AKD Securities Limited

AKD Securities Ltd. is one of the leading securities firm in Pakistan, providing a comprehensive range of investor focused services, including equity brokerage, economic and securities research, investment banking and financial advisory services. AKD Securities accounts for more than 6% of the average daily value of the Karachi Stock Exchange. AKD Securities was the first brokerage house to launch an online trading platform in Pakistan in November 2002 and now has the largest market share with over 6000 customers. This has helped diversify and expand the retail investor base in the country and ushered in a whole new universe of investors to the stock market.

AKD Securities Ltd. caters to a diversified group of domestic and international institutional investors, high net worth individuals and upscale retail clients, including expatriate Pakistanis. With high quality research, unparalleled execution and distribution capability for both regular and large block trades, AKD Securities Ltd. has earned an outstanding reputation in the Pakistani securities industry.Outside of commercial banks, AKD Securities Ltd. is one of the biggest capital market firms in the country. AKD Securities is the leader in raising and providing risk capital in underwriting, market making and mergers and acquisitions in Pakistan. Good corporate governance and professionalism are emphasized throughout the firm and AKD Securities Ltd. is amongst the very few companies to have introduced a firm-wide comprehensive CODE of ETHICS, overseen by an independent compliance manager.Ultimately, our success is based on the quality of service we provide to our customers and the trust and confidence reposed in us by them. Our focus, therefore, remains on customer satisfaction at all levels in the company.

Coverage

Export
Ticker Underlying First Report Latest Report
024850 KR7024850000 PSMC Co Ltd 2018/07/24 2018/10/04
1108 TW0001108009 Lucky Cement Co. 2017/08/31 2017/08/31
A112MK PK0099701010 Engro Fertilizers 2017/10/20 2019/01/29
ABL PK0083501012 Allied Bank Ltd. 2019/05/08 2019/05/08
APL PK0082901015 Attock Petroleum 2017/10/06 2018/10/12
BAFL PK0078701015 Bank Alfalah 2017/09/20 2018/06/20
BAHL PK0051601018 Bank AL-Habib 2019/03/29 2019/04/24
DGKC PK0052401012 D.G. Khan Cement Co. 2017/09/01 2018/06/04
EFOODS PK0096501017 Engro Foods 2017/09/25 2018/05/16
ENGRO PK0012101017 Engro 2017/08/21 2017/08/21
FATIMA PK0091601010 Fatima Fertilizer Co. Ltd. 2017/10/30 2018/02/26
FCCL PK0074501013 Fauji Cement 2017/10/27 2019/01/07
FFBL PK0074601011 Fauji Fertilizer Bin Qasim Ltd. 2017/11/21 2019/04/04
FFC PK0053401011 Fauji Fertilizer Co. Ltd. 2017/09/22 2019/05/27
HBL PK0085101019 Habib Bank 2017/08/22 2018/11/26
HCAR PK0064901017 Honda Atlas Cars (Pakistan) Ltd. 2017/12/14 2018/03/13
HMB PK0055401019 Habib Metropolitan Bank 2019/04/05 2019/04/05
HUBC PK0065001015 Hub Power Co. Ltd. 2017/10/26 2019/05/16
INDU PK0054501017 Industrial Motor Co. 2017/09/11 2018/07/12
KAPCO PK0083101011 Kot Addu Power 2017/08/18 2018/08/17
KESC PK0000501012 K-Electric 2017/10/16 2018/07/06
LUCK PK0071501016 Lucky Cement Ltd. 2017/10/13 2019/04/17
MCB PK0055601014 MCB Bank 2017/11/16 2018/03/29
MLCF PK0066201010 Maple Leaf Cement Factory Ltd. 2017/10/03 2017/10/27
MLCFR PK0066203065 Maple Leaf Cement Factory Ltd 2018/03/02 2018/03/02
NBP PK0078001010 National Bank of Pakistan 2018/02/14 2018/02/14
NCL PK0048001017 Nishat Chunian 2017/09/15 2018/08/09
NCPL PK0098301010 Nishat Chunian Power Ltd. 2017/10/10 2017/10/10
NML PK0005501017 Nishat Mills Ltd. 2017/08/24 2019/02/21
OGDC PK0080201012 Oil & Gas Development 2017/08/23 2019/04/25
PAEL PK0034601010 Pak Elektron 2017/11/24 2019/04/12
PIOC PK0056201012 Pioneer Cement Ltd. 2017/09/19 2017/09/19
POL PK0023901017 Pakistan Oilfields Ltd. 2017/11/03 2019/01/22
PPL PK0081801018 Pakistan Petroleum Ltd. 2017/11/20 2018/07/23
PSMC PK0030501016 Pak Suzuki Motor Co. Ltd. 2017/08/18 2019/06/17
PSO PK0022501016 Pakistan State Oil Co. 2017/08/09 2019/02/06
S44 SG1H26001476 EnGro Corp. Ltd. 2017/12/11 2019/01/25
SHEL PK0016701010 Shell Pakistan Ltd. 2018/06/05 2018/06/05
TRG PK0079201015 TRG Pakistan 2017/11/30 2017/11/30
UBL PK0081901016 United Bank 2017/08/10 2018/03/15
UBLS US90953P2011 United Bank Ltd/Pakistan (GDR) 2018/02/14 2018/02/14
WTL PK0084301016 WorldCall Telecom 2017/12/29 2017/12/29

