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July 30, 2010
 
Statistics
KSE-100 Index
Previous Index 10,436.29
Current Index 10,438.66
Change % 0.02%
YTD (CY10) 11.20%
YTD (FY11) 7.37%

International Indicators
  Close %age
BSE-30 17,992.00 0.19
HANGSENG 21,093.82 0.01
NIKKEI 255 9,696.02 (0.60)
FTSE 5,313.95 (0.10)
DJIA 10,467.16 (0.29)
SSEC 2,617.48 (1.12)
NASDAQ 2,251.69 (0.57)

SCRA
July 28, 2010 (4.16)
June, 2010 68.40
YTD (FY10) 25.13

Money Market Updates
6m T-bill 28-Jul-10 12.33%
12m T-bil 28-Jul-10 12.45%
3m KIBOR 12.35%
6m KIBOR 12.44%
10 yrs PIB 12.97%

Exchange Rates
Inter-Bank Currency Rates
PKR/EUR 111.50
PKR/GBP 133.90
PKR/USD 85.70
PKR/OMR 221.63

Commodities
Oil $78.12/barrel
Change in % 1.29
Gold $1171.40/ounce
Change in % 0.25

Inflation
CPI Gen. - YoY (Jun-10) 12.7%
CPI Gen. - FY10 (Jul -09-June 10) 11.7%
NFNE Core INFL - YoY (June-10) 10.4%
NFNE Core INFL - FY10 (Jul-09-June-10) 11.0%

Economic Indicators
GDP Growth FY10E 4.10 %
Per Capita Income $ 1,051
Population 170.13mn
US$ Reserves (July 23, 2010) $16.70bn
Trade Balance (Jul-Jun 10) $(15.33)bn
Curr. A/C (Jul-Jun-10) $(3.51)bn
Remittances (Jul -June 10) $8.91bn
Foreign Investment (Jul -Jun-10) $2.14bn
All Sch. Banks Deposit Base (July 23, 2010) Rs4,646bn

NAVs and Returns
as of July 29, 2010
Funds Offer Redemption
POBOP 46.7329/- 46.2656/-
Daily Return (81.70%)
POAIIF 50.9602/-   50.4506/-
Daily Return 7.89%
POAIF 55.15/- 53.77/-
Daily Return 40.77%
POASF 54.04/- 52.69/-
Daily Return 83.32%
POAF 11.0731 /-
Daily Return 10.88%
*Daily Returns are calculated as per MUFAP guidelines

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

MoF plans to keep fiscal deficit at four percent: IMF review talks due on August 23
"We have to achieve some milestones such as asking provinces to reduce their deficits by mobilising more revenue and to cut some expenditures and increasing revenue by the federal government," Secretary Finance Salman Siddique said. The Finance Ministry is focusing fully on achieving macro stability more... (BR)

US pours $75mn into BISP
United States announced Thursday that it has transferred $75 million to Pakistan for the Benazir Income Support Program (BISP) to help meet the immediate needs of 600,000 impoverished families across Pakistan.
BISP provides basic income and access to opportunities for some of Pakistan's poorest people. Participants in the program receive employment, skill development training, and medical insurance and food subsidies. "The Benazir Income Support Program helps some of Pakistan's poorest people meet their everyday needs," said Ambassador Anne W Patterson. "The United States is committed to helping support people in great need." more... (TFD)

FX reserves reduce to $16.56bn
The State Bank of Pakistan (SBP) on Wednesday granted No Objection Certificate (NOC) to Faysal Bank Limited for the purchase of Royal Bank of Scotland Pakistan operation. Faysal Bank Limited (FABL) has already 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 EUR 41 million (equivalent to Rs 4.298 billion @ Rs 2.52 per share) more... (TFD)

 

 

 

 

 

Politics

Justice Nizam murder accused acquitted after 14 years
An accused of the double murder case of Justice Nizam and his son, Nadeem Ahmed, was acquitted on Thursday by a district and sessions court — some 14 years after remaining under trial. District and Sessions Court-Central Judge Soofia Latif upheld the acquittal plea and exonerated Babar Sandhu, citing want of evidence against the man in her judgment more... (N)

Karzai asks why allies won't hit Pakistan
Afghan President Hamid Karzai said on Thursday that Western allies had the ability to strike at Taliban bases in Pakistan, but questioned their willingness to do so more... (T)


SECP panel wants modified capital adequacy regime
An independent professionals committee of the Securities and Exchange Commission of Pakistan (SECP) has recommended establishment of an appropriate “capital adequacy regime” in line with the international standard more... (N)

 

 

 

 

Sector Briefing

Pepco warned of discontinuing fuel supplies from August 1
The cash strapped Pakistan State Oil (PSO) has warned Pakistan Electric Power Company (Pepco) to discontinue fuel supplies from August 1, 2010 onwards, if L/Cs are not opened for furnace oil/HSD supplies for respective fortnights and GENCOs. PSO in its letter sent to MD Pepco Tahir Basharat Cheema said that receivables against Gencos/Pepcos stand at Rs 43.985 billion more... (BR)

ETF urges government to increase power tariff

The Energy Task Force (ETF), headquartered in Asian Development Bank's office in Islamabad, co-chaired by ADB Country Director, Rune Stroem and Secretary Water and Power, Shahid Rafi, urged the government to increase power tariff to attain full cost recovery effective July 1, 2010. If this proposal is accepted power tariff of some consumer categories of inefficient Discos is expected to be increased by 200 percent. more... (BR)

Prices move upward on cotton market amid tight supply due to wet spells
Activity was thin on the cotton market on Thursday as ginners raised asking price owing the tight supplies due to monsoon rains, dealers said. The Karachi Cotton Association (KCA) official spot rate for the second day in a row, was raised by Rs 100 to Rs 6200, they said. In the ready business, only 1600 bales of cotton changed hands between Rs 6000-6400, they said more... (BR)

KSE Notices

Pakistan Tobacco Company Limited
Board of Directors Meeting of Pakistan Tobacco Company Limited is scheduled to be held on August 9, 2010 at 01.30am more... (KSE)

Seimens Pakistan Engineering Co. Limited
Financial Results for Siemens (Pakistan) Engg.Co.Ltd. have been declared for the nine month period ended June 30, 2010. PAT = PKR694mn EPS = PKR84.15 more... (KSE)

Fauji Fertilizer Company Limited
Financial Results for Fauji Fertilizer Company Limited have been declared for the Half Year ended June 30, 2010. PAT = PKR2,372mn EPS = PKR3.50 Cash Dividend= PKR3.50 per share more... (KSE)

Atlas Honda Limited
Financial Results for Atlas Honda Limited have been declared for the Half Year ended June 30, 2010. PAT = PKR225mn EPS = PKR3.59 more... (KSE)

 

 

 

(BR) Business Recorder, (D) Dawn, (N) The News, (DT) Daily Times, (FD) The Financial Daily, (KSE) Karachi Stock Exchange
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.