23 December, 2009

Research Reports for 23 December, 2009

AKD

• NIT-LOC Fund: Further Considerations

KASB

• Banks: Asset growth to outpace NPLs?

BMA

• Cement: The Dark Matter - Cement Demand
• Trailblazer

IGI

• Refineries to wage on pricing battle

JS

• Macro, politics & the market

Arif habib Limited

• What is the current yield curve implying!

22 December, 2009

Research Reports for 22 December, 2009

AKD

• AKD Daily Report

BMA

• External Account: Shedding the Fat

KASB

• Cement: Mapping 2010 opportunities

JS

• BAFL: Earnings revision/Upgrade to 'Buy'

21 December, 2009

Research reports for 21 December, 2009

AKD

• Fertilizer Sector: 4QCY09 outlook

BMA

• Technical Outlook: Indecisive behaviour affirms nervousness
• Trailblazer

Elixire

• Telecom Numbers - Stagnation Continues

JS

• Auto & Allied: Snapshot

KASB

• Domestic Liquidity holds the key

18 December, 2009

Research Reports for 18 December, 2009

AKD

• Eroding external stability, will this trend continue?

BMA

• Cement: ACPL - Reinitiating Coverage with a BUY
• Trailblazer

KASB

• Refineries: 2QFY10 earnings outlook

IGI

• ENGRO Demerger - unlikely to depress valuation

Elixire

• NIT - Offloading its LOC Holding

JS

• Pakistan lags behind regional markets

Market Close !

Equities opened upbeat as market reacted positively to Supreme Court's decision to declare NRO null and void, thereby opening pending cases against politicians. Locals showed keen interest mainly in Oil stocks in early trading. However, profit taking at day end wiped away early gains with market closing marginally negative. Interestingly, top volume leaders of the day comprised of second tier stocks with PACE, BOP and BAFL leading the volumes charts. Financials and oil stocks took a breather amid low volumes after rallying in the last three sessions with POL and NBP among notable losers for the day.

Although decision to declare NRO null is viewed as positive since it propagates transparency in the judicial system and improves confidence, it could very possibly lead to some political tensions and tussle between opposition and the ruling party. We reiterate our positive outlook on the market ahead of the year end but do expect political developments to remain in focus in absence of major economic triggers and corporate news. Like MCB, ENGRO & PSO

17 December, 2009

Research Reports for 17 December, 2009

AKD

• NRO - Invalid From the Outset

BMA

• Technology & Communication: NETSOL - Strikes Gold in China

Elxiire

• NRO Torn Apart, Austerity Plan Approved

KASB

• NIT LOC Fund - Implications for KSE, Banks

first Capital

• Banks: In-kind redemption of NIT (LOC) units

JS

• NRO, Democracy & Freedom of Speec

16 december, 2009

Research Reports for 16 December, 2009

BMA

• Chemicals: PPTA - Primary Margins Showing Resilience

Elixire

• Credit by Borrowers - 4MFY10 Update

IGI

• Petroleum product sales improve 15.6% YoY

AHL

• OMCs; Time to Bounce Back

JS

• Only 2 TFCs subscribed in 2009 - Decade's lowest