Pakistan Market: Bucking the trend
Ablaze with developments, Sept'17 turned out to be another volatile month for the market with the benchmark index closing 2.9%MoM higher. Negativity prevailed during the first half of the month on penalty imposition of upto US$630mn on HBL(the index heavyweight) by US authorities which was later slashed to US$225mn bringing in some respite. However, encouraging developments in the Oil&Gas sector (Brent/WTI up 7.9%/9.4% MoM) coupled with foreign buying made way for the bullish sentiment to prevail. With regards to the latter- an inflow (net) of US$28.9mn marks the first sizable monthly inflow this year. This is encouraging particularly in the backdrop of mounting political risk (Model Town report asked to be made public by LHC, NAB summoning ex PM and FM). Sectors dominating market performance included: 1) Pharmaceuticals (+10.8%MoM), Food Producers (+9.5%MoM), Chemicals (+7.2%MoM), Electricity (+6.0%MoM) and Oil&Gas (+4.9%MoM). Going into Oct'17, foreign flows will play a vital role in determining the market direction especially in the absence of any major positive triggers. Also, emerging external account risks in the backdrop of higher oil prices can potentially bring depreciative pressures to the fore. We continue to favor PPL, MCB, BAFL, PSO, KAPCO, NML and PSMC citing strong fundamentals and attractive valuations.
Kot Addu Power Co Ltd. Kot Addu Power Company Limited is a Pakistan-based power generation company. The Company's principal activities are to own, operate and maintain a multi-fuel fired power station with approximately 15 generating units with a nameplate capacity of 1,600 megawatts (MW) in Kot Addu, District Muzaffargarh, Punjab, Pakistan. The Company also sells the electricity produced therefrom to a single customer, the Pakistan water and power development authority. The power plant is a multi-fuel gas-turbine power plant using three fuels to generate electricity: gas, light sulfur furnace oil and high speed diesel. The plant's combined cycle technology enables it to use the waste heat from the gas turbine exhaust to produce steam in the heat recovery steam generator, which in turn is used to run the steam turbines.
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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