The Special Convertible Rupee Accounts (SCRAs), a financial instrument reflecting non-residents perception about investing in Pakistani securities, plummeted once again to $6.3 million on August 01, 2006.
Earlier, SCRAs have struggled to reach $9.8 million on July 31 after dipping down to $5 million on July 24. The latest situation emerged on account of a major withdrawal of $3.5 million by UK besides a minor withdrawal of $0.3 million by Hong Kong and rather negligible withdrawals by Luxembourg and Qatar.
On the other hand, USA brought in fresh funds in the amount of $1.1 million on 1st August but its impact was largely neutralised by a withdrawal of $0.8 million leaving the cumulative balance during the year to that date still in the negative range (viz., minus $2.3 million).
Balances of other players, including Singapore, which at $18.5 million topped the list of investors, remained unchanged at the July 31 level. Hong Kong, however, moved to the second position with no other country having enough balances to claim any other worthwhile position.
The most representative Index reflecting stocks position in the country (viz., KSE 100), which stood at 10,498 on 31st July improved further reaching 10,507 on 1st August.
The SBP General Index of Share Prices, however, fell from 444 on 31st July to 441 on 1st August indicating that prices of some other shares, not covered by KSE 100, actually declined. The aggregate market capitalisation accordingly also declined from rounded Rs 2,906 billion on 31st July to rounded 2,905 billion on 1st August.
(Report by research.dept@aaj.tv)