AKD STOCK SMART
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With FY18 budget announcement and Pakistan formal inclusion in MSCI EM index, this week remained immensely eventful. Contrary to expectations, fiscal prudence superseded election year populist measures in Budget FY18 while unexpected tax restructuring on the stock market induced further volatility (flat 15% CGT regardless of holding period, enhancement of tax on dividend to 15%). On the other hand, transition to MSCI EM index triggered a sell-off on likely rebalancing of portfolios. In this regard, KSE-100 index lost 4082pts (-7.75%WoW) to close the week at 48,555pts, where average daily volumes remained at 294.84mn shares while average traded value soared to its decade high of US$240.16mn. Other key news flows during the week included: 1) Hussain Nawaz appearing before the JIT, 2) CPI based inflation in May’17 clocking in at 5.02% (standing at 30-month high), 3) GoP reducing the MOGAS/HSD prices by PkR1.2/1.6 per liter to PkR72.8/81.4/ltr, 4) LHC dismissing petitions filed by commercial importers against the anti-dumping duty on flat steel products, 5) MoF reportedly agreed to provide PkR45bn to IPPs and OMCs in lieu of circular debt. MSCI Pakistan EM index large and mid-cap constituents were major losers during the week, where: 1) HBL (-14.44%), 2) LUCK (-14.06%), 3) UBL (-13.32%), 4) MCB (-13.10%) 5) OGDC (-11.36%).
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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