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June 17, 2010
Statistics
KSE-100 Index
Previous Index 9,250.55
Current Index 9,436.88
Change % 2.01%
YTD (CY10) 0.53%
YTD (FY10) 31.76%

International Indicators
  Close %age
BSE-30 17,462.87 0.29%
HANGSENG 20,062.15 0.05%
NIKKEI 255 10,067.15 1.80%
FTSE 5,237.92 0.40%
DJIA 10,409.46 0.05%
SSEC 2,567.32 (0.10)%
NASDAQ 2,305.93 0.05%

SCRA
June 15 , 2010 32.80
June, 2010 18.29
YTD 518.75

Money Market Updates
6m T-bill 02-June-10 12.10%
12m T-bil 02-June-10 12.19%
3m KIBOR 12.25%
6m KIBOR 12.35%
10 yrs PIB 12.67%

Exchange Rates
Inter-Bank Currency Rates
Rs/EURO 104.36
Rs/UK 126.07
Rs/US 85.47
Rs/OR 218.85

Commodities
Oil $77.06/barrel
Oil Change in % (0.79)%
Gold $1,235.80/ounce
Gold Change in % 0.43%

Inflation
CPI Gen. - YoY (May-10) 13.1%
CPI Gen. - FY10 (Jul -09-May 10) 11.6%
NFNE Core INFL - YoY (May-10) 10.3%
NFNE Core INFL - FY10 (Jul-09-May-10) 11.1%

Economic Indicators
GDP Growth FY10E 4.10 %
Per Capita Income $ 1,051
Population 169.73mn
US$ Reserves (May 28, 2010) $15.87bn
Trade Balance (Jul-May 10) $(13.88)bn
Curr. A/C (Jul-Apr-10) $(3.06)bn
Remittances (Jul -May 10) $8.06bn
Foreign Investment (Jul -May-10) $1.89bn
All Sch. Banks Deposit Base (Jun 11, 2010) Rs4,583bn

NAVs and Returns
as of June 16, 2010
Funds Offer Redemption
POBOP 45.3355/- 44.8821/-
Daily Return 5.34%
POAIIF 51.4828/-   50.9680/-
Daily Return 8.82%
POAIF 51.05/- 49.77/-
Daily Return 280.83%
POASF 53.94/- 52.59/-
Daily Return 167.34%
POAF 11.0965/-
Daily Return 12.20%
*Daily Returns are calculated as per MUFAP guidelines

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

SBP extends limits under EFS, IERS and LTFF
The State Bank of Pakistan on Wednesday allowed banks extension in limits under Export Finance Scheme (EFS)/Islamic Export Refinance Scheme (IERS) and Long Term Financing Facility Scheme (LTFF). According to SBP circular, export refinance limits sanctioned in favour of banks for the year 2009-10 are due to expire on June 30, 2010 and under the present system, exporters are required to submit EE-1 statement for the year 2009-10 duly verified by Foreign exchange Operations Department latest by August 31, 2010 more... (BR)

SBP auctions Rs115.2bn T-bills
State Bank of Pakistan Wednesday sold Rs31.2 billion ($364.8 million) of benchmark six-month Treasury Bills in auction at yields higher than in the previous sale more... (FD)

Steps to bolster economy taken up with US official
The National Security Staff Senior Director for International Economics, David Lipton on Wednesday met with Finance Minister Dr Abdul Hafeez Shaikh and discussed with him the state of Pakistan's economy and the future of the stabilisation programme more... (BR)


Politics

US seeks details on China-Pakistan nuclear deal
The United States was seeking clarification from China on its deal earlier this year to build two new civilian nuclear reactors for Pakistan, the State Department said on Tuesday. "We have asked China to clarify the details of its sale of additional nuclear reactors to Pakistan. This appears to extend beyond co-operation that was trandfathered when China was approved for membership in the Nuclear Suppliers Group," State Department spokesman P.J. rowley told reporters more... (BR)

President Zardari vows to stop Karachi killings
The president assured leaders of ANP ad PML-F that the issue would be addressed jointly by coalition partners of Sindh more... (D)

SC orders fresh notification for BoP probe head
The court directed the attorney general to get the decision re-notified by the establishment division more... (D)


Sector Briefing

CGT, income tax exemption: MoF does not agree with bourses' proposals
The Ministry of Finance has not agreed with the key proposals of all three stock exchanges ie capital gains tax (CGT) exemption for foreign investors, exemption from CGT on stocks purchased on or before June 30, 2010 and income tax exemption on transfer of assets of stock exchanges to demutualized exchanges more... (BR)

Faysal Bank acquires RBS Pakistan
Faysal Bank Limited (FABL) on Wednesday announced it has entered into an agreement to acquire 99.37 percent interest in the Pakistan franchise of Royal Bank of Scotland (RBS Pakistan) for a cash consideration of UR41 million. (equivalent to Rs 4.298 billion - Rs 2.52 per share). According to an information sent to Karachi Stock Exchange (KSE) the transaction is subject to regulatory approvals more... (BR)

Govt plans to facilitate new foreign car investors
Under AIDP, the government has already framed rules and procedures for foreign investors in the auto sector more... (D)

(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.