Gulf stock markets rise after global uptick

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1 CHINA S CIC TO POUR 2.9BN INTO GDF SUEZ EXPANSION ALEX CARRE NEW GLOBAL HEAD OF CBQ INVESTMENT BANKING Bullion Market GOLD PERCENTAGE PERCENTAGE 1, % % Crude oil USD / BBL SILVER PERCENTAGE BRENT % WTI % PAGE 22 IN THE PIPELINE PAGE 23 BOTTOMLINE BUSINESS ETHICS If you don t have integrity, you have nothing. You can t buy it. You can have all the money in the world, but if you are not a moral and ethical person, you really have nothing. HENRY KRAVIS Please send all press releases, coverage requests and invitations regarding business events meant for Qatar Tribune to qatar.businesseditor@gmail.com Businessline IEA trims oil demand forecast for 2011 PARIS The International Energy Agency has trimmed its forecast for global oil demand this year, saying increased evidence of economic slowdown has raised fears of a double-dip recession. The Paris-based agency said in its monthly report that global oil demand this year will be 89.5 million barrels a day on average, or 60,000 barrels a day fewer than the IEA s previous forecast. In its report on Wednesday the IEA said concerns over debt levels in Europe and the US, and signs of slowing economic growth in China and India have spooked the market and raised fears in some quarters of a double-dip recession. (PG 22) Commerzbank profit plunges 93% on Greek writedown FRANKFURT Germany s second biggest bank, Commerzbank, said on Wednesday its second-quarter net plunged 93 percent owing to a massive writedown on Greek debt but maintained its outlook for the full year. Commerzbank reported a net profit of 24 million euros ($34.4 million), down from 352 million euros in the second quarter of The bank said in a statement that it had revalued its holdings of Greek debt, resulting in a depreciation of 760 million euros, an action taken by other German banks and insurance companies in the second quarter as well. It maintained its full year outlook of an operating profit well above the figure achieved in 2010 in its core operations. In the first six months of the year, operating profit at Commerzbank s core operations leapt to 2.1 billion euros, from 1.1 billion in the same period of 2010, the statement Reaching the full-year outlook depended however on the implementation of the package of measures to tackle the European sovereign debt crisis decided on July 21, it added. () Information KIOSK Exchange Rate Currency buy QR sell QR US Euro Pound Sterling Indian Rupee Pakistani Rupee Philippine Peso Sri Lankan Rupee Bangladeshi Taka Nepalese Rupee Japanese Yen Kuwaiti Dinar Saudi Riyal Omani Riyal UAE Dirham Bahraini Dinar Source: GCC Market index change % Qatar Exchange 8, % Kuwait 5, % Bahrain 1, % Abu Dhabi 2, % Dubai 1, % Oman 5, % Saudi Arabia 6, % Source: Agencies Qatargas in talks to supply LNG to Vietnam QATARGAS is in talks to supply gas hungry Vietnam with significant amounts of liquefied natural gas, the world s leading LNG exporter said on Wednesday. The Vietnamese government has approved a plan to build a $1-billion LNG import terminal STOCK markets in the oil-rich Gulf region recovered on Wednesday as global markets were rejuvenated by the US Federal Reserve pledge to keep interest rates near zero for at least two years. The Dubai Financial Market index closed 1.15 percent up after it had bounced by more than two percent in the first 15 minutes of trading, with leading shares rising after being mostly in the red since the trading week began. DFM closed at 1, points following a wave of profit-taking sales. The shares of giant Emaar Properties closed 1.45 percent up after surging 2.91 percent in earlier trading. The property developer which built Burj Khalifa, the world s tallest tower, had seen its shares drop by 2.83 percent on Tuesday. Qatar Exchange, the second largest Arab bourse, also bounced back from the red, closing 0.7 percent up at 8, points after closing 1.76 percent down on Tuesday. In Abu Dhabi, shares closed 0.96 percent up at 2, points after opening in the green. All traded sectors were up, with energy shares jumping 2.85 percent and property shares rising 1.54 percent. The financial market of the capital of the United Arab Emirates had closed 1.34 percent down on Tuesday. Local markets have reacted to the movement in US and European markets, said Wadah Taha, chief investment officer at Al Zarooni Group in Dubai. He said that the initial surges at opening were euphoria... which takes place when the reaction is spontaneous after a series of frustrations, adding that profit-taking sales by foreign investors slowed TRIBUNE NEWS NETWORK DOHA ABOUT 40.9 percent professionals in the of Middle East save nothing from their household income, and the the biggest nonhousing expenditure is food, according to the latest online poll series conducted by the Middle East s number one job site Bayt.com. The results of the Bayt.com MENA Saving and Spending Trends poll showed that only 18.3 percent manage to save between 1-10 percent of their to handle 2-3 million tonnes a year, and Qatargas is keen to meet the south-east Asian country s growing need for power plant fuel. Qatargas recognises the potential of the Vietnamese market to absorb significant quantities of LNG in the future as Qatargas seeks to develop a longterm relationship with the pace of recovery. Foreign investors entered the market late yesterday (Tuesday) and they sold today in quick profittaking transactions, he said, adding that purchases by foreigners in Dubai and Abu Dhabi on Tuesday amounted to 166 million dirhams ($45.2 million). There was an expectation that the US Fed will come up with a positive action, he added. Taha insisted that the fundamentals in Gulf markets were strong and that the deterioration was because of panic that trickled down from global markets. Saudi shares also recovered on Wednesday, with the Tadawul All- Shares Index (TASI) increasing 1.66 percent in the first 15 minutes of trading. It traded 0.84 percent up in the afternoon at 6, points, after it closed 0.81 percent down on Tuesday. The largest Arab bourse shed 5.46 percent of its value on household income. This comes in line with the latest Bayt.com Consumer Confidence Index survey, which revealed salary increases were not keeping up with the cost of living. Poll results revealed 32.3 percent of Middle East professionals spend 21 to 40 percent of their income on rent or mortgage and 34.7 percent even more. Moreover, 66.6 percent said they do not own any home for either personal or investment purposes while as many as 10 percent own two homes or more. After housing, 40.8 percent of PetroVietnam Gas, a spokeswoman for Qatargas said, confirming a statement from the state-run Vietnamese gas company last Friday. Qatargas, one of two big exporters in the Middle Eastern country, has signed a number of long term deals this year, with buyers from Argentina to Malaysia, after boosting its export capacity. Qatar can now produce up to 77 million tonnes of supercooled gas a year and has been looking for new markets since former major importer the United States lost interest in LNG in a North American shale gas boom a few years ago. After a period of global oversupply of gas, soaring demand Gulf stock markets rise after global uptick Taha insisted that the fundamentals in Gulf markets were strong and that the deterioration was because of panic that trickled down from global markets Saturday after being the first market to feel the impact of Friday s historic downgrading of the US credit rating by Standard & Poor s. The Saudi index of petrochemical companies rose by 2.51 percent, with leading SABIC shares recovering by 2.6 percent in morning trading. But the sector reduced gains to 0.49 percent and those of SABIC dropped to 0.78 percent. Muscat Securities Market in Oman also opened positively, increasing 0.87 percent to 5, points after shedding 2.42 percent of its value on Tuesday. But it closed 0.2 percent down in the red at 5, points. Kuwait Stock Exchange closed up 0.32 percent at 5,900.8 points. It had opened in the green, trading 0.58 up percent during the day, after closing 1.25 percent down on Tuesday. Asian markets rallied on Wednesday following a bounce by US and European markets late on Tuesday after the US Fed announcement. Those gains came on the heels of a turnaround in Europe, where falls as large as six percent were reversed. London s FTSE-100 index gained 1.89 percent on Tuesday and in Paris the CAC-40 rose 1.63 percent. In Frankfurt the DAX slipped 0.10 percent. European stocks continued their rally on Wednesday as London s FTSE-100 jumped as much as 1.8 percent