Pakistan Strategy - Apr'23 Market Review & Outlook,(AKD Daily, May 02, 2023)
- KSE100 Index closed on a positive note during the month, with the index increasing cumulatively by 1,580ppts to end at 41,581 points, a gain of 3.9%MoM. Market participation declined by 20%MoM, with daily traded volume averaging 188.1mn shares, down from an average of 234.9mn shares in the previous month.
- Pakistan posted a current account surplus of US$654mn for Mar’23 vs. a deficit of US$36mn in Feb’23. SBP held reveres rose to US$4.5bn as of 20th April, against US$4.2bn at the end Mar’23.
- Refinery sector had remained in the limelight during the month on hopes of a refinery policy being approved, and posted returns of ~7.8% over the course of the month. Whereas, on the back of earnings growth, Banks, E&Ps, and Fertilizers also posted healthy monthly returns of 5.6%/3.7%/3.4%, respectively.
- Going forward, success on the back of the IMF program and political stability (announcement of election dates) will determine the market’s fate. We advise investors to take a cautious approach and investments should be made in dollar denominated sectors (E&Ps and Technology) or companies with healthy dividend yields.
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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