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US Dollar 59.9 60
Bahrain Dinar 158 158.1
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Japanese Yen 0.508 0.51
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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 26, 2005

MONEY MARKET

Money market started the week in a tight situation, and later it improved at the tail end of the week. The State Bank of Pakistan (SBP) exercised a total of four OMOs, two injections and withdrawal of funds from the market. SBP maintained the net flow to keep the market gripped throughout the week, until the last day when the rates lowered.

Overnight trades were initially tagged at levels of 8.80 - 8.90%, later during the week the rates started gradually slipping to close at a comparatively comfortable level of 0.75 - 1.25. The rates went flat at the tail end of the week, therefore no discounting was notified, as players took advantage of the low borrowing rates.

One-week tenor opened at levels 8.32 - 8.65%. The quote improved upwards in the middle of the week, later falling prey to the liquid situation closed at levels 7.50 - 8.00%. Two-week initially tagged 8.40 - 8.70% moved in the same pattern to close at low end of levels 7.75 - 8.20%.

One-month tenor initially quoted at levels 8.10 - 8.40%, improved offers were witnessed in the middle of the week, but rates dropped to finally close at levels 8.00 - 8.30%. Three-month tenor opened at levels of 8.15 - 8.25%, with movements upwards, the tenor closed at levels 8.25 - 8.35.

SBP also exercised its scheduled auction for TBills of all the three tenors i.e. 3-month, 6-month and 12-months. The target amount set by SBP was Rs.9Obillion but accepted bids worth Rs.61.945 billion in all the three tenors collectively. The cutoff for the three-month bill remained the same as previous seven auctions. However, cutoff for six-month improved by 0.1522 basis from the previous 8 1388 and twelve-month improved by 0.0123 basis from the previous level of 8.7784.

FUTURE OUTLOOK

The market closed liquid in the outgoing week, but it is likely to become tight as intervention by SBP is expected, and with no major maturities falling due, the market should revisit the higher side.

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

05.25

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

07.80

 


AUCTIONS

BID DATE

INSTRUMENT

RESULT

SETTLEMENT

Nov 23

T-Bill 03 Mth.

Nov 23

Nov 24

Nov 23

T-Bill 06 Mth.

Nov 23

Nov 24

Nov 23

T-Bill 12 Mth.

Nov 23

Nov 24

TARGET AMOUNT

BID AMOUNT

ACCEPTED AMOUNT

Rs. 90,000 Mln

Rs. 78,245 Mln

Rs. 61,945 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

08.50

08.85

00.50

1 Week

08.25

08.50

02.13

1 Month

08.35

08.25

03.50

3 Month

08.35

08.25

03.75

6 Month

08.45

08.40

04.50

1 Year

08.70

08.70

05.13

 


 

TREASURY BILL RATES

MATURING THIS WEEK 1 WEEK AGO 1 YEAR AGO

1 Month

08.25

08.15

03.50

2 Month

08.15

08.10

03.80

3 Month

08.15

08.10

03.75

4 Month

08.25

08.15

03.95

5 Month

08.30

08.15

04.00

 


 
 

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