AKD STOCK SMART, Nov 08, 2019
Index continued the momentum gained towards the end of last week and started the week on a strong footing, increasing by ~900 points in first trading session, supported by declining yields in the PIB auction held last week while additional stimulus was provided by easing tensions on the political front between government and opposition. Moreover, encouraging numbers clocked in for external account which provided further support. The enthusiasm based on aforesaid factors was carried for the whole week as index closed all 5 trading days of the week in green. KSE-100 closed the week at 35,978pts, up 4.66%WoW where participation also increased significantly with avg. daily traded volume standing at 243mn for the outgoing week, up 46%WoW. On the other hand, foreigners bought USD4.6mn worth of shares during the week. Key macro and sectoral headlines impacting the market included: i) Local cement dispatches during 4MFY20 rising by 2.3%YoY to 13.312mn tons while exports grew by 16.48%YoY to 2.8mn tons, ii) Prime Minister Imran Khan stating that PTI government, with the help of Turkish President Recep Tayyip Erdogan, has amicably resolved the Karkey dispute, saving USD1.2bn penalty, iii) sales of petroleum, oil and lubricant (POL) products decreasing by 7%YoY to 5.97mn tons in 4MFY20, iv) Government slashing profit rates on defence saving certificates by 2.33% to 10.68%, and v) Economic Coordination Committee (ECC) increasing sale margins of oil marketing companies (OMCs) by PkR0.17/liter. Top performers during the week in the AKD Universe were, i) HASCOL (+19.09%WoW), ii) INDU (+18.82%WoW), iii) PSMC (+12.56%WoW), iv) FFBL (+11.02%WoW), and v) NCL (+10.14%WoW) while, i) ASTL (-3.50%WoW), ii) FCCL (-2.99%WoW), iii) ABL (-2.53%WoW), and iv) MEBL (-1.06%WoW) were the major losers.
Outlook
After a jubilant week, we expect market to cool down as investors look to book profits while we believe views regarding upcoming monetary policy are going to shape the momentum next week. Though we expect status quo in the upcoming monetary policy, encouraging tone can prove to be a major trigger for the market. Key data point related to automobile sector (monthly sales) is slated to be released next week which can spur some activity in the sector.
Oil and Gas Development Company is a petroleum exploration and production (E&P) company in the Pakistan oil and gas sector. Co.'s principal activity is to explore, develop, produce and sell oil and gas resources and related activities. Co. also manufactures Gas, Liquefied Petroleum Gas, Crude Oil, and Sulphur. Co.'s major fields contributing in the aforesaid production of crude oil include Nashpa, Kunnar/KPD, Pasakhi, Sinjhoro and Rajian and for gas include Qadirpur, Uch, KPD, Nashpa and Dakhni. Co. carries out exploration and development activities on its own as well as in joint ventures with other oil companies.
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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