Team AKD Research
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Pakistan Strategy :Turbulent & tough FY20 , (AKD Daily, Jun 19, 2020)

  • Assessing major index oscillations during the soon to conclude FY20, we highlight the large underperformance of KSE-30 index as an illustration of high market capitalization sectors undergoing significant headwinds.
  • In terms of volumes, brisk rise in average volumes across indices can be seen supporting futures and ready market value as well, with cheap valuations the likely driver of momentum in mainboard names.
  • Additionally, the general “flight-to-safety” sentiment underpins increasing prominence of KSE-100 and KSE-30 volumes in the share of all stock volume over the period, with investors allocating to high D/Y plays.
  • In the backdrop of emergent macro risks propelled by COVID-19 pandemic and pricing the uncertainty of a waning economic outlook, we believe mean reversion is likely to play out over the medium term, with blue chip plays seeking to re-vamp profitability outlooks.
  • Any upward momentum in global crude prices, coupled with external pressures forcing PkR depreciation could drive E&P sector performance. Re-iterating our outlook for technology and pro work from home plays taking a lead during the short term, Banks in the mainboard offer attractive valuation based upsides as well. 
AKD Securities Limited
AKD Securities Limited

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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