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March 04 , 2010
Statistics
KSE-100 Index
Previous Index 9,546.39
Current Index 9,419.43
Change % (1.33)%
YTD (CY10) 0.35%
YTD (FY10) 31.52%

International Indicators
  Close %age
BSE-30 17,001.01 1.36%
HANGSENG 20,876.79 (0.14)%
NIKKEI 255 10,253.14 0.30%
FTSE 5,533.21 0.90%
DJIA 10,396.76 (0.09)%
SSEC 3,097.01 0.78%
NASDAQ 2,280.68 (0.05)%

SCRA
Mar 02 , 2010 7.49
March, 2010 6.02
YTD 300.08

Money Market Updates
6m T-bill 24-Feb-10 11.90%
12m T-bill 24-Feb-10 11.98%
3m KIBOR 12.35%
6m KIBOR 12.40%
10 yrs PIB 12.70%

Exchange Rates
Inter-Bank Currency Rates
Rs/EURO 116.09
Rs/UK 128.14
Rs/US 85.15
Rs/OR 218.55

Commodities
Oil $80.63/barrel
Oil Change in % (0.30)%
Gold $1,136.50/ounce
Gold Change in % (0.59)%

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 20, 2010) 14.37bn
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 27, 2010) Rs4,396bn

NAVs and Returns
as of Mar 03, 2010
Funds Offer Redemption
POBOP 46.5465/- 46.0810/-
Daily Return 8.07%
POAIIF 50.4251/- 49.9208/-
Daily Return 7.27%
POAIF 52.21/- 50.90/-
Daily Return (57.28)%
POASF 56.67/- 55.25/-
Daily Return (65.94)%
POAF 10.7310/-
Daily Return 11.50%
*Daily Returns are calculated as per MUFAP guidelines

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

Low tax-to-GDP ratio: problems mainly due to corruption: survey
One of the major reasons for an abysmally low tax-to-GDP ratio in Pakistan is the payee perception that tax collectors are corrupt, a fact publicly admitted by former Finance Minister Shaukat Tarin, and the treasury focused on frivolous expenditure, tax consultants unanimously agreed in a survey carried out by Business Recorder more... (BR)

Several budget targets likely to be missed
The country is likely to miss a number of budgetary targets during the current fiscal year due to lower than expected external cash inflows and the energy crisis. The fiscal deficit, inflation, agriculture and services growth buegetary targets may not be achieved as fiscal deficit is estimated at over 5.2 percent of the GDP against the initial budgetary estimate of 4.9 percent more... (BR)

Provisional figures show Rs 89.3 billion collection in February
The Federal Board of Revenue (FBR) has provisionally collected Rs 89.3 billion during February 2010 as compared to Rs 77.2 billion in the corresponding period of last fiscal year, reflecting an increase of Rs 12.1 billion. According to provisional figures compiled by FBR on Wednesday, overall revenue collection stood at nearly Rs 89.3 billion, as compared to target of Rs 109 billion, reflecting a shortfall of Rs 19.7 billion more... (BR)

Politics

No US pressure to hold talks with Pakistan: Singh
Indian Prime Minister Manmohan Singh informed the Lok Sabha on Wednesday that there was no US pressure on India to initiate talks with Pakistan. In a verbal duel with BJP leader L K Advani during the debate on the Motion of Thanks to the President's Address in Lok Sabha, Singh said there was no change in the US policy on Indo-Pak relations after President Barack Obama came to power more... (BR)

Naseem Baig meets Prime Minister
Naseem Baig, who is being widely tipped to be the next advisor on Finance, called on Prime Minister Syed Yousuf Raza Gilani on Wednesday. Sources told Business Recorder that Baig remained with him for some time, giving a measure of credence to rumours that the meeting is a prelude to his appointment as advisor on Finance more... (BR)

Petition challenging Shahbaz's eligibility: LHC allows petitioner to withdraw plea
A full bench of the Lahore High Court (LHC) here on Wednesday allowed petitioner to withdraw a constitutional petition challenging Mian Shahbaz Sharif's eligibility to hold the office of chief minister more... (BR)

Sector Briefing

Pak-Suzuki increases car prices
Pak Suzuki Motor Company Limited (PSMCL) has increased the price of its newly introduced Swift car by Rs50,000 to Rs1,049,000 from Rs999,999 more... (D)

Hubco fuel stock falls to critical level
Hubco should have 120,000 metric tons of furnace oil in its storage tanks, but it has only 3000-5000 tons more... (D)

Facility for companies to invest in associated outfits: SECP to issue regulations
The Securities and Exchange Commission of Pakistan (SECP) has decided to issue Companies (Investment in Associated Companies and Associated Undertakings) Regulations to facilitate companies interested in making investment in their associated companies 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.