Pakistan Strategy_FY21 KSE-100 post highest dollar adjusted return since FY04, (AKD Daily, Jul 01, 2021)
AKD Daily
Pakistan Strategy: FY21 KSE-100 post highest dollar adjusted return since FY04
- KSE-100 closes FY21 with the index returning 37.6% - the highest annual return since FY14 whereas performance is more attractive in US$ terms as the index gained 46.7% which culminates into highest return since FY04.
- Liquidity improved significantly during the year (FY21 avg. ready volume: 527.4mn shares vs. 196.5mn shares with 4QFY21 volumes standing at 669.4mn shares—one of the highest in PSX history). Traded value stood at PkR27.7bn in FY21 compared to PkR10.3bn in the same period last year.
- Flow wise, foreigners accelerated to cut positions in line with their global strategy with an outflow of US$387.3mn—the highest since FY17. On the other end of the spectrum, Individuals and Companies continued to dominate with net inflow of US$332.1mn and US$137.8mn respectively.
- While near term volatility cannot be ruled out given Govt. and IMF continues to engage on roll-out of reforms, we believe market is set to continue its bull run over medium to long run. Hence, any correction should be taken as an opportunity to accumulate with our preference tilted towards construction-chain and refineries.
AKD Research
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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