HBL Asset Management Limited
MQ: AM3
JCR-VIS assigns Management Quality Rating of AM3 to HBL Asset Management Limited
JCR-VIS Credit Rating Company Limited has assigned a Management Quality rating of AM3 (AM-Three) to HBL Asset Management Limited (HBL AMC).

GLOBAL MARKETS
European stocks' weekly gain
European stocks had their biggest weekly advance in a year as UBS AG's plan to replenish its capital fueled speculation financial companies will weather credit-market losses.

THE NEWS Index
January-March 2008
End of Last End of Net Net
Month Previous Change Change
Month Points %
Composite 8,344.1 8,483.6 (139.5) (1.6) (-)
Financials 5,627.2 5,786.5 (159.3) (2.8) (-)
Industrials 9,434.9 9,551.4 (116.5) (1.2) (-)

IN FOCUS
India's budget 2008-09: a critical analysis
Category % Opinions
Chief executives 76 The budget focused on inclusive and
sustainable growth
58 It lacked in reform orientation
Corporate heads 55 The budget did not take any meaningful
steps to promote growth
95 It did not address the issue of promoting infrastructure,
on which depends future economic growth.
Source: The Confederation of Indian Industry (CII) & Pricewaterhouse Coopers
By Mehmood-Ul-Hassan Khan
Last week, the Indian finance minister, P Chidambaram presented his fifth and last full-fledged budget 2008-09 to the parliament. Critics termed it a "please all" or "general budget". Others labelled it as a half-hearted effort. The congress projected it welfare and opposition said it is an election budget (the ruling coalition, run by the congress party and supported by the left, faces nine state polls this year besides the general elections by May 2009). The majority of the business community, salaried class, farmers and the corporate sector welcomed the different proposals. It provided relief to farmers, urban middle class and the minority. A critical analysis concluded that it is a farmer-oriented budget which would give dividends in the coming state elections of India.

KENYA -- looking towards the East
By Ismat Sabir
Background
December 12th 1963 is the Independence Day of the Republic of Kenya, officially known as Jamhuri Day. This is the day when Kenya attained full independence from British rule. The late Mzee Jomo Kenyatta was the country's founding father and the first President, until his death in 1978.

RATING ROUNDUP
Publicly Notified Ratings by JCR-VIS Credit Rating Company LIMITED
ISSUE / ISSUER MEDIUM TO OUTLOOK SHORT
LONG TERM TERM
Entity Ratings
AlBaraka Islamic Bank BSC - Pakistan Branches A Stable A-1
Allied Bank Ltd. AA- Stable A-1+