BMA Today for July 20, 2017 
 
     THURSDAY 20 July 2017 
 
 

 

   

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At a Glance

Previous Market Session

Local Market    
 KSE 100 45,418.71

217.65
 KSE T. Value PKRbn 8.94

0.06
 10YR PIB N.A N.A
 6M KIBOR N.A. N.A.
 PKR/USD N.A. N.A.
Asia Pacific    
 BSE SENSEX 30 31,955.35

244.36
 NIKKEI 225 20,020.86

20.95
 STRAITS TIMES INDEX 3,325.07

18.99
 KUALA LUMPUR 1,757.27

2.35
 JAKARTA COMP. 5,806.69

15.66
 THAI SET 50 1,575.85

4246.5
Middle East    
 DFM GENERAL 3,582.25

4.11
 TADAWUL ALL SHARE 7,218.21

50.68
 MSM30 INDEX 5,043.00

20.85
 KUWAIT SE WEIGHTED 406.53

0.84
 DSM 20 INDEX 9,502.36

108.63
Global Markets    
 OIL (NYMEX) 47.1

0.02
 US 10YrBOND N.A. N.A.
 LIBOR6MTH 1.45

0
 FTSE 100 7,430.91

40.69
 DOWJONES 21,640.75

66.02
 S&P 500 2,473.83

13.22
       
 
In Focus
Pakistan Economy: Highest CAD in 4Q - loans supported FX reserves in Jun17

   As per latest data, Current Account Deficit (CAD) showed little respite in Jun’17, recording USD1.43bn (vs USD1.65bn in May’17), where the trade deficit came in higher at USD3.2bn (+18.5% MoM) as imports crossed USD5.0bn (+9% MoM).As a result, CAD in FY17 came in highest in eight years at USD12.1bn (4.0% of GDP) vs USD4.9bn last year (1.7% of GDP), primarily led by (i) 17.5% YoY jump in imports to USD48.5, and (ii) dull exports and remittances.In Jun’17, financial account surplus stood high at USD1.4bn, thanks to surprisingly hefty loans (USD2.8bn) materializing which offset Eurobond maturity of USD750mn.Each quarter had its own troubles where lowest quarterly export was realized (USD5.0bn) in 1Q; 2Q witnessed doubling of CAD; FX reserves dropped the most in 3Q (~USD1.6bn); whereas 4Q saw largest quarterly CAD of USD4.4bn.Looking ahead, we see some relief to trade deficit from lower oil prices, though higher machinery imports and sluggish remittances are likely to hold CAD firm in 1QFY18. Exchange rate implications however may vary on account of political concerns which could accelerate the expected depreciation in currency in FY18.

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Media Watch

Economy: LSM expanded by 6.3pc in May / Dawn
Economy: Current account deficit touches record $12.1bn / Dawn
Sectoral: With cash crunch PSOs bank borrowings reach Rs130b / Tribune
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