before reducing profits to 1.01 percent up after the Bank of England downgraded its 2011 British economic growth forecast. respondents claim that their biggest expenditure is on food, and 15.6 percent state it is on school fees. Transport, travel and clothing rack up a collective 23.6 percent of costs, with only 1.5 percent of Middle East professionals spending most on children s items the lowest percentage in this category. The current distribution of expendable income suggests that in the first half of 2011, the majority of respondents are spending on essential items only, with very little being used towards entertainment and the from new consumers in South America and Asia is likely to tighten supplies of LNG and push up prices, analysts say. Vietnam s state oil and gas group said on August 5 it hopes to start receiving LNG from Qatargas from 2013, if talks are successful, to help diversify its gas sources away from purely south-east Asian suppliers. Oil above $82 as Fed pledges low rates to 2013 AP SINGAPORE OIL prices rose above $82 a barrel on Wednesday in Asia after the US central bank said it will keep lending rates at record low levels for the next two years. Benchmark oil for September delivery was up $2.99 to $82.29 a barrel at late afternoon Singapore time in electronic trading on the New York Mercantile Exchange. Crude fell $2.01 to settle at $79.30 on Tuesday. In London, Brent crude was up $2.30 at $ per barrel on the ICE Futures exchange. The US Federal Reserve said Tuesday it plans to keep its key interest rate low until at least 2013, news that helped calm investors nervous the economy could be heading for recession. The Dow Jones industrial average jumped 4 percent Tuesday, reversing earlier losses after the Fed statement. Asian stock markets were mostly higher on Wednesday. A report showing an unexpected decline in US crude supplies also helped push oil prices higher. The American Petroleum Institute said late on Tuesday that crude inventories fell 5.2 million barrels last week while analysts surveyed by Platts, the energy information arm of McGraw-Hill Cos, had predicted an increase of 1.8 million barrels. Inventories of gasoline dropped 1.0 million barrels last week while distillates decreased 600,000 barrels, the API Oil prices have dropped about 30 percent since May and are back near where they were in January before violent political upheavals in the Middle East and North Africa threatened supplies in the oilrich region. Poor hikes depress MENA professionals savings: Survey The current distribution of expendable income suggests that in the first half of 2011, the majority of respondents are spending on essential items only, with very little being used towards entertainment and the purchase of non-essential goods AMER ZUREIKAT, VP SALES AT BAYT.COM purchase of non-essential goods, said Amer Zureikat, VP Sales at Bayt.com. When asked what they would spend extra income on if they had it, 20.2 percent of respondents stated schooling costs for their children percent said they would choose to spend any extra money on either a car or travel, with the majority of respondents (57.8 percent) stating they currently travel once a year. Only 1.4 percent of Middle East professionals said they would use the extra money to purchase more children s items.

2 22 IN THE PIPELINE IEA trims 2011 global oil demand forecast PARIS THE oil market is on a roller-coaster of uncertainty over debt, growth and political paralysis, and clouded by signs of a slowdown in China and India, the IEA said on Wednesday. The International Energy Agency trimmed its estimate for global oil demand this year by 100,000 barrels per day because of a downward revision to demand in the second quarter, high prices and slowing economic growth. The IEA, the energy monitoring arm of the Organisation for Economic Cooperation and Development, said: Concerns over debt levels in Europe and the US, and signs of slowing economic growth in China and India have spooked the market and raised fears in some quarters of a double-dip recession. From an oil market standpoint, perceived wisdom is that this must inevitably mean weaker oil demand to come. The agency also commented: Arguably, political paralysis has played a greater role in the current situation than has the financial sector. The IEA, meanwhile, raised its 2012 forecast by 100,000 barrels per day, anticipating that Japan will increase its oil consumption to compensate for the loss of nuclear-generated electricity in the aftermath of the devastating March earthquake. Japan is promoting efforts to reduce energy consumption, which the IEA estimated would fall by 4.5 percent this year. It also noted that of 54 Japanese nuclear reactors which usually cover for 27 percent of demand for electricity, currently only 16 are online. Referring to a mixture of regular maintenance on other plants and pressures of public safety and new tests, it said that without a change in policy or maintenance schedules, all 54 reactors will be offline by The International Energy Agency trimmed its estimate for global oil demand this year by 100,000 barrels per day. May It said oil was on a big dipper, with oil prices plunging $12-15 dollars a barrel in about 10 days. Warning that the outlook is very volatile, the IEA said, August has a habit of springing both geopolitical and meteorological surprises, so the big dipper ride may still have further to run. It acknowledged that its assumption of global economic growth of more than 4 percent in might seem optimistic in the present climate. Oil prices were firmer after the report was published. Brent North Sea oil for September was up $3.95 to $ per barrel and New York s main West Texas Intermediate light sweet crude contract for Saudi oil production rose to 30-year peak in July DOW JONES LONDON OPEC kingpin Saudi Arabia s oil production in July reached its highest level in three decades, averaging 9.8 million barrels a day, the International Energy Agency said on Wednesday. This is because the Saudis have stepped in to replace around 70 percent of the oil production shut down by the Libyan civil war, the IEA September was up $3.13 to $ On Chinese demand, a key issue in the last five years, the IEA said that for the first time since March 2009, China s monthly apparent demand... contracted on an annual basis, falling by 1.5 percent in June. This data, which should be treated with caution the agency said, was however in line with evidence that said in its monthly oil market report. The kingdom has increased oil output by 1.1 million barrels a day since the outbreak of hostilities in Libya, it The last time Saudi Arabia produced around the 10 million barrel a day mark was in 1981, after the Kingdom had earlier surged output to offset lost supplies from Iran following the fall of the Shah, the IEA China s economy is also slowing down. Indian demand rose by 1.8 percent in June, a notably lower rate than in the previous six months and the Indian economy has shown signs of slowing. Demand in Brazil, an oil producer, grew 2.8 percent in May but high inflation and persistent monetary tightening (represented) a downside risk to the economy. The IEA s new forecasts put demand this year at 89.5 million barrels per day, up 1.2 mbd or 1.4 percent from 2010, with 2012 rising to 91.9 mbd, up 1.6 mbd or 1.8 percent from this year. Should global economic activity slow by more than expected, however, the demand figure for this year would be cut by 0.3 mbd and next year by 1.3 mbd. The agency noted that extra supplies of oil were now reaching the market, notably because members of the Organisation of Petroleum Exporting Countries had increased supplies in order to make up for a shortfall in Libya. Another factor was that the IEA had earlier released oil from emergency stocks for 30 days to bridge a period of tightness arising from the strangling of supplies from Libya. This has been sufficient to sharply weaken prices. Lower energy input costs are well and good but not if they are achieved at the cost of another economic crisis, the IEA Surge Energy in black as output jumps CALGARY SURGE Energy climbed into the black in the second quarter as output more than doubled against a backdrop of sharply higher crude prices, the Canadian junior oil company said on Wednesday. Surge, which explores for light oil in Alberta, Manitoba and North Dakota, said it expects to end the year producing 7,500 barrels of oil equivalent a day, up 48 percent from its second-quarter average. The company earned C$3.3 million ($3.3 million), or 6 Canadian cents a share in the quarter, compared with a year-earlier loss of C$7.1 million, or 26 Canadian