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Even a 30 bps cut in yields from the previous PIB auction was not enough to keep investors interested. The latest PIB auction helped the government to fetch another Rs150 billion in the longer tenure papers, exceeding Rs50 billion target by over three times. The previous auction too, had attracted similar interest, where accepted bids tripled the target of Rs50 billion.
When the column last talked about PPL stock, the E&P firm had just received an overwhelming response for its secondary public offering in June 2014. Market sources were eyeing a rise in stock price with a fairly decent float addition in the immediate future. With optimistic guesstimates and strong operational performance and history, PPL was seen to rock at the bourses in the coming couple of months.
With petrol prices going down rapidly, one may be fooled to think the CNG consumers would go back to petrol. No they would not. Not when the price differential in consumption terms is still 45 percent in favour of using CNG. Some say there are marginal users, too, who would pay an extra 40 percent to save troubles of long queues. But this is not what the numbers tell and this is not what you see at CNG stations either.
Given the paucity of Islamic investment avenues in the country, SBPs drive on conducting regular Open Market Operations (OMOs) of GoP Ijara Sukuk has been well received by the Islamic financial institutions. Though the momentum is picking up gradually, it is known to be in its embryonic stages.
Anyone and everyone with a heart, felt the Peshawar tragedy deep inside. The massacre was to a scale where words could not describe the pain.
Tuesdays barbaric carnage that took the lives of 140 plus innocent souls at the Army Public School in Peshawar will leave an ugly scar on the nations collective memory.
Invest in Pakistan? Even the most ardent foreign advocates may take a step back after watching the heart-wrenching scenes from Peshawar. Some semblance of security was returning to Pakistan following the military operation in North Waziristan. With the perception, the investment figures were slowly improving as well. The Peshawar school massacre is an isolated incident in an already-troubled region, but its horrendous scale and global coverage may add a few more percentage points to the country risk premium.
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Index Closing Chg%
Arrow DJIA 17,778.15 2.43
Arrow Nasdaq 4,748.40 2.24
Arrow S&P 2,061.23 2.40
Arrow FTSE 6,466.00 2.04
Arrow DAX 9,811.06 2.79
Arrow CAC-40 4,249.49 3.35
Arrow Nikkei 17,210.05 2.32
Arrow H.Seng 22,832.21 1.09
Arrow Sensex 27,126.57 1.56

ICT 2014

Foreign Debt $61.805bn
Per Cap Income $1,386
GDP Growth 4.14%
Average CPI 8.6%
Trade Balance $-2.309 bln
Exports $1.957 bln
Imports $4.266 bln
WeeklyDecember 18, 2014
Reserves $14.04 bln