02 December, 2009

Research Reports for 2 December, 2009

AKD

• ABL - Standing out of the crowd

BMA

• Strategy:The ‘What If’ of Dubai Crisis for Pakistan
• Trailblazer

JS

• Banks: Spreads sticky despite weak credit appetite

AHL

• United Bank Limited – least to worry about Dubai chapter

Elixire

• FCCL- 1QFY10 Detailed Accounts Review

KASB

• KSE: Insipid Nov-09 on lack of triggers

01 December, 2009

Research reports for 01 December 2009

BMA

• Technical Outlook: KSE100 - Under Hibernation

Arif Habib Limited

• Engro Polymer & Chemicals Ltd (EPCL) 9MCY2009 earnings review

KASB

• Robust urea demand to narrow 2H10 overhang

Elixire

• Local Oil Prices Up - OMCs to Benefit, -ve for Inflation

JS

• Telecom: PTA's take on the sector in FY09

26 November, 2009

Research Reports for 26th November, 2009

AKD

• Fertilizer Sector: Monthly Update

BMA

• Cement: Will Seasonality Play This Time Around?
• Trailblazer

KASB

• Baluchistan Package finally unveiled

Elixire

• Adamjee Insurance - Top line sluggish during 9MCY09

JS

• PSMC: 2009 EPS revised down to Rs5.6 / 'Sell'

Airf Habib Limited

• Lukewarm fertilizer buying during October 2009

Credit Sussie

• UBL - Most to gain from recovery in credit demand
• Pakistan banks Update !

25 November, 2009

Research reports for 25 November, 2009

BMA

• Economy: Monetary Policy - ↓50bps - Meeting Expectations
• Trailblaizer

IGI

• SBP cuts policy rate by 50bps to 12.5%

KASB

• 50bp DR cut, measured approach continues

JS

• Monetary Policy review (Dec-Jan): 50bps cut

Arif habib limited

• Discount rate reduced by 50 bps

24 November, 2009

Research Reports for 24 November, 2009

AKD

• DGKC_The Jewel in the Kiln!

BMA

• Closed-end Funds: October 09 Review
• Technical Analysis

IGI

• OGDCL's liquidity situation - On a wing and a prayer

Elixire

• PTC - 1QFY10 Detailed Accounts Review
• NFDC Fertilizer Data 10MCY09

JS

• Refineries: Positive news flow on deemed duty

Arif habib Limited

• NML–detailed accounts review 1Q-FY2010

KASB

• DOL: reiterating our liking post mgt call

Market Close !

Pakistan equities traded another dull day with sluggish activity as investors anxiously await Central Bank's decision on key policy rate due tomorrow evening after market close with talk of rate cut as high as 75bps to 12.25%. Reportedly, absence of FII interest and cautious approach by locals led to stocks trading red across the board with PSO the only exception closing +1.3% on hopes of GoP's quick action to eliminate energy sector debt issue that bodes well for the largest OMC in the country. Bank Alfalah BAFL PA topped the volumes list with stock closing flat mainly on local institutional and individuals interest. Also in limelight was Nishat Chunian NCL PA as State Bank announced release of outstanding R&D payments to the textile exporters.

We expect activity to pick up tomorrow as rumors and hints of MPS keep interest alive. In our view, a rate cut of anything above 50bps will be cheered with market to test highs. FII interest in index heavy blue-chip, mainly oil stocks is also key to short-term market direction. With financials underperforming, any rate cut excitement is likely to give the greatest boost to lagging banks and holding stocks.

23 November, 2009

Research Reports for 23 November, 2009

AKD

• Potential Credit Cycle Reversal

BMA

• Technical Outlook: KSE100 under Strain
• Trailblaizer

Elixire

• Fund Watch
• Lucky Cement Ltd - 1QFY10 Review

KASB

• Domestic Fund Manager Survey

JS

• PPL: Earnings likely to rebound in 2HFY10

Arif habib limited

• Attock Petroleum Limited (APL) -1QFY2010 result review