AGL 40.00 No Change ▼ 0.00 (0%)
AIRLINK 127.04 No Change ▼ 0.00 (0%)
BOP 6.67 No Change ▼ 0.00 (0%)
CNERGY 4.51 No Change ▼ 0.00 (0%)
DCL 8.55 No Change ▼ 0.00 (0%)
DFML 41.44 No Change ▼ 0.00 (0%)
DGKC 86.85 No Change ▼ 0.00 (0%)
FCCL 32.28 No Change ▼ 0.00 (0%)
FFBL 64.80 No Change ▼ 0.00 (0%)
FFL 10.25 No Change ▼ 0.00 (0%)
HUBC 109.57 No Change ▼ 0.00 (0%)
HUMNL 14.68 No Change ▼ 0.00 (0%)
KEL 5.05 No Change ▼ 0.00 (0%)
KOSM 7.46 No Change ▼ 0.00 (0%)
MLCF 41.38 No Change ▼ 0.00 (0%)
NBP 60.41 No Change ▼ 0.00 (0%)
OGDC 190.10 No Change ▼ 0.00 (0%)
PAEL 27.83 No Change ▼ 0.00 (0%)
PIBTL 7.83 No Change ▼ 0.00 (0%)
PPL 150.06 No Change ▼ 0.00 (0%)
PRL 26.88 No Change ▼ 0.00 (0%)
PTC 16.07 No Change ▼ 0.00 (0%)
SEARL 86.00 No Change ▼ 0.00 (0%)
TELE 7.71 No Change ▼ 0.00 (0%)
TOMCL 35.41 No Change ▼ 0.00 (0%)
TPLP 8.12 No Change ▼ 0.00 (0%)
TREET 16.41 No Change ▼ 0.00 (0%)
TRG 53.29 No Change ▼ 0.00 (0%)
UNITY 26.16 No Change ▼ 0.00 (0%)
WTL 1.26 No Change ▼ 0.00 (0%)
BR100 10,010 Increased By 126.5 (1.28%)
BR30 31,023 Increased By 422.5 (1.38%)
KSE100 94,192 Increased By 836.5 (0.9%)
KSE30 29,201 Increased By 270.2 (0.93%)

Sterling hit a two-month high versus the dollar and rallied versus the euro on Friday after stronger-than-expected British growth figures dimmed expectations of an imminent interest rate cut from the Bank of England.
The Office of National Statistics' first estimate showed the economy grew at an annual rate of 3.3 percent in the third quarter, up from 3.1 percent the previous quarter and the fastest rate in more than three years. The economy expanded by 0.8 percent on the quarter, slightly above the 0.7 percent forecast in a Reuters poll of economists. Weaker-than-expected inflation data and recent turmoil in the credit markets had led to expectations the Bank of England might cut interest rates.
However, strong GDP data indicates that the economy appears to be weathering the recent choppy markets, decreasing the pressure for the BoE to cut interest rates. "It's been a strong week of data and particularly the GDP number has shown that growth is stronger than expected," said Tom Levinson, currency strategist at ING.
"At the start of the week, many people were looking for a rate cut in November, but these expectations have been all-but-dashed, which is positive for sterling." A Reuters poll earlier this week gave a median 30 percent chance of a rate cut as soon as next month.
At 1412 GMT, the pound was up 0.2 percent versus the dollar at $2.0486, having touched its highest level since late July. The euro was down 0.4 percent at 69.63 pence.

Copyright Reuters, 2007

Comments

Comments are closed.