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December 18, 2008

Statistics
KSE 100 Index
Previous Index
8,444.59
Current Index
8,105.63
Change %
(4.01)%
YTD (CY08)
(42.41)%
YTD (FY09)
(34.04)%

International Indicates
 
Close
Percentage
BSE-30
9,715.29
(2.62)%
HANGSENG
15,460.52
2.18%
NIKKEI 255
8,612.52
0.52%
FTSE
4,324.20
0.35%
DJI
8,824.34
(1.12)%
SSEC
1,976.82
0.09%
NASDAQ
1,579.31
(0.67)%

S.C.R.A
16-12-2008
1.22
December 08
(9.48)
YTD
(287.90)

Money Market Updates
Tbill Cut-off
 
1 year
12.79%
6 month
14.01%
KIBOR (3 months)
15.45%
KIBOR (6 months)
15.65%
PIB (10 years)
16.56%

Exchange Rates
Rs/US
81.00
Rs/UK
126.47
Rs/EURO
114.10
Rs/OMAN RIYAL
206.54

commodities
Oil
$39.90/barrel
Oil Change in %
(0.40)%
Gold
$865.40/ounce
Gold Change in %
(0.36)%

Inflation
CPI Gen. Nov 08 (YOY)
24.68%
CPI Gen. (Jul-Nov 08)
24.65%
NFNE Core INFL Nov 08 (YOY)
18.90%
NFNE Core INFL (Jul-Nov 08)
17.10%

Economic Indicators
US$ Reserves (Billion)
9.10
GDP Growth FY09E
4.2%
Per Capita Income
$1,085
Population
164.95mn
Trade Deficit (Jul-Nov 08)
$(8.74)bn
Curr. A/C (Jul-Nov 08)
$(6.80)bn
Remittances (Jul-Nov 08)
$2.97bn
Foreign Investment (Jul-Oct 08)
$1.15bn
All Scheduled Banks Deposit Base (Nov 29, 08)
Rs.3,756bn

Daily Returns and NAVs
as of Dec 17, 2008
 
Offer
Redemption
POBOP
47.5819/-
47.1061/-
Daily Return
19.05%
POASF
N/A
N/A
Daily Return
N/A
POAIF
N/A
N/A
Daily Return
N/A
POAIIF
51.7637/-
51.2461/-
Daily Return
--
POAF
10.6533/-
Daily Return
14.30%
* Daily Returns are calculated as per MUFAP guidelines

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

Economy

Current account deficit up 44 percent
The country's worrying current account deficit has further widened by 44 percent to $6.8 billion during first five months of current fiscal year mainly due to rising trade deficit, huge outflow and slow inflows. The country is facing current account payment difficulties since January 2008, which compelled the government to utilise foreign exchange reserves for current account payments more... (BR)

Opec cuts output by 2.2mn barrels/dayMonitoring Desk
Organisation of the Petroleum Exporting Countries (OPEC) on Wednesday approved an output cut of 2.2 million barrels of oil a day, its president Chakib Khelil said after a ministerial meeting more... (FD)

China companies eager to take part in Pakistan privatisation programme
The Chinese companies are keen to participate in the privatisation programme of Pakistan, which will give impetus to the efforts being made by President Asif Ali Zardari to bring both the countries more closer and to further strengthen the existing bonds of friendship, which will usher into a new ear of friendship and economic interaction between the two friendly countries more... (FD)

 

Pakistani nukes for sale?
Bret Stephen, writing in Wall Street Journal, has come up with a proposal of extreme irrationality to barter economic aid to Pakistan over a period of ten years, aggregating $100 billion, against surrender and dismantling of its nuclear arsenal and related facilities more... (BR)

Army under civilian control, believes US
The US State Department has said that the United States deals with the civilian government in Pakistan and believes that the Pakistan military submits to the civilian government control. The department’s deputy spokesman, Robert Wood, who has served as a diplomat in Pakistan, made the observation on Wednesday while responding to a question on whether the Pakistani military was backing Islamabad’s efforts to bring the perpetrators of the Mumbai terrorist attacks to justice more... (D)

Blame game to undermine peace process, says Qureshi
Foreign Minister Shah Mehmood Qureshi has urged India to get into the cooperative mode, cautioning that the chain of events would otherwise take both countries back to the old days of hostility more... (D)

sector Briefing

Used car imports further tightened
The government has further tightened import of used vehicles under 'transfer of baggage' scheme, by allowing one percent monthly depreciation from the existing 2 percent, sources in Industries Ministry told Business Recorder. The decision was taken by the Economic Co-ordination Committee (ECC) of the Cabinet in its last meeting more... (BR)

Payment to IPPs and PSO: government to extend Rs 14.4 billion guarantee
The government has to extend a guarantee for Rs 14.4 billion, rather than Rs 15 billion syndicated term financing, from commercial banks, paid to IPPs and PSO in August last, official sources told Business Recorder more...

Major mutual funds to continue freeze
A majority of the equity funds would continue to exercise their right of freeze on issuance, valuation and redemption, various industry stalwarts said on Wednesday. In an earlier announcement during the prevalence of the floor at the stock markets, the Mutual Fund Association of Pakistan (Mufap) had announced the discontinuation of operations until the fourth day after the removal of the floor. But most major funds were known to have decided to carry on with suspension. Many had already made announcements in that regard. more... (D)

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

Shayan Hasan
Sernior Analyst
Imran Altaf
Analyst
Faiz Malik
Database
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