cents a share. Funds from operations, a glimpse into the company s ability to pay for drilling, rose 151 percent to C$11.9 million from C$4.7 million. Per share, the figure was 21 Canadian cents, up 24 percent from 17 Canadian cents Output averaged 5,051 barrels of oil equivalent a day in the quarter, up 124 percent despite an 18-day maintenance outage at the company s Valhalla South operations in Alberta and shut-in production at Waskeda in Manitoba due to wet weather and flooding in the region. China s CIC to pour 2.9bn into GDF Suez expansion PARIS FRENCH energy group GDF Suez announced on Wednesday an alliance with Chinese sovereign wealth fund CIC, which will invest 2.9 billion euros to help the company boost expansion in Asia-Pacific and China. GDF Suez confirmed the deal as it reported a 7.9 percent rise in sales to billion euros in the first-half of the year and an 8.2 percent increase in operating profit to 8.9 billion. A 23 percent drop in net profits was attributed to strong earnings in 2010 based on exceptional elements. The deal will see China Investment Corporation invest 2.3 billion euros in exchange for a 30-percent stake in the French company s exploration and production arm. CIC will also take a 10-percent stake in a liquefaction plant in Trinidad and Tobago for 600 million euros, GDF Suez said in a statement. The energy giant said it was in advanced talks with CIC to complete the cooperation agreement which although centred on Asia-Pacific will extend across multiple businesses and regions. This partnership will allow us to step up our development in Asia and China, The deal will see China Investment Corporation invest 2.3 billion euros in exchange for a 30 percent stake in the GDF Suez exploration and production arm. regions which present the strongest rate of development and the greatest energy need in the coming years, GDF Suez chairman and chief executive Gerard Mestrallet said during a telephone conference. The head of the group, which employs 11,000 in Asia-Pacific, said the agreement would also allow us to establish partnerships with other Chinese businesses. China, which mainly relies on coal energy, is beginning to turn towards gas and GDF Suez, whose production is currently anchored in the North Sea and the Maghreb, has major projects in the Asia-Pacific and Australia and in Indonesia in particular. CIC was established in 2007 to invest some of China s huge foreign exchange reserves on the global financial markets. Announcing its first-half results on Wednesday, GDF Suez said it would meet its annual operating profit (EBITDA) target of between 17 and 17.5 billion euros, excluding the effects of bad weather at the start of the year. The unfavourable weather impact on the Group s domestic markets at the end of June was estimated at 465 million euros, the company The company also warned that any rate freeze in France would adversely affect revenue for the rest of the year. The CGT labour union condemned the alliance on Tuesday as the carving up of the historic Gaz de France company. Despite a commitment to preserve an integrated group, the union said, the carving up of a historic business to finance the international development of GDF Suez is continuing. Virgin Atlantic swings to full-year profit LONDON BRITISH airline Virgin Atlantic swung to a full-year profit but said market conditions had become tougher in recent months due to higher fuel prices and weakening consumer confidence. The airline, majority owned by British billionaire Richard Branson s Virgin Group, reported a pretax profit of 18.5 million pounds ($30 million) in the year to March, compared to a loss of 132 million pounds in the same period a year ago. It said revenues grew 13 percent to 2.7 billion pounds. Virgin Atlantic, the secondlargest long-haul carrier at London s Heathrow airport, said revenues in the first quarter of its new fiscal year had jumped 7.6 percent to 658 million pounds but that recent trading conditions had become more challenging. Since the turn of the year, market conditions have become tougher with increased capacity, faltering consumer confidence and high fuel prices, Steve Ridgway, Virgin Atlantic s Chief Executive We are also seeing softer trading in the areas that are hit hardest by the continued rises in Air Passenger Duty, particularly the Caribbean routes and premium economy cabins. Whilst business traffic remains strong, demand in the economy cabin is more challenged. While air travel has picked up after the 2008/2009 global downturn, fuel costs, political unrest and a drop in traffic caused by the March 11 Japanese earthquake and tsunami are causing headaches for airlines across the world. Virgin Atlantic said revenues in the first quarter of its new fiscal year had jumped 7.6 percent to 658 million Industry body IATA last month said premium traffic had slumped because of Japan s nuclear crisis, weakening world trade and Middle East turmoil and that the soft patch could continue for the next few months. Air France and Lufthansa last month reported results battered by high fuel costs and said capacity would not grow as quickly as previously planned over the winter. In the US, shares in Delta Air Lines fell to a year low after it said fuel costs grew at a higher rate than revenue. Cathay Pacific net profit down 59% in first half HONG KONG CATHAY Pacific Airways, Asia s No 4 air carrier by market value, posted a betterthan-expected 59 percent fall in first-half net profit on soaring fuel costs and placed an order for 12 Boeing aircraft with a list price of $3.28 billion. Cathay, the dominant airline in Hong Kong, said that after an exceptionally strong 2010, this year was proving to be more challenging. High fuel prices are increasing costs and recovering them through higher tariffs may affect demand, Chairman Christopher Pratt said in a statement. Fuel costs, a key cost driver, rose 49.5 percent in the first six months against the same period last year and significantly affected profitability during the reported period, the airline Shares of Cathay have lost about a quarter of their value this year on rising oil prices and recent market volatility, triggered by Standard & Poor s credit rating downgrade of the United States. The stock eased 0.5 percent to HK$16.20 ahead of the results. But analysts said the betterthan-expected results could give the stock support. No matter the headline or bottom line, they performed well and beat regional rivals such as Singapore Airlines, said Nomura analyst Jim Shares of Cathay have lost about a quarter of their value this year due to rising oil prices and recent market volatility. Wong. Net profit dropped quite a lot but 2010 was an exceptionally good year. Regional rival Singapore Airlines in July reported an 82 percent drop in net profit to S$44.7 million ($36.7 million) for the quarter ended June 30. Cathay also announced on Wednesday that it had placed orders for four Boeing ER aircraft and eight Boeing F freighters with a total list price of $3.28 billion to replenish and expand its fleet. Boeing had granted Cathay significant price concessions for the aircraft, which are expected to be delivered between 2013 and 2016, the company Cathay reported a net profit of HK$2.81 billion ($359.9 million) for the six months ended June, down from a record of HK$6.84 billion a year earlier when it booked profit of HK$2.17 billion from the sale of investments. But the first-half earnings beat an average forecast of HK$1.5 billion from four analysts polled by Reuters. Revenue rose 13.2 percent to HK$46.79 billion, while profit margin fell 10.5 percentage points to 6.0 percent. The passenger business performed well in the first half with strong demand for premium class travel despite uncertainty in some of the world s major economies, Pratt Its cargo business performed reasonably well in the first quarter but was appreciably weaker in the second quarter. Oil hedging activities resulted in a realised profit of HK$962 million with additional unrealized gains of HK$1.2 billion being recognised in reserves, the company Hestya Energy buys refinery HAMBURG PRIVATE Dutch company Hestya Energy said on Wednesday it has signed an agreement to purchase Wilhelmshaven oil refinery in Germany, put up for sale by US group ConocoPhillips. ConocoPhillips said in July 2010 it would either sell the 260,000 barrels-a-day refinery or turn it into an oil distribution terminal as part of its strategy of cutting downstream operations and output has been stopped. No price for the deal was given. A Hestya Energy spokesman said it was planned to resume refinery operations as soon as possible but no date was being given.

