BMA Today for March 22, 2017 
 
     WEDNESDAY 22 March 2017 
 
 

 

   

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At a Glance

Previous Market Session

Local Market    
 KSE 100 49,020.21

322.56
 KSE T. Value PKRbn 11.22

5.12
 10YR PIB 8.25

0
 6M KIBOR 6.13

0
 PKR/USD N.A. N.A.
Asia Pacific    
 BSE SENSEX 30 29,485.45

33.29
 NIKKEI 225 19,455.88

65.71
 STRAITS TIMES INDEX 3,158.57

7.13
 KUALA LUMPUR 1,754.67

5.26
 JAKARTA COMP. 5,543.09

9.1
 THAI SET 50 1,568.78

5.24
Middle East    
 DFM GENERAL 3,494.87

17.38
 TADAWUL ALL SHARE 6,930.87

2.36
 MSM30 INDEX 5,629.93

40.77
 KUWAIT SE WEIGHTED 425.55

0.43
 DSM 20 INDEX 10,485.53

78.74
Global Markets    
 OIL (NYMEX) 48.35

0.13
 US 10YrBOND 0

0
 LIBOR6MTH 1.43

0
 FTSE 100 7,378.34

51.47
 DOWJONES 20,668.01

237.85
 S&P 500 2,373.47

0
       
 
In Focus
K Electric Revised MYT spells trouble

   National Electric Power Regulatory Authority notified the Multi Year Tariff for KEL on 20th Mar 2017 for a period of 7 years The changes in tariff may have negative implications for the company if approved in current form One of the major changes in the tariff includes reduction in base tariff by PKR3.5/KWh to PKR12/KWh. The regulator provided a PKR0.31/KWh increase in O&M expense in the tariff against KEL’s demand of a PKR0.66/KWh increase. Benchmark for T&D losses has been revised upwards to 20.4%, much closer to the company's current T&D loss level of 22.4% (9MFY16). The said benchmark is stated to decline over the tariff period to 12.53% Clawback benchmark has been revised upwards to 16.5% against 12% as requested alongwith a revision in formula for calculating Regulatory Asset Base. We believe the company would file a review motion with the regulator as positive changes in the tariff are overshadowed by the apparent negatives. This will likely delay the deal with Shanghai Electric too.

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Media Watch

Sectoral: Textile exports slightly fall to $8.214 billion in July February / The News
Sectoral: KE says new Nepra tariff discourages investment / Dawn
Economy: IMF plans to revise Pakistans economic projections / The News
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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.