Pakistan Energy: Those not busy being born are busy dying
- Short-termism has routed the power chain, where reactionary measures burdening the space include: 1) closure of FO generation base leading to inventory pile ups at refiners, 2) RLNG supply under debate with possible extension of supplies to households, and 3) continuing buildup of circular debt where clearance measures are yet to be enacted.
- Analyzing CYTD HSFO and HSD cracks to Brent, we highlight the lack of movement in HSD prices relative to Brent illustrating expanding premium, whereas HSFO trades at discounts, limiting its feasibility for export. In short, deviations in cracks could limit refined fuel price movements for national OMCs.
- RLNG on the other hand has expanded its footprint in the country's energy mix with quantum of imports rising 92%YoY, as shipments on spot basis through PLL have reduced the overall LNG DES price slope to 13.02% (vs. 13.37% under long term agreement), translating into saving of US$34.3mn FYTD, all the more meaningful as policy measures to expand supply beyond power and industry inevitably raise losses.
- Crude benchmarks in the run up to OPEC's current meet indicate softness, as non-OPEC producers expand production, indicating a possible break in the cartel's hold on global crude prices.
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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