Pakistan Strategy - Market soars to new heights; posting decade high returns , (AKD Daily, Dec 01, 2023)
Pakistan Strategy - Market soars to new heights; posting decade high returns
- KSE100 Index witnessed highest monthly returns of 16.6% (excluding the recovery month of Apr’21 post-Covid), gaining 8.6k points to close at 60,531pts. KSE100 index witnessed record high closing of 60,730pts on Nov 28, 2023.
- The outgoing month saw the overall market capitalization enhancing by 16% in PkR terms and 14.2% in US$ terms.
- Overall sentiment was positive with the successful completion of the first IMF review during the month. Towards the end of the month, KSA extended the term of a US$3.0bn deposit for another year that was expiring on Dec 5, 2023.
- Foreigners remain the significant buyers with net FIPI inflow witnessing a 6 year high, clocking in at US$34.5mn. Banks, cement, and power remain the favorite sectors for foreigners, where the buying was recorded at US$10.0/9.2/8.4mn, respectively.
- Going forward, market is expected to sustain this momentum, as the KSE100 index is currently trading at cheap valuations of P/E & P/B of 4.8 and 0.8x, respectively.
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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