Pakistan Market_Nov’17 Review & Outlook
The month of Nov'17 witnessed an extension of the prevailing bearish momentum at the bourse with the index losing 1.1%MoM. Elevation in political noise - a 21 day long sit-in the federal capital culminating in the resignation of the Law Minister, alongwith anticipated foreign selling (on MSCI portfolio rebalancing) continued to weaken sentiments. To this end, foreigners adjusted portfolios to the same, cumulatively selling US$51.8mn worth of equities, with bulk selling coming in towards the end of the month (US$19.8mn worth equities sold on Nov 30'17).Local investors remained risk averse where the lack of involvement was clearly reflective in lower trading volumes/value (down 23%/18%MoM) in Nov’17. Apart from Oil&Gas (+3.3%MoM mimicking oil price trend) and Automoblies (+2.4%MoM on anticipated model launches), performance at the mainboard remained rather unexciting. Going into Dec'17, we expect the market should derive strength from: 1) positive reiteration on the macro front despite political uncertainty (successful Eurobond/Sukuk issue), and 2) bullish oil price outlook benefitting heavyweight Oil&Gas sector. In addition to, we also push for exposure in sectors like Banks (MCB, UBL, BAFL), Autos (INDU), Cements that are thematically well placed.
Bank Alfalah Limited is a holding company. The Company's segments include Retail banking, including loans, deposits, trading activity, wealth management and other banking transactions with its retail and middle market customers; Corporate banking, which includes loans, deposits, project financing, trade financing, investment banking and other banking activities with its corporate and public sector customers; Treasury, including liquidity management activities carried out through borrowing, lending and money market operations; Consumer banking, including constitutes consumer financing activities with individual customers; Islamic banking, pertaining to its full scale Islamic Banking operations; International operations, which includes amounts related to its overseas operations, namely, commercial banking activities in Bangladesh and Afghanistan, and wholesale banking activities in the Kingdom of Bahrain, and Others, including merchant banking related activities.
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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