SCRAs: fresh arrivals recorded

The special convertible rupee accounts (SCRAs), which were $17.5 million on July 14, recorded an increase of $2 million, reaching at over $19.4 million on July 18. This happened despite the fact that withdrawals ($4 million including $2.8 million by Switzerland) on July 18 were higher than inflows ($3.2 million including $2.6 million from Singapore) indicating a net withdrawal of $0.8 million.
This was revealed in the State Bank's latest update released on July 19. The increase of about $2 million since July 14 was attributed mainly to the UK and USA, whose investors' balances improved by $1.2 million and $0.9 million to $4.3 million and $4.4 million, respectively.
The number of active players in the meanwhile increased from six - Hong Kong, Liberia, Qatar, Switzerland, UK and USA - on July 5 to 13 - including BV Island, France, Guernsey, Kuwait, Luxembourg, Singapore, Saudi Arabia, and UAE - on July 18, besides the aforementioned.
Seven of them brought in fresh funds amounting to some $28 million in 18 days of the new financial year with Singapore leading the list of net investors (up $15.4 million, including an inflow of $2.6 million on July 18 alone).
Other countries posting increases during the year so far included USA (up $4.4 million since the beginning of the new financial year), UK (up $4.3 million), Hong Kong (up $3.8 million), UAE (up $0.09 million), Liberia (up $0.06 million) and BV Island (up $0.05 million).
Six of them showed net withdrawals totalling some $8.5 million with Switzerland topping the list withdrawing over $8 million during the period under review, including $2.8 million withdrawn on July 18 alone.
Other disinvesting countries included Bahrain (down $0.07 million since the beginning of the new financial year), Guernsey (down $0.05 million), Saudi Arabia (down $0.04 million), Luxembourg and Sri Lanka (down $0.009 million each).
KSE-100 Index (November 1991=100), in the meanwhile, rose to 10,192 points on July 18 and further to 10,199 points on July 19 according to latest updates. The Index stood at 9,604 points on July 3. It stood at 10,027 points on July 14 crossing the psychological barrier of 10,000 points after June 22 when it went downward.
The aggregate market capitalisation improved to over Rs 2,829 billion on July 18 compared with the lowest level of Rs 2,457 billion on June 14, 2006 and Rs 2,668 billion on July 3.
According latest update on the SBP's website, SCRAs on July 19 declined marginally to stand at slightly below $19 million as UK investors withdrew some $1.2 million. Its impact was partly offset by fresh inflows of $0.3 million, $0.2 million and $0.1 million recorded in the case of Hong Kong, Singapore and USA, respectively. (Report by [email protected])