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CURRENCY BUYING

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US Dollar 59.9 60
Bahrain Dinar 158 158.1
Canadian $ 50.85 50.95
Euro 70.75 70.85
Hong Kong $ 7.65 7.7
Japanese Yen 0.508 0.51
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UK Pound 103.7 103.8
Last updated: Friday 23 Dec, 2005-12.30 P.M (PST)

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3 DAYS FORECAST
In oC

CITIES MIN MAX

HUM%

FOR.

KARACHI
Today 12 26 38 Sunny
Tomorrow 11 27 38 Sunny
Day after 11 28 38 Sunny
LAHORE
Today 1 20 87 Sunny
Tomorrow 2 20 87 Sunny
Day after 2 21 87 Sunny
ISLAMABAD
Today 0 18 59 Sunny
Tomorrow 0 18 59 Sunny
Day after 0 21 59 Sunny
HUM%: Humidity In %
FOR.: Weather Forecast
updated: Fri - Sun 23-25 Dec, 2005

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KARACHI         - 021 LAHORE          - 042 ISLAMABAD    - 051 FAISALABAD   - 041 MULTAN          - 061 PESHAWAR    - 0521 CANADA          - 1 KUWAIT           - 965 INDIA               - 91 IRAN                - 98 U.K                   - 44 U.A.E                - 971 U.S.A                - 1

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  CAPITAL MARKETS
 
 

 

 

 

 
  FINEX WEEK

By SHABBIR H. KAZMI
Updated Nov 12, 2005

MONEY MARKET

Market remained tight with continuing liquidity crunch over the past eight weeks. Heavy withdrawals from the banking sector throughout the last month, estimated at around Rs.20 billion and coupled with a shorter trading week, left the market players stifling to square their positions. Exhausted players unable to cover positions to meet the State Bank of Pakistan's (SBP) minimum cash reserve requirement, had to resort to the SBP's discounting window. The weekend saw discounting of Rs.17.7 billion. Overnight trades were initially tagged at levels of 8 80 - 8.90% and with no maturities falling during the week, rates remained high at around the SBP's discount rate. One-week tenor opened at levels 8.60 - 8.80% and continued with the high swing to close at 8.80 - 8.90%. Two-week was initially tagged at 8.60 - 8.80%, and likewise inched as high as 8.70 - 8.90%, with a couple of visits at levels 8.70 - 8.80%, the tenor finally rested at 8.60 - 8.90%. SBP also exercised its scheduled auction for T-Bills of all the three tenors i.e. 3-month, 6-month and 12-months. The target amount set by SBP was Rs.5.0 billion but accepted bids worth Rs.7.652 billion in all the three tenors collectively. The cutoff in the tenors remained same as previous 6 auctions except for movement for 12 months. The 12-month tenor marginally fell from 8.7907% to 8.7784%, chiefly due to the market players' interest to acquire longer tenor paper. The cut-off of the other two tenors remained unchanged due to SBP's monetary policy regulation and the controlled level of inflation.

FUTURE OUTLOOK

The market is expected to remain under liquidity crunch and with no major maturities; higher rates are likely to continue.

YIELD PROFILE

FEDERAL INVESTMENT BONDS

 

THIS WEEK

1 WEEK AGO

1 YEAR AGO

1 Year

08.95

08~95

05 00

2 Year

08.95

08.95

05.30

3 Year

08.95

08.95

05.40

4 Year

09.00

09.00

06.30

5 Year

09.00

09.00

06.40

10 Year

09.05

09.05

07.46

 


 

AUCTIONS

BID DATE

INSTRUMENT

RESULT

SETTLEMENT

Nov 08

T-Bill 03 Mth.

Nov 08

Nov 10

Nov 08

T-Bill 06 Mth.

Nov 08

Nov 10

Nov 08

T-Bill 12 Mth.

Nov 08

Nov 10

TARGET AMOUNT

BID AMOUNT

ACCEPTED AMOUNT

Rs. 5,000 Mln 

Rs. 20,953 Mln

Rs. 7,651 Mln

 


 

MATURITIES

INSTRUMENT

DATE

AMOUNT

T-Bill

11 Nov

09,025 mln

FIB/PIB

16 Nov

079 mln

T-Bill

24 Nov

96,935 mln

 


 

REPO RATES
 

THIS WEEK

1 WEEK AGO

1 YEAR AGO

Overnight

08.95

O8.95

07.45

1 Week

08.65

08.70

07 20

1 Month

08.5O

08.55

04.75

3 Month

08.45

08.35

04.15

6 Month

08.50

08.45

04.45

1 Year

08.08

08.08

04.90

 


 

TREASURY BILL RATES

MATURING THIS WEEK 1 WEEK AGO 1 YEAR AGO

1 Month

08.45

08.25

04.90

2 Month

08.40

08.15

04.40

3 Month

08.30

08.15

03.80

4 Month

08.25

08.20

04.00

5 Month

08.25

08.20

04.10

 


 
 

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