Money Market, Forex and General News - 13-07-2009
Tuesday, July 14, 2009
MONEY MARKET
Money market opened at 10.50 percent. State Bank conducted OMO in which funds worth Rs 11 billion were mopped up from the market for three days at 11.0 percent.Consequently overnight rates went up to 13.90 percent and market closed at the same level as well.
FOREX
Inter-bank opened at much higher level i.e. at 82.20 & 80.25.Rupee continued the declining trend against USD and has shed ninety basis points since the beginning of current month. Rupee toppled to 82.45, day’s highest point. After shedding twenty basis points at bid & offer each, market closed at 82.40 & 82.45.
GENERAL NEWS
Sales of passenger cars and Light Commercial Vehicles (LCVs)during FY09 declined by 47% to 99,307 units as against 187,412 units in FY10 due to obvious reasons of local currency depreciation, high cost of auto financing due to high interest rates, political instability and law & order situation in the country during the outgoing fiscal year. On YoY basis cars and LCVs sales declined by 49.7% and 27.8% respectively. The high end car segment was less affected by the above mentioned factors and declined by 31% while 800cc and 1000cc segments declined by 57% and 67% respectively.
As a result, PSMC’s market share declined to 52% in FY09 from 62% in FY08 due to its heavy presence in the low end vehicles segment while INDUS and HCAR’s market share increased from 26% and 8% to 35% and 11% respectively during the same period.
Money market opened at 10.50 percent. State Bank conducted OMO in which funds worth Rs 11 billion were mopped up from the market for three days at 11.0 percent.Consequently overnight rates went up to 13.90 percent and market closed at the same level as well.
FOREX
Inter-bank opened at much higher level i.e. at 82.20 & 80.25.Rupee continued the declining trend against USD and has shed ninety basis points since the beginning of current month. Rupee toppled to 82.45, day’s highest point. After shedding twenty basis points at bid & offer each, market closed at 82.40 & 82.45.
GENERAL NEWS
Sales of passenger cars and Light Commercial Vehicles (LCVs)during FY09 declined by 47% to 99,307 units as against 187,412 units in FY10 due to obvious reasons of local currency depreciation, high cost of auto financing due to high interest rates, political instability and law & order situation in the country during the outgoing fiscal year. On YoY basis cars and LCVs sales declined by 49.7% and 27.8% respectively. The high end car segment was less affected by the above mentioned factors and declined by 31% while 800cc and 1000cc segments declined by 57% and 67% respectively.
As a result, PSMC’s market share declined to 52% in FY09 from 62% in FY08 due to its heavy presence in the low end vehicles segment while INDUS and HCAR’s market share increased from 26% and 8% to 35% and 11% respectively during the same period.
Source: NBP Treasury
Labels: Economy and Business, Pakistan Economy
posted @ 2:19 PM,
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