Pakistan Strategy - Feb’23 Market Review & Outlook, (AKD Daily, Mar 01, 2023)
While the KSE-100 index closed down by a meager 163 points or down 0.40%MoM, the
bands it traded between were as wide as 2,600 points
Major themes during the month were unveiling of the PkR170bn mini-budget, gas price
revisions and cutoff yields reaching historic highs of 19.95% for the 3M paper in latest
auction.
We expect the MPC to increase policy rates by at least 200bps, without ruling out an even
higher hike in the country’s benchmark interest rates when it meets on Thursday, predicated
on heightened inflation
Cement sector led the way during the month with the sector returning ~4.3% over the
course of Feb’23—making it one of the best performing sectors during the period under
review.
We expect market direction to be dictated by the impending staff-level agreement with
the IMF, which will hopefully be followed by inflows from friendly partners
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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