BasedLine
LOGO
Dec 30, 2010
 
Statistics
KSE-100 Index
Previous Index 11,848.05
Current Index 11,886.02
Change % 0.32%
YTD (CY10) 26.62%
YTD (FY11) 22.26%

International Indicators
  Close %age
BSE-30 20,256.03 1.15
HANGSENG 22,969.30 1.54
NIKKEI 255 10,344.54 0.50
FTSE 5,996.36 -0.20
DJIA 11,585.38 0.09
SSEC 2,741.76 0.22
NASDAQ 2,666.93 0.15
TASI 6,620.75 0.06
KSE(Kuwait) 6,962.20 0.33
BSE 1,427.50 -0.02
MSM 6,745.66 0.40

SCRA
Dec 28, 2010 0.09
Dec, 2010 36.21
YTD (FY11) mn 198.94

Money Market Updates
6m T-bill 15-Dec-10 13.39%
12m T-bil 15-Dec-10 13.69%
3m KIBOR 13.42%
6m KIBOR 13.61%
10 yrs PIB 14.24%

Exchange Rates
Inter-Bank Currency Rates
PKR/EUR 112.77
PKR/GBP 132.31
PKR/USD 85.89
PKR/OMR 220.22

Commodities
Oil $91.35/barrel
Change in % -0.12
Gold $1,413.3/ounce
Change in % 0.58

Inflation
CPI Gen. - YoY (Nov-10) 15.5%
CPI Gen. - FY11 (Jul- Nov 10) 14.4%
NFNE Core INFL - YoY (Nov 10) 9.5%
NFNE Core INFL - FY11 (Jul- Nov 10) 9.7%

Economic Indicators
GDP Growth FY10E 4.10%
Per Capita Income $ 1,1051
Population 171.25mn
US$ Reserves (Dec 3, 2010) $16.74 bn
Trade Balance Oct $(1.23)bn
Curr. A/C (Jul-Oct-10) $(533)mn
Remittances (July - Nov 10) $4.43bn
Foreign Investment (Jul - Oct 10) $569mn
All Sch. Banks Deposit Base (Nov 19, 2010) Rs679.65bn

NAVs and Returns
as of Dec 29, 2010
Funds Offer Redemption
POAIIF 52.0560/- 51.5354/-
Daily Return 8.26%
POIAAF 60.61/- 59.09/-
Daily Return -6.18%
POAAAF 58.89/- 57.42/-
Daily Return 31.81%
POAF 10.48/-
Daily Return 12.57%
*Daily Returns are calculated as per MUFAP guidelines

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

Low tax-to-GDP ratio: inequality in taxation system major cause: IMF official
The Inter-national Monetary Fund (IMF) has said that Pakistan has to move towards an equitable tax system for increase in the tax-to-GDP ratio as inequality in taxation system is one of the major causes of low tax-to-GDP ratio in the country. more... (BR)

Hyperinflation fears grow
A leading economist fears that if the government fails to implement the Reformed General Sales Tax (RGST) and levy agriculture income tax, hyperinflation would grip the country and the authorities would be left with no option but to print currency notes in hundreds of billions. more... (TFD)

Revenue stability: Centre, provinces pressed
The International Monetary Fund (IMF) is fast becoming impatient with Pakistan as it has pressed federal and provincial governments to go an extra mile to ensure stability in revenues, which has been threatened by tax inequality and a stagnant revenue base. more... (ET)

 

 

 

 

 


Politics

MQM, JUI-F agree to work together to mount pressure on PPP
The Muttahida Qaumi Movement and Jamiat Ulema-i-Islam-F are reported to have decided to work ‘in unison' to exert maximum pressure on the PPP for acceptance of their demands. According to sources, Altaf Hussain and Maulana Fazlur Rahman have agreed to decide jointly whether or not to rejoin the government. more... (D)

Upping the ante: PML-N not to support Gilani in no-trust vote
The Pakistan Muslim League-Nawaz (PML-N) says it will not vote for Prime Minister Yousaf Raza Gilani if a there is no-confidence motion against him in the National Assembly. “We will not vote for Gilani, if coalition parties withdraw support for him,” leader of the opposition in the National Assembly Chaudhry Nisar Ali Khan told journalists on Wednesday. more... (ET)

Estranged allies: PPP, MQM in talks to paper over differences
Backchannel negotiations between the estranged coalition partners – the MQM and the PPP – continued on Wednesday but no breakthrough appeared to be in sight, sources said. On a day when a full-frontal clash between the MQM and PML-N appeared to overshadow coalition worries, talks between the allies were quietly carried on at a senior level. more... (ET)

 

 

 

 

 

 

 

Sector Briefing

Sir Pervez to raise stakes to 51 percent in UBL
Sir Mohammad Anwar Pervez, OBE, is to acquire an additional 20 percent shares in United Bank Limited, thereby raising Bestway (Holding) Limited stakes to 51 percent in the bank. At present, the management consortium comprising Bestway (Holding) UK and Abu Dhabi Group (ADG) of UAE collectively holds 61.3 percent shares in the bank with Bestways share being 31 percent and ADG''s 30.3 percent. more... (BR)

Rs 21.1 billion for Railways approved by Cabinet
The Cabinet on Wednesday approved Rs 21.1 billion for Pakistan Railways to enable it to run its affairs, and the Prime Minister directed that a plan for restructuring of Pakistan Railways, Pakistan Steel Mills, and Pepco should be presented in the next Cabinet meeting. more... (BR)

Indus Motors cuts car prices
Indus Motors announced Wednesday that they will reduce the prices of Daihatsu Cuore and Toyota Corolla Sedans effective December 29, 2010. The reduction ranges between Rs15000 to Rs40k per vehicle. The Company spokesperson added over last several months IMC has made major capital investments amounting Rs 2 billion in the phase-2 of Press Shop project and also in the engine assembly and testing facilities. more... (TFD)

 

 

KSE Notices
 
 

Shahtaj Sugar Mills Limited
The company announced the financial results for the year ended Sep 30, 2010 with LAT: PKR 69.259 LPS: PKR5.77 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.