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November 17, 2008

Statistics
KSE 100 Index
Previous Index
9,183.14
Current Index
9,183.14
Change %
0.00%
YTD (CY08)
(34.76)%
YTD (FY09)
(25.26)%

International Indicates
 
Close
Percentage
BSE-30
9,385.42
(1.58)%
HANGSENG
13,542.66
2.43%
NIKKEI 255
8,462.39
2.72%
FTSE
4,232.97
1.53%
DJI
8,497.31
(3.82)%
SSEC
1,986.44
3.05%
NASDAQ
1,179.63
(4.94)%

S.C.R.A
14-11-2008
1.98
November 08
(1.01)
YTD
(253.04)

Money Market Updates
Tbill Cut-off
 
1 year
12.79%
6 month
12.66%
KIBOR (3 months)
15.45%
KIBOR (6 months)
15.69%
PIB (10 years)
16.53%

Exchange Rates
Rs/US
79.00
Rs/UK
118.30
Rs/EURO
100.90
Rs/OMAN RIYAL
208.90

commodities
Oil
$56.03/barrel
Oil Change in %
(3.93)%
Gold
$740.00/ounce
Gold Change in %
1.37%

Inflation
CPI Gen. Oct 08 (YOY)
25.0%
CPI Gen. (Jul-Oct 08)
24.6%
NFNE Core INFL Oct 08 (YOY)
18.3%
NFNE Core INFL (Jul-Oct 08)
16.7%

Economic Indicators
US$ Reserves (Billion)
6.74
GDP Growth FY09E
4.2%
Per Capita Income
$1,085
Population
164.85mn
Trade Deficit (Jul- Oct 08)
$(7.52)bn
Curr. A/C (Jul- Sep 08)
$(3.95)bn
Remittances (Jul- Oct 08)
$2.35bn
Foreign Investment (Jul-Sep 08)
$0.94 bn
All Scheduled Banks Deposit Base (Nov 08, 08)
Rs.3,691bn

Daily Returns and NAVs
as of Nov 15, 2008
 
Offer
Redemption
POBOP
46.9379/-
46.4685/-
Daily Return
17.66%
POASF
N/A
N/A
Daily Return
N/A
POAIF
N/A
N/A
Daily Return
N//A
POAIIF
50.8222/-
50.3140/-
Daily Return
21.20%
POAF
10.6155/-
Daily Return
13.18%
* Daily Returns are calculated as per MUFAP guidelines

Inflation
AMC Ratings
AM3+
POBOPAPF
Fund Stablility Rating
A(f)
POAF Fund Rating
AA-

Economy

All subsidies to go; no SBP intervention in foreign exchange market: IMF sets harsh conditions
Pakistan will have to withdraw subsidies across the board by the end of the current fiscal year and bar the State Bank of Pakistan (SBP) from intervening in the forex market. These are two major conditionalities the International Monetary Fund (IMF) has placed on Pakistan under its rescue package more... (BR)

'Friends of Pakistan' meeting today
An important meeting of "Friends of Pakistan" will be held in Abu Dhabi on Monday to decide the modalities and agenda for the Foreign Ministers' level meeting of the group. Pakistan's needs, priorities and financial crisis including modalities to avert the economic collapse and possibilities of financial aid will be discussed in the meeting more... (BR)

Summary moved to Finance Ministry: private limited company proposed to maintain financial records
The Controller-General of Accounts (CGA) has moved a summary to the Ministry of Finance for establishment of a private limited company to implement a new automated accounting system for maintaining accurate financial record of the federal, provincial and district governments more... (BR)

PSM privatisation issue resolved, says Prime Minister
Prime Minister Syed Yousuf Raza Gilani has said that the present government has resolved the issue of privatisation of the Pakistan Steel Mills, which was the legacy of the previous government as they have left the PSM on the privatisation list more... (BR)

IMF to mount pressure for agriculture tax: Pakistan's package review on Friday
The International Monetary Fund has asked the government of Pakistan to introduce agriculture tax if it is serious about increasing the country’s revenue, diplomatic sources told Dawn more... (D)

Zardari seeks Predator technology from US
President Asif Ali Zardari has voiced the hope that President-elect Barack Obama’s administration in the US will recognise Islamabad’s key anti-terror role and understand the fact that Pakistan has been a victim of terrorism more... (D)

‘Pakistan left with no option but to approach IMF'
Pakistan had to go to the IMF for an unpopular ‘standby agreement’ to avert an economic meltdown because the government suffered a ‘trust deficit’ which did not allow it to use other options with success more... (D)

Air strikes, protests part of deal: WP report
The US and Pakistani governments reached a deal in September that allows US drone attacks into Fata and enables Pakistan to publicly protest against them without the fear of contradiction, The Washington Post reported on Sunday more... (D)

sector Briefing

Pak American Fertiliser's ratings maintained
The Pakistan credit rating agency (Pacra) has maintained long-term and short-term entity ratings of Pak American Fertiliser Limited (PAFL) at 'A+' (singly A plus) and 'A1' (A one) respectively. These ratings denote a low expectation of credit risk emanating from a strong capacity for timely payment of financial commitments more... (BR)

Diesel imports to be cut to half: president names panel to put up proposals
The government is mulling possible cut in diesel imports by 50 percent by enhancing consumption of petrol and use of alternative resources to ease the burden on depleting foreign exchange reserves. In this regard, President Asif Ali Zardari has formed a committee to work out proposals more... (BR)

Mark-up rate to be cut for industrial sector: Gilani
Prime Minister Syed Yousaf Raza Gilani has assured that mark-up rate would be reduced for industrial sector soon after recovery from economic crisis and special package would be announced to bailout the textile sector. We are reducing the prices of petroleum products, LPG, and electricity gradually because prices of oil were falling down in international market 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