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March 30 , 2010
Statistics
KSE-100 Index
Previous Index 10,137.93
Current Index 10,056.46
Change % (0.80)%
YTD (CY10) 7.13%
YTD (FY10) 40.41%

International Indicators
  Close %age
BSE-30 17,711.35 0.38%
HANGSENG 21,237.43 0.88%
NIKKEI 255 10,986.47 (0.10)%
FTSE 5,710.66 0.10%
DJIA 10,895.86 0.42%
SSEC 3,123.80 2.09%
NASDAQ 2,404.36 0.39%

SCRA
Mar 26 , 2010 3.32
March, 2010 95.13
YTD 389.19

Money Market Updates
6m T-bill 24-Mar-10 12.30%
12m T-bill 24-Mar-10 12.36%
3m KIBOR 12.35%
6m KIBOR 12.41%
10 yrs PIB 12.45%

Exchange Rates
Inter-Bank Currency Rates
Rs/EURO 112.90
Rs/UK 125.37
Rs/US 83.98
Rs/OR 215.76

Commodities
Oil $82.23/barrel
Oil Change in % 0.07%
Gold $1,110.60/ounce
Gold Change in % (0.08)%

Inflation
CPI Gen. - YoY (Feb 10) 13.00%
CPI Gen. - FY10 (Jul -09-Feb 10) 11.10%
NFNE Core INFL - YoY (Feb-10) 10.10%
NFNE Core INFL - FY10 (Jul-09-Feb-10) 11.40%

Economic Indicators
GDP Growth FY10E 2.00%
Per Capita Income $1,046
Population 168.20mn
US$ Reserves (Mar 20, 2010) 14.81bn
Trade Balance (Jul-Feb 10) $(9.42)bn
Curr. A/C (Jul-Feb-10) $(2.56)bn
Remittances (Jul -Feb 10) $5.79bn
Foreign Investment (Jul -Feb-10) $1.02bn
All Sch. Banks Deposit Base (Mar 20, 2010) Rs4,393bn

NAVs and Returns
as of Mar 29, 2010
Funds Offer Redemption
POBOP 47.0748/- 46.6041/-
Daily Return 9.77%
POAIIF 50.7211/- 50.2139/-
Daily Return 7.50%
POAIF 52.84/- 51.52/-
Daily Return (40.01)%
POASF 57.03/- 55.60/-
Daily Return (19.66)%
POAF 10.8127/-
Daily Return 11.60%
*Daily Returns are calculated as per MUFAP guidelines

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

SBP raises fiscal deficit forecast
The State Bank of Pakistan on Monday stressed serious policy efforts to achieve sustainable high growth, as the central bank believes the government intervention cannot successfully stabilise the economy and simultaneously provide stimulus for growth more... (BR)

IMF likely to approve fifth tranche in April
The International Monetary Fund (IMF) is likely to meet by mid-April to approve the fifth tranche of a loan to Pakistan and a delay was purely for "bureaucratic" reasons, a government official said on Monday. Pakistan turned to the IMF for an emergency loan package of $7.6 billion in November 2008 to help avert a balance of payments crisis and shore up reserves more... (BR)

Economic recovery termed 'fragile'
Terming the current economic recovery as "fragile", State Bank of Pakistan has underscored the need for a vigilant monitoring of deteriorations in macroeconomic indicators, particularly the ones that posted substantial improvement at the beginning of the current financial year more... (BR)

Politics

Government asked to reopen Swiss, other cases in '24 hours': law has to take its course, says CJP
"Not even a king can enjoy the benefit of National Reconciliation Ordinance (NRO) after it has been struck down", observed the Supreme Court while giving an ultimatum up to Tuesday, March 30, 2010 to National Accountability Bureau (NAB) for revival of all cases, at home and abroad, in accordance with the three-month old verdict on NRO more... (BR)

FoDP CSF: fiscal pressure likely to mount if pledges not realised
The Sate Bank of Pakistan has indicated that a fiscal pressure is expected to mount if proceeds from Coalition Support Fund and Friends of Democratic Pakistan (FoDP) pledges are not realised. According to SBP's second quarterly report on Pakistan's economy, key fiscal indicators improved in Q2-FY10 over the previous quarter bringing the cumulative fiscal deficit for H1-FY10 to 2.7 percent of annual estimated GDP more... (BR)

Holbrooke phones Gilani, apprises him of Obama's visit to Kabul
Prime Minister Syed Yousuf Raza Gilani Monday reiterated Pakistan's firm resolve to eliminate the menace of terrorism and extremism in the larger interest of world peace. The Prime Minister was talking in a tele-conference with Richard Holbrooke US Special Ambassador on Pakistan and Afghanistan and General Luthar Secretary to the US President here Monday evening more... (BR)

Sector Briefing

SSGC seeks Rs 60 per mmbtu hike in tariff: Ogra hearing in Quetta today
The Sui Southern Gas Company Limited (SSGC) has sought an unprecedented high upward revision in gas tariff, of Rs 60 per million British thermal unit (MMBTU), from July 1, 2010, Business Recorder has learnt. The Oil and Gas Regulatory Authority (Ogra) will conduct public hearing in Quetta on Tuesday before deciding whether to support the tariff sought by SSGC, to meet its revenue shortfall more... (BR)

Issuance of OGDCL bonds: proposals received from 10 world financial institutions
Privatisation Commission (PC) has received proposals and estimates regarding issuance of OGDCL bonds from 10 big international financial institutions, which would be submitted to the Cabinet Committee on Privatisation (CCoP) next week more... (BR)

MCB Bank writes off Rs510mn loans in ‘09
MCB Bank Limited has written off loans over Rs 510 million during the year 2009, the bank's yearly report said. Talking to news agency, MCB President Atif Bajwa said that these loans had been written off under the rules and regulations of the bank 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.