AKD STOCK SMART
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The market continued its rally ahead of the MSCI EM inclusion announcement next week with the benchmark index closing at the all-time high level of 51,751pts (gaining 3.81%WoW). Additionally, recovery in global crude prices mid-week and the amicable resolution of dispute over Dawn leaks issue added to the positivity. Participation improved in tandem with average volumes for the week increasing 34.6%WoW to 355.1mn shares. Major news flows during the week included: 1) the Federal Cabinet approved the Budget Strategy Paper for FY18 targeting 6% GDP growth along with plan to bring down fiscal deficit to 4% of GDP by FY20, 2) PSX’s BoDs approved the sale of remaining 20% shares of the exchange to the general public through IPO with floor price of PkR28/sh, 3) trade deficit (as per PBS) widened 40.12%YoY to US$26.5bn in 10MFY17 while remittances declined 2.79%YoY to US$15.596bn in the same period, 4) budget deficit escalated to 3.7% of GDP in 9MFY17 (vs. 3.4% in 9MFY16) indicating that GoP will miss its 3.8% target for FY17 and 5) cement dispatches during Apr’17 grew 1.7%YoY (domestic/exports: +9.5%YoY/-50.7%YoY) to 3.57mn with cumulative 10MFY17 dispatches rising 6.21%YoY (domestic/exports: +10.7%YoY/-18.6%YoY) to stand at 33.88mn tons. Major gainers during the week were: 1) AICL (+11.15%WoW), 2) MCB (+10.65%WoW), 3) PPL (+7.93%WoW), 4) POL (+7.23%WoW) and 5) NML (+7.17%WoW); while losers were 1) LOTCHEM (-2.37%WoW), 2) HASCOL (-2.01%WoW), 3) AGTL (-1.89%WoW), 4) HCAR (-1.58%WoW) and 5) MEBL (-1.53%WoW). Foreign selling eased slightly with net outflows of US$2.46mn compared to US$19.27mn in the previous week.
AKD Securities Ltd. is one of the leading securities firm in Pakistan, providing a comprehensive range of investor focused services, including equity brokerage, economic and securities research, investment banking and financial advisory services. AKD Securities accounts for more than 6% of the average daily value of the Karachi Stock Exchange. AKD Securities was the first brokerage house to launch an online trading platform in Pakistan in November 2002 and now has the largest market share with over 6000 customers. This has helped diversify and expand the retail investor base in the country and ushered in a whole new universe of investors to the stock market.
AKD Securities Ltd. caters to a diversified group of domestic and international institutional investors, high net worth individuals and upscale retail clients, including expatriate Pakistanis. With high quality research, unparalleled execution and distribution capability for both regular and large block trades, AKD Securities Ltd. has earned an outstanding reputation in the Pakistani securities industry.Outside of commercial banks, AKD Securities Ltd. is one of the biggest capital market firms in the country. AKD Securities is the leader in raising and providing risk capital in underwriting, market making and mergers and acquisitions in Pakistan. Good corporate governance and professionalism are emphasized throughout the firm and AKD Securities Ltd. is amongst the very few companies to have introduced a firm-wide comprehensive CODE of ETHICS, overseen by an independent compliance manager.Ultimately, our success is based on the quality of service we provide to our customers and the trust and confidence reposed in us by them. Our focus, therefore, remains on customer satisfaction at all levels in the company.
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