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February 24, 2010
Statistics
KSE-100 Index
Previous Index 9,953.07
Current Index 9,823.57
Change % (1.30)%
YTD (CY10) 4.65%
YTD (FY10) 37.16%

International Indicators
  Close %age
BSE-30 16,286.32 0.30%
HANGSENG 20,623.00 1.21%
NIKKEI 255 10,352.10 (0.50)%
FTSE 5,315.09 (0.70)%
DJIA 10,282.41 (0.97)%
SSEC 2,982.58 (0.69)%
NASDAQ 2,213.44 (1.28)%

SCRA
Feb 22 , 2010 0.02
February, 2010 9.32
YTD 296.06

Money Market Updates
6m T-bill 10-Feb-10 12.02%
12m T-bill 10-Feb-10 12.05%
3m KIBOR 12.33%
6m KIBOR 12.38%
10 yrs PIB 12.54%

Exchange Rates
Inter-Bank Currency Rates
Rs/EURO 115.88
Rs/UK 132.07
Rs/US 85.14
Rs/OR 218.67

Commodities
Oil $79.17/barrel
Oil Change in % 0.39%
Gold $1,105.70/ounce
Gold Change in % 0.23%

Inflation
CPI Gen. - YoY (Jan 10) 13.70%
CPI Gen. - FY10 (Jul -09-Jan 10) 10.80%
NFNE Core INFL - YoY (Jan-10) 10.30%
NFNE Core INFL - FY10 (Jul-09-Jan-10) 11.60%

Economic Indicators
GDP Growth FY10E 2.00%
Per Capita Income $1,046
Population 168.20mn
US$ Reserves (Feb 13, 2010) 14.32bn
Trade Balance (Jul-Jan 10) $(8.44)bn
Curr. A/C (Jul-Jan-10) $(2.49)bn
Remittances (Jul -Jan 10) $5.20bn
Foreign Investment (Jul -Jan-10) $1.47bn
All Sch. Banks Deposit Base (Feb 13, 2010) Rs4,371bn

NAVs and Returns
as of Feb 23, 2010
Funds Offer Redemption
POBOP 46.4658/- 46.0011/-
Daily Return 23.11%
POAIIF 50.3468/- 49.8433/-
Daily Return 7.68%
POAIF 52.51/- 51.20/-
Daily Return (49.83)%
POASF 57.13/- 55.70/-
Daily Return (71.94)%
POAF 10.6982/-
Daily Return 11.54%
*Daily Returns are calculated as per MUFAP guidelines

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

To meet budgetary needs: Pakistan has to implement IMF programme: expert
Cash-starved Pakistan has no option other than implementing IMF programme to meet its budgetary needs as it does not have the flexibility to increase its tax collection, prominent economist and former Finance Minister Punjab Shahid Kardar told Business Recorder here on Tuesday more... (BR)

IFC gives $202m in trade support
International Finance Corporation (IFC) said on Tuesday that it provided Pakistani banks with $202 million under its Global Trade Finance more... (D)

THE RUPEE: all-round fall seen
The rupee drifted lower against dollar on the local currency market on Tuesday as importers were trying the cover the forward buying to meet the payment requirements, money exports said. On the interbank market the rupee shed two paisa in terms of the US currency for buying at 85.04 and one paisa for selling at 85.08, dealers said more... (BR)

Politics

NAB stopped from contacting Swiss govt directly
The ministry of law has stopped NAB from approaching the Swiss govt for reopening cases against President Zardari more... (D)

SC returns govt's review appeal on NRO verdict
The govt has reservations on the verdict and says the apex court went beyond what was requested for by petitioners more... (D)

Taliban relocating to Karachi, US Senate told
A senior US general told a Senate committee that Taliban militants were relocating from Quetta to Karachi more... (D)


Sector Briefing

Corporate rehabilitation, restructuring of bad debts: SECP mandated to develop legislation
The government is understood to be giving powers to the Securities and Exchanges Commission (SECP) for corporate rehabilitation and restructuring of bad debts and unviable entities, sources told Business Recorder. They said that the existing institutional arrangements and legal process for revival and rehabilitation of potentially viable companies are both inadequate and time-consuming. Efforts in the past had been made, largely on creditor-friendly laws more... (BR)

SBP declares PIAC Sukuk certificates as approved security
The State Bank of Pakistan (SBP) has declared Sukuk certificates issued by Pakistan International Airlines Corporation (PIAC) as an approved security. According to a Circular (BSD Circular No 1) issued by the Bank on Tuesday, PIAC Sukuk Certificates can be used for minimum paid-up capital and reserves requirement under section 13 of Banking Companies Ordinance (BCO) of 1962 more... (BR)

Futures trading: Cabinet to approve draft legislation today
The Cabinet, which is scheduled to meet on Wednesday, will approve drafting of legislation on futures trading in bourses and protection of investors from market offences, sources in SECP told Business Recorder. They said that SECP Ordinance was promulgated in 1969, primarily to provide for protection of the investors and regulation of securities markets 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

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.