External broker reports(aggregated public sources), Topline Securities

Topline Securities

External broker reports(aggregated public sources)

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.

Cross Asset Strategy

<ul><li>Pakistan’s benchmark KSE-100 index witnessed double digit growth after eleven quarters where index was up by 12% QoQ basis. It was also up 11% in USD terms in 3Q2023.</li><li>Better than expected IMF Stand By Agreement (SBA) in Jul-2023, stable currency, and announcement of election helped sentiments in last quarter.</li><li>As per Bloomberg data, Pakistan market remained sixth Best Performing market after Turkey (+37%), Romania (+27%), Srilanka (+15%), Egypt (+14%), and Ghana (+12%) in 3Q2023.</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’s benchmark KSE-100 index witnessed double digit growth after eleven quarters where index was up by 12% QoQ basis. It was also up 11% in USD terms in 3Q2023.Better than expected IMF Stand By Agreement (SBA) in Jul-2023, stable currency, and announcement of election helped sentiments in last quarter.As per Bloomberg data, Pakistan market remained sixth Best Performing market after Turkey (+37%), Romania (+27%), Srilanka (+15%), Egypt (+14%), and Ghana (+12%) in 3Q2023.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: Pak Market Recover 12% in 3Q2023; Amongst Top Performing Markets

<ul><li>KSE 100 index companies posted record earnings (PAT) of Rs1.2trn up 16% YoY in FY23 vs last year FY22 growth of 23%.</li><li>FY23 profit growth was in line with last 10-Years average growth of 13% for KSE 100 index companies.</li><li>This growth in earnings is majorly contributed to by Banking sector (+68% YoY) and the E&amp;P sector (+69% YoY) in FY23. Excluding Banks and E&amp;Ps, KSE index companies profitability was down 32% YoY.</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.

KSE 100 index companies posted record earnings (PAT) of Rs1.2trn up 16% YoY in FY23 vs last year FY22 growth of 23%.FY23 profit growth was in line with last 10-Years average growth of 13% for KSE 100 index companies.This growth in earnings is majorly contributed to by Banking sector (+68% YoY) and the E&amp;P sector (+69% YoY) in FY23. Excluding Banks and E&amp;Ps, KSE index companies profitability was down 32% YoY.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: Corporate Profits Posted Decent Growth in Spite of Economic Slowdown

Macroeconomics

<ul><li>Election Commission of Pakistan (ECP), country electoral body, recently announced that General/National Election will be held in the last week of January 2024.</li><li>Just to recall, last Assemblies were dissolved in August 2023, and as per the constitution, General Election should be held in less than 90 days after the dissolution of the National Assembly.</li><li>However, due to the new census of 2023 and the delimitation process, which was approved on August 05, 2023, by the Council of Common Interests, this delay was expected. That's why there was uncertainty about the General Election and its timeline.</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.

Election Commission of Pakistan (ECP), country electoral body, recently announced that General/National Election will be held in the last week of January 2024.Just to recall, last Assemblies were dissolved in August 2023, and as per the constitution, General Election should be held in less than 90 days after the dissolution of the National Assembly.However, due to the new census of 2023 and the delimitation process, which was approved on August 05, 2023, by the Council of Common Interests, this delay was expected. That's why there was uncertainty about the General Election and its timeline.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 Politics: Pakistan Elections; PSX Pre-Election Rally likely

Thematic (Sector/Industry)

<ul>
<li>Morgan Stanley Capital International (MSCI) earlier today announced the results of the May 2018 Semi‐Annual Index Review for the MSCI Equity Indexes.</li>
<li>While there was no change in the MSCI Global Standard Indexes, MSCI has removed Pak Elektron (PAEL), National Refinery (NRL) and IGI Holdings Limited (IGIHL) from the MSCI Global Small Cap Indexes. All changes will be implemented from the close of May 31, 2018.</li>
<li>Other development coinciding with the index review is the partial inclusion of China A…</li>
</ul>


Morgan Stanley Capital International (MSCI) earlier today announced the results of the May 2018 Semi‐Annual Index Review for the MSCI Equity Indexes.
While there was no change in the MSCI Global Standard Indexes, MSCI has removed Pak Elektron (PAEL), National Refinery (NRL) and IGI Holdings Limited (IGIHL) from the MSCI Global Small Cap Indexes. All changes will be implemented from the close of May 31, 2018.
Other development coinciding with the index review is the partial inclusion of China A…


Flash Note: Pakistan Market: Pak Weight in EM to Slightly Fall Post China A Shares Inclusion

<ul>
<li>As per our channel checks, Pak Rupee has devalued by 3.0% in early hours of the interbank market today. It was trading at around Rs114 compared to yesterday’s closing rate of Rs110.58. To recall, the govt. had devalued the Pak Rupee by around 5% on December 8, 2017. During the last 10 years, Pak Rupee has devalued annually by 5%.</li>
<li>We believe this is much needed as Pakistan’s external account has deteriorated as of late. During FY17, Pakistan posted current account deficit (CAD) of US$12.2bn (4% of…</li>
</ul>


As per our channel checks, Pak Rupee has devalued by 3.0% in early hours of the interbank market today. It was trading at around Rs114 compared to yesterday’s closing rate of Rs110.58. To recall, the govt. had devalued the Pak Rupee by around 5% on December 8, 2017. During the last 10 years, Pak Rupee has devalued annually by 5%.
We believe this is much needed as Pakistan’s external account has deteriorated as of late. During FY17, Pakistan posted current account deficit (CAD) of US$12.2bn (4% of…


Flash Note: Pakistan Market: Pak Rupee Devalues in Interbank Market

Pakistan

The Pakistan Stock Exchange (fka Karachi Stock Exchange) KSE100 Index comprises the top company from each of the 34 sectors on the PSX, in terms of market capitalization. The rest of the companies are picked on market cap ranking, without any consideration for the sector to make a sample of 100 common stocks with base value 1,000. This is a total return index.

Karachi Stock Exchange Kse100 Index (KSE100 INDEX)

Karachi Stock Exchange Kse100 Index (KSE100 INDEX)

Pakistan Strategy: Pak Market Recover 12% in 3Q2023; Amongst Top Performing Markets

Pakistan’s benchmark KSE-100 index witnessed double digit growth after eleven quarters where index was up by 12% QoQ basis. It was also up 11% in...

Topline Securities

Pakistan Strategy: Corporate Profits Posted Decent Growth in Spite of Economic Slowdown

KSE 100 index companies posted record earnings (PAT) of Rs1.2trn up 16% YoY in FY23 vs last year FY22 growth of 23%. FY23 profit growth was in...

Topline Securities

Pakistan Politics: Pakistan Elections; PSX Pre-Election Rally likely

Election Commission of Pakistan (ECP), country electoral body, recently announced that General/National Election will be held in the last week of...

Topline Securities

Flash Note: Pakistan Market: Pak Weight in EM to Slightly Fall Post China A Shares Inclusion

Morgan Stanley Capital International (MSCI) earlier today announced the results of the May 2018 Semi‐Annual Index Review for the MSCI Equity...

Topline Securities

Flash Note: Pakistan Market: Pak Rupee Devalues in Interbank Market

As per our channel checks, Pak Rupee has devalued by 3.0% in early hours of the interbank market today. It was trading at around Rs114 compared to...

Topline Securities