Message from Chief Executive Officer AKD Securities Limited

I would like to take this opportunity to congratulate South Asian Federation of Exchanges, the Pakistan Stock Exchange and Securities &Exchange Commission of Pakistan for putting such a great show every year and it gives me immense pleasure to be a part of IPO Summits since their inception.
Change is in the air. With geopolitical shocks in the developed part of the world, the Brexit vote in July, breaking down of globalisation and recently, the election of Mr Trump as president of the United States, we are in uncharted waters. While dangers of heightened volatility, collapse in the neo-liberal economic world order and political upheavals loom large, opportunity and advantage are in sight.
Pakistan's relatively limited reliance on global trade, self-sufficiency in key industries and focus on regional allies has set us on a path to sustainable growth. Then there are the internal drivers of growth, positive demographics, a vibrant consumer base, untapped industrial production and adapting new technologies which remain catalysts for Pakistan's growth story. Change is in the air, and we should all embrace it and move to adjust.
In the backdrop of impactful political stability, completion of the three-year IMF EFF program, successful privatizations, legislative and regulatory overhaul for strengthening of markets have formed solid foundations for sturdy growth. Not to mention the $46 billion agreement constituting the China Pakistan Economic Corridor, an ambitious exercise to promote Pakistan as a geopolitical powerhouse and make it the center of commerce and trade in the region. This is not only a claim made locally, but multilateral agencies of repute, such as the ADB, IMF, the World Bank and also foreign news outlets including Financial Times, The Economist and the Wall Street Journal who continue to broadcast a positive outlook on our country and its potential for growth. Our growth targets beyond 5%. This development has not gone unnoticed as Fitch, Moody's and recently S&P who have all upgraded their credit rating on our debt citing an improved outlook for the future. These endorsements only solidify sentiment, with international investors joining the Pakistani growth bandwagon.
We as a nation are now on a path to sustainable economic growth eyeing 5% growth in GDP in fiscal year 2017, providing electricity, access to irrigation, improving healthcare through expanding insurance coverage and providing well-paying jobs to our youth. This cycle of economic growth is self-perpetuating and a significant turning point in our short history.
Our market has stood the test of time, where stocks unleash their potential soon after listing, and thus form a positive influence, attracting additional companies to seek public listing. Despite the additional expense of regulations, publishing of pertinent information and maintaining active disclosures, our equity markets are a real-time measure of value. As a company grows, thriving in a competitive business environment, expands or takes part in M&A, the price of its stock reflects the current and future economic benefits of such actions.
Listings embolden management of these companies to act in an equitable and fair manner, while keeping the long-term interests of the company in mind. Shareholders consistently reward companies with better disclosures and strong earnings performance. This symbiotic relationship is the foundation of the underwriting business and our role as financial advisors. "History admires the wise but elevates the brave"-Edmund Morris.
My conviction in progressive companies, strong but suppressed dynamics of Pakistan and faith in the collective wisdom of markets remains firm and steady. Price performance of dynamic companies in competitive industries continues to be the bedrock of delivering robust returns. Allocating capital remains the main role of equity markets, but we have seen our market do much more.
All the companies may not become star performers at stock exchanges straightaway as there is no short cut to success but listing and putting yourself before a host of stakeholders is a dynamic process and indeed an act of bravery but it is the step towards right direction and towards a pathway to glory - a decision to be made which in my opinion enterprising entrepreneurs will never repent.
Acting as a barometer for sentiment in the future of development, countering the trend of reduced savings rate and providing a legal mode of investing, where every investor has the tools to choose companies that they believe have a long term potential to perform. This 'investment for all' model is the driving force for our conviction in markets and at the core of internally driven progress for the country. I wish this event remarkable success and hope this endeavour paves way for a much needed fresh wave of equity / debt listings in Pakistan.