Money Market, Forex and General News - 17-06-2009
Thursday, June 18, 2009
MONEY MARKET
State Bank conducted T-Bills auction today in which cut off rates are expected to come down. Money market stayed at top level throughout the day as market opened at 13.90% and in the end market went for discounting at 14.0%
FOREX
The USD / PKR opened at levels of 81.05 & 81.10, went as high as 81.13 and closed at 80.95 & 80.98.Moreover price of furnace oil has been raised by Rs 4000 per ton taking prices to Rs 40,000 per ton in the local market.
GENERAL NEWS
- Net foreign investment in Pakistan fell 47.5 percent to $2.22 billion in the first 11 months of the 2008/09 fiscal year compared with $4.23 billion in the same period last year.
- Foreign private investment fell 34.2 percent to $2.76 billion in the July to May period, compared with $4.20 billion in the corresponding period last year. Out of total foreign investment, foreign direct investment was down 19.8 percent to $3.32 billion, compared with $4.15 billion the previous year.
- There was an outflow of $1.1 billion from July to May this year compared with an inflow of $87.2 million in the same period the previous year.There have been outflows from the stock market because of political uncertainty and economic and security worries.
- Foreign investors also lost confidence and sold shares when stock market authorities placed a floor under the main index in August following sharp falls.
- Pakistan once again posted a Current Account surplus of $406 million in May comparing with $538 million deficit in n April .Current Account deficit for July-May 2009 fell down by 34 percent to $8.2 billion as compare to last year’s $12.485 billion, supported by strong trade figures and healthy inward remittances.
Labels: Economy and Business, Pakistan Economy
posted @ 10:31 AM,
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