CAPITAL MARKETS

 

1- FOREX KERB WATCH

2- COT WEEKLY REVIEW

3- FINEX WEEK

4. STOCK WATCH
5. STOCK MARKET AT A GLANCE
6. PAKISTAN WEEKLY REVIEW

 

FINEX WEEK


By SHABBIR H. KAZMI
Updated June 18, 2005

 

 

Rates in inter-bank market mostly remained at high levels throughout the week. Initially trades in overnight were traded at the lower side and activity was evident in the vicinity of 4.50% to 6.50% respectively. Rates in overnight started to hike after the SBP intervention twice through OMO in which the Central Bank accepted total amount of Rs.36.30 billion. This resulted in a sharp rise and funds in overnight changed hands in the band of 8.50% to 8.90%. On Friday banks had to approach SBP to cover their short fall due to which discounting of Rs.10.61 billion was reported. One and two week was active throughout the week and activity was noted as high as 7.75% and 7.50% in the respective tenors. Later rates eased and trades in the respective tenors were dealt around 6.75% and 7.25% respectively. In one-month tenor activity was confined in the band of 7.25% to 7.50% throughout the week. In long term three and six-month bids were available at 7.30% and 7.50% against the offers at 7.50% and 7.90%. In long-term securities major activity was noted in the latest ten-year bond where due to the buying pressure yields slid and activity was noted as low as 9.50%.

FUTURE OUTLOOK

Shorter tenors are likely to create a tighter situation in the money market due to the June-end approaching. And the auction due of 3, 6 and 12 month T-bills is expected to increase the cut-off yield further upwards.

YIELD PROFILE

FEDERAL INVESTMENT BONDS

.

THIS WEEK

1 WEEK AGO

1 YEAR AGO

1 Year

08.40

08.60

03.40

2 Year

08.S0

08.70

04.60

3 Year

08.60

08.90

05.50

4 Year

08.65

09.10

06.00

5 Year

08.90

09.25

06.55

10 Year

09.70

O9.95

07.74

 


 

AUCTIONS

BID DATE

INSTRUMENT

RESULT

SETTLEMENT

June 08 T-Bill 03 Mth. June 08 June 09
June 08 T-Bill 06 Mth. June 08 June 09
June 08 T-Bill 12 Mth. June 08 June 09

TARGET AMOUNT

BID AMOUNT

ACCEPTED AMOUNT

Rs. 77,000 Mln 

Rs. 124,276 Mln 

Rs.108,601 Mln

 

 

 


 

MATURITIES

INSTRUMENT

DATE

AMOUNT

T-Bill

09 June

76,800 mln.

FIB/PIB

18 June

7,298 mln..

 


 

REPO RATES

 

THIS WEEK

1 WEEK AGO

1 YEAR AGO

Overnight

07.00

04.00

00,50

1 Week

06.75

05.00

01.75

1 Month

07.40

06.70

02.60

3 Month

07.40

07.25

02.45

6 Month

07.80

07.70

02.75

1 Year

08.10

08.20

03.00

 

 

 


 

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

1 Month

07.30

06.90

02.60

2 Month

07.35

07.00

02.40

3 Month

07.45

07.30

02.35

4 Month

07.65

07.60

02.45

5 Month

07.85

07.70

02.50