StockSmart
Weekly Review
AKD Research
research@akdsecurities.net
009221 111 253 111
Indices
KSE-100
KSE-30
This week 18,636.03 14,546.19
Last week 18,043.31 14,208.38
Change
3.28%
2.38%
Indices
KMI-30
Allshare
This week 32,934.50 13,209.70
Last week 31,598.72 12,802.46
Change
4.23%
3.18%
Mkt Cap.
This week
Last week
Change
PkRbn
4,587.26
4,446.90
3.16%
US$bn
46.65
45.19
3.23%
The KSE-100 Index gained a healthy 3.28%WoW to close at 18,636 points. With the result season fast approaching, trading volumes picked up with average daily traded volume increasing by 39%WoW to 210.45mn shares. Key news flows this week included i)
acceptance by ULEVER of the buyback price of PkR15,000/share, ii) CPI for Mar13
clocked in at 6.57%YoY/0.41%MoM, the lowest YoY reading since Jul09, iii) imposition
of fine by CCP on ENGRO and FFC for abuse of market position and an unjustified increase in the prices of urea during Dec10 to Dec11 period and the subsequent decision
of the two companies to appeal against the decision in court, iv) payment of IMF installment worth US$115mn and v) statement by Standard and Poors (S&P), stating that
since Pakistans trade and capital flows are not expected to improve in the near-term,
and considering the lack of alternative sources of bilateral or multilateral funding, it is
imperative that Pakistan approach IMF for shoring up reserves. Within the AKD Universe,
top gainers during the week were ULEVER (+22.4%WoW, convergence of price to the
approved buyback price), HCAR (+16%WoW on weakening JPY) and EFOODS (+13.8%
WoW as investors switched to EFOODS to gain exposure to the FMCG sector). Top losers during the week were led by SNGP (-3.3%WoW), ABL (-3.0%WoW) and SSGC (2.1%WoW). Volumes were led primarily by the cement sector with four of the top five
volume leaders being cement companies. In this regard, volume leaders were MLCF
(105.1mn shares), FCCL (79.7mn shares), LPCL (63.9mn shares), ENGRO (52.0mn
shares) and DCL (38.4mn shares).
Volum e (m n)
MLCF
FCCL
5 April 2013
105.13
79.65
(Shrs'000)
(Index)
300,000
18,576
250,000
LPCL
63.91
ENGRO
52.00
200,000
DCL
38.40
150,000
25.0%
18,700
18,613
18,636
18,346
18,600
20.0%
18,500
15.0%
18,400
10.0%
18,272
18,300
5.0%
100,000
5-Apr
17,500
16,500
400
15,500
300
5.0%
SNGP
4-Apr
ABL
3-Apr
BAFL
2-Apr
SSGC
1-Apr
HMB
18,000
EPCL
18,500
500
0.0%
PSMC
19,500
18,100
EFOODS
600
50,000
HCAR
(Index)
ULEVER
(mn)
18,200
14,500
13,500
200
12,500
100
11,500
10,500
Volume (LHS)
Apr-13
Feb-13
Oct-12
Dec-12
Jul-12
Sep-12
Apr-12
May-12
KSE-100 Index
Outlook
In the coming days investors are likely to focus on fundamentals as the results season is
right around the corner. In this regard major result next week is FFBL on Apr 1213. On
the economic front, MPS is scheduled to be released this month where we expect status
quo despite the low inflation numbers.
Important disclosures including investment banking relationships and analyst certification at end of this report. AKD Securities does and seeks to do business with companies
Important disclosures covered in its research reports. As a result, investors should be aware that the firm may have a conflict of interest that could affect the objectivity of the report. Investors
should consider this report as only a single factor in making their investment decision.
AKD SECURITIES
Member: Karachi Stock Exchange
Copyright2012 AKD Securities Limited. All rights reserved. The information provided on this document is not intended
for distribution to, or use by, any person or entity in any jurisdiction or country where such distribution or use would be
contrary to law or regulation or which would subject AKD Securities or its affiliates to any registration requirement within
such jurisdiction or country. Neither the information, nor any opinion contained in this document constitutes a solicitation
or offer by AKD Securities or its affiliates to buy or sell any securities or provide any investment advice or service. AKD
Securities does not warrant the accuracy of the information provided herein.
