InfoAnda - Pakistani o/n rates ease; rupee firms; stocks up

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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Singapore Asia Pacific World Pakistani o/n rates ease; rupee firms; stocks up Reuters - Tuesday, December 22 Send IM Story Print KARACHI, Dec 21 - Pakistan's short-term money rates eased on Monday but dealers said trade was thin in the run-up to the end of the year and they expected rates to hover around current levels. Overnight call rates ended at about 12.00 percent, down from Saturday's close of 12.15-12.30 percent. "There probably will not be much activity due to the year-end," said a brokerage dealer. Activity traditionally falls off towards the end of the year. The next outflow was scheduled for Saturday of 120 billion rupees, dealers said. The rupee firmed on Monday because of support from remittances from Pakistanis working overseas but dealers said the local unit was expected to come under pressure on higher demand for dollars for import payments, especially oil. According to the latest official data, remittances from overseas workers rose 29.18 percent to $3.83 billion in the first five months of this fiscal year. The rupee <PKR=> closed at 84.14/20 to the dollar, compared with Saturday's close of 84.28/32. It was traded at a record low of 84.55 to the dollar on Dec. 16, dealers said. This compared with the previous record low of 84.40 set on Oct 17, 2008, a month before Pakistan secured an International Monetary Fund emergency loan package of $7.6 billion to help avert a balance of payments crisis and shore up reserves. Demand for dollars to pay for oil has increased since last week when commercial banks were made to provide foreign currency for imports of crude oil under a central bank ruling. As part of Pakistan's commitments under the IMF programme, the central bank has stopped providing foreign currency for imports for crude oil. The State Bank of Pakistan stopped providing foreign exchange for furnace oil in February, and for diesel and other refined products in August. The rupee has weakened 6 percent this year after losing 22.12 percent last year Stocks ended higher on Monday led by the banking sector but in dull trade as dealers said investors were cautious about taking fresh positions because of security worries and political uncertainty. The Karachi Stock Exchange benchmark 100-share index <.KSE> ended 43.45 points, or 0.47 percent, lower at 9,183.73 on turnover of 74.38 million shares. "Investors are hesitant to take any new positions until things on the political front become a bit clearer," said Sajid Bhanji, a dealer at brokers' Arif Habib Ltd. The Supreme Court threw out last week a 2007 amnesty that had protected President Asif Ali Zardari and top aides from charges, heaping pressure on the unpopular pro-American leader, even though he is still protected by presidential immunity. Dealers said a positive trigger could be approval of the fourth tranche of the IMF loan. IMF board members are scheduled to discuss Pakistan performance on Wednesday. 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