AKD STOCK SMART
Weekly Review
Whilst Investor's confidence remained muddled over indecisiveness exhibited on the political front (name of caretaker PM) and developments related to possible FATF grey-listing (upcoming plenary meeting on June 24’18), the market managed to close in the green (+450pts/1.1%WoW) to 42,074 points. Failure of the FY19 Sindh, Punjab & Baluchistan budgets in introducing any noteworthy schemes or development outlays, and the KPK government failing to propose any bill, tightened sentiment further. Key news flows impacting the market during the week were: 1) 10MFY18 CAD widening 50% to US$14.035bn on the back of increasing merchandise imports outweighing exports, 2) NA passing Budget'18 with Tax Amnesty approved along with, 3) ECP proposing July 25th-27th as possible dates for the upcoming General Election'18, 4) special delegation leaving for Bangkok to attend regional FATF meetings, formulating an appropriate Action Plan, and 5) Foreign reserves reach below US$17bn mark after declining US$415mn during the last week, after having incurred debt servicing cost of ~US$0.5bn. Universe performance leaders during the week were: 1) EFOODS (6.08%WoW), 2) GWLC (5.91%WoW), 3) MLCF (4.72%WoW), 4) BAFL (4.53%WoW) and 5) PPL (4.16%WoW) while laggards included: 1) PSMC (-4.24%WoW), 2) LUCK (-3.17%WoW), 3) APL (-2.70%WoW), 4) INDU (-2.40%WoW) and 5) KEL (-2.00%WoW). Average daily volumes improved 3.99%WoW to 119.50mn shares with 1) FABL (40.41mn shares), 2) PAEL (38.24mn shares), 3) FCCL (34.53mn shares), 4) BOP (33.09mn shares) and 5) FDIBL (30.00mn shares) leading the board.
Outlook
Outcome of the MPS today where policy rate being raised to 6.5% (highest in almost three years) could revive market sentiments particularly in the banking sector going ahead. However, any turbulence in upcoming scheduled political events (dissolution of national parliament due on May 31’18) could pressurize market in the near term.
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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