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May 21 , 2010
Statistics
KSE-100 Index
Previous Index 10,389.46
Current Index 10,389.46
Change % (0.37)%
YTD (CY10) 10.68%
YTD (FY10) 45.06%

International Indicators
  Close %age
BSE-30 17,386.08 (0.98)%
HANGSENG 20,811.40 (1.40)%
NIKKEI 255 11,057.40 1.21%
FTSE 5,553.30 (1.15)%
DJIA 11,151.83 1.30%
SSEC 2,870.61 0.08%
NASDAQ 2,498.74 1.53%

SCRA
April 30 , 2010 3.80
April, 2010 128.25
YTD 520.78

Money Market Updates
6m T-bill 21-Apr-10 12.27%
12m T-bill 21-Apr-10 12.34%
3m KIBOR 12.18%
6m KIBOR 12.27%
10 yrs PIB 12.53%

Exchange Rates
Inter-Bank Currency Rates
Rs/EURO 111.19
Rs/UK 128.27
Rs/US 84.19
Rs/OR 215.17

Commodities
Oil $85.97/barrel
Oil Change in % (0.26)%
Gold $1,181.50/ounce
Gold Change in % (0.15)%

Inflation
CPI Gen. - YoY (Mar 10) 12.90%
CPI Gen. - FY10 (Jul -09-Mar 10) 11.29%
NFNE Core INFL - YoY (Mar-10) 9.90%
NFNE Core INFL - FY10 (Jul-09-Mar-10) 11.20%

Economic Indicators
GDP Growth FY10E 2.00%
Per Capita Income $1,085
Population 168.20mn
US$ Reserves (Apr 23, 2010) 14.98bn
Trade Balance (Jul-Mar 10) $(10.92)bn
Curr. A/C (Jul-Mar-10) $(2.70)bn
Remittances (Jul -Mar 10) $6.55bn
Foreign Investment (Jul -Mar-10) $1.37bn
All Sch. Banks Deposit Base (Apr 24, 2010) Rs4,430bn

NAVs and Returns
as of May 03, 2010
Funds Offer Redemption
POBOP 46.2085/- 45.7464/-
Daily Return (73.03)%
POAIIF 51.0327/- 50.5224/-
Daily Return 7.26%
POAIF 53.34/- 52.01/-
Daily Return (58.20)%
POASF 57.15/- 55.72/-
Daily Return (50.01)%
POAF 10.9244/-
Daily Return (60.05)%
*Daily Returns are calculated as per MUFAP guidelines

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

Initial Rs 2.45 trillion outlay shows 6.9 percent budget deficit
The Finance Ministry has initially envisaged Rs 2,453 billion total outlay of the budget 2010-11 with Rs 1,711 billion tax revenue from the FBR and Rs 1,157 billion (6.9 percent of GDP) budget deficit, says an initial draft version of Budgetary Strategy Paper more... (BR)

FBR collects Rs 1,028 billion up to April
The provisional collection by the Federal Board of Revenue (FBR) for July-April period of current fiscal year 2009-10 has so far amounted to Rs 1028 billion, against the target of Rs 1060 billion, reflecting a shortfall of Rs 32 billion more... (BR)

Hike in furnace oil price pushes up cost of power generation
In a setback for electricity generation companies, the price of furnace oil has shot up both locally and internationally more... (D)

Politics

Pakistani-American arrested over NY bomb attempt
MSNBC television identified the man as Shahzad Faisal, a Pakistani-American, and said he was arrested from Long Island more... (D)

General Petreaus calls on General Kayani
General David Petreaus, Commander USCENTCOM visited General Headquarters and called on Chief of Army Staff (COAS), General Ashfaq Parvez Kayani here on Monday. The visiting dignitary remained with him for some time and discussed matters of professional interest. Later, he accompanied COAS on visit to Low Intensity Conflict Training facility developed near Mangla more... (BR)

Kasab gets guilty ruling in IndiaVerdict a message to Pakistan: Chidambaram
An Indian court on Monday found Ajmal Kasab guilty on 86 charges from the 2008 Mumbai attacks that killed scores, including waging war on India and murder, in a trial that strained ties between New Delhi and Islamabad more... (FD)

Sector Briefing

REIT fund size to be slashed to Rs two billion
The Securities and Exchange Commission of Pakistan (SECP) has drastically reduced the fund size of a Real Estate Investment Trust (REIT) from Rs 5 billion to Rs 2 billion, which would effectively deal with the issue of capital constraint for launching of REIT projects and would enable even medium size projects to qualify for REITs more... (BR)

Urea prices up by 20 percent within a week
Fertiliser manufacturers have increased prices of urea by 20 per cent within a week's time as the price of 50 kilogram (kg) bag has been raised from Rs 770 to Rs 875, Business Recorder learnt on Monday. Sources in the Ministry of Food and Agriculture informed that last week a 50 kg bag of urea was being sold at Rs 770, but in a short span of five days the millers have increased the price of 50 kg bag by Rs 105, which is likely to give them an overall gain of Rs 12 billion more... (BR)

ECC decides to import 0.4 million tons of urea
The Economic Co-ordination Committee (ECC) of the Cabinet which met here on Monday with Advisor to Prime Minister on Finance, Dr Abdul Hafeez Shaikh, decided to import additional 0.4 million tons of urea through Trading Corporation of Pakistan (TCP) to rein in local market prices 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
    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.