Analysts

  • Ali Asghar Poonawala

    Investment Analyst
  • Team AKD Research

    Investment Analyst
  • Umer Farooq

    Investment Analyst
Team AKD Research

Pakistan Economy: Unlike Greenshirts, SBP will not drop the balL

In a rare but much-needed press briefing, Governor SBP, Dr. Reza Baqir yesterday briefed on the broader economic outlook with a focus on the exchange rate, monetary policy, and the IMF program. The governor’s statement reiterated the adoption of ‘market determined’ exchange rate regime – a more fundamental based framework- with limited intervention from the central bank while clearly ruling out the free float based exchange rate regime. The plain and explicit guidance on exchange rate regime is a clear positive and may bring some stability to the current volatile FX market, in our view. Con...

Team AKD Research

Pakistan Autos: Dampeners could moderate new model growth effect for PSMC

Pak Suzuki announced the release of the Alto's variants (2 manual, 1 auto) and price points (PkR1.0-1.3mn inclusive of FED), and final delivery dates yet to be confirmed, channel checks suggest commencement of deliveries from end June at the latest, allowing us to firm-up our fundamental expectations. We expect Alto sales for CY19 to rest at ~22k vehicles, averaging monthly sales of ~3,650 vehicles, while for CY20/21, sales growth of 10/5% are expected (average of ~45k vehicles) while prices introduced are ~17% higher than the weighted average sale price of the Mehran, implying continuous co...

Team AKD Research

AKD STOCK SMART

The week started off a negative note, with the market falling by about 1000 points on broad expectations of a negative budget, with market anticipating significant taxation measures to be adopted. However, the market pared losses in the remaining sessions of the week as market murmurs regarding deployment of market support fund gathered pace. Consequently, the benchmark KSE-100 closed at 35,573 points, flat WoW. Volumes remained on the lower side with average daily turnover (ADT) at 136.4mn shares, down 13.0%WoW. Contrary to broader expectations, Budget’19 was headline equities positive despit...

Team AKD Research

Pakistan OMCs: May’19_Seasonality weighs heavy

As per our estimates, May’19 volumetric offtake clocked in at 1.7mn tonnes, moving +1%MoM/-31%YoY with FO sales continuing to crater, albeit at a lessening pace (+7%MoM/-66%YoY), while MO-GAS/HSD offtake shifted –10/+8%MoM and –5/-21%YoY. Cumulative 11MFY19 volumes amounted to 16.9mn tonnes, receding 25%YoY exhausted by weak power demand (cumulative FO sales dip 58%YoY), where monthly average sales have dropped to 248k tons vs. 588k tons during 11MFY18, indicative of subdued monthly deviation. In terms of market share, PSO/APL/HASOL are expected to account for market shares of 51/9/7% durin...

