Pakistan Strategy - Mar'24 Market Review & Outlook (AKD Daily, Apr 01, 2024)
AKD Daily
Pakistan Strategy - Mar’24 Market Review & Outlook
- The KSE-100 index concluded the month with a modest increase of 2,427pts or 3.8%MoM, while market traded in band of 3,094pts on the closing basis. Overall the month remained eventful, highlighted by the new government taking office and smooth conclusion of second review of the IMF’s SBA.
- GDP growth for 2QFY24 was reported at 1.0%YoY, driven by a 5% annual growth in the agriculture sector but offset by a 0.8%YoY contraction in industrial activity.
- Talks of privatization of SEO's and the new government's focus on restructuring and sale of the national flag carrier .i.e. PIA, resulted in significant investor interest being diverted to the transport sector, resulting in notable gains of 94% during the month.
- With the market despite being at its highest levels, the forward P/E of the market remains at 3.5x, which instills positivity regarding fundamentals.
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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