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November 07, 2008

Statistics
KSE 100 Index
Previous Index
9,183.14
Current Index
9,183.14
Change %
0.00%
YTD (CY'08)
(34.76)%
YTD (FY'09)
(25.26)%

International Indicates
 
Close
Percentage
BSE-30
9,734.22
3.81%
HANGSENG
13,790.04
7.10%
NIKKEI 255
8,899.14
6.50%
FTSE
4,272.32
5.70%
DJI
8,695.79
4.85%
SSEC
1,760.61
3.16%
NASDAQ
1,241.97
(4.46)%

S.C.R.A
05-11-2008
(0.56)
November'08
(1.349)
YTD
(253.38)

Money Market Updates
Tbill Cut-off
 
1 year
12.79%
6 month
12.66%
KIBOR (3 months)
15.27%
KIBOR (6 months)
15.58%
PIB (10 years)
15.49%

Exchange Rates
Rs/US
80.30
RS/UK
125.16
RS/EURO
101.65
RS/OMAN RIYAL
211.20

commodities
Oil
$61.33/barrel
Oil Change in %
(5.07)%
Gold
$734.40/ounce
Gold Change in %
(0.37)%

Inflation
CPI (YOY)
23.9%
CPI (Jul-Sep)
24.5%
CORE INFTN (YOY)
17.3%
CORE INFTN (Jul-Sep 08)
16.1%

Economic Indicators
US$ Reserves (Billion)
6.76
GDP Growth FY09E
4.2%
Per Capita Income FY09
$1,085
Population
164.78mn
Trade Deficit (Jul-Sep 08)
$(5.55)bn
Curr. A/C (Jul-Sep 08)
$(3.95)bn
Remittances (Jul-Sep 08)
$1.88bn
Foreign Investment (Jul-Sep 08)
$0.94 bn
Comm. Banks Deposit Base (Oct 25, 2008)
Rs.3,670bn

Daily Returns and NAVs
 
Offer
Redemption
POBOP
46.4163/-
45.9521/-
Daily Retrun
17.78%
POASF
NA
NA
Daily Retrun
NA
POAIF
NA
NA
Daily Retrun
NA
POAIIF
50.3103/-
49.8072/-
Daily Retrun
12.03%
POAF
10.6176/-
Daily Retrun
12.40%
* Daily Returns are calculated as per MUFAP guidelines
Inflation
AMC Ratings
AM3+
POBOPAPF
Fund Stablility Rating
A(f)
POAF Fund Rating
AA-

Economy

Mufap disagrees on SECP's move to re-price TFCs
The Mutual Funds Association of Pakistan (Mufap) has expressed its immediate disagreement on the arbitrary move by the Security Exchange Commission Pakistan (SECP) to re-price Term Finance Certificates (TFCs). Open-ended income funds are likely to be forced to temporarily suspend issuance, redemption and pricing of their units more... (BR)

Heavy agenda and financial constraints mar Ecnec meeting
The meeting of Executive Committee of the National Economic Council (Ecnec) that was to approve 42 developmental projects worth Rs 311.53 billion for various sectors ended up without completing its business. Sources said that only half of the projects on agenda could be taken up during the daylong meeting and it was not clear when exactly the next meeting would be held to take up rest of the agenda more... (BR)

Setting up of power purchasing agency: Ministry advises Nepra to hire Hagler Bailly
The National Electric Power Regulatory Authority (Nepra) has been advised by the Water and Power Ministry to seek assistance from the same firm as that hired by the Asian Development Bank (ADB) to establish Central Power Purchasing Agency (CPPA). This was exclusively revealed to Business Recorder more... (BR)

$100 billion FDI in pipeline, says BoI chief
Chairman, Board of Investment (BoI) Saleem H Mandviwalla has informed business community that an Italian firm has agreed to make 100 million dollar investment in marble sector in Pakistan. Speaking at a meeting of Karachi Chamber of Commerce and Industry (KCCI) on Thursday, dispelling the impression that local and foreign investors are not making investment in the country more... (BR)

UAE being urged to ask its central bank help offset Pakistan's crisis
Adviser on Finance Shaukat Tarin on Thursday dashed to Dubai to hold talks with the UAE authorities for financial help ahead of Friends of Pakistan meeting. According to well-placed official sources, Tarin left for the emirate after attending an inconclusive Ecnec meeting in the federal capital more... (BR)

PM defends cabinet expansion
Prime Minister Yousuf Raza Gilani has defended the induction of a fresh batch of ministers into the federal cabinet, saying that they will not be a burden on more... (D)

‘Delegation's expenses were borne by Asif'
Prime Minister Syed Yousuf Raza Gilani has denied reports that expenses on the delegation which accompanied President Asif Ali Zardari to Saudi Arabia were borne by the government more... (D)

IMF inevitable despite oil-facility
Pakistan is seeking help from Saudi Arabia including deferred oil payments, but even if it gets that it will still need International Monetary Fund (IMF) help to fill a financing gap, say analysts more... (FD)

sector Briefing

Bank Alfalah first quarter profit declines to Rs 632.907 million
The profit after tax of Bank Alfalah Limited has declined to Rs 632.907 million in the quarter ended September 30, 2008 as compared to Rs 1,775.969 million earned in the corresponding period in 2007. The board of directors of the bank in its meeting held on Wednesday declared that the earning per share stood at Re. 0.79 in the period under review against Rs 2.22 in the same period a year ago more... (BR)

Oil companies urge PM to intervene on debt issue
The Oil Companies Advisory Committee (OCAC) has urged the prime minister to intervene and order payment of circular debt of Rs156 billion more... (D)

Workers oppose sale of Qadirpur Gas Field
The Oil and Gas Development Company’s employees union has sought intervention of the prime minister and the president to stop privatisation of the Qadirpur Gas Field, which generates more... (D)

Foreign banks struggle for survival
Managements are tightlipped, employees are fearful while reports showed that foreign banks, also operating in Pakistan are in deep trouble as some of them lost over 80 per cent of their market value more... (D)

 
(D): Dawn (BR): Business Recorder (FD): The Financial Daily
seprator
Research Team:
Shoaib Ali Khan
Department Head

Shayan Hasan
Analyst
Zhoaib Kabani
Technical Analyst
Salman Kazmi
Analyst
Ayub Khuhro
Analyst
Seprator
Disclaimer:
This news update is being circulated for information purposes only and no action is being solicited based on it. Information and calculations presented in this news update have been generated from sources which we believe to be reliable, however we do not represent that it is accurate, complete and should be relied upon.  Pak Oman Asset Management Company Ltd. does not assume any liability on it. This news update or any part of it should not be reproduced, published or distributed without prior permission