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MORNING BRIEFING
Furqan Ayub + 9221 111-574-111 Ext: 3103 furqan.ayub@js.com
Cement offtake in December (mn tons) Dec-12 Dec-11 YoY% MoM% Local Exports Total 2.29 0.57 2.86 2.02 0.65 2.67 13.5% -12.2% 7.3% 16.8% -17.3% 8.0%
Source: JS Research
Cement offtake in 1HFY13 (mn tons) Local Exports Total Source: JS Research 1HFY13 1HFY12 YoY% 11.77 4.21 15.99 10.90 4.46 15.36 8.0% -5.5% 4.1%
JS Research is available on Bloomberg, Thomson Reuters, CapitalIQ and www.jsgcl.com Please refer to the important disclaimer on the last page
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MORNING BRIEFING
Pakistan market statistics (Jan 01, 13) KSE-100 Index Previous KSE-100 Index Change from last closing Change from last closing (%) KSE Market Cap. (Rs. bn) KSE Market Cap. (US$ bn) Total Volume (Shares mn) Traded Value (Rs. bn) 16,794.87 16,905.33 -110.46 -0.65% 4,219.40 43.43 119.68 2.14 22.02 13,694.94 -69.06 -0.50% 3.31 254.88 9.68%
Also in Focus
EFS and LTFF revised by the SBP
Following the easing in the discount rate, State Bank of Pakistan (SBP) has revised the refinance rates for various finance schemes with the exception of financing over 5 years and up to 10 years. Export Finance Scheme (EFS) rate has been reduced to 8.3% from 8.5%, with the banks margin/spread not exceeding 1%. Hence, exporters will now get the financing facility at 9.3%. Under the Long Term Financing Scheme (LTFF), the rates have been reduced by 0.7% and 0.2% for up to 3 years and 5 years respectively. However, rates of financing facilities for up to 10 years have been raised by 0.2%. We believe this revision in rates will bode well for the textile sector.
Traded Value (US$ mn) KSE-30 Index Change from last closing Change from last closing (%) KSE Futures Volume (Shares mn) KSE Futures Value (Rs. mn) KSE Futures Spread Source: KSE
KSE valuations FY12A FY13F FY14F P/E (x) P/BV (x) Div. Yield (%) Earnings growth Source: JS Research 7.2 1.7 6% 14% 6.5 1.5 7% 12% 6.1 1.3 8% 7%
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