Pakistan Equity Market: Weekly Review - Market Closes Flat Amidst Late Recovery
- KSE100 Index experienced a wild swing during the week where it closed flat at 40,271pts. On the first day of the week, Index slumped 996pts on news of graft case against leading politicians and bankers. Market subsequently continued its recovery on Pakistan Army’s presser regarding timely elections, and Supreme Court clearing the politicians from suspects list.
- Market activity also picked pace with average daily traded value/volume going up by 41%WoW/18%WoW to USD49mn/131mn.
- Among the sectors, banks remained the primary driver (418pts) returning 4.1%WoW on expectation of sizeable hike (50-150bps) in monetary policy scheduled over the weekend.
- On economic front, fiscal deficit was expected to stand at 7.1% of GDP due to shortfall in tax collection and lower provincial budget surplus due to excessive spending, as per the news sources. PKR97bn has been collected so far through amnesty scheme with declaration of domestic assets of PKR1.2tn and USD4.8bn foreign assets. Goods’ trade deficit for FY18 grew by 22%YoY to USD37.7bn owing to 21%YoY growth in Goods’ imports to USD60.9bn in spite of 20%YoY growth in Goods’ exports to USD23.2bn. Foreign exchange reserves continued to drain as SBP’s reserves declined by USD309mn WoW to USD9.5bn.
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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