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

 

FINEX WEEK


By SHABBIR H. KAZMI
Updated Sep 24, 2005

The market started with overnight rates kicking off from the lower side at 7.00% and 7.50% and later gaining momentum due to borrowing pressure. As a result, rates started to hike and activity was noted in the range of 8.25% to 8.90%. Towards the weekend, banks due to shortage of funds, approached SBP and discounting of Rs.26.20bn was observed.

One-week saw initial activity in the range of 7.75% and 8.00% and later rates hiked and activity was noted as high as 8.70%. The rates eased finally and were quoted in the band of 8.25% and 8.50%. Banks were seen more interested in two-week tenor as its maturity fell over quarter end. Due to this, aggressive activity was witnessed in the range of 8.00% and 8.30%.

In the one-month tenor, bids and offers were quoted at levels of 7.90% and 8.10% and were stretched to 8.10% and 8.30% at the end of the week. No major movement was noted in long term and no significant shift in trend was observed in the long-term tenors of three and six months. However, borrowing interest in respective tenors were present around 8.00% and 8.25% against the offers at 8.25% and 8.45%. However, no major trades were witnessed.

FUTURE OUTLOOK

With heavy maturity of around Rs.70 billion and T-bill auction due in the coming week, the rates are expected to move at the higher side.

YIELD PROFILE

FEDERAL INVESTMENT BONDS

.

THIS WEEK

1 WEEK AGO

1 YEAR AGO

1 Year

08 95

08.95

04.50

2 Year

08.95

08.95

04.90

3 Year

08.95

08.95

05.20

4 Year

09.00

09.00

06.10

5 Year

09.00

09.00

06.20

10 Year

09.05

09.05

08.40

 


 

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

08.70

08.65

07.45

1 Week

08.30

08.00

06.00

1 Month

08.20

08.00

03.40

3 Month

08.15

08.15

03.10

6 Month

08.35

08.35

1)3.40

1 Year

08.80

08.80

03.75

 


 

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

1 Month

08.20

08.10

03.60

2 Month

08.15

08.00

03.40

3 Month

08.15

08.05

03.10

4 Month

08.20

08.10

03.20

5 Month

08.20

08.10

03.30