Jan 27, 2011

KSE-100 Index
Previous Index 12,455.75
Current Index 12,483.34
Change % 0.22%
YTD (CY11) 3.83%
YTD (FY11) 28.40%

International Indicators
  Close %age
BSE-30 18,969.45 -0.95
HANGSENG 23,843.24 0.23
NIKKEI 255 10,401.90 -0.60
FTSE 5,969.21 0.90
DJIA 11,985.44 0.07
SSEC 2,743.11 1.27
NASDAQ 2,739.50 0.74
TASI 6,697.80 -0.39
KSE(Kuwait) 6,976.00 0.05
BSE 1,460.67 0.45
MSM 6,943.10 -0.59

Jan 25, 2011 -1.03
Jan, 2011 0.67
YTD (FY11) mn 196.07

Money Market Updates
6m T-bill 26-Jan-11 13.71%
12m T-bil 26-Jan-11 13.88%
3m KIBOR 13.64%
6m KIBOR 13.76%
10 yrs PIB 14.20%

Exchange Rates
Inter-Bank Currency Rates
PKR/EUR 117.60
PKR/GBP 137.50
PKR/USD 85.64
PKR/OMR 223.05

Oil $87.10/barrel
Change in % -0.26
Gold $1,345.80/ounce
Change in % 0.50

CPI Gen. - YoY (Dec-10) 15.5%
CPI Gen. - FY11 (Jul- Dec 10) 14.6%
NFNE Core INFL - YoY (Dec 10) 9.5%
NFNE Core INFL - FY11 (Jul- Dec 10) 9.6%

Economic Indicators
GDP Growth FY10E 4.10%
Per Capita Income $ 1,1051
Population 174.86mn
US$ Reserves (Jan 8, 2011) $17.09 bn
Trade Balance Jul - Dec $(8.15)bn
Curr. A/C (Jul-Nov-10) $(504)mn
Remittances (July - Dec 10) $5.29bn
Foreign Investment (Jul - Dec 10) $746mn
All Sch. Banks Deposit Base (Nov 19, 2010) Rs679.65bn

NAVs and Returns
as of Jan 25, 2011
Funds Offer Redemption
POAIIF 52.3340/- 51.8107/-
Daily Return 9.75%
POIAAF 63.96/- 62.36/-
Daily Return 17.57%
POAAAF 61.18/- 59.65/-
Daily Return 122.79%
POAF 10.3687/-
Daily Return 12.32%
*Daily Returns are calculated as per MUFAP guidelines

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

IMF's 'letter of comfort' sought: donors halt budgetary support
Multilateral donors including World Bank, Asian Development Bank (ADB) and Islamic Development Bank (IDB) have reportedly halted budgetary support to Pakistan and requested the government to provide the Letter of Comfort (LoC) to be issued by the International Monetary Fund (IMF) prior to disbursement. more... (BR)

FBR mistake costs exchequer dearly!
A minor mistake of the Federal Board of Revenue in the sales tax-cum-payment challan form has caused massive loss to the exchequer, allowing power distribution companies to wrongly adjust input tax under Sales Tax Act 1990. The FBR has launched a large-scale investigation against the power distribution companies, which unlawfully caused huge loss to the national exchequer by wrongly adjusting input tax under sales tax laws. more... (BR)

Hafeez says fiscal deficit may top 8pc of GDP
Finance Minister Dr Abdul Hafeez Shaikh finally confirmed on Tuesday that the country`s fiscal deficit could cross eight per cent of GDP (Rs1,368 billion) in case the business as usual continued and the political leadership failed to take tough economic decisions.more... (D)







SC reserves verdict in PCO judges case
The Supreme Court on Wednesday reserved its verdict in the contempt charges against superior court judges for taking oath under the Provisional Constitution Order (PCO), DawnNews reported. . more... (D)

Reko Diq case: Supreme Court summons former, current Balochistan chief secretaries

The Supreme Court on Wednesday summoned former and current chief secretaries of Balochistan along with record of the licenses issued to a foreign company for exploration of gold and copper deposits in the province. more... (BR)

Election or in-house change dangerous, says Nawaz
PML-N Quaid Nawaz Sharif said the country is passing through a difficult phase and we all should take steps with wisdom. Moreover, we are not supporting the present government but want that it should work for masses welfare during its tenure. more... (TN)






Sector Briefing

Zardari`s intervention allows import of five-year-old cars
The federal cabinet allowed on Wednesday the import of used cars whose age does not exceed five years in an attempt to check the rising prices of locally-manufactured vehicles. more... (D)

Antidumping duty on Pakistan's textile likely: Gilani to raise issue with Turkish Prime Minister
The federal government has decided to approach top officials of Turkish government to avoid imposition of antidumping duty on Pakistan's textile exports. "Prim Minister Yusuf Raza Gilani has assured me that he will raise the issue with his Turkish counterpart," said Rana Muhammad Farooq minister for textile industry while talking to Business Recorder on Wednesday. more... (BR)

PSO facing major financial crunch
The cash-strapped Pakistan State Oil (PSO) with receivables accumulated to over Rs 140 billion, fears default of its Letter of Credits (LoCs) that would lead to disruption in fuel supply chain across the country. more... (BR)


KSE Notices

UBL - Acquisition of Abu Dhabi Group Shareholding in UBL
The Abu Dhabi Group and Bestway (Holding) Limited (Bestway), being existing shareholders of the UBL had entered into a Share Purchase Agreement dated Dec 28'10, for the sale of 20% of the issued and outstanding shares of the bank held by ADG. more... (KSE)



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