Pakistan Market_Index remains steadfast, (AKD Daily, Oct 03, 2022)
Index remains steadfast
Marred by the political and economic uncertainty, the benchmark KSE-100 index shed
~2.9%MoM during Sep’22 to close at 41,128 points level. Consequently, the index has
yielded negative returns in 4 out of last 5 months, which took the overall index performance
during 1QFY23 to ~1%, while the overall index performance during CYTD stands at
–7.8%.
The average daily volumes in the all share index clocked in at 254.8mn shares whereas
the volume in the index clocked in at 93.6mn shares which means that majority of the
participation continues to remain concentrated in the side items while the investors continue
to shun the blue chip stocks.
Changes atop finance ministry, where Ishaq Dar replaced the outgoing Miftah Ismail has
instilled a new found confidence in the market which has not only seen the currency making
a sharp rebound, while at the same time the market participation has also improved
and the index has gained 500 points in the last week of the month.
Inflation reading during the outgoing month of Sept’22 surprised the street consensus on
the lower side, clocking in at 23.2% as opposed to average estimates of ~26%. The market
is likely to take this development positively and we may see index posting a sharp performance
in the coming days.
Market direction will remain contingent on the developments on the economic and political
front, consequently, a rapid appreciation in currency and positive news-flows related
to fund flow after the arrival of new finance minister may keep market performance
buoyant. AKD’s universe currently trades at the forward PER of 4.3x.
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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