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February 09, 2010
Statistics
KSE-100 Index
Previous Index 9,769.73
Current Index 9,809.98
Change % 0.41%
YTD (CY10) 4.51%
YTD (FY10) 36.97%

International Indicators
  Close %age
BSE-30 15,935.61 0.13%
HANGSENG 19,550.89 (0.58)%
NIKKEI 255 9,951.92 (1.10)%
FTSE 5,092.33 0.60%
DJIA 9,908.39 (1.04)%
SSEC 2,935.17 (0.14)%
NASDAQ 2,126.05 (0.70)%

SCRA
Feb 04 , 2010 (3.69)
February, 2010 (2.93)
YTD 283.81

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 12.25%
10 yrs PIB 12.54%

Exchange Rates
Inter-Bank Currency Rates
Rs/EURO 115.94
Rs/UK 132.65
Rs/US 85.08
Rs/OR 218.44

Commodities
Oil $71.73/barrel
Oil Change in % (0.22)%
Gold $1,068.20/ounce
Gold Change in % 0.19%

Inflation
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 30, 2010) 14.52bn
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 30, 2010) Rs4,401bn

NAVs and Returns
as of Feb 08, 2010
Funds Offer Redemption
POBOP 46.6611/- 46.1945/-
Daily Return (31.59)%
POAIIF 50.2083/- 49.7062/-
Daily Return 5.74%
POAIF 52.45/- 51.14/-
Daily Return 0.00%
POASF 57.10/- 55.67/-
Daily Return 8.20%
POAF 10.6636/-
Daily Return 19.70%
*Daily Returns are calculated as per MUFAP guidelines

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

National Savings Bonds: Rs 3.6 billion generated through subscription till January 26
The Directorate of National Savings (NSs) has generated an amount of Rs 3.6 billion till January 26, 2010 through subscription of newly launched National Savings Bonds to be traded at all the three stock exchanges in near future. The National Saving Organisation's (NSO) portfolio has been increased from Rs 1040 billion in November 2007 to Rs 1550 billion as compared to the State Bank's portfolio that has been declined from Rs 1400 billion in November 2007 to Rs 1100 billion more... (BR)

Articles of agreement of IMF: Cabinet to approve amendments on February 10
The federal cabinet which is scheduled to meet on Wednesday (February 10) with Prime Minister Syed Yousuf Raza Gilani in the chair will approve amendments to the articles of agreement of the International Monetary Fund (IMF), sources close to the Finance Minister told Business Recorder. "Though Pakistan has already voted in favour of amendments to the articles, federal cabinet has not been taken into confidence," the sources added more... (BR)

CCoR finalises roadmap for PSEs' restructuring
The meeting of the Cabinet Committee on Restructuring (CCoR) on Monday decided that financial restructuring along with improvement in operational and corporate governance of eight Public Sector Entities (PSEs) would be undertaken to turn them into viable production units more... (BR)

Politics

Army told to end offence by March
Army has given green-signal by federal government to complete operation "Rah-e-Nijat" in South Waziristan by the end of March as per schedule. Defence sources and political authorities had told Online Monday the strategy adopted by Army Chief General Ashfaq Parvez Kayani and his commanders had remained successful in South Waziristan and it had yielded results up to the expectations. Defence sources revealed the operation was launched on October, 17, 2009 and it was decided in the meeting of corps commanders that it would be completed within shortest possible time more... (FD)

Pakistan has clear roadmap for talks with India: Qureshi
Foreign Minister Shah Mehmood Qureshi has said that India-Pakistan talks at secretaries level is expected on February 18 or 25, as indicated by Indian government and we have a clear roadmap for talks with India, in which more tangible issues like the water dispute will take precedence over traditional fault lines like Kashmir more... (BR)

Sheikh Rasheed's attack: Prime Minister takes notice
Prime Minister Yousuf Raza Gilani has strongly condemned the incident of firing on the election Office of President Awami Muslim League Sheikh Rasheed in Rawalpindi. The PM said violence has never been and cannot be the part of our political culture more... (BR)

Sector Briefing

SBP given powers to take control of banks, impose losses on shareholders: Banking Companies (Amendment) Bill 2009 passed by National Assembly
The National Assembly on Monday passed the Banking Companies (Amendment) Bill 2009 enabling the State Bank of Pakistan (SBP) to change management in banks, impose losses on shareholders by writing down their capital, intervene and take control of banks, appoint administrators to manage and restructure banks when symptoms of crises are determined more... (BR)

Soneri Bank eyes RBS Pakistan
The Soneri Bank Limited (SBL) has expressed interest for acquisition of controlling shares of Royal Bank of Scotland (RBS) operation in Pakistan. The Soneri Bank has notified the Karachi Stock Exchange (KSE) that the board of directors of SBL in its meeting held on February 08, 2010 has authorised the President/Chief Executive of the bank to convey expression of interest on behalf of the bank for acquisition of controlling shares of their operation in Pakistan and fulfil all the regulatory/statutory requirements in this regard more... (BR)

NIT to launch new 'Income Fund' on February 15
The National Investment Trust (NIT) has announced launching of its new product 'NIT Income Fund' (NIT IF) on February 15. The Initial Offering of the Fund will remain open for five days from February 15 to 19, 2010. NIT Chairman Tariq Iqbal Khan, during a pre-IPO presentation held at Karachi Stock Exchange auditorium here on Monday, said that the NIT-IF is aimed to provide competitive stream of return with moderate level of risk for its unit holders (both individual and institutional), by investing primarily in fixed income securities/instruments 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.