KARACHI, Feb 27: The State Bank of Pakistan raised cut-off yield on benchmark six-month treasury bills at an auction on Wednesday to 9.8024 per cent from 9.7269 per cent.

The weighted average annual yield on the six-month paper came at 9.7359 per cent, up from 9.6141 per cent at the last auction on Feb 13, the State Bank of Pakistan said.

The cut-off yield on the 12-month paper came at 10.0385 per cent, up from 9.9779 per cent and the average weighted yield rose to 9.9908 from 9.8692 per cent at the last auction.

The cut-off yield on the three-month paper came at 9.4568 per cent, unchanged from the previous auction and the average weighted yield rose to 9.4568 from 9.3825 per cent previously.

The SBP said it sold Rs6.29 billion worth of six-month, Rs25.69 billion of 12-month and Rs3.45bn of three-month paper, after receiving total bids of Rs40.97 billion.

It had set a pre-combined auction target of Rs50 billion.

—Reuters