Pakistan Strategy_Apr’21_Intensifying COVID keeping market jittery, (AKD Daily, May 03, 2021)
AKD Daily
Pakistan Strategy_Apr’21_Intensifying COVID keeping market jittery
- KSE-100 index continued to move downhill in Apr’21 to close at 44,262pts, down 0.7%MoM — marking the third consecutive month of negative performance. Surging COVID cases (double digit positivity rates and +100 daily deaths) and associated measures by Govt. dented investor confidence during the month.
- Flow wise, foreigners continue to remain net seller with an outflow of US$17.0mn, taking cumulative net sell CYTD to US$33.4mn. On the local side, companies and mutual funds were on the selling side with net sell of US$12.7mn and US$4.4mn, respectively. On the other side of the spectrum, major buying activity emanated from ‘Other organizations’ with a net buy of US$20.5mn followed by Individuals with a net buy of US$7.0mn.
- Market is likely to remain volatile in the short term with attention likely to be centered around, i) COVID third wave and consequent business disruptions, and ii) budget related news flow.
- We advocate for sectors that fall on structural theme metrics where our preferred sectors are Cements, Steel, and Construction-Allied on construction theme, and Power and select-OMCs (PSO) on possible circular debt clearance.
AKD Research
Pakistan State Oil is a petroleum group based in Pakistan. Co.'s principal activities are the procurement, storage and marketing of petroleum and related products. Co. also blends and markets various kinds of lubricating oils.
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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