC) it has to first solve theissue of Kashmir.

US administration is serious-ly pondering over the supportto India's candidature forUNSC membership in lieu ofresolution of Kashmir issue,according to media reports.

An Afghanistan-PakistanStudy Group (APSG) was alsoproposed to keep vigilance onwar in Afghanistan.

"President Obama's strategyfor dealing with Afghanistan

and Pakistan always needed aKashmir component to suc-ceed; that need is becomingmore urgent and obvious now.His trip to India in Novemberwill be a key to addressing it,"Bruce Riedel, author of theObama administration's AfPAkstrategy, said in a commentarythis week.

The broad message will bedelivered by the PresidentBarak Obama during hisupcoming visit in November toNew Delhi, preparation forwhich is in full swing inWashington DC.

Key administration officialsare confirming that the UNSC

issue will be on Obama's agen-da when he visits New Delhi.

The clearest insight intoObama's thinking on the matteralso comes from BobWoodward's latest book"Obama's War" in which topUS policy makers are shownmulling on defusing theKashmir situation as part of anexit strategy for US from theAfPak theater. "Why can't wehave straightforward talks withIndia on why a stable Pakistanis crucial?" Obama is reportedas musing at one meeting.

"India is moving toward ahigher place in its global pos-ture. A stable Pakistan would

help." Implicit in the ruminationis the idea that settling Kashmirwould mollify Pakistan, where,US officials say, hardliners areusing the unresolved issue as anexcuse to breed an army of ter-rorists aimed at bleeding India.But that is easier said than done.

"India cannot become a glob-al power with a prosperouseconomy if its neighbor is aconstant source of terror armedwith the bomb. A sick Pakistanis not a good neighbor," saidRiedel.

"He will have a chance towork this subtly when he visitsIndia in November," he says.

To be patterned on a similar

arrangement for Iraq, the pro-posed APSG would bring"fresh eyes" to the war effort inAfghanistan, saidCongressman Frank Wolf.

As the original author of asimilar Iraq Study Group, Wolfbelieves the creation of anAPSG would help clarify theUS mission, goals and objec-tives for success inAfghanistan.

Woodward writes: "Even atthe end of the process, thepresident's team wrestled withthe most basic questions aboutthe war, then entering its ninthyear: What is the mission?What are we trying to do?

What will work?"These are sobering ques-

tions - but they are questionsthat must be answered and theAfghanistan-Pakistan StudyGroup is just the means toarrive at these answers in away that honours our men andwomen in uniform," he wrote.

In his letter, Wolf said:"Frankly, I've been deeplytroubled by Woodward'sreporting which indicates thatdiscussions of the war strategywere infused with political cal-culations. An Afghanistan-Pakistan Study Group couldhelp redeem what was clearly aflawed process." -Agencies

De-conflict Kashmir toenter UNSC, US tells India

ISLAMABAD: Army on Wednesdaydismissed as "very speculative" mediareports that this month's upsurge in USdrone strikes on Islamist militants in thecountry's northwest sought to disruptattacks on European cities.

Sky News on Tuesday reported thatmilitants based in Pakistan were plan-ning simultaneous strikes in Londonakin to the 2008 militant assault onMumbai as well as attacks on cities inFrance and Germany.

It said a month of strikes by pilotlessdrone aircraft focused on NorthWaziristan region, in which more than100 militants were killed, was intendedto disrupt the plot.

Military spokesman Major GeneralAthar Abbas told Reuters: "We don't

have any information or intelligencethat militants had gathered there (inNorth Waziristan) and were plottingattacks. There is absolutely no intelli-gence on that."

"Basically it's very speculative," hesaid of the Sky News report. "It's a veryspeculative story. It does not quote anycredible source."

US security officials said they couldnot confirm that a plot had been disrupt-ed. But they said they believed that thethreat of a plot or plots remained.

While no senior-ranking militantswere reported killed, intelligenceofficials say a number of others ofdifferent nationalities are believed tohave died.

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Army junks Europeterror attack plot story

Pak, India canonly ‘talk’ the‘thorns’ out,says minister

ISLAMABAD: Pak-India nego-tiations are being designed oneight point agenda as all the con-cerning issues between both theneighboring countries could besettled only through dialoguesand bilateral relations betweenPakistan and Afghanistan werealso moving ahead of miscon-ceptions, the upper house wasinformed during question hourhere on Wednesday.

State minister for foreign affairsinformed the House during 'ques-tion hour' that Pakistan aimed atsettlement of all the concerningissues between India and Pakistanthrough peaceful dialogues.

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HC says UKstands byPakistan

KARACHI: The BritishHigh Commissioner, AdamThomson pledged that the UKwould stand by Pakistan as ittakes its first steps towardsrecovery since the floods firsthit the country just over twomonths ago.

He made these remarksafter he visited an IDP campin Kemari town onWednesday, where he tookthe opportunity to see firsthand the impact of the floods,according to the British HighCommission.

Adam Thomson highlightedthat the UK was one of thefirst and most generous coun-tries to respond to this crisishaving committed a total of£134 million (nearly 18 bil-lion rupees) towards the reliefefforts, while the UK publichad generously donated a fur-ther £56 million (approxi-mately 7.5 billion rupees.) .

Adam Thomson said: "Wewill stand by Pakistan helpingits people affected by thefloods in anyway we can,both at this critical lifesavingtime and longer term as workbegins to rebuild people'shomes, jobs, farms, schools,and bridges.

This is why I am meetingwith Pakistani and Britishbusiness leaders later today toidentify ways in which theUK can help support recon-struction efforts in Pakistan.Through building on ouralready strong business linkswe can create opportunities tohelp the long term economicrecovery of the country.

The UK, led by our PrimeMinister David Cameron, hasbeen instrumental in backingPakistan's cause to gaingreater access to EU markets.We will continue to be achampion for Pakistan toensure the EU delivers on itscommitments."

During his visit to Karachi,Adam Thomson also met withthe governor of Sindh and theProvisional DisasterManagement Authority(PDMA). -Online

President,PM greet

new CJCSCISLAMABAD: President AsifAli Zardari and Prime MinisterYousuf Raza Gilani have sepa-rately felicitated ChairmanJoint Chiefs of Staff Committee(CJCSC) designate GeneralKhalid Shameem Wynne on hispromotion.

Chairman Joint Chiefs ofStaff Committee (CJCSC) des-ignate General KhalidShameem Wynne onWednesday called on PresidentAsif Ali Zardari at thePresidency.

According to the Spokesmanof Presidency, President felici-tated General KhalidShameem on his promotionand being appointed asChairman Joint Chiefs of StaffCommittee.

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