AKD STOCK SMART, Nov 23, 2018
Failing to consolidate gains made during the last week, the KSE-100 index gave way to wider macro jitters, amidst an uncertain foreign exchange reserve picture, closing the week at 40,869pts down 1.9%WoW. With the first round of negotiations between the IMF and Pakistani authorities being inconclusive over fundamental differences on measures to address fiscal imbalances, and GoP expectations of funding from 'friendly countries' failing to materialize, sentiment leaned to favor the bears. During the four session trading week, KSE-100/KSE-All index average volumes stood at 76.58/156.8mn shares per day, moving -35/-26%WoW with KSE-100 volumes averaging 48.8% of total ready market volumes, indicating a shift away from index heavy weights to retail favorites. Key news flows during the week were: 1) The International Monetary Fund (IMF) viewed policy uncertainty and economic imbalances as risks to growth saying that its growth forecasts would slide to 4% in the current fiscal year from a decade-high of 5.8% in FY18, 2) Pakistan could face a tough time in the coming years as the delegation of Asia Pacific Group (APG)—a subsidiary of Financial Action Task Force (FATF) during its recent visit rated Pakistan partially/non-compliant in 33 out of 40 recommendations, and 3) Prime Minister Imran Khan on Monday led a sharp reaction by political leaders to US President Donald Trump's tirade against Pakistan by hinting at review of foreign policy options. CHCC (+9.1%WoW), LUCK (+5.1%WoW) and PIOC (+1.4%WoW) topped the leaderboard during the week, whereas POL (-8.2%WoW), HBL (-5.7%WoW) and DGKC (-5.4%WoW) were laggards. Volume leaders during the week were: 1) LOTCHEM (51.2mn shares), 2) EPCL (36.0mn shares), 3) NRSL (32.4mn shares) and 4) PAEL (32.1mn shares). FIPI outflows reached US$11.6mn, taking MTD outflows to US$48.8mn, marking a continuation a multi-year high outflows from the domestic equity market.
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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