BMA Today for July 16, 2018 
 
     MONDAY 16 July 2018 
 
 

 

   

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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 Strategy: Tightening accelerated; fiscal policy needs to fall in line

   The central banks decision to lift policy rate by 100bps on 14th Jul18 came in the backdrop of divided expectations and growing concerns on macro stability. The preponing of policy review meeting had dropped a hint on acceleration on rate hike campaign.Central bank’s comments highlight stability has clearly taken precedence over growth. We opine the central bank is likely to show similar, pro-activeness on exchange rate and expect another round of devaluation (4-5%, cumulative 20% since Dec’17) to come through before end-Jul’18 (PKR/USD has moved 4% in interbank market early morning today). The latest rate hike is an attempt to put the central bank ahead of curve with core inflation running persistently ahead of 7% mark. We believe equity market is likely to undergo a limited rally, led by banks, as investors take a cue from relative ease-off in political tension over the weekend. MCB, ABL among big banks and BAHL, BAFL, FABL among mid-sized banks stand to benefit the most. We maintain our liking for big banks over mid-sized banks.

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Media Watch

Sectoral: PSO stops fuel oil imports awaits demand from power producers/ Tribune
Economy: IMF programme is likely after elections says Shamshad / Dawn
Sectoral: SC orders three-year audit of PSO pricing system / Dawn
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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.