External broker reports(aggregated public sources), BRI Danareksa Research

BRI Danareksa Research

External broker reports(aggregated public sources)

As a one-stop financial solution with the vision to be the most valuable securities house, BRI Danareksa Sekuritas (BRIDS) has maintained an excellent track record and extensive experience in the capital market as an underwriter, broker, and financial advisor for individual, institutional, foreign and domestic, private and government clients. Established in 1992, PT Danareksa Sekuritas is a securities company that performs activities as a securities broker, underwriter, or arranger and financial advisor.

Macroeconomics

<ul><li>Volatility starts to ease, though not yet out of the woods. As of 12th Apr25, Trump’s latest escalation (i.e., pushing U.S. tariffs on Chinese imports to 145%) and China’s response (raising tariffs on U.S. goods to 125%) have kept VIX at 30-40, but down from 55 on 7th Apr25.</li><li>Overall, Trump’s pause, latest exemptions, and China’s latest rhetoric to “not go higher” hint that both sides may see diminishing returnsfrom the tariffs retaliations and signal a possible negotiation.</li><li>Nonetheless, we think uncertainty remains and volatility could persist (VIX at 30-40) unless there is a concrete deal.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Volatility starts to ease, though not yet out of the woods. As of 12th Apr25, Trump’s latest escalation (i.e., pushing U.S. tariffs on Chinese imports to 145%) and China’s response (raising tariffs on U.S. goods to 125%) have kept VIX at 30-40, but down from 55 on 7th Apr25.Overall, Trump’s pause, latest exemptions, and China’s latest rhetoric to “not go higher” hint that both sides may see diminishing returnsfrom the tariffs retaliations and signal a possible negotiation.Nonetheless, we think uncertainty remains and volatility could persist (VIX at 30-40) unless there is a concrete deal.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BRIDS Market Pulse: Chart of the Week – USD Vs. Gold

<ul><li>Market: JCI fell -1.8% w-w, along with most of the regional markets, amid corrections in the US market indices due to concerns on growth outlook.</li><li>Foreign investors’ outflow returned with -US$226mn w-w, mainly still concentrated in the big banks.</li><li>EM peers were also hit by foreign outflows across the board. Gold price reached an all-time high level at US$3000/ oz, indicating funds’ flight to safety.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Market: JCI fell -1.8% w-w, along with most of the regional markets, amid corrections in the US market indices due to concerns on growth outlook.Foreign investors’ outflow returned with -US$226mn w-w, mainly still concentrated in the big banks.EM peers were also hit by foreign outflows across the board. Gold price reached an all-time high level at US$3000/ oz, indicating funds’ flight to safety.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

BRIDS Market Pulse: Chart of the Week – Gold Price Vs. DXY

External broker reports(aggregated public sources), Topline Securities

Topline Securities

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Pakistan Equities outperformed major asset classes in 2024. The benchmark KSE 100 Index provided a gain of 75% (Jan 01, 2024 till Dec 20, 2024) with 6 trading sessions left in 2024. This gain is inclusive of dividends received during this period.</li><li>Gold has also posted a decent gain, recording the third-largest increase. In 2024 it gained from Rs189,386/10 grams to Rs234,311/10 grams providing a profit of 24%. In international market it also increased from US$2,092/ounce on Dec 29, 2023 to US$2,617/ounce on Dec 20, 2024.</li><li>Another favourite investment for local Pakistanis has been US Dollar in last few years. In 2024 it provided a negative return of 1% declining from Rs282 to Rs278 in the interbank market compared to return of 24% and 28% in 2023 and 2022, respectively. However, if this amount had been invested in a 1-year term deposit at the beginning of the year, the gain would have been 1-4%, assuming a return of 2-5% on US Dollar deposits.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan Equities outperformed major asset classes in 2024. The benchmark KSE 100 Index provided a gain of 75% (Jan 01, 2024 till Dec 20, 2024) with 6 trading sessions left in 2024. This gain is inclusive of dividends received during this period.Gold has also posted a decent gain, recording the third-largest increase. In 2024 it gained from Rs189,386/10 grams to Rs234,311/10 grams providing a profit of 24%. In international market it also increased from US$2,092/ounce on Dec 29, 2023 to US$2,617/ounce on Dec 20, 2024.Another favourite investment for local Pakistanis has been US Dollar in last few years. In 2024 it provided a negative return of 1% declining from Rs282 to Rs278 in the interbank market compared to return of 24% and 28% in 2023 and 2022, respectively. However, if this amount had been invested in a 1-year term deposit at the beginning of the year, the gain would have been 1-4%, assuming a return of 2-5% on US Dollar deposits.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan Strategy–Asset Class Returns of Pakistan in 2024; Equites Outperformed Other Asset Classes

