07 December, 2009

Research Reports for 07 December, 2009

AKD

• The luster of INDU's brands - upgrade to Buy!

BMA

• Technical Outlook: The steeper the rise, the sharper the fall / Punishing the
• Trailblaizer

KASB

• OGDC: Litigation delaying production

JS

• Adamjee: Company Update / ‘Buy’ maintained

AHL

• PPL; Negatives priced in, an opportunity to generate positive alphas

04 December, 2009

Research Reports for 04 December, 2009

AKD

• Has the inflationary cycle over?

BMA

• Fertilizer: Glut! ? Not Quite
• Trailblazer

KASB

• Banks: Tail risk growing in NPLs

IGI

• Banking Sector Update - December 2009

Elixire

• MoF reports 60%YoY higher Fiscal Deficit

JS

• Refineries: 5MFY10 production update

AH

• Fiscal deficit 1Q-FY2010

Market close

Pakistan equities traded range bound with low volumes on lack of interest and subdued FII activity. Evidently, market wants to wait out outcomes of Supreme Court hearings against NRO beneficiaries that include senior politicians holding key positions in the current administration. JSCL and AHSL led the volumes chart with the later gaining from announcement by Fatima Fertilizer (AHSL holds 24%) production commencement this month. HUBC attracted attention as company achieved financial close of its 84mw Hydel power project, closing +1%. Silk Bank also traded high volumes closing at upper lock as bank announced 313% rights issue at PKR2.5/sh. Major losers for the day include MCB, PSO, UBL and OGDC all trading pitiable volumes.

We remain optimistic on the market and expect better volumes in the coming days betting on better political climate and improved security situation.

03 December, 2009

Research Reports for 03 December, 2009

AKD

• Banking Sector - Spread holding up !

BMA

• Banks: UBL - Upside despite concerns
• Trailblazer

Elixire

• Dubai World Crisis - Implications for Banks

KASB

• EPCL: Revising estimates on lower margins

JS

• KAPCO: Company update /'Hold' maintained

AH

• Rental Power Plants (RPPs); shrouded in the mist of uncertainty

Market Close !

Pakistan equities closed down 2.1% on fears of Dubai crisis spillover and reports of FII selling on first day of trading after EID holidays. Locals continue to remain cautious that is evident from lackluster volumes trading less than 75mn shares. United Bank UBL PA, possibly the only listed entity with direct exposure to Dubai World and likely to witness a marginal impact due to recent Dubai debt standstill dampened the mood in early trading. UBL's communiqué to the exchanges clearing up fears of a larger exposure and possible major hit brought no respite with stock closing at lower lock. Financials faced selling from both local and foreign investors with sector down over 3% barring ABL that hit upper lock intraday closing up 2.2% mainly on local interest. PSO that gains from yesterday's local retail petroleum price hike failed to resist broader market pressure closing marginally flat.

We expect today's fear of Dubai debt rescheduling led wider crisis on Pakistan stocks to subside over time. Possible positives on the political front such as the President relinquishing his powers to the parliament bodes well for sustained democracy. In our view the major concern remains the fluid security situation and lack of liquidity finding its way to the market.

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