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June 9 , 2010
Statistics
KSE-100 Index
Previous Index 9,791.64
Current Index 9763.17
Change % (0.29)%
YTD (CY10) 4.00%
YTD (FY10) 36.31%

International Indicators
  Close %age
BSE-30 16,847.79 0.40%
HANGSENG 19,487.48 0.56%
NIKKEI 255 9,537.94 0.20%
FTSE 5,028.15 (0.80)%
DJIA 9,939.98 1.26%
SSEC 2,518.27 0.26%
NASDAQ 2,170.57 (0.15)%

SCRA
June 7 , 2010 0.72
June, 2010 1.89
YTD 502.35

Money Market Updates
6m T-bill 02-June-10 12.10%
12m T-bil 02-June-10 12.19%
3m KIBOR 12.23%
6m KIBOR 12.34%
10 yrs PIB 12.67%

Exchange Rates
Inter-Bank Currency Rates
Rs/EURO 103.8
Rs/UK 124.8
Rs/US 85.75
Rs/OR 221.25

Commodities
Oil $72.31/barrel
Oil Change in % 0.71%
Gold $1,239.00/ounce
Gold Change in % 0.04%

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 169.70mn
US$ Reserves (May 28, 2010) $16.01bn
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 June 9, 2010
Funds Offer Redemption
POBOP 45.9768/- 45.5170/-
Daily Return 5.35%
POAIIF 51.3984/-   50.8844/-
Daily Return 7.28%
POAIF 52.23/- 50.92/-
Daily Return 0.00%
POASF 54.88/- 53.51/-
Daily Return -27.26%
POAF 11.06/-
Daily Return 16.18%
*Daily Returns are calculated as per MUFAP guidelines

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

VAT delay may halt IMF programme
Delay in implementing value-added tax (VAT) could cause a halt of IMF programme and postponement of fifth review and sixth tranche, sources said. Breach of commitment by Finance Ministry due to political exigency and faulty policy of convincing on simple points to the nation of VAT have led to the situation where IMF is considering to stop the negotiations, and wait until VAT is introduced more... (BR)


Seven projects costing Rs 74 billion sent to Ecnec for approval
The Central Development Working Party (CDWP) of the Planning Commission on Tuesday recommended seven projects, costing Rs 74 billion, with foreign exchange component (FEC) of Rs 55.5 billion, to the Executive Committee of National Economic Council (Ecnec) for approval more... (BR)

Sindh budget seen at Rs370bn
Sindh Government would present its budget for the fiscal year 2010-11 with total outlay of Rs370 billion on June 11. According to sources, Chief Minister Sindh, Syed Qaim Ali Shah would present the budget in the provincial assembly with no new tax. The budget for new fiscal year is Rs43 billion more against the budget for the outgoing fiscal year more... (TFD)

Politics

18th Amendment case in SC Punjab backs federal govt stance
In a rather unexpected development harbouring immense judicio-political implications, the Punjab government has told the Supreme Court not to ‘interfere with' 18th Amendment and has asked it to respect the ‘unanimous passage' of this law passed by all political parties sitting in the Parliament. The Punjab government's categorical stance was conveyed to the CJ led 17-member bench of the SC seized with the petitions challenging the 18th Amendment more... (The News)

CJ lauds parliament for undoing changes in Objectives Resolution
Chief Justice of Pakistan (CJP) Iftikhar Muhammad Chaudhry remarked that it was a criminal negligence to bring changes in the documents like Objectives Resolution as former president General (retd) Zia ul Haq tampered with the Constitution in 1985 however, the sitting parliament had done a good job by undoing this tampering more... (The News)


Sector Briefing


Proposed GST hike on sugar industry: ECC turns down FBR summary

The Economic Co-ordination Committee of the Cabinet (ECC) on Monday turned down the summary moved by Federal Board of Revenue (FBR) to increase sales tax on sugar from 8 percent to 16 percent, sources told Business Recorder . They said that the ECC meeting, chaired by Finance Minister Dr Abdul Hafeez Sheikh, decided to continue GST subsidy to keep the price of sugar stable in the local market more... (BR)

Circular debt pay-off: government intends to float OGDC, PSO, PPL convertible bonds
In fiscal year 2010-11, the government intends to float convertible bonds of Oil and Gas Development Company (OGDC), Pakistan State Oil (PSO), and Pakistan Petroleum Limited (PPL) to pay off circular debt as it is committed not to procure any more loans, Minister for Privatisation Waqar Ahmed said more... (BR)

Water and power sector: over 47 percent hike in budgetary allocation planned
The government plans to increase its budgetary allocation for water and power sector by over 47 percent in Federal Medium Term Budgetary Estimates (MTBE), but in the best case scenario expecting loadshedding to decline by 80 percent by 2013. The government plans to increase the budget for water and power sector from Rs 27.701 billion in 2010-11 to Rs 58.398 billion in 2010-13 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.