Pakistan Economy Inflation to slide sharply
​After breaking the 5% mark last month, headline inflation is expected to dip considerably, projected at 4.4%YoY in Jun’17 vs. 5.02%YoY in May’17 (3.19%YoY in Jun’16). Exacerbated by the base effect, the decline is expected on the back of: 1) limited uptick in food prices despite Ramadan/Eid season, 2) ~2% reduction in fuel prices in the last month and 3) sharp decline in cigarette prices following changes in FED structure in Budget FY18. Resultantly, CPI is expected to average 4.19%YoY in FY17E vs. 2.86%YoY in FY16. NFNE core inflation is however expected to maintain its upward trajectory, forecasted at 5.6%YoY in Jun’17 vs. 5.5%YoY taking FY17 average to 5.2%YoY (vs. 4.2%YoY in FY16). Going forward, weakness in global oil prices should help CPI tread lower where we project CY17F/FY18F inflation to average 4.7%YoY/5.1%YoY.
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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