February 03, 2010
KSE-100 Index
Previous Index 9,591.51
Current Index 9,595.24
Change % 0.04%
YTD (CY10) 2.22%
YTD (FY10) 33.97%

International Indicators
  Close %age
BSE-30 16,148.55 (1.27)%
HANGSENG 20,272.18 0.14%
NIKKEI 255 10,371.09 1.60%
FTSE 5,283.31 0.70%
DJIA 10,296.85 1.09%
SSEC 2,934.71 (0.23)%
NASDAQ 2,190.06 0.87%

Jan 29, 2010 2.22
January, 2010 16.74
YTD 286.74

Money Market Updates
6m T-bill 27-Jan-10 11.897%
12m T-bill 27-Jan-10 12.015%
3m KIBOR 12.21%
6m KIBOR 12.26%
10 yrs PIB 12.49%

Exchange Rates
Inter-Bank Currency Rates
Rs/EURO 118.37
Rs/UK 135.77
Rs/US 85.05
Rs/OR 218.70

Oil $77.06/barrel
Oil Change in % (0.22)%
Gold $1,114.10/ounce
Gold Change in % (0.35)%

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 23, 2010) 15.10bn
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 23, 2010) Rs4,363bn

NAVs and Returns
as of Feb 02, 2010
Funds Offer Redemption
POBOP 47.6998/- 47.2228/-
Daily Return 17.54%
POAIIF 50.1620/- 49.6604/-
Daily Return 5.75%
POAIF 52.67/- 51.35/-
Daily Return 21.34%
POASF 56.76/- 55.34/-
Daily Return (13.19)%
POAF 10.6635/-
Daily Return 11.58%
*Daily Returns are calculated as per MUFAP guidelines

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

July-September: $1.192 billion paid for debt servicing
The country paid over one billion dollars on account of external debt servicing in the first quarter of the current fiscal year, besides rescheduling 450 million dollars loans. Sources in banking industry said that the country's payment under external debt servicing is gradually increasing due to rising foreign debt and liabilities, which is compelling the central bank to utilise foreign reserves for external payments more... (BR)

C/A deficit falls by $12bn on low imports
The current account deficit for the calendar year 2009 plunged to $3.4bn as compared to $15.6bn in 2008 more... (D)

Spreads surged by 19 basis points in 2009
Average banking sector spreads surged by 19 basis points (bps) to 7.48 percent, highest ever level since 2003, in calendar year 2009 from the average spreads of 7.29 percent recorded in 2008. The State Bank of Pakistan (SBP) released the banking sectors spread data, according to which, in 2009, average lending rates of banks operating in Pakistan rose by 149bps to 13.98 percent (12.49 percent in 2008), while deposit rates increased by 131bps to 6.51 percent (5.2 percent in 2008) more... (BR)


Pakistan tasked with using Taliban pull for Afghan solution
The United States and Afghanistan have given Pakistan a lead role in arranging peace talks between Taliban and the government in Kabul, sources in Pakistan's Foreign Ministry said on Tuesday. A Pakistani diplomat, who spoke on condition of anonymity, said the country had started to work out a list of militant groups to be approached for reconciliation and the proposed terms and conditions under which the talks should take place more... (BR)

Mirza warns of calling in army: serious rift between PPP, MQM on law and order
The province of Sindh is likely to face a serious political chaos, as the two major coalition partners, the PPP and MQM, in Sindh Assembly exchanged barbs over the issue of law and order on Tuesday, which resulted in the latter's boycott. Tuesday, a private members' day in Sindh Assembly, turned unruly when MQM lawmakers walked out of the house in protest against not being allowed to speak by Deputy Speaker Shahla Raza, who was chairing the sitting in the absence of Nisar Khuhro more... (BR)

Indian influence in Afghanistan matter of concern: Mukhtar
Defence Minister Chaudhry Ahmad Mukhtar said on Tuesday Pakistan had serious concerns over the growing influence of India in Afghanistan more... (D)

Sector Briefing

Telecard's WLL licences intact
Telecard Limited — the stock market listed company — brushed aside on Tuesday rumours about the cancellation of its WLL licences and affirmed more... (D)

FFCL IPO oversubscribed
The general public issue of Fatima Fertiliser Company Limited (FFCL) has been oversubscribed by 1.08 times. According to the preliminary data, the registrar has received 2,682 applications of 500 shares, amounting to Rs 18,103,500, information sent to Karachi Stock Exchange (KSE) on Tuesday regarding the status of Initial Public Offering of shares of FFCL revealed. The number of applications above 500 shares is 594 amounting to Rs 710,366,350 more... (BR)

Rs 60 billion contract for 747 megawatts power plant at Guddu: Ecnec decision overruled by Cabinet
The Cabinet is said to have overruled a decision of the Executive Committee of the National Economic Council (Ecnec) regarding formulation of an inquiry committee to fix responsibility in the award of 747 MW combined cycle thermal power plant contract at Guddu without prior approval of the committee, sources in the Water and Power Ministry told Business Recorder 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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