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Stock Smart Weekly (Dec 27, 2019)


Weekly Review                                

The market remained volatile during the outgoing week, closing in at 40,849pts, flattish WoW. The market opened on a weak note in its first trading session, as the negative sentiment of a show down situation between Pakistan’s military and judiciary institutions carried over the weekend. However, PPL’s discovery reversed the market sentiment the following day. After revising downward the FBR’s target from PKR5.5tn to PKR5.2tn, Pakistan agreed to take ‘additional measures’ on the eve of presenting the budget review before parliament by end of Feb’20 under the new structural benchmark condition with the IMF. Potential increase in taxation resulted in fear of inflationary pressures to continue in 1HCY19, delay the interest rate cuts to 2HCY20, driving the bourse’s closing for the fourth trading session in red. The week ended with GoP filing review petition on Supreme Court’s ruling regarding Army chief’s extension. Volumes remained dull throughout the week, with average turnover of 230mn shares during the week, down 22.7% WoW. Other major news affecting market sentiment included: (i) US resuming military training for Pakistan to improve ties, (ii) FATF response to Pakistan progress report received, (iii) Cost audit of fertilizer industry planned, (iv) out-dated refineries seeking protection to keep running, and (v) CCI approval of incentives for oil, gas exploration. Within AKD Universe, top performers were i) PIOC (+4.81%WoW), ii) ASTL (+3.2%WoW), iii) ENGRO (+3.0%WoW), iv) HUBC (+2.8%WoW), and v) PSO (+2.3%WoW), while laggards were, i) FFBL (down 4.17%WoW), ii) APL (down 4.5%WoW) and, iii) PSMC (down 8.7%WoW).



The IMF tranche received in the outgoing week will reflect in data released next week. Meanwhile, continued discussions with FATF is expected to shape the market direction. To add, political noise at the local front may also continue. That said market expectation would remain weak due to Christmas season.

AKD Research 

Pak Suzuki Motor Co. Ltd.

Pak Suzuki Motor is engaged in assembling, progressive manufacturing and marketing of Suzuki cars, pickups, vans, and 4X4 vehicles. Co.'s product models include Baleno, Margalla, Mehran, Kyber, Ravi Pickup, Bolan Van and Potohar Jeep.

AKD Securities Limited
AKD Securities Limited

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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