Elixir Securities - Pakistan Equity Market: Weekly Review - Consolidation Continues

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Elixir Securities

Elixir Research

EUR 4.30 For Business Accounts Only

Pakistan Equity Market: Weekly Review - Consolidation Continues

Pakistan Equities (KSE100) rose by 0.66%WoW (272 pts) to close at 41,661. Average daily value traded improved by 2.1%WoW to USD72mn, however average daily volume traded declined by 8.5%WoW to 214mn shares.
During the week, Brent Crude declined by 3.3%WoW and is currently trading at USD67.7/bbl. The decline came on the back of United States of America granting waivers to eight countries on oil imports from Iran. Moreover, anticipation of smooth oil supply from OPEC and Russia (expectations of no production cuts during OPEC December 8, meeting) further brought the commodity lower. A decline in oil prices bodes well for Pakistan where the annual energy import bill is almost as high as the entire Current Account Deficit. Our sensitivity analysis suggests that every USD5/bbl decline in oil prices reduces Pakistan’s annual Current Account Deficit (CAD) by USD800mn.
On economic front, State Bank of Pakistan’s (SBP) foreign exchange reserves declined by 2.5%WoW (USD196mn) to USD7.5bn as at November 9, 2018 (setting a new four-year low). The decline came on the back of debt servicing and other official payments. Total liquid forex reserves held by the country stood at USD13.8bn...

16/11/2018 10 EN

Provider

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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Analysts

Elixir Research

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Pakistan Equity Market: Weekly Review - Consolidation Continues

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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