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September 04, 2009
Statistics
KSE-100 Index
Previous Index 8,878.64
Current Index 8,817.60
Change % (0.69)%
YTD (CY09) 50.34%
YTD (FY10) 23.11%

International Indicators
  Close %age
BSE-30 15,398.33 (0.45)%
HANGSENG 19,761.68 1.23%
NIKKEI 255 10,214.64 (0.64)%
FTSE 4,796.80 (0.43)%
DJIA 9,344.61 0.69%
SSEC 2,714.97 1.16%
NASDAQ Composite 1,983.20 0.82%

SCRA
Sept 02, 2009 23.948
Sept 2009 35.632
YTD 106.682

Money Market Updates
6m T-bill (Aug 26, 2009) 12.44%
12m T-bill (Aug 26, 2009) 12.42%
3m KIBOR 12.54%
6m KIBOR 12.56%
10 yrs PIB 12.45%

Exchange Rates
Inter-Bank Currency Rates
Rs/EURO 118.19
Rs/UK 134.69
Rs/US 82.90
Rs/OR 213.87

Commodities
Oil $68.17/barrel
Oil Change in % 0.00%
Gold $992.10/ounce
Gold Change in % 1.56%

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

Economic Indicators
GDP Growth FY09E 2.00%
Per Capita Income $1,046
Population 167.34mn
US$ Reserves (Aug 29, 2009) 14.31bn
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 Sch. Banks Deposit Base (Aug 29, 2009) Rs.4,115bn

NAVs and Returns
as of Sept 03, 2009
Funds Offer Redemption
POBOP 51.6589/- 51.1423/-
Daily Return 10.35%
POAIIF 52.5038/- 51.9788/-
Daily Return 7.80%
POAIF 54.59/- 53.23/-
Daily Return (163.83)%
POASF 54.81/- 53.44/-
Daily Return (102.16)%
POAF 11.12/-
Daily Return 13.42%
*Daily Returns are calculated as per MUFAP guidelines

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

IMF official says real VAT does not exist in Pakistan
The International Monetary Fund (IMF) has said that the Value Added Tax (VAT) does not exist in Pakistan, as basic structure of general sales tax (GST) covers extensive domestic zero-rating and exemptions, special treatments to certain sectors and incomplete/imperfect inclusion of services within the tax net. more... (BR)

VAT on goods, services: provinces raise questions about political implications
Provinces have raised questions about the political implications of imposing Value Added Tax (VAT) on goods and services in the next budget. Speaking on behalf of provinces, Punjab Finance Minister, Tanvir Ashraf Kaira, said during the international VAT Conference here on Thursday that how the federal government would tackle the political implications of extending VAT to all provinces. more... (BR)

FX reserves jump to $14.31bn
Country's foreign exchange reserves rose to $14.31 billion in the week ended on August 29 as compared with $12.85 billion previously, the State Bank of Pakistan (SBP) said Thursday. "The International Monetary Fund (IMF) has increased its Special Drawing Rights (SDR) allocation for all member countries and for Pakistan it equals to $1.2 billion," said Syed Wasimuddin, chief spokesman for the SBP. more... (FD)

M2 growth down Rs23bn in week
The money supply contracted by another Rs23 billion during the week ended August 22, 2009 despite an increase in government borrowing. The M2 declined to Rs124 billion whereas the overall contraction stood at -2.42 per cent during July 1, 2008 to August 22, 2009 as compared to -2.15 per cent in the same period last year. more... (FD)


Politics

PM terms statements of retired army officers as conspiracy against democracy
Prime Minister Syed Yousuf Raza Gilani has termed statements of retired army officers as a conspiracy against the democracy, Aaj News report on Thursday.
Responding to a question regarding revelation by retired officers of intelligence agencies, while, briefing media persons after presiding over a special Sindh Cabinet, Prime Minister Gilani said that their comments cannot destabilise the government. He observed that political leadership needs to show political maturity (to counter such attempts). more... (BR)

National Finance Commission (NFC) sub-bodies to meet today
The meetings of sub-committees of the National Finance Commission would be held today (Friday) and tomorrow (Saturday). The committees had been formed in the meeting of the Commission under the chair of Federal Finance Minister Shaukat Tareen last month. more... (FD)


Sector Briefing

Securities and Exchange Commission of Pakistan (SECP) extends date for NCBC submission
The Securities and Exchange Commission of Pakistan (SECP) has allowed extension in time for submission of net capital balance certificate (NCBC) till September 30, 2009. According to Karachi Stock Exchange here Thursday, the Exchange had requested SECP to extend the last date for submission of NCBC so that it is forwarded to SECP in the first week of October. more... (FD)

Amicable settlement of case: Supreme Court directs BoP loan scam accused to deposit Rs one billion
On the request of Haris Steel Industries, involved in rupees nine billion Bank of Punjab (BoP) loan scam, the Supreme Court on Thursday directed the accused to deposit rupees one billion, including property of worth Rs 500 million, to prove their sincerity in reaching an amicable agreement with the bank. more... (BR)

Cement dispatches dip 31pc MoM
The country's total cement dispatches during August 2009 declined by 31 per cent to 1.9 million tonnes as compared to 2.75 million tonnes in July 2009, latest APCMA data suggest. Export figure showed a month-on-month decline of 53 per cent to 0.5 million tonnes as against 1.15 million tonnes in July 2009. 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

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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.