The Special Convertible Rupee Accounts (SCRAs), which scored a small increase of $3.5 million between November 20 and 23, 2006, were down to $279.6 million on November 27, a decline of about $7 million during the intervening four days.
This, however, concealed the fact that on November 27 alone SCRAs had shown a net positive flow of $4.2 million. It concludes, then, that a day before, the balances under SCRAs had, in fact, plummeted to about $275 million, showing a decline of $11 million over November 23. Accordingly, the overall net cumulative flow of all countries during November, which improved to minus $26.1 million on November 23, deteriorated to minus $32.9 million on November 27, though it was minus $37 million on a day earlier.
Between November 23 and 27, the largest withdrawal, of $4 million, took place in the case of UK. UK, it may be recalled, had been withdrawing from its SCRAs on almost daily basis for quite some time now except on November 27. These had already reached minus $33.5 million on November 26, the largest among all countries during November, though a fresh arrival of $1.4 million on November 27 improved the overall position to minus $32.1 million.
Among generally active investors, other major withdrawals took place in the case of Singapore and Hong Kong who withdrew $2.3 million and $0.6 million, respectively, during the intervening days. Overall, Swiss withdrawals during the year so far rose from $27.7 million on November 23 to $28.5 million on November 27.
Bahamas also became active player, for the first time in the year, by withdrawing $0.5 million. The only worth mentioning positive inflow was observed in the case of USA whose positive balances inched up from $122.1million on November 23 to $123.6 million on November 27, including impact of a fresh inflow of $3 million on November 27 alone.
Other countries' balances remained unchanged at the position of November 23. In the stock market, the KSE-100 index and KSE-30 index closed at 10870.90 and 13589.02 points, respectively, on November 24, finishing positive for the fourth day in succession. The BRIndex30 also closed higher at 11,296.70.
Among other factors, the indices derived strength from the forensic report on KSE March 2005 crisis, which turned out rather innocuous, and from the banking sector, where all major scrips attracted the bulls. On November 27, however, the market witnessed profit-taking, with KSE-100 index and KSE-30 index closing lower at 10750.41 and 13497.49 points, respectively. The BRIndex30 also closed lower at 11,449.70 points level.
(Report by [email protected])
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