BMA Today for July 2, 2009 
 
     THURSDAY 2 July 2009 
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At a Glance

Previous Market Session
Local Market    
 KSE 100 7,270.72

▲

 108.54
 KSE MKTCAP PKRbn 2,150.75

▲

 30.1
 10YR PIB 11.98

►

 0
 6M KIBOR 12.76

►

 0
 PKR/USD 81.1

▼

 29.55
Asia Pacific    
 BSE SENSEX 30 14,645.47

▲

 151.63
 NIKKEI 225 9,939.93

▼

 18.51
 STRAITS TIMES INDEX 2,352.55

▲

 19.41
 KUALA LUMPUR 1,079.40

▲

 4.16
 JAKARTA COMP. 2,059.88

▲

 33.1
 THAI SET 50 597.48

►

 0
Middle East    
 DFM GENERAL 1,810.15

▲

 25.7
 TADAWUL ALL SHARE 5,599.38

▲

 2.92
 MSM30 INDEX 5,669.83

▲

 57.62
 KUWAIT SE WEIGHTED 456.71

▲

 7.81
 DSM 20 INDEX 6,407.32

▼

 84.33
Global Markets    
 OIL (NYMEX) 69.58

▲

 0.27
 US 10YrBOND 3.53

►

 0
 LIBOR6MTH 1.09

▼

 0.02
 FTSE 100 4,340.71

▲

 91.5
 DOWJONES 8,504.06

▲

 57.06
 S&P 500 923.33

▲

 4.01
       
 
In Focus
Technology and Communication: PTC: FY09E Earnings Estimate Revised Upward

   Our full year FY09E earnings forecast has been revised upward by 6.3% to PKR1.85 in light of recent discussions with management

   Reversals pertinent to an international incoming revenue dispute have already been booked and will not effect 4QFY09E earnings. Also, management believes that subscriber attrition has leveled off and the base should remain stable moving forward; this will remain a key determinant of furture earnings stability

   The Board of Directors have announced a cash dividend of PKR1.5/share for FY09E

   At current levels, PTC reflects upside of 41.6% to our fair value of PKR25. Moreover the scrip is trading at an FY09E PER of 9.5x

Click to Read More

Media Watch

Economy: State Bank receives $500m ADB loan \ Dawn

Market: Oil falls on US gasoline inventory build \ Business Recorder
Sectoral: Silkbank and Atlas Bank decide against merger \ Dawn
Click to Read More

Breakout


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   Previous Session
Equity Round Up
Market turns positive on expectations of a rate cut and arrival of leverage

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Forex Round Up
PKR is expected to trade between 81.4-81.6

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Fixed Income Round Up
SBP provided discounting of PKR5.0bn

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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.