3 GLOBAL ECONOMY 23 Wall Street drops on French bank worry NEW YORK STOCKS fell sharply on Wednesday, wiping out most of the previous session s gains, on fears of tumult in the French banking sector, which has significant exposure to shaky European debt. US financial stocks led the decline on worries that any French bank problems could spread to them. The KBW bank index slid 6 percent. Large financial institutions shares sank, including Bank of America Corp, down 7.2 percent at $7.05. French banks shares tumbled in Paris trading even after a Societe Generale spokeswoman denied rumors of trouble. Societe General, where US traders have Traders work on the floor of the New York Stock Exchange on Wednesday. () focused their attention, fell 14.7 percent and BNP Paribas dropped 9.5 percent. You ve already had situations in Greece, Spain has been in there, Portugal, and now if you are talking about France, which because it s a bigger economy, it probably generates more concern on a comparison basis, said Gordon Charlop, managing director of Rosenblatt Securities in New York. So there are investors who are a little bit more cautious about European financials and that translates into financials here. Stocks rallied on Tuesday after the Federal Reserve promised to keep interest rates near zero for at least two more years. The S&P 500 index had its best performance in more than two years. Investors are kind of pondering Bernanke s message and are probably looking for something more than they got. They might be selling into the meeting that he is having at Jackson Hole that could be part of it, too, Charlop The Fed chairman is due to give his yearly speech at the Jackson Hole, Wyoming, meeting at the end of August. The Dow Jones industrial average dropped points, or 3.23 percent, to 10, The Standard & Poor s 500 Index lost points, or 3.08 percent, to 1, The Nasdaq Composite Index fell points, or 2.82 percent, to 2, The CBOE Volatility Index shot up 19.1 percent. Earlier, the VIX had climbed slightly more than 20 percent, representing the third session in the last five that the index has jumped at least 20 percent. Walt Disney Co was among the Dow s worst performers, tumbling 9.6 percent to $31.38 a day after the company s quarterly results failed to reassure investors that the entertainment company could do well in a weak US economy. Even after Tuesday s snapback rally, the S&P 500 is down nearly 17 percent since its 2011 closing high set on April 29. Worries about the US economy and high levels of public debt in Europe have sent stocks cascading down sharply over the last two weeks. S&P balks at SEC move on rating errors WASHINGTON STANDARD & Poor s, whose unprecedented downgrade of US debt triggered a worldwide stocks sell-off, is pushing back against a US government proposal that would require credit raters to disclose significant errors in how they calculate their ratings. S&P, which was accused by the Obama administration of making an error in its calculations leading to Friday s downgrade, raised concern about the proposed new corrections policy and other issues in an 84-page letter to the Securities and Exchange Commission, dated August 8. The 517-page proposal includes a requirement that ratings agencies post on their websites when a significant error is identified in their methodology for a credit rating action The SEC is weighing sweeping new rules designed to improve the quality of ratings after their poor performance in the financial crisis. The 517-page proposal includes a requirement that ratings agencies post on their websites when a significant error is identified in their methodology for a credit rating action. The letter was sent three days after the Treasury Department accused S&P of miscalculating by some $2 trillion the US debt in the next 10 years. That calculation was in a draft press release announcing a downgrade in the government s credit rating from AAA to AA-plus. S&P vehemently denied it had made an error, but acknowledged that it changed its long-term economic assumptions after discussions with the Treasury Department. It switched to another economic scenario that resulted in a debt load $2 trillion smaller by But it said that did not affect its decision to downgrade the US debt. S&P s criticism of the significant error proposal is part of a broader concern that the SEC s reforms prompted by the Dodd- Frank financial oversight law could give the US government undue influence over its ratings decisions. S&P in particular is facing a tense relationship with Washington. Its downgrade sparked a backlash from Administration officials and lawmakers from both sides of the aisle. A Senate Banking Committee aide on Monday said the panel has begun looking into S&P s decision to downgrade the US credit rating. The SEC s proposal, issued in May, contains a wide range of provisions, including requiring credit raters to disclose more about their internal controls, to protect against conflicts of interest, and to reveal more about their rating methods. But one issue that really rubbed Standard & Poor s the wrong way was the proposed requirement that raters disclose when a significant error is identified in a procedure or methodology and especially, who should define what that is. The SEC s proposal asks questions about whether the SEC should define the term significant error. If the commission were to define the term significant error... we believe it would effectively be substituting its judgment for the credit-rating agency s, S&P President Deven Sharma said in the letter. He said S&P s own error correction policy has proven to be effective and, where errors have occurred, our practice of reacting swiftly and transparently has benefited the market. Barbara Roper, director of investor protection for the Consumer Federation of America, said that policy has proven inadequate. What was their correction policy on their Enron rating? What was their correction policy on their Lehman rating? What was their correction policy on their Bear Stearns rating? They don t have an error correction policy they have an error denial policy, and the SEC is absolutely right to step in, Roper McGraw Hill s Standard & Poor identifies numerous issues with the SEC s proposal, including concerns about competition and that rules are consistent globally. HSBC sells $30bn card portfolio HONG KONG HSBC is selling its US credit card arm to Capital One Financial Corp in a $32.7 billion deal as Europe s top bank streamlines its mammoth operations. It marks the second major deal in the United States for cards specialist Capital One, which said it was paying a $2.6 billion premium over the value of the loans. For HSBC, it is part of a radical overhaul to save $3.5 billion by new chief executive Stuart Gulliver. This sale frees up capital and it shows that Stuart Gulliver is executing on the priorities that he s laid out, said John Wadle, an analyst with Mirae Asset Management. The price the business fetched was somewhat disappointing, but it shows that it was a buyer s market. All in, it is still progress because at least they completed this, and it did not take too long, he added. Credit card portfolios are valued at a discount or premium to the loans the buyer takes on. Before the financial crisis portfolios could be sold at hefty premiums of over 20 percent, but more recent sales have been at slim premiums, discounts or have been scrapped. HSBC s US credit card unit has total assets of about $30.4 billion, primarily its loans to customers which will transfer to Capital One s books. The deal further unravels HSBC s disastrous $15 billion purchase of US consumer lending firm Household in 2003, which executives now admit was a bad deal as they have taken massive losses on the sub-prime home loans they took on. The deal created one of the world s top 10 credit card firms and HSBC said it gave it the scale and expertise to broaden its cards business across the world. Almost half of Household s $105 billion of loans were to credit card customers. The deal marks the second time Capital One has swooped for unwanted US assets from a retreating European bank in recent months. The McLean, Virginia-based firm said in June it was buying ING s US online bank for $9 billion in cash and stock. Rupee ends 5 paise down against dollar PTI MUMBAI SHRUGGING off smart recovery in equities, fag-end dollar demand from importers amid heavy capital outflows led the Indian rupee to wash out all of its initial gains to end down by another five paise at near 11- week low of 45.25/26 against the Greenback, stretching losses for the seventh straight session. At the Interbank Foreign Exchange (Forex) market, the domestic currency opened strong at 45.01/02 a dollar from Tuesday s close of 45.20/21 and touched a high of on the back strong rebound in equities. Stock markets in Asian and Europe displayed a positive trend today due to smart sprung back on Wall Street on Tuesday after US Federal Reserve promised to keep interest rates near zero till mid-2013, sending the Indian benchmark closing up by nearly 273 points or 1.62 per cent, snapping 6-sessions of losing string. However, sustained dollar demand from importers, mainly oil refiners, in the later part of the day weighed on the sentiment and the rupee fell back to a low of before closing at 45.25/26. Foreign Institutional Investors (FIIs) took out $1.27 billion from equities in six sessions since August 2. In New York, the US dollar extended its retreat on Tuesday after the Federal Reserve spooked the markets.

