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March 11 , 2010
Statistics
KSE-100 Index
Previous Index 9,787.03
Current Index 9,784.98
Change % (0.02)%
YTD (CY10) 4.24%
YTD (FY10) 36.62%

International Indicators
  Close %age
BSE-30 17,098.33 0.27%
HANGSENG 21,208.29 0.74%
NIKKEI 255 10,563.92 (0.04)%
FTSE 5,607.11 0.10%
DJIA 10,567.33 0.03%
SSEC 3,048.93 (0.66)%
NASDAQ 2,358.95 0.78%

SCRA
Mar 09 , 2010 11.02
March, 2010 33.01
YTD 327.07

Money Market Updates
6m T-bill 24-Feb-10 12.30%
12m T-bill 24-Feb-10 12.36%
3m KIBOR 12.35%
6m KIBOR 12.40%
10 yrs PIB 12.63%

Exchange Rates
Inter-Bank Currency Rates
Rs/EURO 115.10
Rs/UK 126.67
Rs/US 84.67
Rs/OR 217.32

Commodities
Oil $81.61/barrel
Oil Change in % (0.58)%
Gold $1,108.00/ounce
Gold Change in % (0.01)%

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 (Mar 04, 2010) 14.80bn
Trade Balance (Jul-Jan 10) $(8.44)bn
Curr. A/C (Jul-Jan-10) $(2.49)bn
Remittances (Jul -Feb 10) $5.79bn
Foreign Investment (Jul -Jan-10) $1.47bn
All Sch. Banks Deposit Base (Mar 04, 2010) Rs4,388bn

NAVs and Returns
as of Mar 10, 2010
Funds Offer Redemption
POBOP 47.3356/- 46.8622/-
Daily Return 7.85%
POAIIF 50.4935/- 49.9886/-
Daily Return 7.18%
POAIF 52.65/- 51.33/-
Daily Return 21.35%
POASF 57.23/- 55.80/-
Daily Return 6.54%
POAF 10.7990/-
Daily Return 11.42%
*Daily Returns are calculated as per MUFAP guidelines

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

17 percent increase in July-February remittances
Remittances sent from overseas Pakistanis continued to show rising trend as $5,786.89 million was received in eight months (July-February period) of the current fiscal year, showing an increase of $868.26 million, or 17.65 percent, from $4,918.73 million of the same period of last fiscal year. This amount includes $1.0 million received through encashment and profit earned on Foreign Exchange Bearer Certificates (FEBCs) and Foreign Currency Bearer Certificates (FCBCs) more... (BR)

FoDP Tokyo conference: money pledged was never earmarked for budgetary support: German envoy
German Ambassador to Pakistan Dr Michael Koch clarified on Wednesday that money pledged at Friends of Democratic Pakistan(FoDP)during the Tokyo conference in April 2009 was never earmarked for budgetary support and will not materialise till projects submitted by Pakistan have been approved by the German government more... (BR)

ADB's aide-memoir on power sector debts: MoF asked to be tough on banks
Asian Development Bank (ADB) has advised the Finance Ministry not to bow down before "unreasonable terms by the banks just for the sake of speed," with reference to dealing with power sector debts, according to an aide-memoir, a copy of which is available to the Business Recorder. The Bank has given the deadline of March 31, 2010 to the Finance Ministry for power sector loan transfer documentation, the sources added more... (BR)

Politics

Zardari and Karzai resolve to remove differences
President Asif Ali Zardari and his Afghan counterpart Hamid Karzai on Wednesday held wide-ranging talks, mainly focusing on jointly fighting terrorism, strengthening bilateral ties and ways to address regional issues relating to peace and security. President Karzai, who is on two-day visit, held a meeting with President Zardari soon after his arrival at Aiwan-e-Sadr here more... (BR)

Cabinet approves replacement of CEOs of eight PSEs by June 30
The Federal Cabinet on Wednesday gave approval for replacement of Chief Executive Officers (CEOs) of eight Pubic Sector Enterprises by June 30 as well as formation of independent and professional Board of Directors by April 30 more... (BR)

IP gas pipeline project: final accord to be signed on March 16
Pakistan and Iran will ink a final on Iran-Pakistan gas pipeline project on March 16, 2010. Two countries will sign the Heads of Agreement (HoA) and certain Conditions Precedents (CPs) to make the Gas Sales Purchase Agreement (GSPA) effective. Managing Director Inter State Gas Systems (ISGS) revealed to National Assembly Standing Committee on Petroleum and Natural Resources here on Wednesday more... (BR)

Sector Briefing

PSO needs Rs57 billion to avoid default
With its receivables rising beyond Rs105bn, PSO needs at least Rs57bn up to April 28 to avoid default more... (D)

July-Feb car sales surge by 42pc
Overall sale of cars, excluding Suzuki Bolan, surged by 42.3 per cent in July-February 2009-2010 to 68,307 units from 47,982 units in the more... (D)

Refiners lose sales during Jul-Feb; Off-take slumps 8.5pc in 8mths of 2009-10
Refiners' sales declined 8.5 per cent to stand at 5.41 million tonnes in 8MFY10 against 5.92 million tonnes during the same period last fiscal year, numbers issued by OCAC said Wednesday more... (FD)

(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.