External broker reports(aggregated public sources), ABN AMRO

ABN AMRO

ABN AMRO is a personal bank in the digital age. A bank committed to playing a serious role in society. This digital age helps us to bring banking ever closer to our clients and what they need. Our areas of focus are inclusion, sustainability, social entrepreneurship, innovation, daily banking and more. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<div data-component-type="container"><ul><li>In 2023 gold prices have traded in a USD 1,800-2,000 per ounce range for most of the time. In periods of a stronger US dollar and higher US real yields gold prices moved towards the USD 1,800 level. Recently, gold prices have rallied to USD 2,000 again.</li><li>The recovery in gold prices has happened against the background of lower US real yields, the possible end of the tightening  cycles by the Fed and ECB and the situation in the Middle East (see above). Gold prices face difficulty to move and stay above USD 2,000 and/or to decline below USD 1,800.</li></ul></div><div data-component-type="container"><ul><li>For the coming months we don’t expect a change in these dynamics. However the start of the easing cycle and the large amount of rate cuts we expect for the Fed and the ECB in 2024 should be supportive for gold prices, especially as we expect more aggressive rate cuts by both central banks than the market.</li></ul></div>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

In 2023 gold prices have traded in a USD 1,800-2,000 per ounce range for most of the time. In periods of a stronger US dollar and higher US real yields gold prices moved towards the USD 1,800 level. Recently, gold prices have rallied to USD 2,000 again.The recovery in gold prices has happened against the background of lower US real yields, the possible end of the tightening  cycles by the Fed and ECB and the situation in the Middle East (see above). Gold prices face difficulty to move and stay above USD 2,000 and/or to decline below USD 1,800.For the coming months we don’t expect a change in these dynamics. However the start of the easing cycle and the large amount of rate cuts we expect for the Fed and the ECB in 2024 should be supportive for gold prices, especially as we expect more aggressive rate cuts by both central banks than the market.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

External broker reports(aggregated public sources), Scotiabank

Scotiabank

Scotiabank’s global foreign exchange strategy team provides in-depth regional insights and macro-economic analysis for G10 and advanced economies, Asia Pacific, and Latin America. Find technical and fundamental strategy reports focused on trade ideas, market risks, and the unfolding macro outlook. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

<ul><li>Broader bearish USD sentiment has moderated somewhat, the latest positioning data from the CFTC shows.</li><li>Non-Commercial Accounts cut short USD positioning by a little over USD3.4bn in the week through Tuesday, taking the aggregate bear bet on the USD versus the major currencies back to USD15.8bn.</li><li>Data shows that Real Money Accounts trimmed their overall short USD position USD2.4bn to USD38.9bn over the week while Leveraged Accounts lifted their (modest) short USD position by USD2.5bn to USD4.8bn.</li></ul>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Broader bearish USD sentiment has moderated somewhat, the latest positioning data from the CFTC shows.Non-Commercial Accounts cut short USD positioning by a little over USD3.4bn in the week through Tuesday, taking the aggregate bear bet on the USD versus the major currencies back to USD15.8bn.Data shows that Real Money Accounts trimmed their overall short USD position USD2.4bn to USD38.9bn over the week while Leveraged Accounts lifted their (modest) short USD position by USD2.5bn to USD4.8bn.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Weekly CFTC Sentiment Report - Bearish USD Sentiment Moderates

United States

Gold is a chemical element with the symbol Au (from Latin: aurum) and the atomic number 79. In its purest form, it is a bright, slightly reddish yellow, dense, soft, malleable and ductile metal. Chemically, gold is a transition metal and a group 11 element. It is one of the least reactive chemical elements, and is solid under standard conditions. The metal therefore occurs often in free elemental (native) form, as nuggets or grains, in rocks, in veins and in alluvial deposits. It occurs in a solid solution series with the native element silver (as electrum) and also naturally alloyed with copper and palladium. Less commonly, it occurs in minerals as gold compounds, often with tellurium (gold tellurides).

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Gold (GOLD COMDTY)

BRIDS Market Pulse: Chart of the Week – USD Vs. Gold

As of 12th Apr25, Trump’s latest escalation (i.e., pushing U.S. tariffs on Chinese imports to 145%) and China’s response (raising tariffs on U.S....

BRI Danareksa Research

BRIDS Market Pulse: Chart of the Week – Gold Price Vs. DXY

Market: JCI fell -1.8% w-w, along with most of the regional markets, amid corrections in the US market indices due to concerns on growth outlook.

BRI Danareksa Research

Pakistan Strategy–Asset Class Returns of Pakistan in 2024; Equites Outperformed Other Asset Classes

Pakistan Equities outperformed major asset classes in 2024. The benchmark KSE 100 Index provided a gain of 75% (Jan 01, 2024 till Dec 20, 2024)...

Topline Securities

Gold price outlook

Outlook 2024 Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below...

ABN AMRO

Weekly CFTC Sentiment Report - Bearish USD Sentiment Moderates

Non-Commercial Accounts cut short USD positioning by a little over USD3.4bn in the week through Tuesday, taking the aggregate bear bet on the USD

Scotiabank

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