Ali Asghar Poonawala

Pakistan Autos: Slow down extends to PC Segment

May'19 total automotive industry sales of 28,342 units (-8%MoM/-19%YoY) limiting 11MFY19 total industry offtake to 229,436 units (-8%YoY). Major constituents of total industry sales moved -15%/-31%/-54%YoY for Passenger Cars/LCV & Pick-ups/Trucks for the month, with 12M running total Car sales slowed to 192.8K units, levels last seen during March'18, indicating an early stage down cycle. Cumulative 11MFY19 total industry sales dip was a factor of LCV & Pickups/Trucks/Passenger car segments weakening -23%/-36%/-8%YoY. In the passenger car (PC) segment, 11MFY19 numbers 1000CC/1300cc plus segme...

Team AKD Research

Pakistan Commodities: Global commodities witnessing mixed trends,

Global commodities printed a mixed trend where a host of factors including slow demand growth in China and tight supply conditions in oil market contributed to the cause. Resultantly, TRJ Commodities Index remained flat with a change of -0.7%. Energy commodities were led by rising crude prices (Arab Light/Brent was up 7.0/6.4% MoM) as US State Department decided against extension waiver on imports from Iran, while Richard's Bay coal prices dipped 12.95%MoM with weak imports from China proving to be a major dampener. Amongst soft commodities, the FAO food price index climbed 1.8%MoM gaining ...

Team AKD Research

Pakistan Commodities: Dazed and confused' from global developments,

Recovering from a weak 4QCY18, global commodity prices bounced back as fears of global economic growth remained prominent (IMF pulling 2019 global growth forecast to 3.5%), despite which a spate of geopolitical developments (Venezuela sanctions, China's coal import slowdown) pushed the TRJ Commodities index higher (up 5.8%MoM) Energy commodities witnessed mixed performance with Crude benchmarks rising (Brent/Arab Light prices up 14.6/14.4%MoM) from US sanctions levied on crude from Venezuela pushing prices for heavy grades, while slowing demand from China kept Coal prices soft (Richard's Bay ...

Team AKD Research

Pakistan Commodities: Reeling from global economic fragility

Global industrial activity indicators, particularly PMI reads from China, USA and the EU, and consumer confidence slippages indicate a fragile end to CY18, laying the groundwork for CY19 to be a volatile year for global commodity markets, reflected in the TRJ Commodity index sliding 6.6%MoM for Dec'18. On a broad note, fuel and energy-linked commodities witnessed weakness (Arab Light/ International Urea Prices down ~11/12%MoM) during Dec'18, as most other Hard (CRC/HRC Steel price -5.6/3.5%MoM) and Soft (Cotton/FAO dairy/FAO sugar indices moved -6/-3/-2%MoM) commodity classes were unchanged o...

Team AKD Research

Pakistan Commodities: Unlikely end to trade war keeps commodities on edge

Series of developments around trade tensions between the US and China weighed on commodity markets, as the G-20 meeting in Argentina failed to allay concerns over the next round of sanctions between the world top economies. Resultantly, the benchmark Thompson Reuters TRJ Commodity index slipped 4.8%MoM for Nov’18, amid fears over slowing economic growth in the US, emerging market contagion, softening GDP growth in the EU. Broadly, energy benchmarks witnessed declines, while steel prices extended their declines, and Cotton markets remained firm due to new buying activity. Additionally, intern...

Pakistan Commodities_July'18 Update

Distinct moves in international Crude (WTI/Brent/Arab Light +4.8/-1.4/-0.5%MoM), Coal (+2%MoM), Urea (+10%MoM) and food prices (FAO Food/Dairy Index -3.7/-6.6%MoM), underlie the Thomson Reuters Commodity Index move of -4.4%MoM. Global political developments and rising hostility over international trade have softened optimism, leading to heightened caution over global economic growth for the rest of the year. US remains the largest outlier, where recent fiscal stimuli have raised near term growth, while industrial production and GDP data from China, the EU, Brazil and India exhibit moderation. ...