4 24 BULLS & BEARS QATAR EXCHANGE ADJ.CLOSE CHANGE CHANGE % BID SIZE BID ASK ASK SIZE OPEN HIGH LOW LAST PREVIUOS CLOSE NUMBER TRADES VOLUME TRADED VALUE (000) YEAR HIGH YEAR LOW Aamal Holding (0.30) (1.75) 7, , Al-Ahli Bank of Qatar , , ,000 1, Al Khaleeji Bank , ,831 4, Al Meera Consumer (6.40) (5.14) 2, ,429 12, Al Khaleej Holding (0.36) (2.33) 1, ,848 2, Al Khaleej Group (1.00) (2.25) , Barwa Real Estate QSC (0.90) (3.10) 22, , ,269 3,055,926 85, Dlala Brokerage and Investment Holding Co , , , Doha Bank Ltd (1.30) (2.39) ,216 25, Doha Insurance Co (0.40) (1.43) , Ezdan Real Estate (0.70) (3.15) 3, , Gulf Intr Serv (1.45) (5.53) 2, , ,706 10, Gulf Warehousing (0.45) (1.39) 1, , Industries Qatar QSC (5.50) (4.09) 23, , ,241, , Islamic Holding (0.70) (2.78) , Mannai Corp (3.10) (3.07) 1, , Masraf Al Rayyan (0.54) (2.33) 42, , ,280,000 74, Mazaya Qatar 7.92 (0.44) (5.26) 6, , , Medicare Group , ,366 1, National Leasing Company (0.45) (1.19) , ,309 3, Qatar Cinema and Film Commercial Bank of Qatar (1.60) (2.17) 6, , ,325 46, Qatar Electricity & Water (2.00) (1.48) 2, ,840 18, Qatar Gas Transport Company (0.33) (1.92) 2, , ,347,149 22, Qatar General Insurance & Reinsurance , , Qatar Industrial Manufacturing (1.50) (2.86) , , Qatar International Islamic Bank QSC (0.60) (1.24) 2, ,027 8, Qatar Islamic Bank (0.60) (0.78) 4, , ,529 28, Qatar Islamic Insurance , , Qatar Meat & Livestock Company (0.64) (3.29) 2, ,366 1, Qatar National Cement (3.50) (3.15) ,800 5, Qatar Telecom (1.80) (1.18) ,004 10, Qatari German Company for Medical Devices 8.00 (0.20) (2.44) , , Qatar Fuel Company (7.00) (2.80) , ,067 13, Qatar Insurance Company (2.50) (3.09) 1, ,720 4, Qatar Navigation Q.S.C (1.30) (1.67) , ,714 6, Qatar Oman Inves 7.78 (0.32) (3.95) 2, , ,853 2, Qatar National Bank , , ,113 41, Salam International Investment Co (0.35) (3.08) , ,993 1, United Development Company (0.65) (3.25) 1, , ,880 9, Vodafone Qatar 7.37 (0.25) (3.28) 8, , ,017,060 7, ZAD Holding (2.75) (5.51) , Dubai Financial Market 1, ACICO Industries Co Agility Public Warehousing Co Air Arabia Al Firdous Holdings Al Mazaya Holding Company Al Sagr National Insurance Company Al Salam Bank Bahrain Alliance Insurance Al Madina For Finance And Investment Co Al Salam Bank Sudan Amlak Finance Arab Heavy Industries Arab Insurance Group Arab Orient Insurance Co ARABTEC HOLDING Aramex Dubai Investment Dubai Islamic Bank (Public Joint Stock Co) Dubai Refreshment Abu Dhabi Securities Exchange 2, Al Ain Ahlia Insurance Co Al Buhaira National Insurance Co Abu Dhabi Aviation Abu Dhabi Commercial Bank Abu Dhabi Islamic Bank Abu Dhabi National Hotels Co Abu Dhabi National Insurance Co Abu Dhabi Ship Building Al Fujairah National Insurance Co Agthia Group Al Khazna Insurance Co Aldar Properties Arkan Building Materials Co International Fish Farming Holding Co Al Wathba Insurance Co Abu Dhabi National Co For Bldg. Materials Bank Of Sharjah Commercial Bank International Dana Gas Co Pjs Al Dhafra Insurance Co Emirates Driving Co Emirates Insurance Co Emirates Telecommunication Corporation Ltd Fujairah Building Industries Fujairah Cement Industries First Gulf Bank Finance House Foodco Holding Fujairah Trade Centre Bahrain Stock Exchange 1, Al Baraka Banking Group Ahli United Bank Alahlia Insurance Co Al Salam Bank Bahrain Aluminum Bahrain (duplicate) Arab Banking Corporation Arab Insurance Group Ahli United Bank Bahrain Kuwait Insurance Co Bahrain Car Parks Co Bahrain Cinema Company Bahrain Commercial Facilities Co Bahrain Duty Free Shop Complex Bahrain Family Leisure Co Bahrain Flour Mills Co Bahrain Islamic Bank BMMI Bahrain National Holding Co Bahrain Ship Repairing and Engineering Co Bahrain Telecommunications Co Bahrain Tourism Co Bahraini Saudi Bank ABU DHABI BAHRAIN Deyaar Development Dubai Financial Market Dubai National Insurance and Reinsurance Co Drake and Scull International Emirates Integrated Telecommunications Co Dubai Development Co Dubai Insurance Company Commercial Bank Of Dubai Ekttitab Holding Co Emirates Islamic Bank Emaar Properties (PJSC) Emirates Investment Bank Emirates NBD Bank Emirates Refreshments Global Investment House Grand Real Estate Projects Gulf Finance House Gulf General Investments Co Gulf Navigation Holding Gulf Petroleum Investment Gulf Cement Co Green Crescent Insurance Co Gulf Livestock Co Gulf Medical Projects Co Gulf Pharmaceutical Industries Insurance House Invest Bank Methaq Takaful Insurance Co National Bank Of Abu Dhabi National Bank Of Fujairah National Bank Of Umm Al Qaiwain National Corp For Tourism And Hotels National Marine Dredging Co Oman And Emirates Investment Holding Co Umm Al Qaiwain Cement Industries Co Qatar Telecom Qtel Qsc National Bank Of Ras Al Khaimah Ras Al Khaimah For White Cement & Const. Mat Ras Al Khaimah National Insurance Co Ras Al Khaimah Poultry And Feeding Co Ras Al Khaima Cement Co Ras Al Khaimah Ceramic Rak Properties Sharjah Cement And Industrial Devl Co Sudatel Telecom Group Limited Sharjah Islamic Bank Sharjah Insurance Co Sorouh Real Estate Co Abu Dhabi National Energy Co Abu Dhabi National Takaful Co Banader Hotels Co BBK Bank Muscat Bahrain Middle East Bank Delmon Poultry Co Esterad Investment Co General Trading and Food Processing Co Global Investment House Gulf Finance House Gulf Hotel Group Gulf Hotel Gulf Monetary Group Inovest International Investment Group Investcorp Bank 1, Ithmaar Bank Khaleeji Commercial Bank Nass Corporation National Bank of Bahrain National Hotels Co Securities and Investment Co Seef Properties Taib Bank Takaful International Co Kuwait Stock Exchange 5, Aayan Leasing And Investment Co Burgan Co For Well Drilling Trdg & Maintenance Al Ahli Bank Of Kuwait Al Abraj Holding Company Abyaar Real Estate Development Company Acico Industries Co Al Dar National Real Estate Co Arabi Holding Group Company Agility Public Warehousing Co Aref Investment Group Al Ahleia Insurance Co Al Ahlia Holding Co Aviation Lease And Finance Company Kuwait Real Estate Holding Company Alimtiaz Investment Company Al Kout Industrial Projects Company Al Mudon International Real Estate Co Al Nawadi Holding Co Qurain Petrochemical Industries Co Al Rai Media