Pakistan Strategy Index remained buoyant during July’23, returning 16.23%MoM, (AKD Daily, Aug 01, 2023)
KSE100 Index closed on a significantly positive note during the outgoing month, with the
index cumulatively appreciating by 6,700pts to end at 48,035pts. This gain represents the
highest monthly percentage point increase in over 39 months (↑ 16.23%MoM).
Overall, the month was riddled with relatively positive news which was majorly driven by
indulgence of the IMF to work with the country’s authorities once more after a delay of
over 9 months.
Going forward, both the IMF and SBP are projecting external financing requirements of
over US$22bn (exclusive of CAD), over 2.7x of SBP reserves. It is to be seen how the external financing relief is provided by lending partners, with the SBP’s governor expecting
almost half of the debt stock to be rolled over during the period.
Refineries (↑34.5%MoM) returned the highest during the outgoing month, closely followed by Commercial banks (↑27.3%MoM) & Close-ended Mutual funds (↑24.5%MoM),
majorly due to talks of approval of the refinery policy and setup of a Greenfield refinery
in a JV between Saudi Arab and local SOEs.
Total foreign portfolio’s net buying stood at US$18.2mn during the month. In relation to
local participation, individuals maintained their position as the largest buyers, with a net
purchase of US$2.3mn. On the other hand, mutual funds stood tall as the sellers, with net
sales amounting to US$17.4mn during the outgoing month.
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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