January 26, 2010
KSE-100 Index
Previous Index 9,777.59
Current Index 9,689.20
Change % (0.90)%
YTD (CY10) 3.20%
YTD (FY10) 35.30%

International Indicators
  Close %age
BSE-30 16,780.46 (0.47)%
HANGSENG 20,598.55 (0.62)%
NIKKEI 255 10,512.69 (0.70)%
FTSE 5,260.31 (0.80)%
DJIA 10,196.86 0.23%
SSEC 3,094.41 (1.09)%
NASDAQ 2,210.80 0.25%

Jan 22, 2010 1.77
January, 2010 17.26
YTD 287.26

Money Market Updates
6m T-bill (Jan 14, 2010) 12.05%
12m T-bill (Jan 14, 2010) 12.05%
3m KIBOR 12.22%
6m KIBOR 12.26%
10 yrs PIB 12.61%

Exchange Rates
Inter-Bank Currency Rates
Rs/EURO 119.95
Rs/UK 136.42
Rs/US 84.75
Rs/OR 215.18

Oil $74.41/barrel
Oil Change in % (1.13)%
Gold $1,095.60/ounce
Gold Change in % (0.11)%

CPI Gen. - YoY (Dec 09) 10.50%
CPI Gen. - FY10 (Jul -Dec 09) 10.30%
NFNE Core INFL - YoY (Dec 09) 10.70%
NFNE Core INFL - FY10 (Jul-Dec 09) 11.80%

Economic Indicators
GDP Growth FY10E 2.00%
Per Capita Income $1,046
Population 168.20mn
US$ Reserves (Jan 16, 2010) 15.24bn
Trade Balance (Jul-Dec 09) $(6.80)bn
Curr. A/C (Jul-Dec- 09) $(1.76)bn
Remittances (Jul -Dec 09) $4.53bn
Foreign Investment (Jul -Dec-09) $1.28bn
All Sch. Banks Deposit Base (Jan 16, 2010) Rs4,363bn

NAVs and Returns
as of Jan 25, 2010
Funds Offer Redemption
POBOP 47.5816/- 47.1058/-
Daily Return 2.35%
POAIIF 50.0664/- 49.5657/-
Daily Return 5.33%
POAIF 53.05/- 51.72/-
Daily Return (38.73)%
POASF 57.36/- 55.93/-
Daily Return (110.27)%
POAF 10.6419/-
Daily Return 11.99%
*Daily Returns are calculated as per MUFAP guidelines

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

THE RUPEE: dollar at 86 on open market
It looks that the dollar after hitting the 68 level versus the rupee on the open market on Monday, is now heading toward the new destinations, currency viewers said. On the open market the US currency gained 25 paisa against the rupee for buying and selling at 86.00 and 86.10, dealers said. Versus the euro, the rupee also came down shedding 55 paisa for buying and selling at Rs 121.10 and Rs 121.60, they added more... (BR)

Government may cut PSDP 2009-10 by 50 percent
The government may slash Public Sector Development Programme (PSDP) 2009-10 by 50 percent or over Rs 210 billion due to poor cash inflow of the funds pledged by Friends of Democratic Pakistan (FoDP) and reluctance of United States to release the reimbursement under the Coalition Support Fund (CSF). The government had allocated Rs 421 billion for development projects in current fiscal year's PSDP more... (BR)

Services deficit shrinks by 34 percent
The country's services sector trade deficit shrunk by 34 percent to 1.532 billion dollars during first half of current fiscal year mainly due to low services imports. The central bank said that the country's services sector trade performance was very encouraging and its services sector deficit, which was on surge during last few years, had reduced by 807 million dollars during first half (July-December) of fiscal year 2009-10 more... (BR)


Prime Minister meets Hafeez to find a way out: NRO, other matters discussed
Prime Minister Syed Yousuf Raza Gilani on Monday emphasised that adherence to trichotomy as enunciated in the Constitution is imperative for good governance which alone could help resolve the challenges confronting the country. Gilani expressed these views during his meeting with renowned lawyer Abdul Hafeez Pirzada whom he met here in his office for consultation on legal matters concerning the government more... (BR)

Nawaz links future of democracy to respect of court decisions
Pakistan Muslim League-Nawaz chief Mian Nawaz Sharif on Monday said that sacrifices rendered by the nation would be wasted, if the decisions of apex court were not respected. Furthermore, he said democracy could only be sustained in the country, if the decisions of the Supreme Court of Pakistan are respected and implemented in letter and spirit more... (BR)

Taliban leaders may join Afghan govt: US
The commander of US forces in Afghanistan held out the possibility of Taliban eventually helping run the country more... (D)

Sector Briefing

Government decides to start work on Bhasha, 12 other dams: minister
Federal Minister for Water and Power Raja Pervaiz Ashraf said the government had decided to start work on the Bhasha Dam and 12 other small and medium-size dams in the four provinces to meet the energy shortfall. He was addressing the 66th national general council meeting of Wapda employees at Bukhtiar Labour Hall, here on Monday more... (BR)

PPL declares 40 percent dividend
The profit after tax of Pakistan Petroleum Limited (PPL) declined to Rs 9.753 billion in the half year ended on December 31, 2009 as compared to Rs 13.775 billion earned in the corresponding period of 2008. The company's earning per share (basic and diluted) declined to Rs 9.79 in the period under review against Rs 13.83 in the same period a year back more... (BR)

Condition of placing shares in CDC account: LHC suspends operation of SBP's directive
The Lahore High Court (LHC) has suspended the operation of State Bank of Pakistan's directive imposing condition on shareholders possessing five percent or more in bank shares to be placed in an account with the Central Depository Company of Pakistan (CDC) and prohibiting trading in them without prior permission of SBP. Justice Mian Saqib Nisar of the LHC passed the order on Monday, on a petition filed by M/s Security General Insurance Company Ltd's counsel Salman Aslam Butt which states 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
Rafey Ahmed Research Analyst Faiz Malik
Database Manager


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