BMA-PGBI Closing Bell

BMA Pakistan Government Bond Index (BMA-PGBI) yield observed slightly increasing trend and BMA-PGBI almost maintained it''s value by moving up by 62 pps. Although yield increased but value of index also increased, factor behind this upward movement was interest rate return factor. On the fixed income front spread between bid and offer has again increased today, indicating lower liquidity in bonds.

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Index Statistics              01-Apr-05  31-Mar-05         Change

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BMA-PGBI          (Index Value)  99.2574 99.2512  0.0062  (0.01%)

Principal Return  (Index Value)  88.6360 88.6518 -0.0158 (-0.02%)

Interest Return    %              11.98%  11.96%  0.0003  (0.23%)

Average Coupon     %             10.4682 10.4560  0.0122  (0.12%)

Average Maturity   %              6.2988  6.2830  0.0157  (0.25%)

Average Yield      %              7.8849  7.8728  0.0121  (0.15%)

Average Duration   Value          4.3724  4.3632  0.0091  (0.21%)

Average Convexity  Value         31.4086 31.3070  0.1015  (0.32%)

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