Pakistan Equity Market: Weekly Review - Foreign Buying Propels the Index by 2.4%
- KSE100 Index rallied 958pts (2.4%) on the back of favorable announcements in Economic Reforms package by Finance Minister during the week. Market activity too improved with average daily traded value/volumes going up by 32%/43%WoW to USD53mn/168mn shares.
- In the recently announced Economic Reforms Packaged, the government introduced a number of measures to promote businesses which included reduction in Customs Duties on raw material and machinery imports, end of Super Tax for non-banking companies (from FY21), abolishment of tax on retained earnings, restoration of Group Relief for taxation on inter-corporate dividends, removal of withholding tax on banking transactions for tax filers, removal of ban on non-filers from purchase cars up to 1,300cc, abolishment of Advance Tax on stock brokers and issuance of Promissory Notes to settle refunds stuck with the government.
- The negatives for listed equities included restoration of higher Super Tax on Commercial Banks and proposed reduction in urea prices by PKR200/bag. However the major sigh of relief came in the form of absence of additional taxation measures and hikes in GST and FED, contrary to media speculations...
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 (1st Rank), CFA Society of Pakistan Awards for Year 2014 “Best Research Analyst (1st 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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