BMA Today for September 6, 2010 
 
     MONDAY 6 September 2010 
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At a Glance

Previous Market Session
Local Market    
 KSE 100 9,703.06

▼

 59.83
 KSE T. Value PKRbn 1.00

▼

 0.85
 10YR PIB 13.13

►

 0
 6M KIBOR 12.86

▼

 0.01
 PKR/USD 85.05

▲

 0.2
Asia Pacific    
 BSE SENSEX 30 18,221.43

▼

 16.88
 NIKKEI 225 9,114.13

▲

 51.29
 STRAITS TIMES INDEX 2,993.99

▲

 7.33
 KUALA LUMPUR 1,435.67

▼

 5.4
 JAKARTA COMP. 3,164.28

▲

 42.13
 THAI SET 50 930.64

▲

 10.94
Middle East    
 DFM GENERAL 1,538.09

▲

 45.78
 TADAWUL ALL SHARE 6,269.36

▲

 110.37
 MSM30 INDEX 6,277.05

▲

 17.1
 KUWAIT SE WEIGHTED 442.29

▲

 3.68
 DSM 20 INDEX 7,470.79

▲

 164.83
Global Markets    
 OIL (NYMEX) 0.49

►

 0
 US 10YrBOND 2.86

►

 0
 LIBOR6MTH 74.6

▼

 0.42
 FTSE 100 5,428.15

▲

 57.11
 DOWJONES 10,447.93

▲

 127.83
 S&P 500 1,104.51

▲

 14.41
       
 
In Focus
Software and Computer Services: NETSOL - Dilution Shadowing Impressive FY10

   NETSOL announced its FY10 result on Friday September 03, 2010. The company announced PAT of PKR952mn (EPS: PKR12.22) compared to PAT of PKR294mn (EPS: PKR3.77)

   The company is under process of acquiring its parent’s subsidiaries (NTNA and NTE) for a total consideration of PKR1.76bn

   The nature of transaction will that be of an equity transfer to the parent; 61mn additional shares (other than rights are to be issued to NTWK

   Post acquisition dilution is to be in the order of 1.76x while NTWK’s share in Netsol is likely to increase from 58% to 76%

   We currently do not have a stance on Netsol given the uncertainties surrounding the post acquisition earnings potential of the company

Click to Read More

Media Watch

Economy: Rs.100bn from PSDP funds may be diverted \ Business Recorder Monday

Sectoral: Thar Coal Gasification Project Shelved \ Business Recorder Saturday
Sectoral: KESC raises $280mn for 560MW power plant \ Business Recorder Saturday
Click to Read More

Trailblazer
KSE100: Pull back failed to mitigate weekly bearish engulfing
Gold: Pullback likely to fizzle out soon


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   Previous Session
Equity Round Up
Bears continue to grip the market

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Forex Round Up
PKR is expected to trade between 85.62-85.81

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Fixed Income Round Up
Rates are expected to trend upwards

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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.