BMA Today for November 21, 2017 
 
     TUESDAY 21 November 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 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) 56.51

0.09
 US 10YrBOND N.A. N.A.
 LIBOR6MTH 1.63

0
 FTSE 100 7,389.46

8.78
 DOWJONES 23,430.33

72.09
 S&P 500 33,359.90

30781
       
 
In Focus
Pakistan Economy: Financial Account acts as savior as CAD slips in Oct'17

   As per the latest data, Current Account Deficit (CAD) increased to USD1.3bn in Oct’17 from USD1.1bn in Sep17.This was led by trade deficit growing by 11% MoM to USD2.5bn and services deficit increasing by 41% MoM to USD416mn. These together completely offset the 28% MoM rise in remittances seen in Oct’17. The secret to relatively stable FX reserves position by end of Oct’17 vs end-Sep level of USD19.8bn turned out to be a huge surplus in financial account of USD856mn, driven by combined USD874mn loans procured during the month. Our estimate for FX reserves at end-FY18 stands at USD14.5bn (from current level of USD19.7bn) but poses upside risk, depending on materialization of flows including coalition support fund, and sovereign bonds planned by the government. Key risks include (i) continued uptick in oil prices, and (ii) actual size of inflows (bonds, loans and CSF) realized.

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Media Watch

Sectoral: Textile exports up 8pc in 4 months / The News
Sectoral: Amreli Steels plans electrical transmission JV / The News
Sectoral: Inclusion of auto sector in FTAs: PAAPAM opposes governments proposal / Business Recorcder
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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.