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News from Pakistan (18-11-2002)

  • The flow of Foreign Direct Investment during the period July-October, 2002 has increased by 234% as compared to the corresponding period of the previous year. During October alone the inflow of FDI is US dollars 229 million. The inflow of FDI during July-October, 2002 is US $ 399.1 million while it was US $ 119.6 during the same period of the previous year.

  • The decision to cut the discount rate by 1.5 percent, taken by the State Bank of Pakistan, after bringing the International Monetary Fund on board, is aimed to protect the Federal Budget and SBP's own depleting reserves.

  • In the inter-bank market, the rupee strengthened with a rise of 30 paisa for buying and selling at Rs.58.40 and Rs.58.42, respectively.

  • The cut in State Bank of Pakistan's discount rate alone will not reduce the arbitrage factor unless the central bank allows the rupee to appreciate at a faster rate and restores the equilibrium.

  • The profits of commercial banks listed at the Karachi Stock Exchange nearly doubled in the third quarter ended September 30, 2992, despite the fact that interest rates lowered by a substantial amount.
  • SNGPL to complete Rs.16 billion new pipeline plan by 2004.

  • Bulls would likely to control the proceedings on Monday as the cut in discount rate by the State Bank of Pakistan improved the share prices of several companies on Saturday during the kerb trading.

  • The badla rates last week at the Karachi Stock Exchange stabilized around 17.5 percent from its peak of 30 percent.

  • The stock market recovered modestly during the past week on hope the new government would soon be formed after over a month's deadlock where cautious approach adopted by genuine investors nearly halved the weekly business.

  • Harvesting of cotton crop is reported to be in full swing and heavy arrivals of seed-cotton in Punjab factories/markets is reported.
(Iqbal Ahmad Khan)
Director (PA/IF)
18-11-2002
This has been sent on e-mail to OPs/HICs/CCs.
DG, BOI, Karachi.
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