BoP metrics continue to worsen, (AKD Daily, Jun 21, 2017)
​External account deterioration continues to remain a key risk to the macro gains witnessed over recent years, with BoP metrics in May'17 remaining lackluster. As per PBS data, trade deficit for May'17 stood at US$3.46bn, rising sharply by 60.8%YoY/8.5%MoM (exports/imports: -10.9%YoY/+27.9%YoY) taking cumulative 11MFY17 deficit to US$29.9bn, widening 42.1%YoY. While increasing 3.8%YoY/21.4%MoM in May'17 on seasonal uptick, remittance flows remain insufficient to compensate for the persistent decline in FY17 with cumulative flows still standing 2.1%YoY lower. Though expected foreign loan disbursements (~US$600mn from ADB) should help short term recovery in the fx reserve position, a weak CAD outlook (FY17F/18F CAD: 2.7%/3.8% of GDP) implies considerable pressure on the same (FY17/18F end fx reserves: US$21bn/US$17.5bn) over the medium term along with expected PkR depreciation (4.9% in FY18 against the US$).
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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