Elixir Securities - Pakistan Equity Market: Weekly Review - Index Plunges 4.8% on Monetary Tightening Dismal Offtake Numbers

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Elixir Securities

Elixir Research

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Pakistan Equity Market: Weekly Review - Index Plunges 4.8% on Monetary Tightening & Dismal Offtake Numbers

KSE100 Index fell 4.8%WoW (1,934pts) to close at 38,562 mainly due to higher than expected monetary tightening (150bps interest rate hike), global markets sell-off, fears of redemptions from Mutual Funds and dismal offtake numbers for Cement, Automobile & Oil Marketing Sectors.
Market activity remained dull during the week with average traded value declining by 18%WoW to USD53mn in spite of 7%WoW higher average daily traded volumes, reflecting concentration of activity in penny stocks.
On economic front, CPI inflation clocked in at 6.5%YoY in Dec-18 much lower than our forecast of 7.4%YoY owing to lower than expected Food inflation (actual -0.6%MoM vs. expected 0.8%MoM) and flat Communication inflation (actual 0.1%MoM vs. expected 17.3%MoM) in spite of 18% jump in local telephone call rates as its weight is rather insignificant in comparison to our prior expectations.

07/12/2018 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 - Index Plunges 4.8% on Monetary Tightening & Dismal Offtake Numbers

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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