Pakistan Market: July’s Bumpy Ride to Election’18
Rejoicing over smooth general elections (held on Jul 25’18) and perceived improvements in the macro environment (i.e. financial assistance from China & Saudi Arabia and consequent PkR appreciation), the market pared back 801pts over the previous month, closing at 42,712.43pts. The ride, however, was not smooth as participants factored in political upheavals including court’s decision against former PM Nawaz Sharif and his subsequent imprisonment earlier during the month with the index once again hovering close to 39k levels before rebounding to over 43.5k, a level last seen in Jun’18. Market activity witnessed substantial improvement particularly towards the end of the month on emerging clarity following General Elections 2018, with avg. volumes for KSE-100 index clocking in at 185.53mn shares (up 34%MoM). Amongst mainboards, cements (+6.7%MoM) and banks (+4.7%MoM) were major outperformers, while laggards include Automobiles & Parts (-5.8%MoM), Oil and Gas (-1.4%MoM), and Textiles (-0.1%MoM). Looking ahead, smooth transition of power including the formation of the cabinet, key appointments (ala Chief Ministers et al) will strengthen sentiments, potentially translating into a brief rally, tempered by a precarious external account position. .
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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