CAPITAL MARKETS

 

1- FOREX KERB WATCH

2- COT WEEKLY REVIEW

3- FINEX WEEK

4. STOCK WATCH
5. STOCK MARKET AT A GLANCE
6. BADLA SYSTEM GETTING OUTDATED?

 

FINEX WEEK


By SHABBIR H. KAZMI
Updated Apr 23, 2005

The interbank market remained liquid for most part of the past week with rates in the overnight tenor moving down in a band of between 5% to below 1% as the week progressed. Even though State Bank conducted three OMOs during the week mopping up Rs22.30 billion for seven days, the outflow did little to support slipping overnight rates.

One and two-week funds kicked off with 4.00% and 4.50%, respectively. Heavy activity was seen in the two tenors with borrowing as high as 5.50% and 5.75% that later came down to levels of 3.00 and 4.75%, respectively. One-month trades remained active in a narrow band of 5.50 and 6.00%.

Little activity was seen in longer tenors of three and six-month during the week. Bids for three and six-month were available at 5.75% and 6.30% against offers at 6.25% and 6.755, respectively.

Some trades were seen in the three-month T-bill where bids and offers were initially quoted in a band of 6.20% and 6.10%. Trades in the latest ten-year bond were seen around 9.35%.

FUTURE OUTLOOK

Short-term rates are likely to remain at current levels. Six-month T-bill auction is due this week against a maturity of around Rs 22.30 billion. Market expects a preauction target of less than the maturity amount. Upward adjustment in rates is expected in this auction.

YIELD PROFILE

FEDERAL INVESTMENT BONDS

.

THIS WEEK

1 WEEK AGO

1 YEAR AGO

1 Year

07.90

07.60

02.30

2 Year

08.00

07.90

03.10

3 Year

08.30

08.00

03.75

4 Year

08.50

08.40

04.45

5 Year

08.75

08.60

04.87

10 Year

09.50

09.35

06.44

 


 

AUCTIONS

BID DATE

INSTRUMENT

RESULT

SETTLEMENT

Apr 13 T-Bill 3 Mth. Apr 13 Apr 14
Apr 13 T-Bill 12 Mth. Apr 13 Apr 14

TARGET AMOUNT

BID AMOUNT

ACCEPTED AMOUNT

Rs. 70,000 Mln 

Rs. 100,196 Mln   

Rs. 100,196 Mln

 


 

MATURITIES

INSTRUMENT

DATE

AMOUNT

FIB/PIB

20 Apr 

01,523 mln.

T-BILL

14 Apr 

94,150 mln.

 


 

REPO RATES

 

THIS WEEK

1 WEEK AGO

1 YEAR AGO

Overnight

04.25

03.75

01.00

1 Week

04.50

05.25

02.00

1 Month

06.00

05.75

01.95

3 Month

06.25

06.25

01.90

6 Month

06.55

06.65

02.00

1 Year

07.35

07.35

02.20

 


 

TREASURY BILL RATES
MATURING THIS WEEK 1 WEEK AGO 1 YEAR AGO

1 Month

06.10

06.00

02.00

2 Month

06.00

06.10

01.90

3 Month

06.15

06.25

01.90

4 Month

06.40

06.40

01.95

5 Month

06.50

06.60

01.95