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March 05 , 2010
Statistics
KSE-100 Index
Previous Index 9,419.43
Current Index 9,511.53
Change % 0.98%
YTD (CY10) 1.33%
YTD (FY10) 32.80%

International Indicators
  Close %age
BSE-30 16,971.7 (0.20)%
HANGSENG 20,575.8 (1.44)%
NIKKEI 255 10,145.7 (1.10)%
FTSE 5,527.2 (0.10)%
DJIA 10,444.1 0.46%
SSEC 3,023.4 (2.38)%
NASDAQ 2,292.3 0.51%

SCRA
Mar 03 , 2010 4.23
March, 2010 11.92
YTD 305.98

Money Market Updates
6m T-bill 24-Feb-10 11.90%
12m T-bill 24-Feb-10 11.98%
3m KIBOR 12.34%
6m KIBOR 12.39%
10 yrs PIB 12.70%

Exchange Rates
Inter-Bank Currency Rates
Rs/EURO 116.45
Rs/UK 128.33
Rs/US 85.09
Rs/OR 218.61

Commodities
Oil $80.61/barrel
Oil Change in % 0.50%
Gold $1,133.80/ounce
Gold Change in % 0.06%

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 27, 2010) 14.80bn
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 04, 2010
Funds Offer Redemption
POBOP 46.5564/- 46.0908/-
Daily Return 8.07%
POAIIF 50.4348/- 49.9305/-
Daily Return 7.35%
POAIF 52.22/- 50.91/-
Daily Return 7.17%
POASF 56.73/- 55.31/-
Daily Return 39.64%
POAF 10.7342/-
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

Reserves rise to $14.8bn
Pakistan’s foreign exchange reserves rose to $14.80 billion in the week ending on Feb 27 from $14.37 billion the previous week, a central bank more... (D)

MoF and World Bank mapping out draft debt strategy
The Finance Ministry and the World Bank are jointly preparing a draft medium-term debt management strategy and analysing the liquidity impact on the banking sector after withdrawal of federal entity deposits next month, official sources told Business Recorder more... (BR)

Government likely to miss BISP funds' utilisation target
The government may not be able to meet the utilisation target pertaining to funds earmarked for Benazir Income Support Programme (BISP) as only an amount of Rs 16 billion has been disbursed among the beneficiaries during the first eight months (July-February) of the on going fiscal year. Government had allocated Rs 70 billion for disbursement among beneficiaries under BISP during current financial year more... (BR)

Politics

It's 'time to talk' to Taliban: UN envoy
The head of the UN mission in Afghanistan said Thursday that it's "high time" a political solution is found with the Taliban to resolve the more than 8-year-old conflict. "It's time to talk," Kai Eide said. In his last news conference as the UN representative, Eide said he hoped a spring peace jirga or conference that Afghan President Hamid Karzai is organising would result in a national consensus for peace that the entire nation could rally around more... (BR)

Aim of US Afghan-Pak policy is to radicalise Pakistan's Pashtuns: Chomsky
In an exclusive interview to AAJ News, one of the world's most important intellectuals, Dr Noam Chomsky, has said that one of the goals of US Af-Pak policy has been to push the Afghan Taliban into the bordering regions of Pakistan and then use drone missile attacks to ensure the radicalisation of Pakistan's own Pashtun populations more... (BR)

India not interested in resuming dialogue: foreign office
Pakistan on Thursday regretted that India was not interested in resumption of composite dialogue and wanted to engage Pakistan in foreign office level talks. Addressing the weekly news briefing, Foreign Office Spokesman Abdul Basit said that now it is India's turn to respond to the roadmap presented by Pakistan during recent talks for resumption of composite dialogue, moving beyond the foreign secretary level initiative to involve the political leadership more... (BR)

Sector Briefing

Saroor Investment takes over AHBL management
The new board of directors of Arif Habib Bank Limited (AHBL) has decided to inject further capital of Rs 2.5 billion into the equity of the bank. The Saroor Investment has taken over the management of the Arif Habib Bank and the board of directors of the bank has been changed more... (BR)

Due diligence of RBS: two banks allowed by SBP
The State Bank of Pakistan has given green signal to the two banks for commencing due diligence for the acquisition of Royal Bank of Scotland (RBS). The SBP has allowed Faysal Bank and Egypt's EFG-Hermes to conduct due diligence on RBS Pakistan operations. The RBS has put on sale its business in 36 countries including Pakistan after world-wide losses of $38 billion in 2008 due to the global economic recession more... (BR)

Insurance companies: SECP sends draft rules to PCP for official gazette
The Securities and Exchange Commission of Pakistan (SECP) has observed that the solvency requirements are essential for the supervision of insurance companies as well as protection of the policyholders. In this regard, the SECP has sent the draft rules to the Printing Corporation of Pakistan for publication in the official gazette 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.