Team AKD Research

Pakistan Strategy: Another round on the IMF rollercoaster

Sticking with the trend established in previous programs, the release highlighted some structural benchmarks, namely: 1) Budget FY20 aims to limit primary deficit to 0.6% of GDP, 2) support autonomy of SBP to continue stabilization measures, 3) improve tax collections, administration and modernization of public finance management framework, and 4) long term goals of continued stability measures enacted prior to this program, accompanied by moves to maintain institutional autonomy. Confirming the much-awaited staff-level agreement, the IMF in a press release issued yesterday laid out the ‘bare...

Ali Asghar Poonawala

OMCs_1QCY18 Retail Operations Update

Transportations sector demand continues to remain firmly in the driver seat for OMC volumes, as power sector demand takes the long spiral down (secular, gradual decline in FO sales, where we expect FY19-21F sales declining at CAGR of 21%). Throughput calculations suggest an uptrend in retail volumes moved, where the industry's average quarterly volume sales per outlet stood at 828.6K ltrs/outlet (+18%QoQ/+10%YoY). Daily average throughput per retail output clocked at 9,207ltrs/day where 10.3%YoY climb drives home the growth of supply chain and storage to buttress growing retail POL volumes. HA...

Pakistan Economy: Growth remains on track

Based on provisional PBS data for 8MFY18, the GoP expects GDP growth for FY18E to settle at 5.8%YoY crossing the 11 year high-watermark for growth vs 5.4%YoY (revised upwards) in FY17A. Key catalysts for growth remain ongoing implementation of early harvest infrastructure projects under the ambit of CPEC, net energy supply growth (net generated units up 11.3%YoY for 8MFY18), and sustained credit uptick (8MFY18 private sector credit stock grew 9.9% since Jun’17, adding PkR391.3bn offtake during the period increasing 8.3%YoY). Ancillary support factors including contained law and order situation...

Pakistan Economy: Rupee depreciation is a blessing in disguise

The Rupee depreciated another 4.4% against the greenback yesterday with interbank rate ending at PkR115.5/US$ reflecting existing pressures on the external front and central bank's reserves declining to US$12.13bn (down US$1.98bn CYTD; import cover: 2.69x). With regards to the external sector, as per latest data 8MFY18 CAD surged to its highest level ever at US$10.83bn (up 50.3%YoY) vs US$7.22bn in 8MFY17. While devaluation is likely to ease off pressures on external account in the long run (weaker rupee shall restore export competitiveness apart from impeding import growth), CAD at such high ...

Team AKD Research

Pakistan Autos: Dampeners could moderate new model growth effect for PSMC

Pak Suzuki announced the release of the Alto's variants (2 manual, 1 auto) and price points (PkR1.0-1.3mn inclusive of FED), and final delivery dates yet to be confirmed, channel checks suggest commencement of deliveries from end June at the latest, allowing us to firm-up our fundamental expectations. We expect Alto sales for CY19 to rest at ~22k vehicles, averaging monthly sales of ~3,650 vehicles, while for CY20/21, sales growth of 10/5% are expected (average of ~45k vehicles) while prices introduced are ~17% higher than the weighted average sale price of the Mehran, implying continuous co...

Team AKD Research

AKD STOCK SMART

The week started off a negative note, with the market falling by about 1000 points on broad expectations of a negative budget, with market anticipating significant taxation measures to be adopted. However, the market pared losses in the remaining sessions of the week as market murmurs regarding deployment of market support fund gathered pace. Consequently, the benchmark KSE-100 closed at 35,573 points, flat WoW. Volumes remained on the lower side with average daily turnover (ADT) at 136.4mn shares, down 13.0%WoW. Contrary to broader expectations, Budget’19 was headline equities positive despit...

