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LOGO
August 26, 2009
Statistics
KSE-100 Index
Previous Index
8,287.00
Current Index
8,246.72
Change %
(0.49)%
YTD (CY09)
43.35%
YTD (FY10)
13.42%

International Indicators
 
Close
Percentage
BSE-30
15,688.47
0.38%
HANGSENG
20,435.24
(0.49)%
NIKKEI 255
10,497.36
(0.79)%
FTSE
4,916.80
0.42%
DJIA
9,539.29
0.32%
SSEC
2,993.43
1.10%
NASDAQ Composite
2,024.23
0.31%

S.C.R.A
Aug 21, 2009
(1.137)
Aug 2009
37.245
YTD
42.212

Money Market Updates
Tbill (6 m) Jul 15, '09
11.38%
Tbill (12 m) Aug 12, '09
12.16%
KIBOR (3 m) Aug 25, '09
12.47%
KIBOR (6 m) Aug 25, '09
12.48%
PIB (10 yrs) Aug 25, '09
12.39%

Exchange Rates
Inter-Bank Currency Rates
Rs/EURO
118.60
Rs/UK
136.05
Rs/US
83.06
Rs/OR
213.93

Commodities
Oil
$72.07/barrel
Oil Change in %
(2.38)%
Gold
$948.80/ounce
Gold Change in %
0.30%

Inflation
CPI Gen. Jul 09 (YOY)
11.20%
CPI Gen. FY10 (Jul 09)
11.20%
NFNE Core INFL Jul 09 (YOY)
14.00%
NFNE Core INFL FY10 (Jul 09)
14.00%

Economic Indicators
GDP Growth FY09E
2.00%
Per Capita Income
$1,046
Population
167.26mn
US$ Reserves (Aug 15, 09)
12.96bn
Trade Deficit (Jul 09)
$(1.15)bn
Curr. A/C (Jul 09)
$(606)mn
Remittances (Jul 09)
$747.22mn
Foreign Investment (Jul 09)
$195.6mn
All Scheduled Banks Deposit Base (Aug 15, 2009)
Rs.4,098bn

Daily Returns and NAVs
as of Aug 25, 2009
 
Offer
Redemption
POBOP
51.5346/-
51.0193/-
Daily Return
9.36%
POAIIF
52.4009/-
51.8769/-
Daily Return
0.21%
POAIF
54.27/-
52.91/-
Daily Return
(55.10)%
POASF
54.41/-
53.05/-
Daily Return
(34.37)%
POAF
11.09/-
Daily Return
12.12%
* Daily Returns are calculated as per MUFAP guidelines

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

Ministry allowed to start work on 1,500 megawatts RPPs: agreement with IMF defied
The government has reportedly defied the agreement with the International Monetary Fund (IMF) by allowing the Ministry of Water and Power to initiate work on Rental Power Plants (RPPs) of 1500 MW, instead of 800 MW, as agreed with the Fund during recent talks in Istanbul, sources told Business Recorder. more... (BR)

$12 million to be arranged for IP gas line feasibility study
The government will initially arrange around $12 million financing, through National Bank of Pakistan (NBP), to conduct a bankable feasibility study of Iran-Pakistan (IP) gas pipeline project. The issue of financing was discussed in a meeting of the subcommittee/steering committee of the Economic Co-ordination Committee (ECC) of the Cabinet, on Saturday last in PSO House, Karachi. more... (BR)

To retire circular debt: Rs 90 billion TFCs likely to be issued on August 27
The government may issue Terms Finance Certificates (TFCs) worth Rs 90 billion to retire the circular debt of oil, gas and power sectors on August 27. According to sources, Finance Minister Shaukat Tarin had also assured Economic Co-ordination Committee (ECC) of the Cabinet in its special meeting held on Friday last that the Finance Ministry would issue TFCs on August 27 to retire the circular debt of oil, gas and power sectors. more... (BR)

Additional duty drawbacks to exporters: FBR not empowered to implement MoC proposals
The Federal Board of Revenue (FBR) has no legal authority to implement Ministry of Commerce's proposal to extend additional or compensatory duty drawbacks to exporters under Customs Act, 1969. In the 2009-10 trade policy, the MoC proposed zero-rating of exports and till such a time this decision is not implemented to extend the additional duty drawbacks to specific sectors as an interim relief measure. more... (BR)

President leaves for UK
President Asif Ali Zardari on Tuesday left for London for a three-day visit to the United Kingdom. The President, during his three-day visit to the United Kingdom, will meet the British leadership and discuss issues, common to both the countries including the bilateral relations, regional situation and the Pakistan's strategy for reconstruction and rehabilitation of Swat and Malakand Division following the eviction of militants. more... (BR)

Swift assistance: Pakistan fails to secure timing commitment
Pakistan failed on Tuesday to secure swift aid from donors to help the cash-strapped country improve security and rebuild the north-west after an army offensive against the Taliban displaced millions of people. Donor countries pledged some $5.7 billion in aid to Pakistan in Tokyo in April 2009 but only a fraction has yet arrived, with some donors wanting more details of where the money will go. more... (BR)

Chief Justice of Pakistan (CJP) warns of stern action on NJP violation
Chief Justice of Pakistan, Iftikhar Mohammad Chaudhry said Tuesday that stern action would be taken on non-compliance with the National Judicial Policy (2009). more... (FD)

Sector Briefing

'Eligible Securities' list issued for trading from December contract
The management of Karachi Stock Exchange (KSE), with prior approval of the Securities and Exchange Commission of Pakistan (SECP), has approved the revised list of 'Eligible Securities' for trading in Cash Settled Futures Contracts. The new list will be implemented from December 2009 contract, a KSE notice issued here on Tuesday said. more... (BR)

Pakistan State Oil (PSO) receivables up at Rs93bn
Outstanding dues of Pakistan State Oil (PSO), which is already struggling with payment crisis, have surged to Rs93 billion owed by various institutions.
A private television quoting sources privy to the industry reported Tuesday that if the PSO does not get Rs40 billion by August 27, then the PSO will be pushed to the wall. more... (FD)

Nishat Mill Limited (NML) to add to its MCB stake
Nishat Mill Limited (NML) in its board meeting Tuesday approved further purchase of stakes in MCB Bank Limited up to sum of Rs1.80 billion. The company currently holds 6.92 per cent equity in the share capital of the Bank which has been diluted from 8.03 per cent due to issuance of GDR by the Bank in 2006. more... (FD)

Nishat Mills recommends Rs2 dividend
The board of directors of Nishat Mills Limited has recommended a final cash dividend of Rs2 per share for the year ended June 30, 2009.
The company announced a profit after tax of Rs1.27 billion for the year, 78 per cent lower than Rs5.86 billion net profit earned last fiscal year... more... (N)

National Bank of Pakistan (NBP) chief says will boost global network
Chairman National Bank of Pakistan, Syed Ali Raza said Tuesday that NBP is planning to expand its international branch network to develop unique franchise system in South Asia, Middle East and Central Asia. more... (FD)

(BR) Business Recorder, (D) Dawn, (N) The News, (DT) Daily Times, (FD) The Financial Daily
Research Team:
Shoaib Ali Khan
Department Head
Shayan Hasan
Research Analyst
Salman Kazmi
Research Analyst
Imran Altaf
Research Analyst
Faizan Ahmed
Research Analyst
Majid Butt
Research Analyst
Faiz Malik
Database Manager
Separator
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