Election 2018: PTI hits it out of the Park!
A new day beckons! Breaking the two party hegemony, the Pakistan Tehreek-e-Insaaf (PTI) looks set to form the government at the Center, having grabbed 113 National Assembly (NA) seats, as per provisional results. With Punjab too close to call, governance will be a key question particularly in the event of PML-N forming the govt. in the province – a lot will hinge on independents in this case. That said, with the PTI closing in on a strong NA mandate (albeit with some coalition partners), the market is likely to cheer the result as a hung parliament had seemingly been priced in previously. In its initial days, the PTI govt. will have to grapple an economy with a burgeoning current account deficit (5.7% of the GDP in FY18), dwindling FX reserves (SBP reserves: US$9.1bn as of Jul 13’18) and narrow tax base (less than 1% of the population files tax return). Much will depend on the initial realistic roadmap while from the market’s vantage, investors are likely to wait keenly for newsflow regarding entry into an IMF program. Initial market euphoria is likely to remain strong where thematic exposure in Banks (interest tightening), Oil & Gas (PkR deval.) and IPPs (PkR deval.) is recommended.
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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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