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THURSDAY 11 March 2010

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FTSE 100	5,640.57	▲	0.68%
DAX	5,936.72	▲	0.86%
CAC 40	3,943.55	▲	0.86%
Dow Jones	10,567.33	▲	0.03%
Nasdaq	2,358.95	▲	0.78%
S&P 500	1,145.61	▲	0.45%
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		ECONOMY
		Remittances jump by 17.6pc in July-Feb \ Dawn KARACHI (March 10 2010): Pakistan received 17.6 per cent higher remittances during the first eight months of the current fiscal year compared to the same period last year. Govt likely to allocate Rs 560bn for PSDP 2010-11 \ Daily Times ISLAMABAD (March 11 2010): The government is likely to allocate Rs 560 billion for the Public Sector Development Programme for the year 2010-11, while last year it was Rs 621 billion, showing a decrease of around 10 percent, sources told Daily Times on Wednesday. Trade gap shrinks 19.45pc in eight months \ Dawn ISLAMABAD, March 10: The country’s trade deficit narrowed by 19.45 per cent in the first eight months of the current fiscal year with reduced imports and increased exports compared to the same period of last year. Weekly SPI up by 0.40pc \ Dawn ISLAMABAD (March 10 2010): The Sensitive Price Index (SPI) increased by 0.40 per cent for the combined group during the week ending on March 4. However, it registered an increase of 16.99 per cent against the corresponding period of last year, data released by the Federal Bureau of Statistics said here on Wednesday.

		MARKETS
		Oil jumps toward $83 \ Business Recorder LONDON (March 11 2010): Oil prices jumped over $1 towards $83 per barrel and gasoline shot above $2.30 a gallon for the first time in 17 months on Wednesday as stocks of the motor fuel in the United States dropped unexpectedly. Gasoline stocks in the world's largest energy market showed a surprise drop of 2.9 million barrels to 229 million barrels last week, the US Energy Information Administration (EIA) reported on Wednesday.

		EQUITY
		Market staring at foreign inflows with disbelief \ Dawn KARACHI (March 10 2010): Many market participants who had been celebrating the rejuvenation of foreigners’ interest in Pakistani equities have suddenly stopped short and are staring at the startling inflow figures with disbelief.

		SECTORAL
		July-Feb car sales surge by 42pc \ Dawn KARACHI (March 10 2010): Overall sale of cars, excluding Suzuki Bolan, surged by 42.3 per cent in July-February 2009-2010 to 68,307 units from 47,982 units in the same period last fiscal year. PSO needs Rs57 billion to avoid default \ Dawn ISLAMABAD (March 10 2010): With its receivables rising beyond Rs105 billion, Pakistan State Oil (PSO) needs at least Rs57 billion between now and April 28 to avoid default on international payments for oil imports and ensure smooth oil supplies in the country. NBP regains top position in financial sector \ Business Recorder KARACHI (March 11 2010): National Bank of Pakistan (NBP) once again attained the top position in the financial sector with the highest after tax profit of over Rs 18 billion. The Management in appreciation of this performance has announced an additional profit bonus to all its employees consisting of two basic salaries with a minimum of Rs 21,500. ADB's aide-memoir on power sector debts: MoF asked to be tough on banks \ Business Recorder ISLAMABAD (March 11 2010): Asian Development Bank (ADB) has advised the Finance Ministry not to bow down before "unreasonable terms by the banks just for the sake of speed," with reference to dealing with power sector debts, according to an aide-memoir, a copy of which is available to the Business Recorder. The Bank has given the deadline of March 31, 2010 to the Finance Ministry for power sector loan transfer documentation, the sources added.

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This memorandum is produced by BMA Capital Management Limited and is only for the use of their clients. While the information contained herein is from sources believed reliable, we do not represent that it is accurate or complete and should not be relied upon as such. Opinions expressed may be revised at any time. This memorandum is for information only and is not an offer to buy or sell, or solicitation of any offer to buy or sell the securities mentioned.