Pakistan Cement_Local cement sales increased 31%MoM in Sep’22, (AKD Daily, Oct 10, 2022)
Local cement sales increased 31%MoM in Sep’22
Local cement dispatches for Sep’22 clocked in at 3.80mn tons, up 31%MoM, however declining by 5.3% on YoY basis. Both the regions witnessed a rather strong month with North and South witnessing an increase in sales of 25%MoM and 67%MoM, respectively.
Overall for 1QFY23, damaged severely by monsoon and devastating floods, local sales have decreased by 24%YoY to 8.60mn tons where local sales in North have remained depress at 7.26mn tons while sales in South have witnessed a decline of 25.3%YoY.
Richard Bay coal prices are currently trading at elevated levels of US$259/ton while FYTD average now stands at US$325/ton while effective average of coal prices for FY22 stood at US$214/ton. Moreover, recent development also suggest European countries are stockpiling coal to substitute natural gas for households during winter season.
We expect the sector to continue to remain in the limelight as the recent bout of currency appreciation and possible rate cut in policy rate could bring the cyclical sector right in the mix again. Therefore, we believe this would be a good opportunity to accumulate where once coal prices ease off, with the other fundamentals intact, the sector will be poised for good returns where our top picks are LUCK and MLCF.
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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