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Sep 08, 2010
 
Statistics
KSE-100 Index
Previous Index 9,706.10
Current Index 9,748.14
Change % 0.43%
YTD (CY10) 3.84%
YTD (FY11) 0.27%

International Indicators
  Close %age
BSE-30 18,645.06 0.46
HANGSENG 21,401.80 0.20
NIKKEI 255 9,226.00 (0.80)
FTSE 5,407.82 (0.60)
DJIA 10,340.69 (1.03)
SSEC 2,685.56 (0.02)
NASDAQ 2,208.89 (1.11)

SCRA
Sep 3, 2010 12.43
Sep, 2010 20.16
YTD (FY10) 84.24

Money Market Updates
6m T-bill 25-Aug-10 12.65%
12m T-bil 25-Aug-10 12.78%
3m KIBOR 12.74%
6m KIBOR 12.87%
10 yrs PIB 13.17%

Exchange Rates
Inter-Bank Currency Rates
PKR/EUR 110.07
PKR/GBP 132.17
PKR/USD 85.95
PKR/OMR 217.57

Commodities
Oil $73.66/barrel
Change in % -0.55
Gold $1259.60/ounce
Change in % 0.72

Inflation
CPI Gen. - YoY (Jul-10) 12.34%
CPI Gen. - FY11 (Jul 10) 13.34%
NFNE Core INFL - YoY (Jul-10) 10.3%
NFNE Core INFL - FY11 (Jul-10) 10.3%

Economic Indicators
GDP Growth FY10E 4.10 %
Per Capita Income $ 1,051
Population 170.45mn
US$ Reserves (Aug 27, 2010) $16.12bn
Trade Balance (Jul-Jun 10) $(1.45)bn
Curr. A/C (Jul-Jun-10) $(635)bn
Remittances (Jul 10) $791.18bn
Foreign Investment (Jul 10) $144.80mn
All Sch. Banks Deposit Base (Aug 13, 2010) Rs4,582bn

NAVs and Returns
as of Sep 07, 2010
Funds Offer Redemption
POAIIF 51.3561/-  50.8425/-
Daily Return 8.14%
POAIF 53.20/- 51.87/-
Daily Return 190.99%
POASF 51.93/- 50.63/-
Daily Return 188.41%
POAF 11.11 /-
Daily Return 10.36%
*Daily Returns are calculated as per MUFAP guidelines

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

'Flood tax' not part of FBR 'flood surcharge' proposals: likely to be challenged in court
The proposal to impose one-time 'flood tax' on urban property and agricultural land is not part of the flood surcharge proposals of the Federal Board of Revenue (FBR). A senior government official told Business Recorder here on Tuesday that imposition of 'flood tax' on owners of big size property may be challenged in the courts. more... (BR)

Prime Minister fears inflation to touch 20 percent
Prime Minister Yousaf Raza Gilani fears that inflation will touch 20 percent, against the target of 9.5 percent, during the current fiscal year due to unprecedented flood damage on all productive sectors of the economy, according to official documents available with Business Recorder. The budget deficit for 2010-1,1 prior to the crop damage and its impact on food supply, was estimated at 4.5 percent of GDP. more... (BR)

SBP asks DFIs to submit 'infrastructure bond' plans
The State Bank of Pakistan has asked the development financial institutions (DFIs) to submit their plans for 'Infrastructure Bonds' in concrete shape in the next two days. Chairing a meeting of DFIs here on Tuesday at SBP head office, SBP deputy governor Kamran Shahzad directed DFIs to separately design feasibility for the issuance of 'Infrastructure Bonds' to generate massive funds for the rehabilitation of flood-hit areas and submit by Thursday to finalise the proposal. more... (BR)

 

 

 

 

 

 

 

Politics

Attacks a reaction to army's success: Qureshi
The recent wave of attacks in Pakistan are a reaction to the success of the army’s anti-terror operations, foreign minister Shah Mehmood Qureshi said on Monday during a visit to Portugal. “It is a reaction to the successful operations we’ve had against the militants in Pakistan,” Qureshi said following a meeting in Lisbon with his Portuguese counterpart Luis Amado. more... (T)

'I will follow orders of the President, not PM'
The National Accountability Bureau (NAB) Prosecutor General Irfan Qadir remains defiant despite the prime minister’s order to uphold the Supreme Court’s decision to remove him. Prime Minister Yousaf Raza Gilani has ordered the withdrawal of privileges to NAB Prosecutor General Irfan Qadir a day after his outburst in the Supreme Court that he will not step down. more... (T)

DPO upholds SC directive, last absconder arrested
Absconding ASI Waris Ali, who is one of the accused involved in killing of 2 brothers in Sialkot, has been arrested in Lahore. DPO Sialkot Bilal Sadiq Kamiana has confirmed that ASI Waris Ali has been arrested in Lahore. An anti-terrorism court on Monday had remanded 19 accused including former SHO Rana Illyas in Sialkot Sadr police custody for three days. more... (T)

 

 

 

 

Sector Briefing

'Pakistan eyes imports of four million cotton bales'
Flood damage to Pakistan's key cotton crop has cut deep into the forecast for the 2010/11 season, industry officials said on Tuesday, adding the country is likely to import at least 4 million bales. The monsoon flooding, which started over a month ago, damaged about 524,000 hectares (1.3 million acres), out of the total 3.20 million hectares, under cultivation in the major cotton-growing areas of central Punjab and southern Sindh province. more... (BR)

SSGC implements gas load management plant

Sui Southern Gas Company (SSGC) has implemented gas load management plan in the wake of fresh floods. Due to an unprecedented flood situation in Sindh, the nearby Zamzama Gas Field substantially decreased SSGC's share of production from 240 mmcfd on to 70 mmcfd on September 6, 2010, the company in a press release issued here on Tuesday said. more... (BR)

Producing E-10 gasoline: Punjab denies excise duty exemption to PSO
The Punjab government has declined to grant exemption of excise duty and allow procurement of denatured fuel ethanol on zero duty to Pakistan State Oil (PSO) for producing E-10 gasoline, Business Recorder has learnt. "We had requested Punjab government on behalf of ethanol producers to grant exemption in duties for producing E-10 gasoline," PSO Managing Director Irfan Qureshi said while talking to Business Recorder. more... (BR)

 

KSE Notices
 
 

Atlas Engineering
The Board of Directors in the meeting held on Sep 7, 2010, has approved the financial statments of the company for the year ended 30 June, 2010.The company reported PAT:PKR36.14mn EPS of 1.46 more... (KSE)

Standard Chartered Modaraba
The Board of Directors in the meeting held on Sep 7, 2010, has approved the financial statments of the company for the year ended 30 June, 2010.The company reported PAT:PKR79.88mn EPS of 1.76 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.