SBP to Announce New Policy Monitor Today

KARACHI,Pakistan News update: State Bank of Pakistan Governor Saleem Raza has said that new monitory policy will be announced on Tuesday.

According to details, he said foreign exchange reservoirs had reached to the stage of five months from three weeks.

State Bank Governor maintained that national economy was improving, adding that exports and credit demand were increasing.

He told that foreign exchange reservoirs are enough to fulfill the needs for five months.

Bearish Trend Continues in KSE

KARACHI: The benchmark Karachi Stock Exchange (KSE)-100 Index shed more then 200 points during the trading as the index has plunged below 9,100 points level.
The trading in KSE started with positive activity but soon it was turned into negative after firing incident happened in Islamabad. The 100-Index dropped more then 200 points and fell below 9,100 points.

Market experts predicted that bearish trend will continue if law and order situation will not be improved. KSE-100 Index stands at 9014 points level after losing 234 points.

Pak Forex Reserves Reduced By $284.7 Million

KARACHI: The liquid foreign exchange reserves of the country have decreased by 284.7 million dollars because of Government’s quarterly payments against external debts.
Pakistan’s total liquid foreign reserves have shruck to 14.4641 billion dollars, said a statement issued by State Bank of Pakistan here on Thursday.

On October 10, 2009, the foreign reserves held by State Bank amounted 10,889.6 million dollars, whereas net foreign reserves held by banks other than SBP figured 3,574.5 million dollars.

KSE Demutualization Bill Passed in NA

ISLAMABAD: The Lower House of the Parliament Thursday passed three bills with majority vote.
These bills included the NFC Institute of Engineering Technology Multan Bill 2009, the Stock Exchange (corporatisation, demutualization and Integration of stock exchange in Pakistan) Bill 2008 and the Modarba Companies and Modarba (Floatation and Control (amendment) Bill 2009.

Minister for Parliamentary Affairs Dr Babar Awan moved the Bills in the House which were not opposed by the opposition.

After the first reading, the Chair put the Bills to the House clause by clause and the Bills were passed.

The NFC Institute of Engineering Technology Multan Bill 2009 continued from overnight and rest of its clauses out of total 42 clauses were approved Thursday.

In the second reading of the Stock Exchange (Corporatisation, Demutualization and Integration) Bill 2008, the Chair put all the two to 27 clauses to the House in single reading and were passed by the House.

In the third bill, both of its clauses were also passed with majority vote

Pakistan Forex Reserves Surge By 1.156 Billion

KARACHI: Pakistan foreign exchange reserves swelling up process continues, as it was seen recording a significant increase by 1156 million during one week.

State Bank of Pakistan (SBP) data showed that foreign exchange reserves in the country has shot up to $14.47 billion, recording significant increase of $1156 million during the week ending September 19.

State Bank reserves amounted to $10.94 billion, while those with the commercial banks $3.53 billion.

Analysts said that following Pakistan’s international credit rating improvement, foreign investors have went into action in the stock market, which has resulted in the pouring in of forex in the country. Besides, the shrinking trade deficit was also positively impacting on the forex reserves, said the analyst.

Judge rejects deal between SEC, BofA over bonuses (AP)

A federal judge on Monday rejected a $33 million settlement between the Securities and Exchange Commission and Bank of America Corp. over bonuses paid by Merrill Lynch.

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Judge rejects deal between SEC, BofA over bonuses (AP)