www.akdsecurities.net
StockSmart
5 April 2013
16:19
15:36
14:52
14:09
13:26
12:43
12:00
11:17
9:50
10:34
9:07
18,515
18,645
18,612
18,579
18,546
18,513
15:21
14:41
14:01
13:22
12:42
12:02
11:22
10:42
9:22
10:02
18,480
Gas curtailment vs. price hike, what do the numbers say ( Apr 04, 2013)
CCP on Tuesday imposed the highest ever fine on fertilizer companies (FFC and ENGRO) for allegedly abusing their dominant position in the urea market and unjustifiably
raising prices during the Dec'10-Dec'11 period. In this regard, FFC and ENGRO have
been slapped fines of PkR5.5bn and PkR3.1bn respectively. In order to access the net
impact of the price hike versus gas curtailment, we have compared the actual urea revenue of the companies with the loss in revenues (opportunity cost) from gas curtailment, where the DAWOOD Group is the clear loser from gas curtailment, despite the
urea price hikes. Fertilizer manufacturers are likely to contest the CCP fine in court
where we dont see any immediate cash flow impact of the fine.
18,525
18,450
18,375
18,300
18,225
15:36
14:54
14:13
13:33
12:52
12:11
11:31
10:50
9:28
10:09
18,150
18,270
18,228
15:21
14:44
14:09
13:33
12:21
12:22
12:57
11:45
11:09
11:37
10:33
9:56
9:20
18,186
15:22
14:37
13:52
13:07
10:52
9:22
10:07
17,840
Source:KSE&AKDResearch
StockSmart
5 April 2013
StockSmart
5 April 2013
Country
BloombergCode
EPSGrowth
Pakistan
11%
Indonesia
25%
Malaysia
23%
Philippines
2%
Vitenam
8%
India
26%
China
29%
PE(x)
7.83
13.72
15.55
15.40
20.12
12.47
9.52
%
Pakistan
Indonesia
Malaysia
Philippines
Vitenam
India
China
DivdYld
7.13
1.95
3.45
2.04
3.44
1.90
3.14
Pakistan
Srilanka
Thailand
Jakarta
Malaysia
Philippines
Vietnam
HongKong
Singapore
Brazil
Russia
India
China
S&P
DJIA
NASDAQComposite
UK
German
Qatar
AbuDhabi
Dubai
Kuwait
Oman
SaudiArabia
MSCIEM
MSCIFM
KSE100Index
CSEALLIndex
SETIndex
JCIIndex
FBMKLCIIndex
PCOMPIndex
VNINDEXIndex
HSIIndex
FSSTIIndex
IBXIndex
RTSSTDIndex
SENSEXIndex
SHCOMPIndex
SPXIndex
INDUIndex
CCMPIndex
UKXIndex
DAXIndex
DSMIndex
ADSMIIndex
DFMGIIndex
KWSEIDXIndex
MSM30Index
SASEIDXIndex
MXEFIndex
MXFMIndex
ROE
21.61
19.14
13.83
14.14
17.50
16.07
14.00
5Apr13
29Mar13
18,636
5,766
1,490
4,926
1,689
6,727
503
21,727
3,300
21,002
9,629
18,450
2,225
1,560
14,606
3,225
6,239
7,666
8,577
3,059
1,880
6,817
6,111
7,178
1,017
528
18,043
5,736
1,561
4,941
1,672
6,847
491
22,300
3,308
21,532
9,767
18,836
2,237
1,569
14,579
3,268
6,412
7,795
8,586
3,018
1,845
6,720
6,051
7,178
1,035
524
WoW
CYTD
3.28%
10.24%
0.53%
2.18%
4.58%
7.01%
0.30%
14.12%
1.02%
0.02%
1.76%
15.73%
2.35%
21.48%
2.57%
4.10%
0.25%
4.19%
2.46%
4.46%
1.41%
4.79%
2.05%
5.03%
0.51%
1.93%
0.59%
9.38%
0.19%
11.46%
1.30%
6.80%
2.70%
5.78%
1.66%
0.70%
0.11%
2.61%
1.36%
16.27%
1.93%
15.89%
1.44%
14.88%
0.99%
6.08%
0.01%
5.54%
1.72%
3.61%
0.87%
7.78%
Source: Bloomberg
5Apr13
29Mar13
DollarIndex
82.531
82.976
USD/PkR
98.370
98.433
96.0
USD/JPY
96.230
94.220
95.0
EUR/USD
1.299
1.282
94.0
GBP/USD
1.531
1.520
AUD/USD
1.041
1.042
NZD/USD
0.841
0.837
CHF/USD
0.935
CAD/USD
1.022
USD/KRW
CNY/USD
PkR/US$ Trend
99.0
98.0
97.0
93.0
92.0
91.0
Apr-13
Feb-13
Dec-12
Oct-12
Sep-12
Jul-12
Apr-12
May-12
90.0
Source: Bloomberg
Chg+/
WoW
CYTD
0.445
0.54%
3.46%
0.063
0.06%
13.39%
2.010
2.13%
10.93%
0.017
1.36%
1.52%
0.011
0.76%
5.80%
0.001
0.09%
0.15%
0.004
0.47%
1.47%
0.949
0.014
1.51%
2.13%
1.017
0.004
0.40%
2.96%
1,132
1,111
20.340
1.83%
6.32%
6.206
6.210
0.004
0.39%
0.07%
Source: Bloomberg
Commodities
TRJ-CRB Index
SPOT
Units
5Apr13
29Mar13
WoW
CYTD
TRJCRB
Points
287.45
296.39
3.02%
2.56%
315
Nymex(WTI)
US$/bbl.
