BMA Today for April 28, 2017 
 
     FRIDAY 28 April 2017 
 
 

 

   

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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 8.28

0
 6M KIBOR 6.16

0
 PKR/USD N.A. N.A.
Asia Pacific    
 BSE SENSEX 30 30,029.74

86.5
 NIKKEI 225 19,251.87

172.54
 STRAITS TIMES INDEX 3,171.36

7.43
 KUALA LUMPUR 1,768.44

2.64
 JAKARTA COMP. 5,707.03

26.23
 THAI SET 50 1,566.77

4.5
Middle East    
 DFM GENERAL 3,416.71

17.03
 TADAWUL ALL SHARE 6,939.63

23.74
 MSM30 INDEX 5,525.43

58.82
 KUWAIT SE WEIGHTED 405.85

0.8
 DSM 20 INDEX 10,089.86

67.51
Global Markets    
 OIL (NYMEX) 49.35

0.38
 US 10YrBOND 0

0
 LIBOR6MTH 1.42

0
 FTSE 100 7,237.17

51.55
 DOWJONES 20,981.33

6.24
 S&P 500 2,388.77

1.32
       
 
In Focus
Amerli Steel Limited (ASTL): Takeaways from 3QFY17 analyst briefing

   Amreli Steels Ltd. (ASTL) recently held analyst briefing to discuss 3QFY17 results and shed light on second phase of expansion plan (270ktons rolling and 200ktons melting).Although organic growth is driving sales, decline in rebar prices has kept topline growth in check.Trading business has kept gross margins in check, although company guided that gross margins in the range of 17%-19% are a fair estimate, going forward.Company announced second phase of expansion which is expected in FY18. While ongoing expansion will likely come online by Nov'17. Tax benefit due to the expansions should also support bottom-line going forward.Key risks ahead include (i) volatility in international steel prices (as China aims to cut production), ii) delay in COD of expansion and iii) adverse decision on duty by govt.

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Media Watch

Economy: Customs valuation rate on import of 1800cc vehicles increased / Dawn
Economy: Govt agrees to allow private sector to market LNG / Tribune
Economy: Forex reserves fall to $21.15bln / The News
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