Pakistan Equity Market: Weekly Review - Market Closes Flat on Last Minute Recovery
- Pakistan Equities (KSE100) inched up slightly by 0.06%WoW (24 pts) to close at 38,586. Average daily traded volume/value declined by 26% / 30%WoW to 121mn/ USD40mn, respectively due to low liquidity and weak sentiments (as value investors await clarity on economic reforms and bailout packages).
- On economic front, State Bank of Pakistan’s (SBP) foreign exchange reserves declined by 3.2%WoW (USD242mn) to USD7.3bn as at December 7, 2018 (lowest since Jun-13). 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. As the country struggles with low reserves, confirmation on the receipt of USD1bn (second tranche of Economic Package from Saudi Arabia) by SBP official during market hours on Friday provided much needed breather to general and market sentiments. The addition will however be reflective in next week’s reserves numbers. Note that the first tranche of USD3bn package from Saudi Arabia (i.e. USD1bn) which was received on November 9, 2018 has already been utilized.
- According to the latest news flows, Asian Development Bank (ADB) has proposed USD7.5bn lending program for Pakistan over the next three years. According to media reports, out of the total USD7.5bn, over USD5.3bn (71%) will be given on commercial terms while the remaining USD2.2bn will have concessionary interest rates....
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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