Group Co Al Aman Investment Company Tameer Real Estate Investment Co Amwal Intl Investment Co Aqar Real Estate Investments Co Al Arabiya Real Estate Company Ajial Real Estate Entertainment Company Aref Energy Holding Company Alargan International Real Estate Co Arab Insurance Group Arkan Al Kuwait Real Estate Co Automated Systems Co Advanced Technology Co Ahli United Bank Aayan Real Estate Co Bayan Investment Co Boubyan International Industries Holding Co Bahrain Kuwait Insurance Co Ahli United Bank Boubyan Bank Boubyan Petrochemical Co Burqan Bank Gulf Cable And Electrical Industries Co 1, Commercial Bank Of Kuwait Combined Group Contracting Co 1, National Cleaning Company Coast Investment And Development Co Damac Kuwaiti Holding Company Danah Al Safat Foodstuff Co Al Deera Holding Co Egypt Kuwait Holding Company Ekttitab Holding Co Al Enmaa Real Estate Company Equipment Holding Company Muscat Securities Market (Duplicate) 5, Al Anwar Ceramic Tiles Co Ahli Bank ACWA Power Barka Al Anwar Holdings Al Jazeira Services Co Al Jazeera Steel Products Co Al Batinah Devpt. & Investment Holding Co Al Omaniya Financial Services Majan College University College Bank Dhofar Bank Muscat Oman Oil Marketing Co Oman Oil Marketing Co Construction Materials Industries & Contracting Co Dhofar Cattle Feed Co Dhofar Power Co Dhofar Power Co Dhofar International Devpt. & Invest.t Holding Co Dhofar Insurance Co Financial Corporation Co Financial Services Co Global Financial Investments Holding KUWAIT MUSCAT Kuwait Bahrain International Exchange Co Eyas For Higer And Technical Education Fujairah Cement Industries First Dubai For Real Estate Development Co Kuwait Food Company Americana 1, First Takaful Insurance Co Future Communications Co Global Gulf Bank Gulf Cement Co Gulf Franchising Holding Co Gulf Finance House Gulf Glass Manufacturing Co Gulf Investment House Gulf Insurance Co Global Investment House Gulf North Africa Holding Co Gulf Petroleum Investment Grand Real Estate Projects Gulfinvest International Kuwait Gypsum Manufacturing & Trading Co Hayat Communications Co Hilal Cement Co Hits Telecom Holding Company Human Soft Holding Co IFI Hotels And Resorts Co International Financial Advisers Industrial And Financial Investments Company International Investment Group Ikarus Petroleum Industries Company The International Leasing & Investment Co International Finance Company Injazzat Real Estate Development Co Inovest Investors Holding Group Co Independent Petroleum Group International Resorts Company Housing Finance Co Ithmaar Bank Jazeera Airways Co Jeeran Holding Co Kipco Asset Management Co Kuwait Building Materials Manufacturing Co Kuwait Business Town Real Estate Co Kuwait Cement Company Kuwait China Investment Company Kuwait National Cinema Co 1, Kuwait Co For Process Plant Const. & Cont Kuwait Foundry Co Sak Closed Kuwait Finance House Kuwait Finance And Investment Company Kuwait And Gulf Link Transport Company Kuwait Hotels Kuwait International Bank Future Kid Entertainment & Real Estate Co Gulf International Chemicals Gulf Investment Services Holding Co Al Hassan Engineering Co Al Jazeira Services Co Al Kamil Power Co Al Maha Petroleum Products Marketing Co Muscat Finance Co Ltd Majan Glass Co Muscat National Holding Co Muscat Gases Company National Aluminium Products Co National Bank of Oman National Finance Co Omani Qatari Telecommunications Co Oman Cables Industry Oman Cement Co Oman Chlorine Oman and Emirates Investment Holding Co Oman Fisheries Co Oman Flour Mills Co Oman Holdings International Co Oman International Bank Oman Investment and Finance Co RIYADH Saudi Stock Exchange Tadawul 6, Riyad Bank Bank Aljazira The Saudi Investment Bank Saudi Hollandi Bank Banque Saudi Fransi Saudi British Bank Arab National Bank Samba Financial Group Al Rajhi Banking and Investment Co Bank AlBilad Alinma Bank Basic Chemical Industries Ltd Saudi Arabian Mining Co Astra Industrial Group Al Sorayai Trading and Industrial Group Co Ltd Al Hassan Ghazi Ibrahim Shaker Company Mohammad Al Mojil Group Co Saudi Steel Pipes Closed Joint Stock Co Abdullah A M Al Khodari Sons Co Methanol Chemicals Co Ltd National Petrochemical Co Saudi Basic Industries Corp Sabic Saudi Arabian Fertilizers Co Saudi Arabia Refineries Co Saudi Ceramic Co Savola Group Co National Industrialization Co Saudi Pharmaceutical Indust & Medical Appl. Corp National Gas & Industrial Co National Gypsum Company Food Products Co Saudi Cable Co Saudi Advanced Industries Co Saudi Industrial Development Co Al Ahsa Development Co National Co for Glass Industries Saudi Arabian Amiantit Co Alujain Corp Filling and Packing Materials Mfg. Co Saudi Industrial Services Co Arabian Pipes Co Nama Chemicals Co National Metal Manufacturing & Casting Co Saudi Chemical Co Zamil Industrial Investment Co Saudi Industrial Investment Group Sahara Petrochemical Co Saudia Dairy and Foodstuff Co Almarai Co Yanbu National Petrochemical Co Saudi Paper Manufacturing Co Saudi International Petrochemical Co Al Babtain Power and Telecommunication Co Advanced Petrochemical Co Al Abdullatif Industrial Investment Co Saudi Kayan Petrochemical Co Saudi Vitrified Clay Pipe Co Middle East Specialized Cables Co Rabigh Refining & Petrochemical Co Arabian Cement Co Yamamah Saudi Cement Co Saudi Cement Co Qassim Cement Co Southern Province Cement Co Yanbu Cement Co Eastern Province Cement Co Tabuk Cement Co Al Jouf Cement Co Abdullah Al Othaim Markets Co Al Mouwasat Medical Services Co Saudi Hotels and Resorts Co Saudi Real Estate Co National Shipping Co Of Saudi Arabia Saudi Public Transport Co Saudi Automotive Services Co Anaam International Holding Group Co Information contained herein is believed to be reliable & has been obtained from sources believed to be reliable, but its accuracy & completeness cannot be guaranteed. This publication is provided for information purposes only and is not intended as an offer or solicitation for the sale of any financial instrument. Prior to entering into any transaction, investors are advised to obtain independent advice regarding the suitability of particular financial instruments/strategies based on their investment objectives.

