7,932
August 17, 2009
News : Pakistan’s credit rating outlook was raised to stable from negative by Moody’s Investors Service, which cited an increased International Monetary Fund loan.The IMF bailout “would help to safeguard foreign currency reserve adequacy against the risks of further deceleration in private capital flows,” Moody’s analyst Aninda Mitra said in a statement today. The loan will also help the country obtain bilateral assistance, he said.The IMF this month increased Pakistan’s loan package to $11.2 billion, approving an additional $3.2 billion to help revive South Asia’s second-biggest economy. Governor Salim Raza on Aug. 15 cut the central bank’s benchmark interest rate to 13 percent from 14 percent to aid growth….The changed outlook will have a “positive impact” on the stock market and may encourage foreign investment in Pakistan,… Bloomberg
Moody’s Investor Services raised the outlook on the long-term foreign currency deposit ratings of four Pakistani banks to stable from negative…The four banks include National Bank of Pakistan, the biggest by assets, Habib Bank Ltd., the second-biggest, United Bank Ltd., the third-biggest, and MCB Bank Ltd., the No. 1 by market value, it said…. Source : Bloomberg
Market Low : 7,858.15 High : 8,014.16
Market Close : 7,932.55 — 78.76 points down
