BasedLine
LOGO
September 24, 2009
Statistics
KSE-100 Index
Previous Index 9,223.39
Current Index 9,436.82
Change % 2.31%
YTD (CY09) 60.90%
YTD (FY10) 31.80%

International Indicators
  Close %age
BSE-30 16,719.50 (0.99)%
HANGSENG 21,595.52 (0.49)%
NIKKEI 255 10,370.54 (0.70)%
FTSE 5,139.37 (0.10)%
DJIA 9,748.55 (0.83)%
SSEC 2,803.97 (1.36)%
NASDAQ 2,131.42 (0.69)%

SCRA
Sept 18, 2009 (0.226)
Sept 2009 138.122
YTD 209.173

Money Market Updates
6m T-bill (Sep 09, 2009) 12.78%
12m T-bill (Sep 09, 2009) 12.48%
3m KIBOR 12.61%
6m KIBOR 12.66%
10 yrs PIB 12.51%

Exchange Rates
Inter-Bank Currency Rates
Rs/EURO 122.24
Rs/UK 135.21
Rs/US 83.09
Rs/OR 215.35

Commodities
Oil $68.28/barrel
Oil Change in % (1.00)%
Gold $1,010.80/ounce
Gold Change in % (0.35)%

Inflation
CPI Gen. - YoY (Aug 09) 10.70%
CPI Gen. - FY10 (Jul -Aug 09) 10.90%
NFNE Core INFL - YoY (Aug 09) 12.60%
NFNE Core INFL - FY10 (Jul-Aug 09) 13.30%

Economic Indicators
GDP Growth FY10E 2.00%
Per Capita Income $1,046
Population 167.34mn
US$ Reserves (Sep 05, 2009) 14.24bn
Trade Deficit (Aug 09) $(2.19)bn
Curr. A/C (Jul 09) $(606)mn
Remittances (Jul -Aug 09) $1.53bn
Foreign Investment (Jul 09) $195.6mn
All Sch. Banks Deposit Base (Sep 12, 2009) Rs.4,125bn

NAVs and Returns
as of Sept 19, 2009
Funds Offer Redemption
POBOP 51.9409/- 51.4215/-
Daily Return 38.83%
POAIIF 52.7251/- 52.1978/-
Daily Return 60.24%
POAIF 55.98/- 54.58/-
Daily Return 40.17%
POASF 56.51/- 55.10/-
Daily Return 66.36%
POAF 11.2246/-
Daily Return 6,264.43%
*Daily Returns are calculated as per MUFAP guidelines

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

US Congress approves $2.376 billion aid
American Congress has approved aid amounting to $2.376 billion for Pakistan. According to a private TV channel this aid amount was meant for the fiscal year 2008-09, while the US government has also presented an aid bill for Pakistan for the fiscal year 2009-10 amounting to $2.282 billion in the American Congress. This assistance includes both military and non-military aid more... (BR)

Zardari asks US to fast-track reimbursement of $1.6 billion coalition fund
President Asif Ali Zardari on Tuesday called upon the US to fast track reimbursement of outstanding Coalition Support Fund of $1.6 billion and early realisation of the Tokyo pledges to ensure economic stability of Pakistan. The President said this while talking to the US President's Special Envoy for Pakistan and Afghanistan Richard Holbrooke, who called on him here and discussed a wide-range of issues concerning the two countries more... (BR)

IMF urges donors to deliver on Pakistan aid
The International Monetary Fund on Tuesday urged donors at a meeting in New York this week to follow through on billions of dollars in aid promised for Pakistan, which in turn must work harder on its own reforms more... (D)

Politics

Obama vows new era of US engagement with world
US President Barack Obama told world leaders on Wednesday to stop blaming America and join him in confronting challenges like Iran and North Korea's nuclear programs and the war in Afghanistan. Leaders of Libya and Brazil, speaking at the annual UN General Assembly gathering, both questioned the world's political and economic balance, reflecting deep unease exacerbated by the global economic crisis more... (BR)

Obama pledges to defeat Al Qaeda
The US will permit no safe havens for terrorists to launch attacks from Afghanistan or any other country, said Obama more... (D)

Pakistan, Taliban still together: Krishna
‘They are a tandem,’ External Affairs Minister S.M. Krishna said in an interview with the Wall Street Journal more... (D)

Sector Briefing

New OMC entrants: MoP working out mechanism to adjust margin loss on HSD
The Petroleum Ministry is working out a mechanism to automatically adjust the margin loss of new entrants in Oil Marketing Companies (OMCs) on price of High Speed Diesel (HSD) and sought recommendations from OMCs in this regard. At present, all OMCs follow the weighted average price of HSD announced by Pakistan State Oil (PSO) and new OMCs approached the government to develop a mechanism to automatically adjust their losses on HSD price more... (BR)

SBP likely to cut CRR by one percent: Monetary Policy on September 29
The State Bank of Pakistan (SBP) will issue the Monetary Policy Statement (MPS) for the next two months on September 29 with expectations of one percent cut in CRR, and no change in the key policy rate, due to liquidity shortage and some rise in monthly inflation, sources said. The Federal Bureau of Statistics (FBS) reported CPI inflation at 10.7 percent in August, down from 11.2 percent in July more... (BR)

Furnace oil supply: PSO's advice to IPPs
The Pakistan State Oil (PSO) has asked the independent power producers (IPPs) to either get furnace oil supplies on credit or arrange payment for uplifting the product for buildup of the stocks as per Fuel Supply Agreement (FSA), official sources told Business Recorder. The government had directed PSO to ensure supplies of furnace oil 35,000 tons per day to power sector customers from July 2009 to December 2009 more... (BR)

(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
  Imran Altaf
Research Analyst
Faizan Ahmed
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.