Team AKD Research

Pakistan OMCs: May’19_Seasonality weighs heavy

As per our estimates, May’19 volumetric offtake clocked in at 1.7mn tonnes, moving +1%MoM/-31%YoY with FO sales continuing to crater, albeit at a lessening pace (+7%MoM/-66%YoY), while MO-GAS/HSD offtake shifted –10/+8%MoM and –5/-21%YoY. Cumulative 11MFY19 volumes amounted to 16.9mn tonnes, receding 25%YoY exhausted by weak power demand (cumulative FO sales dip 58%YoY), where monthly average sales have dropped to 248k tons vs. 588k tons during 11MFY18, indicative of subdued monthly deviation. In terms of market share, PSO/APL/HASOL are expected to account for market shares of 51/9/7% durin...

Ali Asghar Poonawala

Pakistan Autos: Slow down extends to PC Segment

May'19 total automotive industry sales of 28,342 units (-8%MoM/-19%YoY) limiting 11MFY19 total industry offtake to 229,436 units (-8%YoY). Major constituents of total industry sales moved -15%/-31%/-54%YoY for Passenger Cars/LCV & Pick-ups/Trucks for the month, with 12M running total Car sales slowed to 192.8K units, levels last seen during March'18, indicating an early stage down cycle. Cumulative 11MFY19 total industry sales dip was a factor of LCV & Pickups/Trucks/Passenger car segments weakening -23%/-36%/-8%YoY. In the passenger car (PC) segment, 11MFY19 numbers 1000CC/1300cc plus segme...

Team AKD Research

Pakistan Cement_Budget’20 will make for stormy seas

Budget’20 is going to weigh significantly on local cement manufacturers with little support for demand while additional burden in the form of duties and taxes will further put pressure on margins. Though target for Federal PSDP is expected to increase, we expect releases to remains stagnant or post a muted growth as government looks to control the burgeoning fiscal deficit. Adding fuel to the fire will be 9.7mn tons of capacity expected to come online in FY20 , which coupled with muted demand will put further pressure on local prices after local prices have already declined by PkR66/bag in l...

Team AKD Research

Pakistan Economy: Unlike Greenshirts, SBP will not drop the balL

In a rare but much-needed press briefing, Governor SBP, Dr. Reza Baqir yesterday briefed on the broader economic outlook with a focus on the exchange rate, monetary policy, and the IMF program. The governor’s statement reiterated the adoption of ‘market determined’ exchange rate regime – a more fundamental based framework- with limited intervention from the central bank while clearly ruling out the free float based exchange rate regime. The plain and explicit guidance on exchange rate regime is a clear positive and may bring some stability to the current volatile FX market, in our view. Con...

Team AKD Research

Federal Budget FY19-20 Long Road to Redemption, (AKD Research, Jun 12, 2019)

FEDERAL BUDGET 2019-20   Long Road to Redemption Painful, but necessary: The first real test of PTI’s resolve, Budget’20 clearly focuses on documentation and increasing tax net at the expense of political mileage. Targeted tax collection at PkR5.55tn (FBR) certainly appears ambitious where we believe steps undertaken including rationalization of GST, FED and CDs on various sectors will likely be insufficient – AKD estimates tax collection at ~PkR5.0tn. Macro indicators continue to paint a dismal picture where FY20F GDP growth at 2.4% and CPI reading at 11%-13% raise eyebrows. Worryingly, th...

Pakistan Economy: All good things come to an end

Economic Survey 2018-19 rolled out by the PTI gov’t shows a weak economic landscape for FY19 (provisional, spanning July-May’19), with the gov’t missing all major targets including GDP growth, inflation, revenue collection, budget deficit, savings and investments by a wide margin. FY19 marks an end to the late upcycle, where economic growth hit a nine-year low at 3.3%YoY compared to 5.5% in FY18, missing an overly ambitious target of 6.2%, expectedly out-of-place in a year of numerous transitions. This ongoing economic slowdown is primarily a consequence of (drastic, but warranted) stabiliz...

