Khanani & Kalia International (Pvt) Limited Weekly market review on Sunday (July 24, 2005).
The demand was normal and no major transaction was recorded as buying has slowed down in the last few weeks at the start of new fiscal year. However, in the international market, dollar traded both ways and China's long awaited revaluation move stood as major happening this week. China on Thursday decided to abandon the peg that it held in place against the dollar to 8.11 from its previous value of 8.28. As a result, Asian currencies surged, led by the Korean won and Taiwan dollar whereas euro and pound sterling also came on the front foot as it was expected.