Pakistan Market_Attractive, risk aversion cannot be ruled out
Reeling under consistent selling pressure, the benchmark KSE-100 index lost 6.6%MoM during the month of Oct'17, failing to sustain the coveted 40k mark. Overshadowing the 3QCY17/1QFY18 result announcements, macro headwinds and political noise continued to heighten in the backdrop of bailable arrest warrants issued against ex PM Nawaz Sharif and his family depressing sentiments. Likely month-end index rebalancing by foreign funds led to net outflow of US$8.9mn with foreigners selling US$19.1mn on Oct 31'17 alone. The market in Nov’17 is expected to remain volatile where Nawaz Sharif's appearance before NAB (on Nov 3'17) should be critical in determining the political narrative going forward. As such, we continue to advocate a cautious stance in the immediate-term but flag that Pakistan Equities are beginning to look attractive from a bottom-up vantage as company level fundamentals remain intact. Statistically also, we believe market levels are very attractive where we retain our liking for fundamentally sound quality names such as PPL, OGDC, MCB, LUCK, PSO, KAPCO, FATIMA and INDU.
Indus Motor is engaged in the assembly, progressive manufacture, import and marketing of Toyota motor vehicles. Co. is also the sole distributor of Toyota and Daihatsu vehicles in Pakistan.
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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