Team AKD Research

Pakistan Budget: Budget to dictate severity of slowdown

Budgetary measures adopted by successive Governments maintain a major hold over market sentiment, where the PTI-led GoP's maiden budget (discounting the two mini-budgets) is shaping up to be the most disciplined budgetary program in recent times, where the focus will be on economic stabilization Reported economic metrics from the Economic Survey FY19 indicate lackluster macro picture, where slowdown is seen in reverberating across all major sectors, reflected in tapered corporate sector profitability and depressed outlook for growth While setting political motives against the blueprint of to...

Team AKD Research

Pakistan Strategy: SEF makes a tough Budget easier to swallow,

Benchmark equity indices have succumbed to tough macro-economics having been riled by uncertainty over policy outlook, showcased by KSE100/All indices falling 6.2/11.7% CYTD, accompanied by drab volumes (KSE 100/All average volumes at 86.6/130.3mn shares, down 1.4/33.2%YoY) Flight to value for investors is confirmed by KSE100/All volume share rising to 66.5% (crossing 76% during May), with Budget FY20 (likely a carbon copy of IMF benchmarks) shaping-up to be a dampener for market sentiment. In this backdrop, the confirmed formation of a PkR20-25bn State Enterprise Fund (SEF) is of increased s...

Team AKD Research

AKD STOCK SMAR

Weekly Review                                 Continuing to succumb to wider macro and policy dissonance, with looming checkpoints (IMF negotiation, MSCI review and Budget FY20) increasingly imposing "risk-off" sentiment, showcased by the KSE-100 index slipping 3.9%WoW, closing at 34,717pts. With the commence of Ramadan, softening volumes played their part in subduing wider market moves, where average traded volumes for the week stood at 73.5mn shares, falling 30%WoW. Key news flows impacting sentiment included: 1) the finance division formally announced Dr Reza Baqir of the International Mo...

Team AKD Research

Pakistan Strategy: Gearing up for a 'happening' Ramadan

Continuing to deal with macro weaknesses, solidified during results announcements prevalent over the month, the KSE-100 index shed 1,570pts in the process, closing at 36,784pts down 4.1%MoM. Amidst a federal cabinet shuffle where FM Asad Umer was replaced by Dr. Hafeez Sheikh who continued the current leg of IMF negotiations, while the introduction of the Asset Declaration Amnesty Scheme stalled. Volumes trended higher (KSE-100/All volumes average volumes +38/+33%MoM), typical of results season. Flows show selling being dominated by Mutual Funds (cumulative US$27.5mn outflow) moderated somew...

Team AKD Research

AKD STOCK SMART

StockSmart                        Weekly Review                                 The market started the week on a negative note, losing 888pts (-2.4%) in the first two trading sessions, as the gloom and doom on the macro-economic situation kept the broader market sentiment depressed. The stocks later rallied 2% in the last three trading session on earnings beat in key sectors (i.e. Cements & Banks: up 2%/1.5%WoW), recouping some of earlier losses.  Overall, the benchmark KSE-100 index declined 0.4%WoW (-162ptsWoW) to close the week at 37,130pts. Trading activity remained weak and skewed towa...

Ali Asghar Poonawala

Pakistan Autos: PAPS 2019 reflects a 'not-so-green light' for entrants

PAPAM's Pakistan Auto Show 2019, held in Karachi over the weekend was filled with exhibitors from the auto industry cluster, parts manufacturers, allied equipment, service providers and OEMs.  Refining our outlook for the competitive environment and forming a birds-eye-view of the sector we highlight the prevalence of Chinese origin brands, favouring shorter timespan brownfield entry over greenfield investments, and competitive pricing with enhanced features of PC segment offerings (both current and expected) as catalysts for organic growth  That said, amongst Greenfield entrants, KIA put up...

