AKD Securities Equity Research – Pakistan weekly update

Karachi, May 15, 2015 (PPI-OT): Weekly Review

The market saw considerable volatility in the outgoing week, where the KSE‐100 index lost 1.46%WoW owing to concerns about the budget FY16. Although average traded volume rose by 2.05% WoW in average traded value suggest the investors shied away from taking bigger positions.

However, improvements on the macro front continued, with a positive assessment from the IMF at the end of the seventh review this week along with ADB’s assurance to fund US$6bn worth infrastructure projects.

News flow affecting the broader market included: 1) Terror attack in Karachi 2) Cut‐off yields coming off by 33‐44bps in the recent MTB auction , 3) HUBC and INDU were promoted to MSCI FM index from, while KOHC, MLCF, PAEL and PSMC made their way to, MSCI FM small cap index, and 4) South African Revenue Service imposing an anti‐dumping duty on all Pakistani cement manufacturers ranging from 14%‐77%.

Major gainers during the week included 1) DAWH (+1.6%WoW), 2) MLCF (+1.3%WoW), 3) NBP (+1.0%WoW) and 4) SNGP (+0.6%WoW). While 1) HCAR (‐12.1%WoW), 2) NCL (‐8.4%WoW), 3) MEBL (‐5.0%WoW) and 4) LUCK (‐4.4%WoW) remained laggards.

Average daily turnover clocked in at 191.05mn shares, an increase of 2.1%WoW, with volume leaders being, 1) BYCO (105.01mn shares), 2) PAEL (81.57mn shares), 3) KEL (57.15mn shares) and 4) FCCL (55.43mn shares). Net FIPI clocked in at a net buy of US$6.14mn continuing the buying trend witnessed in the first week of Mar’15.

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