92.37
97.23
5.00%
0.60%
305
ICEBrent
US$/bbl.
104.94
109.27
3.96%
6.25%
295
N.GasHenryHub
US$/Mmbtu
3.94
4.1
3.90%
14.53%
285
Cotton
USd/Pound
95.7
94.8
0.95%
15.37%
Gold
US$/Tr.Oz
1569.59
1598.75
1.82%
6.31%
Sliver
US$/Tr.Oz
27.0737
28.4613
4.88%
10.78%
Copper
US$/MT
7411.75
7509.75
1.30%
6.26%
Platinum
US$/Oz
1531.05
1571.5
2.57%
0.53%
Coal
US$/MT
87.8
87.8
0.00%
3.14%
325
275
Apr-13
Mar-13
Jan-13
Feb-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
Apr-12
May-12
265
Source: Bloomberg
Source: Bloomberg
StockSmart
5 April 2013
Chart Bank
Earnings Yield vs. T-Bill (12M) Differential
(%)
12.0
1.50
10.0
1.40
8.0
6.0
1.30
4.0
1.20
2.0
1.10
(US$mn)
5.00
4.00
3.00
2.00
1.00
(1.00)
(2.00)
(3.00)
(4.00)
(5.00)
(6.00)
2,500
1,968
1,397
1,380
1,000
500
(500)
(1,000)
Ind.,
3.81
NBFC,
3.55
Co.,
10.03
Bank/DFI,
(2.93)
Others,
0.62
(1,044)
(1,500)
4-Apr
5-Apr
30%
25%
20%
15%
10%
5%
0%
-5%
AKD Universe
Apr-13
Mar-13
Feb-13
Jan-13
Dec-12
Nov-12
Oct-12
Sep-12
Aug-12
Jul-12
Jun-12
May-12
-10%
KSE100
14%
12%
10%
8%
6%
4%
2%
0%
-2%
-4%
-6%
MSCI EM
MSCI FM
Mar-13
35%
Feb-13
3-Apr
Jan-13
2-Apr
Apr-12
Apr-13
M.Funds,
3.91
Apr-13
1,995
2,000
1-Apr
Feb-13
(US$'000)
1,500
Jan-13
Dec-12
Oct-12
Sep-12
Aug-12
Jun-12
Apr-12
Apr-13
Jul-12
Nov-11
Jun-10
Jun-08
Sep-07
Mar-11
0.80
Oct-09
(6.0)
Feb-09
0.90
Jan-07
(4.0)
May-12
1.00
(2.0)
StockSmart
5 April 2013
2010A
6.88
23.31
31.07
33.97
50.21
2011A
8.61
25.10
25.39
38.90
52.44
2012A/F
9.75
13.20
15.67
44.76
50.63
2013F
10.79
10.75
17.38
49.95
55.86
2014F
12.70
17.67
18.52
56.13
54.06
12.28
2.49
14.30
3.43
17.91
8.14
4.09
8.21
9.82
2.17
11.40
2.93
16.80
10.18
5.34
6.58
8.67
1.89
9.86
2.55
13.12
11.53
5.84
5.87
7.83
1.69
8.40
2.20
10.79
12.77
7.13
5.27
6.66
1.51
7.09
1.92
9.40
15.02
8.12
4.55
20.26
3.67
16.53
22.69
13.39
10.57
22.14
4.01
13.60
24.56
14.96
11.64
21.78
