BMA Today for May 23, 2017 
 
     TUESDAY 23 May 2017 
 
 

 

   

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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 30,570.97

106.05
 NIKKEI 225 19,678.28

87.52
 STRAITS TIMES INDEX 3,213.57

3.35
 KUALA LUMPUR 1,774.95

6.67
 JAKARTA COMP. 5,749.45

42.44
 THAI SET 50 1,557.73

8.09
Middle East    
 DFM GENERAL 3,390.04

3.6
 TADAWUL ALL SHARE 6,987.65

2.88
 MSM30 INDEX 5,413.43

5.69
 KUWAIT SE WEIGHTED 402.49

1.97
 DSM 20 INDEX 10,134.90

84.2
Global Markets    
 OIL (NYMEX) 50.73

0.4
 US 10YrBOND N.A. N.A.
 LIBOR6MTH 1.42

0.02
 FTSE 100 7,496.34

25.63
 DOWJONES 20,894.83

89.99
 S&P 500 2,394.02

12.29
       
 
In Focus
Pakistan Textiles- PKR strength constrained export growth in 10MFY17

   Latest textile data for Apr’17 indicated flat YoY exports to USD1.03bn, with the declining trend of non-value added exports (-4% YoY) continuing in Apr’17 while value added exports grew marginally by 1% YoY. In 10MFY17 textile exports stood at USD10.30bn, down 1% YoY. Reduction in textile exports during the period can be explained by 6% contraction in non-value added exports as cotton cloth and cotton yarn exports reduced by 6% & 4%, respectively. Unfavourable currency movement against CNY was the major factor dragging non-value added exports, some volume growth in value-added segment due to GSP plus status made up for lackluster realized prices. We see possible extension of payment of export rebates on entire FOB  values in the upcoming budget, though fiscal constraints is likely to limit the government from giving out any additional incentives. Our top pick in the sector is Nishat Mills Limited (NML) given company’s intensified focus on value-added segment.

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Media Watch

Sectoral: ICI acquires pharma facility brands for Rs1.9bn / Dawn
Sectoral: SECMC signs 3.8m tonne coal supply agreement / Dawn
Sectoral: Textile clothing exports record nominal decline / Dawn
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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.