BasedLine
LOGO
May 26 , 2010
Statistics
KSE-100 Index
Previous Index 9,428.44
Current Index 9,611.55
Change % (2.6)%
YTD (CY10) 0.44%
YTD (FY10) 31.64%

International Indicators
  Close %age
BSE-30 16,239.27 1.35%
HANGSENG 18,985.50 (3.47)%
NIKKEI 255 9,459.89 (3.10)%
FTSE 4,940.68 (2.50.)%
DJIA 10,043.75 (0.23)%
SSEC 2,631.37 0.33%
NASDAQ 2,210.95 (0.12)%

SCRA
May 24, 2010 (1.33)
May, 2010 21.38
YTD 542.16

Money Market Updates
6m T-bill 19-May-10 12.09%
12m T-bil l19-May-10 12.17%
3m KIBOR 12.09%
6m KIBOR 12.23%
10 yrs PIB 12.59%

Exchange Rates
Inter-Bank Currency Rates
Rs/EURO 104.2
Rs/UK 121.59
Rs/US 84.69
Rs/OR 218.59

Commodities
Oil $ 69.42 /barrel
Oil Change in % 1.38%
Gold $1,206.10/ounce
Gold Change in % (0.2)%

Inflation
CPI Gen. - YoY (Apr-10) 13.3%
CPI Gen. - FY10 (Jul -09-Apr 10) 11.5%
NFNE Core INFL - YoY (Apr-10) 10.6%
NFNE Core INFL - FY10 (Jul-09-Apr-10) 11.2%

Economic Indicators
GDP Growth FY10E 4.10 %
Per Capita Income $ 1,046
Population 169.58mn
US$ Reserves (May 14, 2010) $15.05bn
Trade Balance (Jul-Apr 10) $(12.24)bn
Curr. A/C (Jul-Apr-10) $(3.06)bn
Remittances (Jul -Apr 10) $7.31bn
Foreign Investment (Jul -Apr-10) $1.73bn
All Sch. Banks Deposit Base (Apr 24, 2010) Rs4,430bn

NAVs and Returns
as of May 25, 2010
Funds Offer Redemption
POBOP 45.9751/- 45.5153 /-
Daily Return 8.26%
POAIIF 51.2563/-   50.7437/-
Daily Return 7.46%
POAIF 51.81/- 50.51/-
Daily Return (151.12)%
POASF 54.67/- 53.30/-
Daily Return (109.24)%
POAF 11.07/-
Daily Return 16.16%
*Daily Returns are calculated as per MUFAP guidelines

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

Rs 80 million proposed for eight ongoing projects
The government, in the Public Sector Development Programme (PSDP) 2010-11, has proposed Rs 80 million for eight ongoing projects. Official sources told APP on Tuesday that Rs 30 million has been allocated for the President's programme for care and highly qualified overseas Pakistanis, and Rs 15.180 million for construction of hostel building for 100 persons in NTB complex in Islamabad more... (BR)

WB sets 48-hour deadline for $300 million loan
The World Bank (WB) has asked Pakistan to implement three prior tough actions within the next 48 hours for getting approval of $300 million under the Poverty Reduction Support Credit (PRSC) that includes hiking of electricity tariff by six per cent, making progress on Value Added Tax (VAT) and establishing single treasury accounts on immediate basis more... (The News)

Economic stability taking hold in Pakistan: IMF
Pakistan's economy is getting back on an even keel after a balance of payments crisis 18 months ago, but it remains vulnerable to shocks and a risky market for investors, the IMF's representative in Islamabad said on Tuesday more... (The News)


Politics

Implementation of NRO judgment SC seeks govt report on $60m in Swiss banks
The government told the Supreme Court on Tuesday that there was no case in the Swiss courts against President Asif Ali Zardari and termed the presence of $60 million in Swiss banks just an exaggeration that bears no resemblance to the truth more... (The News)

Over Rs 17bn more loans revealed by Hamesh Khan
Hamesh Khan's stunning revelations before the NAB investigators have taken the lid off a unique scandal of the banking history in which the Bank of Punjab offered loans worth billions of rupees to the business concerns of its directors more... (The News)

Babar Awan wins ceasefire, but only temporarily
The performance of Law Minister Babar Awan in the Supreme Court — on which some say depends the very survival of President Asif Ali Zardari in office — exposed a striking contrast in his demeanour more... (The News)

Citibank, Swiss official have admitted Zardari had dollar accounts
Law Minister Babar Awan's two major arguments that $60 million Swiss accounts allegation is hypothetical and investigations in Switzerland were unilateral are in complete contradiction to his own more... (The News)


Sector Briefing


300-600 megawatts power plant at Badin Coalfields: Sindh Al-Abbas Coal Mining & Power Generation joint venture being set up
Sindh Al-Abbas Coal Mining & Power Generation Limited, a joint venture company, is being set up for 300-600 MW power plant at Badin Coalfields to resolve hours long power outages in the province particularly Karachi more... (BR)


20 percent gas supply curtailment: minister unaware of fertiliser industry seeking 'damages'
The Minister for Industries and Production, Mir Hazar Khan Bijarani, is reportedly unaware of a brewing scandal involving his Ministry regarding compensation sought on behalf of the fertiliser industry against curtailment of 20 percent gas 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

Separator

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.