BMA Today for February 14, 2019 
 
     THURSDAY 14 February 2019 
 
 

 

   

Select Archives

 

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 Economy: Likely quantitative targets - Challenging but achievable

   As Pakistan potential entry into the IMF program reaches into its final stages, we take a look on likely Quantitative Targets (QT) for the new program. Containing fiscal deficit, reducing NFA stock, cut down in central bank’s borrowing, and ceiling on SBP swap positions are likely to be major QTs, in our view. We see staggered timeline for select QTs. Key implications of government’s efforts to comply with the QTs include: (i) upside bias in inflation, (ii) volatility in exchange rate with possibility of further devaluation of 4-5% by year end, (iii) significant curtailment of development spending, and (iv) reduction in subsidy, particularly in agri and textile. Given current situation of major indicators, the QTs seem challenging and will warrant continued effort from central and provincial governments. Resultantly, negotiation on QTs may likely be intense. For the market, timing of the program (likely by May’19) remains crucial. Positive news flow on ongoing negotiation with IMF may eliminate the overhang associated with Pakistan’s entry in an IMF program.

Click to Read More

Media Watch

Sectoral: Govt seeks proposal for privatising PIA’s New York property / The News
Economy: FBR recovers Rs245mln from high net worth non-filers / The News
Sectoral: K-Electric acquisition to position Pakistan as investment destination: CEO / The News
Click to Read More

Trailblazer


click to view

  Previous Session
Equity Round Up


Click to View
Forex Round Up


Click to View
Fixed Income Round Up


Click to View
 
 Important Info  
 
 
 
   
 BMA CAPITAL - Pakistan's Premier Investment Group
  Capital Markets | Corporate Finance | Asset Management | Research | Retail Brokerage | Funds Distribution
   www.bmacapital.com    

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.