Pakistan Market_Apr’17 Review & Outlook
​Working itself up, the market gained 2.2%MoM in Apr'17 following announcement of the long-awaited Panama gate verdict. While regulatory actions created some pressure, clarity on the political front (SC steering clear of any disqualification while forming a committee for further investigation) was largely taken positively. In tandem, participation also remained healthy with volumes for the month averaging at 240mn shares while activity remaining concentrated in mid-tier stocks. In this regard, volume leaders included: ASL (306.8mn shares), TRG (290.7mn shares) and EPCL (284.1mn shares). In terms of price performance at the mainboard, Automobiles and Parts were clearly ahead gaining 21.8%MoM on above expected 3QFY17/1QCY17 results coupled with new model launches, while trailing far behind we also see positive return in Oil&Gas (+3.2%MoM on higher oil prices), Cements (+2.9%MoM on tapered valuations) and Textiles (2.6%MoM on anticipated release of rebates). While positive catalysts in the form of formal MSCI EM inclusion in May'17 and populist budgetary measures remain, any further regulatory tightening by SECP continues to hang in the balance. We continue to advocate scrips potentially making it to MSCI EM index (OGDC, HBL, UBL, MCB, LUCK, PSO, HUBC, ENGRO and NML) while also favoring Auto names like INDU and PSMC.
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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