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PAKISTAN - Market factors to watch - Dec 23
Reuters - Wednesday, December 23
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KARACHI, Dec 23 - Following is a list of events in Pakistan as well as news stories and press reports which may influence financial markets.
(Reuters News welcomes your feedback and for any queries please contact Robert Birsel in Islamabad editorial on +92-51 281 0017 or via email at robert.birsel@thomsonreuters.com or on Reuters messaging robert.birsel.reuters.com@reuters.net) WHAT IS HAPPENING IN PAKISTAN, ALL TIMES LOCAL FOLLOWED BY GMT: (The inclusion of diary items does not necessarily mean that Reuters will cover the event)
* The International Monetary Fund is scheduled to meet in Washington on Wednesday to discuss the Pakistan's third review under its stand-by arrangement.
MARKET SNAPSHOTS
* The rupee <PKR=> weakened on Tuesday amid higher dollar demand for import payments and closed at 84.30/35 to the dollar, compared with the previous day's close of 84.14/20. [PKR/].
* Stocks ended higher, led by the banking sector as investors accumulated shares at lower levels following increased foreign portfolio inflows.
The Karachi Stock Exchange's benchmark 100-share index <.KSE> ended 98.87 points, or 1.07 percent, higher at 9,332.47 on turnover of 100.68 million shares.
* The net outflow of foreign investment in the stock market was $1.26 million on Tuesday.
[http://www.nccpl.com.pk/fipi-new/index.php]
* The S&P 500 logged another 14-month high on Tuesday as stocks rallied on a surge in existing home sales, which indicated more stabilisation in housing and boosted optimism about the economic recovery.
The Dow Jones industrial average <.DJI> rose 50.79 points, or 0.49 percent, to end at 10,464.93. The Standard & Poor's 500 Index <.SPX> added 3.97 points, or 0.36 percent, to 1,118.02. The Nasdaq Composite Index <.IXIC> gained 15.01 points, or 0.67 percent, to close at 2,252.67. [.N]
* U.S. crude futures ticked higher on Wednesday ahead of inventory data, due later in the day, which is expected to show drawdowns in crude and product stockpiles.
The new front-month February contract for U.S. crude futures <CLc1> rose 7 cents to $74.47 a barrel by 0032 GMT, off an early high of $74.60, having settled on Tuesday at $74.40. [O/R]
* Gold edged higher on Wednesday as bargain hunters resurfaced after the price dropped to its weakest in seven weeks the previous day, but a firmer U.S. dollar was likely to cap gains. Trading was thin with the absence of Japanese speculators.
Spot gold <XAU=> was quoted at $1,087.50 an ounce by 0145 GMT, up $3.95 an ounce from New York's notional close on Tuesday, when it fell as low as $1,074.10. Gold is about 11 percent below a lifetime high of $1,226.10 struck in early December. [GOL/]
* For global market news, click on [MKTS/GLOB]
* To see announcements of Pakistan central bank's regular open market operations, please click on <SBPK09>.
FOR A SPEED GUIDE ON PAKISTAN, CLICK ON <PAKISTAN>
FOR A DIARY OF EVENTS IN PAKISTAN, SEE [PK/DIARY]
FOR PAKISTAN ECONOMIC INDICATORS, CLICK ON [ECI/PK]
FOR KARACHI INTERBANK RATES, SEE <KIBR> <KIBR01>
FOR PAKISTAN OPEN MARKET CURRENCY RATES, CLICK ON [PKR/]
FOR PAKISTAN COTTON RATES, SEE [COT/KAR]
FOR PAKISTAN PORT ACTIVITY, CLICK ON [SHP/PK1][SHP/PK2]
FOR KEY GLOBAL ECONOMIC NEWS, SEE [TOP/MACRO]
FOR AN OUTLOOK OF ASIAN STOCK TRADING, CLICK ON [STXNEWS/AS]
TOP NEWS ON ASIAN COMPANIES [TOP/EQA]
FOR INTERNATIONAL FOREX NEWS, HIT [FXNEWS]
FOR WHAT INVESTORS ARE SAYING ABOUT GLOBAL DEALS [DEALTALK/]
GLOBAL STOCKS - BUY OR SELL? [BUYSELL/]
IN THE NEWS REUTERS PAKISTAN (Click on [PK-RTRS]
> Suicide bomber kills 3 in northwest Pakistan town [ID:nSGE5BL0CI]
> Pakistani o/n rates ease; rupee weakens; stocks up [ID:SGE5BL0CQ]
> S&P places Pakistan Mobile on creditwatch positive [ID:nWLA1520]
> SCENARIOS-Possible outcomes of Pakistan's political troubles [ID:nSGE5BH0A]
> Pakistan court orders brothers' noses, ears cut off [ID:nSGE5BL0D1]
PAKISTANI NEWSPAPER REPORTS
> The National Accountability Bureau has asked accountability courts not to revive corruption references against President Asif Ali Zardari as he enjoys immunity under the country's constitution.
> The Supreme Court has given a final warning to those who have managed to get loans written off from financial institutions during the last 38 years, and has directed the central bank to furnish a list of loan defaulters from 1971 onwards. (For more Reuters coverage of Afghanistan and Pakistan, see: http://www.reuters.com/news/globalcoverage/afghanistanpakistan)
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