Pakistan Market: Gearing up for a closing in the green,(AKD Daily, De 02, 2019)
- Buoyant participation (KSE-100/All Vol. up 48.5/56.7%MoM) with inflows from domestic individual participants (inflow of US$40.7mn) led the KSE-100/All to post 14.9/12.7%MoM returns for the outgoing month, exceedingly strong returns, the likes of which were last seen in May’13.
- Underlying sectoral performance shows broad-based returns, with mainboard sectors (Cements/OMCs up 21.4/17.3%MoM) supported by side-board cyclical plays (Autos/Cable & electrical up 36.1/29.9%MoM) pushing the index higher, and confirming a stable macro outlook, conducive GoP policies (circular debt resolution) and peak tightening (with CPI a key roadblock to loosening).
- FIPI inflows of US$8.84mn added to take CYTD/FYTD inflows to US$67.0/19.3mn, with Fertilizers/Banks/OMCs attracting the brunt increased participation (US$16.1/14.1/5.5mn inflows), while individuals remained in the driving seat posting net buy of US$40.7mn followed by mutual funds turning buyers during the month (US$21.1mn net buy during the month, while FYTD outflows now at US$65.7mn)
- With macro targets on track and political noise subsiding, end of period window dressing coupled with portfolio re-balancing (in light of expected monetary easing) should keep market momentum optimistic. Over the longer run we favor leveraged plays (on expectation of monetary easing), IPPS and PSO (power sukuk issuance) and E&Ps (cheaper valuation/privatization driven flows).
AKD Research
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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