5 BULLS & BEARS 25 FTSE NASDAQ TOP GAINERS NASDAQ TOP LOSERS STANDARD & POOR S FTSE100 International 5, Anglo American 2, Associated British Foods Admiral Group 1, Aggreko 1, AMEC Antofagasta 1, ARM Holdings Autonomy Corp 1, Aviva AstraZeneca 2, BAE Systems Barclays British American Tobacco 2, BG Group 1, British Land Co Bhp Billiton 1, BP Burberry Group 1, British Sky Broadcasting Group BT Group Carnival 1, Centrica Cairn Energy Compass Group Capita Group Capital Shopping Centres Group Diageo 1, Man Group Eurasian Natural Resources Corp Essar Energy Experian Fresnillo 1, G4S Gkn Glencore International GlaxoSmithKline 1, Hammerson Hargreaves Lansdown HSBC Holdings Icap International Consolidated Airlines Group SA Intercontinental Hotels Group 1, i Group IMI Imperial Tobacco Group 1, Investec International Power Inmarsat Intertek Group 1, ITV BSE Ltd 17, India Index Services & Products Ltd [NIFTY] 5, ABB Ltd ACC Ltd 1, Aban Offshore Ltd Adani Enterprises Ltd Adani Power Ltd Aditya Birla Nuvo Ltd Allahabad Bank Ambuja Cements Ltd Andhra Bank Apollo Hospitals Enterprise Ltd Apollo Tyres Ltd AREVA T&D India Ltd Ashok Leyland Ltd Asian Paints Ltd 3, Aurobindo Pharma Ltd Axis Bank Ltd 1, Bgr Energy Systems Ltd Bajaj Auto Ltd 1, Bajaj Finserv Ltd Bajaj Holdings & Investment Ltd Bank of India Ltd Bf Utilities Ltd Bharat Electronics Ltd 1, Bharat Forge Ltd Bharat Petroleum Corp Ltd Bharti Airtel Ltd Bharat Heavy Electricals Ltd 1, Bhushan Steel Ltd Biocon Ltd Bank of Baroda Bosch Ltd Bosch Ltd 7, Cadila Healthcare Ltd Cairn India Ltd Canara Bank Castrol India Ltd Central Bank Of India Century Textile and Industries Ltd Chambal Fertilisers and Chemicals Ltd Cipla Ltd Tcs E Serve Ltd Coal India Ltd Govt Of India Undertaking Colgate Palmolive India Ltd Container Corp of India Ltd 1, Core Projects and Technologies Ltd Corporation Bank Coromandel International Ltd Crompton Greaves Ltd Cummins India Ltd Karachi Stock Exchange 11, Abbott Laboratories Pakistan Ltd Adamjee Insurance Co Ltd Agritech Ltd Al-Ghazi Tractors Ltd Allied Bank Ltd Arif Habib Corp Ltd Askari Bank Ltd Atlas Honda Ltd Attock Cement Pakistan Ltd Attock Petroleum Ltd Attock Refinery Ltd Azgard Nine Ltd Bank Alfalah Ltd Bank AL Habib Ltd The Bank Of Punjab Bata Pakistan Ltd Bestway Cement Ltd Byco Petroleum Pakistan Ltd Clariant Pakistan Ltd Colgate Palmolive (Pakistan) Ltd D G Khan Cement Co Ltd Dawood Hercules Chemicals Ltd Dreamworld Ltd East West Insurance Co Ltd Johnson Matthey 1, Kazakhmys Kingfisher Land Securities Group Legal and General Group Lloyds Banking Group Lonmin 1, Marks And Spencer Group Wm Morrison Supermarkets National Grid Next 2, Old Mutual Petrofac Ltd 1, Prudential Pearson 1, Reckitt Benckiser Group 3, Royal Bank of Scotland Group Royal Dutch Shell 1, Royal Dutch Shell 1, Reed Elsevier Rexam Rio Tinto 3, Rolls Royce Holdings Randgold Resources Ltd 6, RSA Insurance Group Resolution Ltd SABMiller 1, J Sainsbury Schroders 1, Schroders 1, Sage Group Shire 1, Standard Life Smiths Group Smith and Nephew Serco Group Scottish and Southern Energy 1, Standard Chartered 1, Severn Trent 1, Tate and Lyle Tullow Oil TESCO Unilever 1, United Utilities Group Vedanta Resources 1, Vodafone Group Weir Group 1, John Wood Group Wolseley 1, WPP Whitbread 1, D B Realty Limited Dabur India Ltd Dish Tv India Ltd Divis Laboratories Ltd DLF Ltd Dr Reddy s Laboratories Ltd 1, Educomp Solutions Ltd Emami Ltd Engineers India Ltd Essar Oil Ltd Exide Industries Ltd The Federal Bank Ltd Financial Technologies (India) Ltd Fortis Healthcare India Ltd Great Eastern Shipping Co Ltd Gail India Ltd GlaxoSmithKline Consumer Healthcare Ltd 2, GlaxoSmithKline Pharmaceuticals Ltd 2, Glenmark Pharmaceuticals Ltd GMR Infrastructure Ltd Godrej Consumer Products Ltd Godrej Industries Ltd Grasim Industries Ltd 2, Gujarat State Petronet Ltd Gvk Power and Infrastructure Ltd Havells India Ltd Hcl Technologies Ltd HDFC Bank Ltd Hindustan Copper Ltd Hindustan Unilever Ltd Hindustan Unilever Ltd Hindustan Zinc Ltd Hindustan Petroleum Corp Ltd Hindalco Industries Ltd HMT Ltd Housing Development Finance Corp Ltd Housing Development and Infrastructure Ltd IFCI Ltd Indian Oil Corp Ltd ICICI Bank Ltd IDBI Bank Ltd Idea Cellular Ltd Indiabulls Real Estate Ltd Indiabulls Power Ltd Indiabulls Financial Services Ltd Indian Bank Indian Hotels Co Ltd Indian Overseas Bank Indraprastha Gas Ltd Indusind Bank Ltd Infosys Ltd 2, E F U General Insurance Ltd Efu Life Assurance Ltd Engro Corp Ltd Engro Polymer and Chemicals Ltd Fatima Fertilizer Co Ltd Fauji Fertilizer Bin Qasim Ltd Fauji Fertilizer Co Ltd Faysal Bank Ltd Ghani Glass Ltd Gharibwal Cement Ltd Glaxo Smithkline Pakistan Ltd Grays of Cambridge Pakistan Ltd Habib Bank Ltd Habib Metropolitan Bank Ltd The Hub Power Co Ltd Ibrahim Fibres Ltd ICI Pakistan Ltd Indus Dyeing Mills Indus Motor Co Ltd International Industries Ltd IGI Insurance Ltd Jahangir Siddiqui and Co Ltd Javedan Corp Ltd Karachi Electric Supply Co Ltd Kohinoor Energy Ltd MUMBAI KARACHI Pegasystems Inc Sussex Bancorp Biolase Technology Inc Cree Inc Tri Tech Holding Inc Handy and Harman Ltd Responsys Inc Shore Bancshares Inc Grupo Aeroportuario Del Centro Norte SAB De CV Marine Petroleum Trust ProShares Trust UltraPro Short QQQ ETF Edgewater