BMA-PGBI Closing Bell

Index Yield up by .79 bps, moving BMA Pakistan Government Bond Index (BMA-PGBI)down by .63 bps. Activity was not observed in bonds, however, short tenors remained active. Yields in medium term tenors came down slightly, thus impacting BMA-PGBI Yield, however, long and medium tenors did not show significant change in yield.

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Index Statistics              15-Mar-05  14-Mar-05         Change

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BMA-PGBI          (Index Value)  99.6298 99.6361 -0.0063 (-0.01%)

Principal Return  (Index Value)  89.4390 89.4684 -0.0294 (-0.03%)

Interest Return    %              11.39%  11.36%  0.0003  (0.26%)

Average Coupon     %             10.4537 10.4538 -0.0001  (0.00%)

Average Maturity   %              6.3312  6.3336 -0.0025 (-0.04%)

Average Yield      %              7.6882  7.6804  0.0079  (0.10%)

Average Duration   Value          4.4160  4.4189 -0.0029 (-0.06%)

Average Convexity  Value         31.5973 31.5984 -0.0011  (0.00%)

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