Pakistan Strategy_CY19 - A year full of regulatory actions (AKD Daily, Dec 23, 2019)
- In its first full year of reign, PTI gov’t introduced host of regulatory actions in CY19, mostly to comply with the IMF conditions aimed at addressing macro imbalances and structural issues in the energy chain.
- Major regulatory actions were, i) adoption of new flexible market determined exchange rate regime vs. managed float previously, ii) withdrawal of unnecessary tax exemptions to various sectors to improve tax collection, iii) utility rate adjustments both in electricity and gas sectors, iv) PKR200bn injection in the energy chain to improve liquidity situation, and v) upward revision in OMC margins.
- Regulatory action in CY20 will largely be directed at implementation of ongoing structural reforms under the IMF program. However, with the bulk of regulatory adjustments behind us and improved macro situation allowing authorities to shift policy focus from stabilization to growth, the fallout from the regulatory action will be relatively benign compared to CY19.
Bank of Punjab is a commercial banking group based in Pakistan. Co. is engaged in the provision of commercial banking activities such as short term financing for working capital; financing under cash finance, demand financing, running financing and lease financing; equity underwriting; trust receipts; deposit taking; the provision of loans; foreign exchange transactions; investments and placements. In addition, Co. also acts as a clearing house for the transfer of bank funds throughout Pakistan.
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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