AGL 40.50 Increased By ▲ 0.30 (0.75%)
AIRLINK 128.95 Decreased By ▼ -0.16 (-0.12%)
BOP 6.38 Decreased By ▼ -0.22 (-3.33%)
CNERGY 4.14 Increased By ▲ 0.11 (2.73%)
DCL 8.63 Increased By ▲ 0.18 (2.13%)
DFML 42.30 Increased By ▲ 1.05 (2.55%)
DGKC 87.31 Increased By ▲ 0.31 (0.36%)
FCCL 33.50 Increased By ▲ 0.15 (0.45%)
FFBL 66.65 Increased By ▲ 0.75 (1.14%)
FFL 10.75 Increased By ▲ 0.21 (1.99%)
HUBC 112.70 Increased By ▲ 2.00 (1.81%)
HUMNL 15.82 Increased By ▲ 0.59 (3.87%)
KEL 4.76 Decreased By ▼ -0.02 (-0.42%)
KOSM 7.85 Increased By ▲ 0.02 (0.26%)
MLCF 41.95 Increased By ▲ 0.05 (0.12%)
NBP 61.10 Increased By ▲ 0.60 (0.99%)
OGDC 189.31 Increased By ▲ 6.51 (3.56%)
PAEL 25.50 Increased By ▲ 0.14 (0.55%)
PIBTL 7.26 Increased By ▲ 1.00 (15.97%)
PPL 148.70 Increased By ▲ 0.89 (0.6%)
PRL 25.24 Increased By ▲ 0.68 (2.77%)
PTC 16.35 Increased By ▲ 0.11 (0.68%)
SEARL 70.64 Increased By ▲ 0.14 (0.2%)
TELE 7.35 Increased By ▲ 0.05 (0.68%)
TOMCL 36.15 Decreased By ▼ -0.15 (-0.41%)
TPLP 8.06 Increased By ▲ 0.21 (2.68%)
TREET 16.25 Increased By ▲ 0.95 (6.21%)
TRG 51.50 Decreased By ▼ -0.20 (-0.39%)
UNITY 27.50 Increased By ▲ 0.15 (0.55%)
WTL 1.28 Increased By ▲ 0.05 (4.07%)
BR100 9,916 Increased By 73.7 (0.75%)
BR30 30,464 Increased By 427.5 (1.42%)
KSE100 93,199 Increased By 678.1 (0.73%)
KSE30 28,969 Increased By 182.8 (0.63%)

Asian bonds fell on Tuesday dragged down by worries about the effectiveness of Washington's $700 billion bailout plan and with rising oil prices also adding to inflationary concerns in the region.
Benchmark risk aversion measures rose, but remained below the record highs reached last week before the US Treasury presented its plan to tackle the country's worst financial crisis since the Great Depression of 1929. The iTRAXX Asia ex-Japan high-yield index moved out by 20 basis points (bps) to 660 bps. The equivalent investment-grade index widened by 10 bps to 180.
But trading was thin as financial markets in Tokyo were shut for a holiday. "The devil is in the details. Everyone wanted to buy the rumour and sell the fact but the fact is not out yet, so people are taking profits," said a Singapore-based trader. The rescue plan for the battered US financial system looked set to drag into next week as Washington lawmakers haggled over how exactly they could make Wall Street pay for its rescue.
Malaysian credits were additionally hit as political uncertainty dragged on. Malaysia's 5-year credit default swaps (CDS) - insurance-like contracts that protect against defaults and restructuring - widened by 10 bps to 155 bps. The opposition party in Malaysia said it had opened talks with the government on the current political impasse, a claim denied by the government.
Meanwhile, bonds from the Philippines, one of the most active debt issuers in the region, were flat to marginally weaker. Bonds from Manila due in 2032 were barely changed at 95.875/96.375 cents, but the cost of protecting Philippine debt rose. Philippine 5-year credit default swaps (CDS), climbed 10 bps to 268/273 bps.

Copyright Reuters, 2008

Comments

Comments are closed.