Stock Smart Weekly
Weekly Review
Consolidating amidst results announcement, amplified corporate actions and selective investor sentiment following (a surprise) start to monetary tightening by the SBP, the KSE-100 index shifted -0.56%WoW, closing the week at 44,301pts. Emerging clarity on the political front, controlled CPI read for Jan'18 (clocking in at 4.42%) and bullish sentiment on Commercial Banks mitigated FIPI outflows during the week. Key news flows during the week were: 1) Tahirul Qadri announced that his party has shelved its strategy of protests on the Model Town incident, 2) contrary to the market expectations, the SBP raised the policy rate (target) by 25bps to 6.0% (DR: 6. 50%), citing escalating inflationary pressures and tightening stance by other central banks as the justifications for the hike, 3) the Election Commission of Pakistan announced that polling for the Senate election will be held on Mar 03'18, as the term for 52 incumbent legislators concludes, 4) Drug Regulatory Authority of Pakistan notified new drug prices with upward revisions in accordance with Drug Pricing Policy 2015, and 5) the Finance Ministry notified increased price of MOGAS by PkR2.98/ltr to PkR84.51/ltr while the price of HSD has been increased by PkR5.92/ltr to PkR95.83/ltr. Additionally, Mega Conglomerate Pvt Ltd announced its intention to acquire DCL and HUBC, where the current sponsors of the latter, DAWH and CYAN announced the acceptance of the offer. Gainers at the bourse were: 1) BAFL (+4.1%WoW), 2) APL (+2.2%WoW), 3) PSO (+1.7%WoW) and 4) PTC (+1.6%WoW) whereas laggards were: 1) MLCF (-8.2%WoW), 2) GWLC (-7.2%WoW), 3) UBL (-6.4%WoW) and 4) LUCK (-3.9%WoW). Average daily turnover hovered lower -7.3%WoW resting at 255.2mn shares, where stocks driving volumes were: 1) WTL (93.2mn shares), 2) LOTCHEM (89.9mn shares), 3) DCL (89.5mn shares) and 4) FFL (61.1mn shares).
Outlook
With earnings season in full swing (EFOODS, EFERT announcing results in the coming week), we expect volumes to sustain, tapering somewhat from the shorter trading week ahead. On the conclusion of Jan'18, LIPI participants seem to exhibit 'risk-off' sentiment with measured participation. Emerging consolidation of political forces behind the ruling PML-N (despite judicial challenges), support from any expected, pre-election, pro-business initiatives could rally sentiment at the bourse.
Engro Fertilizers Limited is a Pakistan-based company, which is engaged in manufacturing, purchasing and marketing of fertilizers. The Company's brands include Engro Urea, Engro NP, Engro DAP, Zingro, Engro MOP, Engro SSP and Engro Zarkhez. Engro NP is the Company's fertilizer brand with Nitrogen and Phosphorous content in equal quantity. Engro DAP primarily contains Di-Ammonium Phosphate, and is imported by Engro EXIMP and marketed by the Company. Engro DAP is marketed in approximately 50 kilogram bags. Zingro is a micronutrient fertilizer, and is imported by Engro EXIMP and marketed by the Company. Engro Zarkhez has Nitrogen, Phosphorous and Potassium, and is primarily offered for sugar cane, fruit orchards, vegetables, potato and tobacco farming. Engro Envy is primarily offered to urban market for gardens, lawns, flower beds, fruit plants and ornamental plants. The Company is a subsidiary of Engro Corporation.
FrieslandCampina Engro Pakistan Ltd Formerly known as Engro Foods Ltd. FrieslandCampina Engro Pakistan Limited, formerly Engro Foods Limited, is a Pakistan based company engaged in the manufacturing, processing and marketing of dairy products, fruit drinks and frozen desserts. The Company also owns and operates a dairy farm. The Company's segments include Dairy and beverages; Ice cream and frozen dessert, dairy farm and Others. The Company's brands include Olper's, Olper's Lite, Omore, Dairy Omung, Olper's Lassi and Tarang. The Company offers frozen desserts in cups, sticks, cones and family packs. The Company's exports portfolio consists of branded products, anhydrous milk fat (AMF) and unsalted butter. Its branded products include milk, beverages, tea whitener and others. The Company offers olper's full cream milk, olper's lite, olper's cream, olper's tarrka and olper's dobala. Olper's Lite is a low-fat, hi-calcium milk. The Company has operations in countries, such as Mozambique, Sri Lanka, Singapore, Guinea, Libya and the United Arab Emirates.
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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