CAPITAL MARKETS

 

1- FOREX KERB WATCH

2- CFS WEEKLY REVIEW

3- FINEX WEEK

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

7- SAUDI STOCK MARKET INDICATING GROWTH PROSPECTS

 

FINEX WEEK


By SHABBIR H. KAZMI
Updated Sep 17, 2005

MONEY MARKET

The week opened with overnight rates at the higher side and activity initially took place at levels of 8.90%. As the week progressed rates started to ease and near the T-bill auction funds in overnight changed hands in the band of 7.00% and 7.50%. Later after the T-bill auction where SBP accepted only Rs. 9.70 billion against the net maturity of around Rs. 29 billion, rates crashed and overnight activity near the close of the week was witnessed as low as 1.00%.

Activity in one and two weeks prior to the T-bill auction was witnessed around 8.70% and 8.30%. Later as the week progressed, rates eased and near the close of the week trading in the respective tenors were dealt around 7.00% and 7.25% respectively. In one month tenor, initial bid and offers were quoted in the band of 7.90% and 8.10% and finally eased and were quoted in the range of 7.70% and 7.90%. Banks were seen interested to cover in longer tenors of six month were early trades were conducted around 8.25%. Later rates hiked and were quoted in the band of 8.25% and 8.40%.

This week SBP conducted T-bill auction with the pre-auction target of Rs.10 billion against the maturity of Rs. 29 billion. SBP received total

participation of Rs.44 billion. The Central Bank, against the heavy participation, restricted its self to the target amount and accepted total amount of Rs.9.70 billion and maintained the cut-off yields for the designated papers.

FUTURE OUTLOOK

Rates are expected to ease in the week to come and short-term rates are likely to trade at the lower side.

YIELD PROFILE

FEDERAL INVESTMENT BONDS

.

THIS WEEK

1 WEEK AGO

1 YEAR AGO

1 Year

08.95

08.85

04.20

2 Year

O8.95

08.90

04.80

3 Year

08.95

08.90

05.10

4 Year

09.00

08.95

06.15

5 Year

09.00

08.95

06.10

10 Year

09.05

09.05

08.20

 


 

AUCTIONS

BID DATE

INSTRUMENT

RESULT

SETTLEMENT

Sep 14 T-Bill 0 3 Mth Sep 14 Sep 15
Sep 14 T-Bill 06 Mth Sep 14 Sep 15
Sep 14 T-Bill 12 Mth Sep 14 Sep 15

TARGET AMOUNT

BID AMOUNT

ACCEPTED AMOUNT

Rs. lO,7OO Mln

Rs. 131,250 Mln

Rs. 9,700 Mln


 

MATURITIES

INSTRUMENT

DATE

AMOUNT

T-Bill

01 Sep

96,095 mln.

T-Bill

15 Sep

02,525 mln.

FIB/PIB

17 Sep

01,177 mln.

FIB/PIB

24 Sep

02,907 mln.

T-Bill

29 Sep

58,775 mln.

 


 

REPO RATES

 

THIS WEEK

1 WEEK AGO

1 YEAR AGO

Overnight

08.65

08.95

07.45

1 Week

08.00

08.15

05.75

1 Month

08.00

08.00

03.25

3 Month

08.15

08.00

03.00

6 Month

08.35

08.25

03.15

1 Year

08.80

08.75

03640

 


 

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

1 Month

08.10

08.10

03.40

2 Month

08.00

08.00

03.00

3 Month

08.05

08.00

02.85

4 Month

08.10

08.05

02.95

5 Month

08.10

08.05

03.00