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US Dollar 59.9 60
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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 Dec 10, 2005

MONEY MARKET

Money market showed volatility during the past week with rates starting off on the higher side and toppling down later in the week. A T-Bill auction conducted by the State Bank of Pakistan (SBP) on Wednesday followed by an OMO that sucked away Rs.2.5billion, were the two highlights of the week. Small discounting was also reported once during the week. With excess liquidity in the market, borrowers had little to worry to square their positions, as the rates took a nosedive on the last day of the week.

Overnight trades initially quoted at levels of 8.30 - 8.50%, climbed as high as 8.85 - 8.95% before tumbling down to low leveis of 1.00 - 1.50% for the weekend. The closing rates were marked lowest for this month.

One-week tenor started at levels 8.30 - 8.50%, but finally eased off to close at levels 6.25 - 6.75% for the weekend. Two-week funds initially tagged at 8.25 - 8.45% moved in the similar manner as one-week to close at low levels of 6.85 - 7 35%. One-month tenor started trades at levels 8.30 - 8.50%. Rates for the tenor remained in proximity before squeezing to weekend levels at 7.60 - 8.00%. Three-month tenor opened at levels of 8.30 - 8.40%, with movements downwards, the tenor closed at levels 8.10 - 8.30%.

SBP exercised its scheduled auction for T-Bills on Wednesday of all the three tenors i.e. 3month, 6-month and 12-months. The participants were taken aback in the auction, where SBP rejected bids for the two shorter papers, i.e. 3month and 6-month but accepted bids worth Rs.19.60billion in the 12-month paper at an unchanged cut-off of 8.7907%. Market participants bid at higher levels expecting a firmer monetary stance but the SBP kept its rates unchanged.

FUTURE OUTLOOK

The market expects SBP to conduct OMO because of the excess liquidity in the market. If the funds are not flown out of the banking system, the market appears to remain flat.

YIELD PROFILE

FEDERAL INVESTMENT BONDS

 

THIS WEEK

1 WEEK AGO

1 YEAR AGO

1 Year

08.95

08.95

05.10

2 Year

08.95

08.95

05.35

3 Year

08.95

08.9S

05.70

4 Year

09.00

09.00

06.40

5 Year

09.00

09.00

06.80

10 Year

09.05

09.05

07.88

 


 

AUCTIONS

BID DATE

INSTRUMENT

RESULT

SETTLEMENT

Dec 07 

T-Bill 03 Mth.

Dec 07

Dec 08

Dec 07 

T-Bill 06 Mth.

Dec 07

Dec 08

Dec 07 

T-Bill 12 Mth.

Dec 07

Dec 08

TARGET AMOUNT

BID AMOUNT

ACCEPTED AMOUNT

Rs. 35,000 Mln 

Rs. 36,957 Mln 

Rs. 19,600 Mln

 


 

MATURITIES

INSTRUMENT

DATE

AMOUNT

T-Bill

08 Dec

28,626 Mln.

FIB/PIB

14 Dec

213 Mln.

FIB/PIB

21 Dec

310 Mln.

T-Bill

22 Dec

41,243 Mln.

 


 

REPO RATES
 

THIS WEEK

1 WEEK AGO

1 YEAR AGO

Overnight

06.25

08 75

07 20

1 Week

07.50

08.45

03.50

1 MOnth

08.05

08.40

04.25

3 MOnth

08.20

08.35

04.25

6 MOnth

08.35

08.40

04.45

1 Year

08.65

08.70

04.75

 


TREASURY BILL RATES

MATURING THIS WEEK 1 WEEK AGO 1 YEAR AGO

1 Month

08.15

08.30

04.55

2 Month

08.15

08.25

04.00

3 Month

08.15

08.20

03.90

4 Month

08.25

08.35

04.00

5 Month

08.25

08.35

04.15

 


 
 

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