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December 23, 2008

Statistics
KSE 100 Index
Previous Index
7,514.42
Current Index
7,217.46
Change %
(3.95)%
YTD (CY08)
(48.73)%
YTD (FY09)
(47.48)%

International Indicates
 
Close
Percentage
BSE-30
9,928.35
(1.70)%
HANGSENG
14,622.39
(3.30)%
NIKKEI 255
8,723.78
1.60%
FTSE
4,249.16
(0.88)%
DJI
8,519.69
(0.69)%
SSEC
1,987.76
(1.52)%
NASDAQ
1,189.15
(2.30)%

S.C.R.A
19-12-2008
(0.44)
December 08
(20.84)
YTD
(299.26)

Money Market Updates
Tbill Cut-off
 
1 year
12.79%
6 month
14.01%
KIBOR (3 months)
15.50%
KIBOR (6 months)
15.68%
PIB (10 years)
16.65%

Exchange Rates
Rs/US
79.50
Rs/UK
116.95
Rs/EURO
110.24
Rs/OMAN RIYAL
206.08

commodities
Oil
$39.45/barrel
Oil Change in %
(8.46)%
Gold
$847.10/ounce
Gold Change in %
0.30%

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)
9.34
GDP Growth FY09E
4.2%
Per Capita Income
$1,085
Population
165.17mn
Trade Deficit (Jul-Nov 08)
$(8.74)bn
Curr. A/C (Jul-Nov 08)
$(6.85)bn
Remittances (Jul-Nov 08)
$2.97bn
Foreign Investment (Jul-Nov 08)
$1.44bn
All Scheduled Banks Deposit Base (Nov 29, 08)
Rs.3,756bn

Daily Returns and NAVs
as of Dec 18, 2008
 
Offer
Redemption
POBOP
47.6681/-
47.1914/-
Daily Return
14.41%
POASF
N/A
N/A
Daily Return
N/A
POAIF
N/A
N/A
Daily Return
N/A
POAIIF
51.9618/-
51.4422/-
Daily Return
20.66%
POAF
10.6718/-
Daily Return
13.30%
* Daily Returns are calculated as per MUFAP guidelines

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

Economy

SHC dismisses brokers' appeal
The Sindh High Court (SHC) on Monday dismissed the appeal of Karachi Stock Exchange brokers against court ruling for furnishing Rs 7 billion bank guarantee in Continues Funding System (CFS) MK-II transaction lawsuit more... (BR)

Proposal to reduce duty, taxes on LPG import deferred
Government has deferred approval of the proposal to reduce duties and taxes on the import of Liquefied Petroleum Gas (LPG) due to decline in global LPG prices. Sources in Petroleum Ministry revealed exclusively to the Business Recorder that the government deferred the proposal to cut duties and taxes imposed on the LPG import due to decline in its prices in the international market more... (BR)

TFCs listings jet up 310pc in CY08Ghulam Raza Rajani
Listing of new Term Finance Certificates (TFCs) in capital market jumped by a whopping 310 per cent in CY 2008. During CY08, with the issuance of 7 TFCs, listed debt market grew by Rs26.667 billion against Rs6.5 billion in 2007 that saw only 3 listings. After the increase of Rs26.67 billion, total outstanding TFCs market has now reached Rs43 billion. Out of 7 TFCs issued in CY08, 3 were offered by commercial banks. Faysal Bank Limited offered Rs1.25 billion, NIB Bank Limited Rs4 billion, and United Bank Limited an amount of Rs6 billion. Similarly, one leasing company - Saudi Pak Leasing - offered Rs750 million. On the other hand, three non-financial companies including Engro Chemical Pakistan, Pak-Arab Fertilisers and Pakistan Mobile Communication Limited issued TFCs worth Rs4 billion, Rs5 billion and Rs5.667 billion respectively more... (FD)

India demands increased global pressure on Pakistan
India's foreign minister on Monday criticised the international reaction to last month's attacks on Mumbai, saying pressure put on Pakistan by world leaders was inadequate. Pranab Mukherjee said that he wanted to see more results from US-led attempts to force Pakistan to co-operate with the probe into the attacks, which India blames on Pakistan-based militants more... (BR)

Pakistan responded responsibly after Mumbai terror: Mullen
US Chairman Joint Chiefs of Staff Admiral Mike Mullen met with Chief of Army Staff General Ashfaq Pervez Kayani here on Monday. They discussed Pak-India situation after the Mumbai attacks, war on terror, border situation between Pakistan and Afghanistan and overall security in the region more... (FD)

India threatens to act if world doesn’t
India urged the international community on Monday to press Pakistan to weed out from its soil runaway terrorists who it says were behind the recent massacre in Mumbai and posed a great threat to global security more... (D)

sector Briefing

Meezan Bank files suit against First Capital
Islamic Meezan Bank has sued the First Capital Equities in Sindh High Court for default in the payment of Rs 200 million. The Meezan Bank claimed in its suit that it was agreed to purchase a number of shares from stock exchange via the defendant, and the purchased shares amounting Rs 200,437,429 paid to the defendant on September 4 and shares were physically delivered to the bank more... (BR)

Glaxo to buy BMS Pakistan for $36.5 million
GlaxoSmithKline, the world's second biggest drugmaker, said on Monday it was buying Bristol-Myers Squibb Pakistan for $36.5 million, adding to recent acquisitions made in emerging markets. In October Glaxo bought Bristol-Myers Squibb Co's Egyptian mature products for $210 million. The deal includes Veslosef, a popular branded antibiotic in Pakistan, along with products in cancer and cardiovascular drugs more... (BR)

Cement demand declines, so does price
Country's cement production is in full swing on both local as well as export fronts which are evident by visibly increasing margins of the local clinker producers. According to The Financial Daily research analyst the main reason behind this decline in cement prices is the slump in international coal prices that has relaxed the local producers as their cost of doing business has reduced tremendously more... (FD)

 
(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