Elixir Securities - Pakistan Equity Market: Weekly Review - Concerns on Timely Elections Wipe Off 2018 Gains

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Elixir Securities

Elixir Research

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Pakistan Equity Market: Weekly Review - Concerns on Timely Elections Wipe Off 2018 Gains

Fears of conviction of Sharif Family over graft case and resulting concerns on timely elections sent Pakistan Equities plunging with benchmark index falling 3.9%WoW (1,623pts) to 40,284pts - wiping out the entire gains for 2018. Market activity remained dull with average daily traded value/volume declining by 42%WoW/39%WoW to USD35mn/111mn.
It all started when Accountability Court announced late on Tuesday (after market close) that they have finalized but reserved their verdict against the Sharif Family in the Avenfield Reference case - one of the three corruption cases that Ex-Premier Nawaz Sharif and his family are facing in light of the Supreme Court's verdict in the Panama Papers case last year. Fearing the worst, KSE100 plunged 2.9% the next day marking the biggest single day decline in almost eleven months.
During late trading hours today, Accountability Court sentenced Nawaz Sharif, Maryam Nawaz and Captain Safdar to 10, 7, and 1 year jail time, respectively. They were fined GBP10mn besides confiscation of their Avenfield properties. Maryam and Captain Safdar were also barred from contesting elections for 10 years. However, market shrugged off the decision as it closed marginally higher.

06/07/2018 10 EN

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Elixir Securities

Elixir Securities Pakistan is a Corporate Member of the Pakistan Stock Exchange & Pakistan Mercantile Exchange and is one of the leading securities brokerage & investment banking firms in Pakistan, established since 1994. Our principal business activities include all aspects of Pakistan’s Capital Markets covering Securities Brokerage (Equities, Fixed Income and Commodities), Corporate Finance & Capital Markets Advisory (M&A, ECM, DCM) and Investment Research (Economics & Securities). We are one of the most active & aggressive Broker-Dealers in Pakistan executing trades for most of the Top 20 Global Brokers with unmatched corporate access credentials and have successfully advised and closed on some landmark ECM transactions in the history of Pakistan including the largest deal in frontier Asia (USD 1.02 billion). Our Clients include foreign and domestic financial institutions (Banks, Asset Managers, Insurance Companies, Pension Funds) corporates, HNWI’s and retail investors. This is supported by a very strong and independent research capability, which is quoted regularly in both local and international media.

Elixir Securities Pakistan is the proud recipient of many awards & recognitions including AsiaMoney’s Brokers Poll 2017, FinanceAsia’s Pakistan Best Investment Bank and Best Broker 2017, The Asset’s Best Brokerage House in Pakistan 2016, Asiamoney’s “Best Domestic Equity House 2015 in Pakistan”, The Asset Triple A Country Awards 2015 - Pakistan “Deal of the Year” and “Deal of the Year-Highly Commended”, CFA Society of Pakistan Awards for Year 2015 “Best Research Analyst (1^st Rank), CFA Society of Pakistan Awards for Year 2014 “Best Research Analyst (1^st Rank)”, “Best Trader” 2nd Runner-up (3rd Rank), The Asset Triple A Country Awards 2014’s “Best Deal in Pakistan” and Capital Finance International’s nomination for “Best Equity Research in Pakistan 2010”.

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Pakistan Equity Market: Weekly Review - Concerns on Timely Elections Wipe Off 2018 Gains

Open End Mutual Funds Industry - Ad Oculos

Pakistan Equity Market: Weekly Review - Index Closes Above 41k Mark on Foreign Buying

Elixir Grid - KSE100: Make or Break?

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