AKD STOCK SMART
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The market dived into the red zone on political spillover from Prime Minister Nawaz Sharif being summoned for appearance before the Panama-gate JIT. Remaining volatile, the KSE-100 index declined 5.4%WoW to 46,859pts to wipe out last week’s gains. Volumes edged up slightly with average daily turnover at 255.5mn shares for the week, up 6.73%WoW. In market related news, the NA passed the Finance Bill, 2017 providing clarification that flat rate for CGT will be applicable for shares traded w.e.f Jul 01’17 with key amendments including: 1) reduction of dividend tax from 12.5% to 10% for mutual funds, 2) reduced GST on feed gas and LNG used by fertilizer companies to 10% and 5% respectively from 17% and 3) GST on supplies to unregistered person reduced to 1% from 2% for five export-oriented sectors. Other news flows impacting the market included: 1) PSX completed the book-building process related to its 20% stake in an overextended 5-day period at the floor price of PkR28/sh, 2) ADB approved US$300mn loan for Pakistan’s power sector with another US$300mn loan expected to be approved in few days, 3) remittances increased 3.8%YoY/21.4%MoM to US$1.87bn in May’17 while trade deficit (PBS) widened 42.1%YoY/60.8%YoY in May’17/11MFY17 and 4) total car sales increased by 2.5%YoY to 155.9k units in 10MFY17. Scrips that lost the most were: 1) SHEL (-13.78%WoW), 2) OGDC (-11.15%WoW), 3) PPL (-9.84%WoW), 4) FFBL (-9.83%WoW) and 5) PSO (-9.4%WoW).
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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