Pakistan’s FX Reserves Decline, JP Morgan Increases Stake at Plus500

The central bank’s liquid forex reserves had declined by $157 million to $9,033 million, down from $9,190 million a week earlier. The SBP paid US$249 million using its reserves to service external debt and other payments, such as $148 million to the IMF as per arrangements.

The SBP reported inflows from bilateral and multilateral sources totalling $98 million over the week, reported the Business Recorder.

Retail CFD broker Plus500, which got listed recently in a high value IPO, got a boost after filings showed that JP Morgan Chase’s stake in the firm surpassed the 15 percent level. Odey Asset Management has also scaled up its stake in the firm, with a shareholding of above 10 percent. This means that the two firms now hold at least 25 percent stock in the business.

Plus500 has benefited from having its stock given a “buy” rating by Liberum Capital on Tuesday. Liberum Capital gave a price objective of GBX 750 ($12.77) on Plus500 stock, a probable increase of 68.01 percent from the share’s earlier closing figure.

Researchers at Numis Securities have also given Plus500 shares a “buy” rating this Tuesday, with a price target of GBX 824 ($14.04) on the share.

The rising interest in Plus500, which was established in Israel, a breeding ground for creative and thriving cfd companies, indicates that good management, the right listing methodology and efficient growth is the key to success.