Money Market and General Updates - 04-11-2010
Friday, November 5, 2010
Money Market
Cut off yield of six months T-Bill inched upward by five basis points to 13.1648 percent from 13.1193 percent while Three months T-Bill stood at the same place at 12.7933 percent. Having auction target of Rs 150 billion and market maturities of nearly Rs 180 billion, market participated with over Rs 234 billion with major participation in three months i.e. over Rs 154 billion while over Rs 71.70 in six months and just Rs 8 billion in one year tenor. State Bank accepted total bids worth Rs 166 billion with Rs 96 billion in three months and Rs 66 billion in six months. Bids worth Rs 3.0 billion were accepted in twelve months tenor and the cut off arrived at 13.2353 percent.
General News
LPG prices were raised by Rs 9.60 per Kg to Rs 95 per Kg .The rise in price is a result of possibly increased consumption of LPG in winter season and local producers are taking advantage of that. The rise has come at a time when petroleum products prices have just been raised in the country.
United States’ Central Bank, Federal Reserve (Fed) said on Wednesday, that it would some $600 billion government bonds to sustain the ailing US economy. Fed is continuing with near zero interest rates, lowering
borrowing cost for American consumers and businesses which are facing the music after recession. Moreover according to Fed, economy is “slow”, employers are not still not quote eager to add to payrolls and inflation is slow.
Despite of consistent rise in energy pricesby the government , IMF is not impressed with the energy sector reforms and implementation of Reformed General Sales Tax (RGST) and has asked the authrities to take severe actions to meet pre agreed targets.
Labels: Economy and Business, Pakistan Economy, Treasury
posted @ 12:01 PM,
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