BMA Today for March 13, 2019 
 
     WEDNESDAY 13 March 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 Cements: Risk to margin volatility remains despite coal price softness

   In view of movement in major drivers of gross margins in 3QFY19, we revisit our outlook on cement margins. Our analysis suggests little change in our prognosis on margin trend. Softness in coal prices has posed limited upside risk to our thesis of stable margin in 3QFY19. From 4Q onwards, we expect margins to come under pressure as additional capacities pour in. South-based cement companies are likely to see more meaningful improvement in margin (QoQ) in 3QFY19 compared to the North courtesy cement price stability.

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Media Watch

Economy: Foreign assistance target slashed to USD5.6bn / Dawn
Economy: Govt announces Rs2 bn Ramazan Package /The News
Sectoral: Pakistan Turkmenistan to set up joint working group for electricity transmission / The News
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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.