AKD STOCK SMART, Jan 11, 2019
Index propelled during the week to close at 39,049pts (+4.0%WoW) at the back of, i) visit of Abu Dhabi Crown Prince Sheikh Mohammed bin Zayed Al-Nahyan, ii) report released by Fitch stating that SBP can keep rates at 10% for the rest of FY19, and iii) FATF showing satisfaction over the steps taken by Pakistan to avoid black-list which proved to be a breath of fresh air against the negative developments over the issue in last 6-8 months. The visit of Abu Dhabi Crown Prince put stamp on a US$6bn package for Pakistan including a US$3bn deferred oil facility which caused an adrenaline rush as the market increased by 1015pts on the first day of the week. Additionally, upward movement in oil, WTI increased by ~8.7% during the week, provided support to the oil stocks. Other news flow impacting the market during the week included: i) the PTI-led government deciding to slap additional taxes for the purpose of achieving import compression and enhance revenue base, and ii) Govt. notifying ban on import of furnace oil asking refineries to enter into contracts with IPPs for furnace oil sales. Trading volumes for the week increased by 29.7%WoW as market activity was led by Mutual funds (net buy US$6.72mn) where insurance companies continued to offload their equity portfolio (net sell US$3.12mn). Performance wise, top gainers in AKD Universe were: i) PPL (+14.5%WoW), ii) POL (+12.1%WoW), iii) FFBL (+11.1%WoW), iv) GWLC (+10.1%WoW), and v) OGDC (+9.4%WoW) while KAPCO (-2.2%WoW) turned out to be the only negative performer in our universe.
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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