Morning Briefing

Nov 21, 2008

Market Overview

The market remained dull on Thursday as the federal cabinet has approved the economic stabilization plan. The KSE-100 Index closed unchanged at 9,184.09 on light turnover of 109.9k shares traded. There was no price movement among the KSE-100 Index scrips. We advise investors to stay on the sidelines today.

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News Snapshots

Pakistan's foreign exchange reserves decline by $99.7 million: SBP on Thursday informed that country's foreign reserves have declined to 6.6368 bn dollars during the week ended November 15, from 6.7365 bn dollars a week earlier, depicting a decline of 99.7 million dollars during one week. (BR)

Oil hits lowest level since May 2005: Oil dropped 8 percent to below $50 on Thursday as a bearish US jobs report intensified concerns of a long and deep global recession and further crushed demand expectations. US crude fell $4.56 to $49.06 a barrel by 1424 EST (1924 GMT) after touching $49.00, marking the lowest level since May 24, 2005, when prices hit $48.92. London Brent crude shed $3.48 to $48.24 a barrel. (BR)