Regulatory environment remained conducive in CY17
Playing a prominent role in market's performance during the year, regulatory developments in CY17 have been of key importance. Reviewing the same, key sectors benefitting from various policy actions taken in CY17 included: 1) Textiles - GoP announcing PM's export package offering various incentives to the export sector, 2) Fertilizers - extension of the fertilizer subsidy alongwith allowance of urea exports, 3) Steel - duty imposition (AD of 19.04/24.04/19.15% on imported CRC/billets/re-bars) providing competitive edge to local players, 4) Oil&Gas Exploration - revision in wellhead gas prices under PP12 and 5) OMCs- increase in margins of MS and HSD deregulation was a positive. While significant additions to generation capacity were made, operational sustainability of the power sector (particularly FO based plants) came under pressure with the GoP announcing abrupt closure of FO power plants towards end CY17. Spillover impact of the same was also seen in Refineries, OMCs and Exploration sectors in terms of lower offtake.Going forward, populism is likely to dictate GoP's policy directives as elections draw nearer. In this regard, we can see extension of current subsidies to sectors like Fertilizers and Textiles while additional incentives to gain electoral ground cannot be ruled out.
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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