Pakistan Market: Off to a good start
After a prolonged period of lackluster returns, the market could not have asked for a better beginning to the year, recording monthly gain of 8.8%MoM in Jan'18 (the highest return in Jan since 2008). Foreign buying remained the most dominant of factors behind the recovery with foreigners purchasing equities worth US$85.7mn during the month. This in addition to : 1) GoP supporting rupee flexibility and plans to implement tax reforms ahead of general election and 2) an unexpected rate hike of 25bps in Jan'18 MPS furthering sentiments in index heavyweight banks, supported market performance. The performance chart included: Pharmaceuticals (+18.4%MoM on GoP's approval of linking drug prices to CPI), Cements (+17.2%MoM on restriction on expansions particularly in Punjab following SC's order allaying concerns on price war), Oil Marketing Companies (+10.2%MoM on stability of FO demand post shutdown of FO based plants) and Commercial banks (+9.5%MoM on earlier than expected reversal in interest rates) topping the list. Going forward, KSE-100 is expected to continue posting positive returns however gains may be more tepid now given the swift pace of recovery. That said, bouts of volatility cannot be ruled oput over political noise. In this backdrop, we reiterate a thematic approach maintaining our preference for LUCK, OGDC, ASTL, NML, EFERT, PSO and INDU.
Lucky Cement is a cement manufacturing and distribution company which is based in Pakistan. Co. is engaged in the manufacture and sale of Ordinary Portland, Sulphate Resistant, and Slag Cement. Co.'s brand names included Lucky Cement, Lucky Star, Lucky Gold, Chairman, and Lucky Sulphate Resistant Cement. Co. maintains production facilities in Pezu (Production capacity: 13,000 tons per day) as well as in Karachi (Production capacity: 8,000 tons per day). In addition, Co. is engaged in developing export markets for bulk loose cement from Pakistan to the Gulf Countries, African Markets, and Far East Region including Nepal & Sri Lanka.
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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