Technology Inc Optical Cable Corp SmartPros Ltd Farmers Capital Bank Corp Socket Mobile Inc PAREXEL International Corp Parlux Fragrances Inc Uni Pixel Inc Ventrus Biosciences Inc Full Circle Capital Corp Magal Security Systems Ltd EV Energy Partners LP Ampio Pharmaceuticals Inc Vitesse Semiconductor Corp Dow Jones & Company Index 30 10, Dj Comp Average 3, Alcoa Inc E I Du Pont De Nemours And Co Jetblue Airways Corp PG&E Corp American Electric Power Co Inc Walt Disney Co Johnson & Johnson Public Service Enterprise Group Inc AES Corp Duke Energy Corp JPMorgan Chase & Co Pfizer Inc Alexander and Baldwin Inc Consolidated Edison Inc Kraft Foods Inc Procter & Gamble Co AMR Corp Edison International Coca Cola Co Ryder 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Pantaloon Retail India Ltd Patni Computer Systems Ltd Petronet Lng Ltd Pipavav Defence & Offshore Engg. Co Ltd Piramal Healthcare Ltd Power Finance Corp Ltd Power Grid Corp Of India Ltd Punjab National Bank 1, Rajesh Exports Ltd Kot Addu Power Co Ltd Lafarge Pakistan Cement Ltd Lotte Pakistan Pta Ltd Lucky Cement Ltd Mari Gas Compamny Ltd MCB Bank Ltd Media Times Ltd Meezan Bank Ltd Millat Tractors Ltd Murree Brewery Co Ltd National Bank Of Pakistan National Refinery Ltd Nestle Milk Pak 3, Netsol Technologies Ltd New Jubille Insurance Co Ltd NIB Bank Ltd Nishat Mills Ltd Oil And Gas Development Co Ltd Pakistan International Airline Corp Pakistan National Shipping Corp Pakistan Telecommunication Co Ltd Pace Pakistan Ltd Packages Ltd Pak Elektron Ltd Pakistan International Container Terminal Ltd DOW JONES Primo Water Corp Motricity Inc Epocrates Inc Sevcon Inc Elbit Imaging Ltd Amtech Systems Inc Partner Communications Company Ltd Inter Parfums Inc SAGENT Pharmaceuticals Inc Hallador Energy Co Thomas Properties Group Inc Tangoe Inc FX Energy, Inc Cytori Therapeutics Inc CoBiz Financial Inc 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Ltd Shell Pakistan Ltd Shifa International Hospitals Ltd Siemens Pakistan Engineering Co Ltd Soneri Bank Ltd Standard Chartered Bank Pakistan Ltd Sui Northern Gas Pipelines Ltd Sui Southern Gas Co Ltd Thal Ltd TRG Pakistan Ltd Unilever Pakistan Ltd 6, Unilever Pakistan Foods Ltd 1, Standard & Poor s 500 1, Standard & Poor s Alcoa Inc Apple Inc Abbott Laboratories American Electric Power Co Inc Allstate Corp Amgen Inc Amazon.com Inc Apache Corp Avon Products Inc American Express Co Boeing Co Bank of America Corp Baxter International Inc Baker Hughes Inc Bank of New York Mellon Corp Bristol Myers Squibb Co Berkshire Hathaway Inc Citigroup Inc Caterpillar Inc Colgate Palmolive Co Comcast Corp Capital One Financial Corp ConocoPhillips Costco Wholesale Corp Cisco Systems Inc CVS Caremark Corp Chevron Corp E I Du Pont De Nemours And Co Dell Inc Walt Disney Co Dow Chemical Co Devon Energy Corp EMC Corp Emerson Electric Co Entergy Corp Exelon Corp Ford Motor Co Freeport Mcmoran Copper and Gold Inc FedEx Corp General Dynamics Corp General Electric Company Gilead Sciences Inc Google Inc Goldman Sachs Group Inc Halliburton Co Home Depot Inc H J Heinz Co Honeywell International Inc Hewlett Packard Co International Business Machines Corp Intel Corp Johnson & Johnson JPMorgan Chase & Co Kraft Foods Inc Coca Cola Co Lockheed Martin Corp Lowes Companies Inc Mastercard Inc McDonalds Corp Medtronic Inc Metlife Inc M Co Altria Group Inc Monsanto Co Merck & Co Inc Morgan Stanley Microsoft Corp Nike Inc National Oilwell Varco Inc Norfolk Southern Corp News Corp Oracle Corp Occidental Petroleum Corp Pepsico Inc Pfizer Inc TOKYO Nikkei 225 9, Tokyo Stock Exchange [ TOPX100] Inpex Corp 511, Asahi Glass Co Ltd Tdk Corp 3, Itochu Corp Mitsui Fudosan Co Ltd 1, Daiwa House Industry Co Ltd Nippon Steel Corp Keyence Corp 20, Marubeni Corp Mitsubishi Estate Co Ltd 1, Sekisui House Ltd Sumitomo Metal Industries Ltd Denso Corp 2, Mitsui & Co Ltd 1, Sumitomo Realty & Development Co Ltd 1, Kirin Holdings Co Ltd Kobe Steel Ltd Fanuc Corp 12, Tokyo Electron Ltd 3, East Japan Railway Co 4, Japan Tobacco Inc 350, JFE Holdings Inc 1, Rohm Co Ltd 4, Sumitomo Corp West Japan Railway Co 3, Seven & I Holdings Co Ltd 2, Sumitomo Metal Mining Co Ltd 1, Kyocera Corp 7, Mitsubishi Corp 1, Central Japan Railway Co 633, Toray Industries Inc Sumitomo Electric Industries Ltd 1, Murata Manufacturing Co Ltd 4, AEON Co Ltd Mitsui OSK Lines Ltd Asahi Kasei Corp SMC Corp 12, Nitto Denko Corp 3, Mitsubishi UFJ Financial Group Inc Nippon Telegraph And Telephone Corp 3, Sumitomo Chemical Co Ltd Komatsu Ltd 2, Mitsubishi Heavy Industries Ltd Resona Holdings Inc Kddi Corp 545, Shin Etsu Chemical Co Ltd 3, Kubota Corp Nissan Motor Co Ltd Sumitomo Mitsui Financial Group Inc 2, NTT Docomo Inc 139, Mitsubishi Chemical Hldg Corp Information contained herein is believed to be reliable & has been obtained from sources believed to be reliable, but its accuracy & completeness cannot be guaranteed. This publication is provided for information purposes only and is not intended as an offer or solicitation for the sale of any financial instrument. Prior to entering into any transaction, investors are advised to obtain independent advice regarding the suitability of particular financial instruments/strategies based on their investment objectives.