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December 15, 2009
Statistics
KSE-100 Index
Previous Index 9,037.30
Current Index 9,280.16
Change % 2.69%
YTD (CY09) 58.20%
YTD (FY10) 29.60%

International Indicators
  Close %age
BSE-30 17,097.55 (0.13)%
HANGSENG 22,085.75 0.84%
NIKKEI 255 10,105.68 (0.20)%
FTSE 5,315.34 0.30%
DJIA 10,501.05 0.28%
SSEC 3,302.90 1.71%
NASDAQ 2,212.10 0.99%

SCRA
Dec 11 , 2009 0.82
December, 2009 (45.96)
YTD 268.99

Money Market Updates
6m T-bill (Dec 02, 2009) 12.25%
12m T-bill (Dec 02, 2009) 12.09%
3m KIBOR 12.37%
6m KIBOR 12.44%
10 yrs PIB 12.48%

Exchange Rates
Inter-Bank Currency Rates
Rs/EURO 123.21
Rs/UK 136.54
Rs/US 84.30
Rs/OR 217.94

Commodities
Oil $69.76/barrel
Oil Change in % 0.36%
Gold $1,125.30/ounce
Gold Change in % 0.13%

Inflation
CPI Gen. - YoY (Nov 09) 10.50%
CPI Gen. - FY10 (Jul -Nov 09) 10.30%
NFNE Core INFL - YoY (Nov 09) 10.60%
NFNE Core INFL - FY10 (Jul-Nov 09) 12.00%

Economic Indicators
GDP Growth FY10E 2.00%
Per Capita Income $1,046
Population 168.20mn
US$ Reserves (Dec 05, 2009) 13.57bn
Trade Balance (Jul-Oct 09) $(4.47)bn
Curr. A/C (Jul-Oct- 09) $(1.07)bn
Remittances (Jul -Nov 09) $3.80bn
Foreign Investment (Jul -Oct-09) $910.2mn
All Sch. Banks Deposit Base (Dec 05, 2009) Rs4,242bn

NAVs and Returns
as of Dec 14, 2009
Funds Offer Redemption
POBOP 52.1887/- 51.6668/-
Daily Return 8.70%
POAIIF 53.4202/- 52.8860/-
Daily Return 7.85%
POAIF 55.86/- 54.46/-
Daily Return 203.30%
POASF 56.90/- 55.48/-
Daily Return 229.83%
POAF 10.5188/-
Daily Return 14.30%
*Daily Returns are calculated as per MUFAP guidelines

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

Sick SOEs to be made viable prior to sale: Tarin
Finance Minister Shaukat Tarin on Monday said efficiency would be brought in the bleeding State Owned Entities (SOEs) before their strategic sale as corruption in the taxation system and inefficient managements have been eating up Rs 750 billion annually more... (BR)

Abu Dhabi provides Dubai $10 billion in bailout money
Abu Dhabi provided its flashy but debt-laden neighbour Dubai a $10 billion lifeline to last its troubled flagship company until the end of April, heading off a bond default on payment day and sending Gulf markets higher. Dubai World, the conglomerate at the centre of a $26 billion debt storm, still needs creditors to agree a standstill on a massive restructuring in order to get financial support to cover working capital and interest expenses more... (BR)

One million metric tons of sugar to be imported next year: Wattoo
The government has planned to import one million metric tons of sugar next year to overcome the commodity's shortage, said Federal Minister for Industries and Production Mian Manzoor Ahmad Wattoo here on Monday more... (BR)

Politics

CIA and GHQ may destabilise system: Azfar explains 'apprehensions'
"We have apprehensions that the CIA and GHQ may destabilise the system," said Kamal Azfar, representative of the Federation, in response to a query of the Supreme Court about Federation's petition cautioning the court to mitigate against 'destabilisation of rule of law' in deciding the petitions against National Reconciliation Ordinance (NRO), here on Monday more... (BR)

Actions against militants: US to respect Pakistan's sovereignty, says Obama
The United States will respect Pakistan's sovereignty if it engaged in actions against militants in major metropolitan area, President Barack Obama said on Monday. "We expect Pakistan to cooperate more effectively in the future than they have in the past," he said in an interview with CBS's popular '60 Minutes' news programme broadcast on Sunday more... (BR)

President hits back at US criticism of Pakistan
President Asif Ali Zardari has hit back at American criticism of Pakistan’s failure to catch terrorist leaders with an accusation that it was the US which created al-Qaeda and the Taliban more... (D)

Sector Briefing

Nishat Mills to acquire two thermal plants
The largest composite textile mill signed an agreement with AES Pakistan for a total generation capacity of 727MW more... (D)

Row over cess, employment puts $760 million cement exports at risk: work remained suspended at Karachi Port for 36 hours
Around $760 million cement exports of the crises-hit country are in danger, as the longstanding dispute between the Lucky Cement (LC) and Karachi Dock Labour Board (KDLB) over the employment and payment of cess, once again kept the handling of bulk cement suspended at Karachi Port for at least 36 hours more... (BR)

PSO seeks up to 96,000 tons of jet fuel
Pakistan State Oil (PSO) is seeking up to 96,000 tonnes of jet fuel for delivery via tender between January and April next year, a tender a document showed on Monday, at a time of stubbornly poor demand for distillates. It is seeking five 16,000-tonne cargoes of jet fuel for January-April delivery to Karachi, and another optional cargo for February-April delivery 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
Abdul 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.