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May 27 , 2010
Statistics
KSE-100 Index
Previous Index 9,428.44
Current Index 9,611.55
Change % 1.94%
YTD (CY10) 2.39%
YTD (FY10) 34.19%

International Indicators
  Close %age
BSE-30 16,483.77 0.59%
HANGSENG 19,196.45 1.11%
NIKKEI 255 9,522.66 0.70%
FTSE 5,038.08 2.00%
DJIA 9,974.45 (0.69)%
SSEC 2,625.25 (0.02)%
NASDAQ 2,195.88 (0.68)%

SCRA
May 25, 2010 (6.21)
May, 2010 15.17
YTD 742.58

Money Market Updates
6m T-bill 19-May-10 12.09%
12m T-bil l19-May-10 12.17%
3m KIBOR 12.11%
6m KIBOR 12.23%
10 yrs PIB 12.61%

Exchange Rates
Inter-Bank Currency Rates
Rs/EURO 104.19
Rs/UK 121.91
Rs/US 84.80
Rs/OR 218.59

Commodities
Oil $71.83/barrel
Oil Change in % 3.38%
Gold $1,219.60/ounce
Gold Change in % 1.12%

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 169.59mn
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 45.9851/- 45.5252 /-
Daily Return 8.26%
POAIIF 51.2662/-   50.7535/-
Daily Return 7.30%
POAIF 52.13/- 50.83/-
Daily Return 231.24%
POASF 54.92/- 53.55/-
Daily Return 171.20%
POAF 11.08/-
Daily Return 18.13%
*Daily Returns are calculated as per MUFAP guidelines

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

WB sets tough terms for $300mn
The World Bank (WB) has asked Pakistan to implement three prior tough actions till Thursday (today) 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. If failed to do so, Pakistan will not receive $300 million more... (TFD)

Domestic debt up at Rs4.6tn
The domestic debt ballooned by Rs737.5 billion or 19.1 per cent to a record level of Rs4.59 trillion during the initial ten months of fiscal year 2009-10, as per the State Bank of Pakistan (SBP). TFD analyst mentioned that main factors of escalating local debt are higher current expenditure and lower growth of revenue more... (TFD)

Rupee loses 55 paisa against dollar
The rupee slipped by 55 paisa on Wednesday at Rs85.25 against the dollar on growing fears that the country's dependence on external loans would increase in view of rising imports with pickup in economic activities more... (D)


Politics

Centre, Sindh deadlocked on VAT
The budget-making process suffered a setback on Wednesday when Sindh and the federal government could not resolve their differences over introduction of the value added tax (VAT) from July 1 at a meeting of representatives of the four provinces more... (D)

CJ sees NAB under immense pressure from high-ups
The Supreme Court (SC) on Wednesday admonished the National Accountability Bureau (NAB) officials for their professional incompetence while failing to recover billions of rupees from incumbent Prosecutor General Irfan Qadir and other prominent lawyers, involved in the Bank of Punjab loan scam more... (The News)


Sector Briefing


10-month cotton export up 140 percent
Despite a massive shortage in the domestic market, the country's raw cotton export registered a robust increase of 140 percent during the first 10 months of current fiscal year mainly due to rising demand in the world market more... (BR)


US gives Rs 25 million to upgrade national grid
Director General, Pakistan Electric Power Company (Pepco) has said the United States has given Rs 25 million to upgrade the national grid. He said the upgradation would bring an additional 350MW of electricity to the distribution system. The US was assisting Pakistan on upgradation of tube well machinery to save more than 1700MW of electricity 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.