BasedLine
LOGO
November 11, 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 Indices
 
Close
Percentage
BSE-30
10,536.16
5.74%
HANGSENG
14,744.63
3.52%
NIKKEI 255
9,081.43
5.81%
FTSE
4,403.92
0.89%
DJI
8,870.54
(0.82)%
SSEC
1,747.71
1.75%
NASDAQ
1,251.00
(1.62)%

S.C.R.A
07-11-2008
(0.18)
November'08
(1.50)
YTD
(253.53)

Money Market Updates
Tbill Cut-off
 
1 year
12.79%
6 month
12.66%
KIBOR (3 months)
15.44%
KIBOR (6 months)
15.71%
PIB (10 years)
15.69%

Exchange Rates
Rs/US
79.50
Rs/UK
126.67
Rs/EURO
102.96
Rs/OMAN RIYAL
211.05

Commodities
Oil
$60.90/barrel
Oil Change in %
(4.17)%
Gold
$749.60/ounce
Gold Change in %
0.24%

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
164.81mn
Trade Deficit (Jul-Oct 08)
$(7.52)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
46.8361/-
46.3677/-
Daily Retrun
17.50%
POASF
NA
NA
Daily Retrun
NA
POAIF
NA
NA
Daily Retrun
NA
POAIIF
50.5043/-
49.9993/-
Daily Retrun
13.76%
POAF
10.6311/-
Daily Retrun
12.38%
* Daily Returns are calculated as per MUFAP guidelines
Funds Rating
AMC Ratings
AM3+
POBOPAPF
Fund Stablility Rating
A(f)
POAF Fund Rating
AA-

Economy

Budget deficit target cut unlikely to be achieved
An economists' panel lead by Dr Hafiz Pahsa has come on conclusion that the reduction in budget deficit target from 7.4 percent of the GDP in 2007-08 to 4.7 percent in 2008-09 is unlikely to be achieved. Leading economists Panel has prepared a report on "Economic Stabilisation with a Human Face", in which they have examined in depth the budgetary projections for 2008-09 more... (BR)

Trade deficit rises to $7.522 billion in four months
Pakistan's four months' trade deficit soared to whopping $7.522 billion, 33 percent up, over $5.642 billion for the same period of last year, while the country urgently requires foreign inflows to support its fast depleting foreign exchange reserves more... (BR)

Offshore investors withdraw $2.917 million in a single day
A massive outflow of foreign portfolio investment was seen on Monday as the offshore investors withdrew over $2.917 million on a single day from the country's equity market. According to the National Clearing Company of Pakistan Limited (NCCPL) data, foreign investors sold out over 2.002 million shares on the first day of the week against their buying of only 20,599 shares the same day more... (BR)

Interest rate to rise under any IMF deal
An expected IMF loan package is likely to include an interest rate increase of up to 150 basis points, a government official who declined to be identified said on Monday. Pakistan is facing a balance-of-payments crisis and has been in talks with the International Monetary Fund (IMF) but it says it hopes to avoid having to go to the IMF and is trying to secure help from allies and other multilateral lenders more... (BR)

Politics

Zardari hopeful of change in US policy
Pakistan expects US President-elect Barack Obama to re-evaluate American military strikes on Al Qaeda and Taliban targets on its side of the Afghan border, President Asif Ali Zardari said on Monday more... (D)

Local govt system to be changed: Zardari
President Asif Ali Zardari has denied that the government intends to wind up the local government system and said that the system would continue to function, but in more... (D)

Government decides to cut oil stock inventory to 15 days
The government has decided in principle to reduce the inventory stock of oil from 21 to 15 days to save the rapidly depleting foreign exchange reserves, sources in Petroleum Ministry said on Monday. Sources said that the government had communicated to Oil Marketing Companies (OMCs), including state run Pakistan State Oil (PSO) and oil refineries, to reduce the oil inventory stock gradually from 21 to 15 days to ease the burden on the foreign exchange reserves for oil import more... (BR)

Tarin briefs Prime Minister on IMF negotiations
Advisor to Prime Minister on Finance Shaukat Tarin on Monday called on Prime Minister Syed Yousuf Raza Gilani and apprised him about the ongoing negotiations with International Monetary Fund (IMF). The discussion also included the plan to present 9-point agenda for the approval of Cabinet more... (BR)

Sector Briefing

Merging of PPCBL with BoP abandoned
Punjab government has abandoned the idea of merger of The Punjab Provincial Co-operative Bank Ltd (PPCBL) with The Bank of Punjab, said sources in provincial finance ministry. According to the sources, a meeting held recently in this respect have finalised the strategy and a formal summary to stop merger of both the Bank of Punjab and the PPCBL has been sent to the Chief Minister for approval more... (BR)

Bestway converting its UBL GDRs into ordinary shares
The Bestway Group (BG) has decided to convert their United Bank Limited GDRs aggregating 14.08 million into ordinary shares subject to approval from the State Bank of Pakistan. In a notice sent to Karachi Stock Exchange here on Monday, UBL said more... (BR)

(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