3.96
18.01
22.78
13.59
11.16
21.61
4.00
7.02
23.67
14.30
11.55
22.63
4.28
8.78
25.13
15.57
12.49
(x)
11.6
7.4
Mar13
Jul12
Nov12
Mar12
Jul11
Nov11
Mar11
Jul10
Nov10
Mar10
Jul09
Nov09
Mar09
Jul08
Nov08
Mar08
Jul07
Nov07
Mar07
Jul06
Nov06
Mar06
Jul05
Nov05
3.2
Mar13
Nov12
Jul12
Mar12
Jul11
Nov11
Mar11
Nov10
Jul10
Mar10
Jul09
Nov09
Nov08
Mar09
Jul08
Jul07
Nov07
Mar08
Nov06
Mar07
Jul06
Mar06
Jul05
Nov05
0.8
StockSmart
5 April 2013
Symbol
PSMC
Price
TP
(PkR)
(PkR)
Stance
107.3
114.8
Accumulate
EPS (PkR)
11A
9.7
12A/F
11.9
PE(x)
13F 11A
12A/F
PBV(x)
13F
11A
12A/F
DY (%)
13F
11A
12A/F
13F
14.5
11.1
9.0
7.4
0.58
0.55
0.52
1.9
2.3
2.8
72.3
64.9
Reduce
0.4
9.4
9.2
185.3
7.7
7.9
1.05
0.96
0.86
0.0
2.1
2.8
Lucky Cement
LUCK
169.6
164.0
Neutral
12.3
21.0
27.2
13.8
8.1
6.2
1.97
1.65
1.37
2.4
3.5
3.5
Chemicals
Engro Polymer Chemicals
EPCL
11.6
10.2
Reduce
-1.1
0.1
0.4
-10.5 154.5
32.2
1.23
1.18
1.13
0.0
0.0
0.0
LOTPTA
7.4
7.6
Neutral
2.8
0.0
0.5
2.7
n.m
14.6
0.85
0.95
0.89
6.8
0.0
0.0
Engro Corporation
ENGRO
134.1
207.6
Buy
15.8
2.6
13.3
8.5
51.4
10.1
1.81
1.82
1.62
3.4
0.0
3.0
FFBL
38.8
43.7
Accumulate 11.5
4.6
6.6
3.4
8.4
5.9
2.66
2.87
2.65
25.8
11.6
15.5
FFC
110.6
135.3
Buy
17.7
16.4
14.9
6.3
6.8
7.4
6.10
6.41
5.00
12.1
14.0
13.6
Fatima Fertilizer
FATIMA
22.9
36.0
Buy
2.0
2.9
4.3
11.7
7.9
5.3
1.71
1.66
1.35
6.2
8.7
17.5
Food Producers
Unilever Pakistan Limited
ULEVER
15,000.0
9,900
Sell
308.9
413.0
444.1 48.6
36.3
33.8 46.96
40.36 40.56
2.1
2.8
2.8
EFOODS
144.7
157.7
Accumulate
1.2
3.4
5.4
123.7
42.5
26.6
n.m
68.43 19.15
0.0
0.0
0.0
OGDC
204.5
206.0
Neutral
14.8
22.5
25.7
13.8
9.1
7.9
4.36
3.30
2.70
2.7
3.5
5.1
Pak Oilfields
POL
472.9
490.9
Neutral
45.7
50.1
61.1
10.3
9.4
7.7
3.33
3.06
2.77
7.4
11.1
9.5
PSO
202.0
251.4
Buy
59.8
36.7
39.9
3.4
5.5
5.1
1.19
0.95
0.82
3.4
1.9
5.4
Electricity
Hub Power Co.
