BMA Today for January 2, 2019 
 
     WEDNESDAY 2 January 2019 
 
 

 

   

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At a Glance

Previous Market Session

Local Market    
 KSE 100 N.A N.A
 KSE T. Value PKRbn N.A N.A
 10YR PIB N.A N.A
 6M KIBOR N.A. N.A.
 PKR/USD N.A. N.A.
Asia Pacific    
 BSE SENSEX 30 N.A N.A.
 NIKKEI 225 N.A N.A.
 STRAITS TIMES INDEX N.A N.A.
 KUALA LUMPUR N.A N.A.
 JAKARTA COMP. N.A N.A.
 THAI SET 50 N.A N.A.
Middle East    
 DFM GENERAL N.A N.A.
 TADAWUL ALL SHARE N.A N.A.
 MSM30 INDEX N.A N.A.
 KUWAIT SE WEIGHTED N.A N.A.
 DSM 20 INDEX N.A N.A.
Global Markets    
 OIL (NYMEX) N.A. N.A.
 US 10YrBOND N.A. N.A.
 LIBOR6MTH N.A. N.A.
 FTSE 100 N.A N.A.
 DOWJONES N.A N.A.
 S&P 500 N.A N.A.
       
 
In Focus
Pakistan Equity Market Outlook 2019 : Valuations & policy actions set +ve backdrop for return

   Market-valuation flirting with distressed territory, Index target pruned to 46,000.Incrementally positive: We have turned incrementally positive on the market for three reasons: (i) valuations, (ii) relief on external account, and (iii) progress on external flows. Valuations border distressed territory: Forward P/E of 6.9x trades at 1 SD from average. Implied margin/prices of various sectors and technical indicators also support our argument. Macro adjustments are reflected in valuation de-rating. Pessimism replaced optimism that was seen in early 2018. Hence, we contend that further downside is limited for now, in our view. KSE-100 to target 46,000 (24% upside): Political noise & mishap in negotiation with IMF are two major risk areas. Projected corporate earnings growth of 19% in CY19 is highest since 2011. Our index target assumes P/E of 7.3x (earlier 7.6x), in line with average multiple seen over 2009-2013.

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Media Watch

Sectoral: Overcome PIA losses PM tells chairman / Business Recorder
Sectoral: ECC approves 25mmcfd gas supply to SNGPL / The News
Sectoral: Suzuki announces fresh hike in prices / Dawn
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Trailblazer


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  Previous Session
Equity Round Up


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Forex Round Up


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Fixed Income Round Up


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DISCLAIMER
This memorandum is produced by BMA Capital Management Limited and is only for the use of their clients. While the information contained herein is from sources believed reliable, we do not represent that it is accurate or complete and should not be relied upon as such. Opinions expressed may be revised at any time. This memorandum is for information only and is not an offer to buy or sell, or solicitation of any offer to buy or sell the securities mentioned.