Pakistan Equity Market: Weekly Review - Riding the Tide of Foreign Investment
- KSE100 Index rallied 1,502pts (4.0%) during the week, kick starting on a high note with 1,014pts rally on Monday as Information Minister confirmed that talks with UAE were finalized for building oil refinery which is expected to bring Foreign Direct Investment (FDI) of around USD4-5bn. Market activity too improved during the week with average daily traded value/volumes going up by 12.3%/17.8%WoW to USD46mn/139mn shares.
- Regarding Khalifa Coastal Refinery (KCR), Bilal Pasha, Commercial Counsellor at the Pakistan Embassy in Abu Dhabi said that International Petroleum Investment Company (IPIC, UAE) will hold a 76% stake while Pak-Arab Refinery Company will have 24%. Construction of the mammoth project is expected to start in January next year. Production is slated to start in December 2021. “The refinery will have the capacity to produce around 100,000 barrels of diesel per day and around 35 to 45 million barrels a year,” said Pasha.
- The index was mainly driven by Oil & Gas Exploration Production sector contributing 606pts (40%) as it returned 10.5%WoW on the back of 6.4%/8.1%WoW rally in Brent/WTI to USD61/USD52 per bbl. Saudi Energy Minister Khalid Al-Falih commented to restore equilibrium in oil markets through reduction in production to 10.2mnbpd this month, and exports by 0.8mnbpd to 7.2mnbpd in Jan-19 and further down to 7.1mnbpd in Feb-19. Mari Petroleum (MARI) lagged behind (relative to its peers) returning just 4.7%WoW as media news indicated a go-ahead from Government to divest its 18.39% shareholding through secondary public offering.
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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