HUBC
52.7
57.4
Accumulate
4.7
7.1
6.3
11.2
7.5
8.4
1.94
1.80
1.66
10.4
11.4
11.4
KAPCO
53.5
58.5
Accumulate
7.4
6.9
8.9
7.2
7.8
6.0
1.97
1.94
1.91
12.1
12.9
15.9
21.2
37.7
Buy
1.6
2.2
2.7
12.9
9.5
7.8
1.10
1.03
1.03
8.2
0.0
9.4
Personal Goods
Nishat Mills
NML
83.5
108.0
Buy
13.8
13.6
15.7
6.1
6.2
5.3
0.83
0.78
0.60
4.0
4.2
5.4
NCL
49.5
55.6
Accumulate
8.0
3.8
12.3
6.2
12.9
4.0
1.58
1.48
1.13
3.7
3.7
6.1
Banks
Allied Bank Limited
ABL
57.2
70.0
Buy
9.9
11.4
10.3
5.8
5.0
5.6
1.37
1.18
1.07
7.2
10.3
8.7
Bank AlFalah
BAFL
14.8
20.0
Buy
2.6
3.4
3.5
5.7
4.4
4.2
0.78
0.66
0.63
11.8
13.5
13.5
HBL
97.0
112.1
Accumulate 16.6
16.7
16.4
5.8
5.8
5.9
1.18
1.03
0.95
6.0
7.0
8.2
MCB
197.6
181.8
Reduce
19.0
20.9
20.2
10.4
9.5
9.8
2.18
1.89
1.77
5.0
6.0
7.1
NBP
38.7
48.0
Buy
8.3
7.9
8.2
4.6
4.9
4.7
0.61
0.53
0.52
15.3
15.7
18.1
UBL
87.1
112.5
Buy
12.1
15.7
14.1
7.2
5.5
6.2
1.24
1.06
1.01
8.6
9.8
9.8
StockSmart
5 April 2013
Sym bol
Price
5-Apr-13
1M
YTD
1 Year
High
1 Year
Low
18636.03
3.2
11.9
18.3
34.7
10.2
18636.03
13368.89
AGTL
MTL
210.05
515.20
-8.7
1.0
-8.7
-2.1
-0.1
18.3
20.0
14.5
-11.9
0.4
252.79
579.05
175.05
429.84
INDU
PSMC
304.00
107.26
-7.4
-5.6
14.7
24.3
18.7
6.4
33.3
58.0
12.6
22.4
339.71
113.61
217.69
67.81
DGKC
LUCK
72.30
169.57
12.1
2.6
36.6
14.9
44.0
25.4
84.8
39.0
32.5
11.9
73.43
170.72
38.42
113.18
EPCL
LOTPTA
ENGRO
FATIMA
FFBL
FFC
11.58
7.37
134.07
22.90
38.78
110.58
13.1
-7.8
8.5
-6.3
0.1
-2.1
23.7
4.7
50.6
-11.7
0.8
-5.7
23.6
2.1
25.7
-4.5
0.7
-4.7
-10.9
-14.9
29.5
-0.6
-5.1
-10.3
14.4
0.3
45.7
-13.3
0.5
-5.6
13.09
9.94
136.23
26.89
45.93
127.12
8.61
6.29
81.92
21.51
35.73
106.23
ULEVER
EFOODS
15000.00
144.69
42.9
10.4
47.1
48.7
50.0
103.8
164.2
202.4
48.5
47.4
15000.00
144.69
5572.80
43.45
73.56
0.7
11.8
12.7
31.1
8.0
78.00
55.27
OGDC
POL
PSO
204.48
472.85
202.04
0.3
-2.5
-2.3
8.2
8.7
7.3
14.2
4.3
9.9
23.0
26.3
16.4
6.2
8.1
4.4
209.58
485.78
207.37
147.63
351.79
162.08
HUBC
KAPCO
52.73
53.50
-2.2
0.1
17.4
7.6
10.9
7.1
40.7
19.5
16.6
8.3
53.92
55.34
36.90
43.05
PTC
21.23
-7.3
27.6
7.7
70.1
22.4
23.97
12.12
NCL
NML
49.52
83.53
6.8
6.9
43.5
34.3
118.9
36.0
172.6
47.7
41.3
30.8
50.93
85.46
15.70
47.01
57.16
19.13
14.84
96.98
14.95
197.60
26.39
38.65
87.13
-17.1
-1.0
-20.5
-7.0
-19.2
0.2
8.5
-28.8
-5.6
-21.2
8.5
-9.6
-7.2
-18.3
5.1
-1.5
-20.8
5.6
-12.1
25.7
-2.9
0.0
-13.3
19.6
10.1
-12.1
21.8
-12.4
30.7
-10.6
-5.2
-12.2
24.8
1.9
-17.7
12.5
-22.2
11.1
-11.8
-9.4
-20.7
3.6
-2.5
-21.7
4.1
75.54
19.69
18.89
109.15
19.00
210.71
27.82
54.74
94.56
57.16
13.07
14.84
94.15
14.95
140.87
23.87
38.65
69.28
KSE-100 Index
Industrial Engineering
Al-Ghazi Tractor
Millat Tractors
Autom obile and Parts
Indus Motors
Pak Suzuki Motors
AICL
ABL
AKBL
BAFL
HBL
HMB
MCB
MEBL
NBP
UBL
StockSmart
5 April 2013
Economic Snapshot