Team AKD Research

AKD STOCK SMART

Weekly Review                                 The market performance during the outgoing week remained under pressure, where KSE-100 index troughed at 36,579 points mid-week, lowest level since PTI’s government came to power. The market rumor of a potential price war in cement sector led to a further drag on the market performance. Meanwhile, a delegation led by Finance Minister Asad Umar reached Washington for crucial discussions on an IMF program, on 8th April’2019. The discussions are expected to last till 15th April, which will be followed by official announcement of amnesty scheme. The ...

Ali Asghar Poonawala

Downstream Oil_Aug'17 sales are a pat on the back

POL products continued their uphill slope with total volumetric offtake of 2.49mn tons recorded in Aug'17, rising 8%MoM/10%YoY. The retail fuel segment continued to expand their prominence in overall volumes by forming the brunt of growth. FO sales were a relative dampener +6%MoM/-7%YoY, outdone by robust growth in retail fuel segments where HSD and MOGAS sales recorded +6%MoM/+25%YoY and +10%MoM/+25%YoY growth in volumes. 8MCY17 volumes point to a 3%YoY growth in total volumes, led by +14/+8/-7%YoY move in MOGAS/HSD/FO offtake. Cumulative volumes growth for the industry has begun to slow, rev...

Pakistan Market: Politics in a triggerless month, sparks sell-off

Recording the highest monthly decline for the year, the benchmark KSE100 Index lost 10.44% during the month of Aug'17. Once again politics took center stage with concerns of policy paralysis (post disqualification of Nawaz Sharif) influencing sentiments. Additionally, a mixed result season and discouraging development in Cements (price reduction) and Banks (possibly sizable fine on HBL which contributes >7% to the KSE100) were other key dampeners. That said, local investors (other than props) encouragingly absorbed (net positive flows) the entire quantum of foreign selling (US$80.46mn) in Aug'...

Team AKD Research

AKD STOCK SMART

Continuing with its volatility, KSE-100 stayed in the Red Zone during this week as well, with the index further losing 1,435pts or -3.36%WoW to close the current week at 41,207 (lowest level since Nov’16). Average daily traded volumes also came down significantly by 39.35%WoW to just 109mn shares with 1) TRG (39.22mn shares), 2) ANL (35.40mn shares), 3) SSGC (18.46mn shares), 4) BOP (14.16mn shares) and 5) ASL (13.19mn shares) leading the board. Key news flows during the week included: 1) through a regulatory filing, HBL notified that the bank has received a notice from the New York State Depa...

Team AKD Research

Pakistan Cement: Aug’17 dispatches showing robust growth

According to provisional statistics overall dispatches during Aug'17 registered growth of +17.6%MoM/10.9%YoY to reach a monthly peak of 3.98mn tons in Aug'17 (previous at 3.96mn tons in Mar'17). Domestic dispatches (3.53mn tons sold in Aug'17) growing +21.3%YoY/+16.5%MoM, continued to drive offtake. Growth in domestic dispatches in Aug’17 were likely led by sharp increase in PSDP spending (PkR79bn in Aug'17, up 2.3xYoY) and the dwindling of the seasonal slowdown (Ramadan & extended monsoon) seen in previous months. However, exports continued to slide by 5.5%MoM/19.3%YoY to reach just 0.450mn t...

Pakistan Fertilizers: Sector update Jul'17

Fertilizer offtake expectedly came down significantly in Jul'17 (down 32%YoY/48%MoM), post extraordinary sales of 1.43mn in the month of Jun'17 (up 106%YoY/100%MoM). According to latest figures released by NFDC, total fertilizer sales in Jul'17 stood at 746k tons against 1.10mn tons sold in Jul'16 (down 32%YoY/48%MoM). Similarly, urea sales also came down by 56%YoY/68%MoM to 339k tons during the month under review, after heavy urea procurement by dealers in Jun'17. Furthermore, imported urea sales declined by 5%YoY to 46k tons in Jul'17, despite availability at a significant discount to local ...

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