End Month Data
Units
Jul-12
Aug-12
Sep-12
Oct-12
Nov-12
Dec-12
Jan-13
Feb-13
3M
11.85
10.87
10.19
9.59
9.24
9.13
9.09
9.20
6M
11.88
10.90
10.19
9.63
9.26
9.16
9.14
9.32
12M
11.89
10.91
10.19
9.65
9.32
9.32
9.26
9.37
PIB 10Y
13.20
12.22
11.66
11.39
11.26
11.49
11.60
11.99
KIBOR 6M
12.01
13.20
10.39
9.83
9.45
9.13
9.35
9.43
Discount rate
12.0
10.50
10.50
10.00
10.00
9.50
9.50
9.50
Headline inflation
9.60
9.10
8.79
7.66
6.90
7.93
8.10
7.40
Core inflation
11.3
10.8
10.4
10.1
9.7
9.8
9.9
9.6
Food inflation
9.1
8.5
7.6
5.8
5.3
7.7
8.1
7.4
T-bill
Inflation
External Indicators
Export (PBS)
US$ (mn)
2,057
2,078
2,219
2,016
1,896
1,969
2,023
1,835
Import (PBS)
US$ (mn)
3,662
3,589
3,506
3,790
3,607
3,672
3,763
3,383
US$ (mn)
(1,605)
(1,511)
(1,287)
(1,774)
(1,711)
(1,703)
(1,740)
(1,548)
Home Remittances
US$ (mn)
1,205
1,259
1,135
1,365
1,018
1,135
1,090
1,028
Current Account
US$ (mn)
(321)
1,084
(331)
(177)
(638)
697
(156)
(596)
Deposits
PkR (bn)
6,112
6,276
6,315
6,305
6,514
6,683
6,610
n.a
Advances
PkR (bn)
3,702
3,714
3,723
3,756
3,793
3,857
3,873
n.a
Investments
Banking Sector
PkR (bn)
3,347
3,390
3,658
3,756
3,785
3,889
3,990
n.a
12.93
12.82
12.65
12.41
12.25
11.97
11.60
11.52
5.88
5.87
5.75
5.64
5.58
5.43
5.39
5.34
Spread
7.05
6.95
6.90
6.77
6.67
6.54
6.21
6.18
Public Finance
Tax collection
PkR (mn)
106,876
123,359
180,774
135,133
139,709
203,125
132,644
n.a
Direct taxes
PkR (mn)
21,854
32,358
84,546
45,304
48,440
105,022
40,161
n.a
Indirect Taxes
PkR (mn)
85,022
91,001
96,228
89,829
91,269
98,103
92,483
n.a
Reserves
US$ (mn)
14,609
14,856
14,923
14,325
13,531
13,859
13,636
12,936
USDPkR - Interbank
PkR/USD
89.55
94.49
94.64
95.49
96.08
97.25
97.55
98.04
Currency
StockSmart
5 April 2013
Analyst Certification
We, the AKD Research Team, hereby individually & jointly certify that the views expressed in this research report accurately reflect our personal views about the subject securities and issuers. We also certify that no part of our compensation was, is,or will be, directly or indirectly, related
to the specific recommendations or views expressed in this research report. We further certify that we do not have any beneficial holding of the
specific securities that we have recommendations on in this report.
Tel no.
Coverage
Naveed Vakil
Raza Jafri, CFA
Ayub Ansari
Raza Hamdani
Anum Dhedhi
Bilal Alvi
Qasim Anwar
Hassan Quadri
Azher Ali Quli
Nasir Khan
Tariq Mehmood
naveed.vakil@akdsecurities.net
raza.jafri@akdsecurities.net
ayub.ansari@akdsecurities.net
raza.hamdani@akdsecurities.net
anum.dhedhi@akdsecurities.net
bilal.alvi@akdsecurities.net
qasim.anwar@akdsecurities.net
hassan.quadri@akdsecurities.net
azher.quli@akdsecurities.net
nasir.khan@akdsecurities.net
tariq.mehmood@akdsecurities.net
10