EM PM, Ecstrat

Emad Mostaque

EM PM

Ecstrat

Ecstrat is a consultancy advising on asset allocation between global equity markets, with a focus on the intersection of governments, geopolitics, governance and markets.
 
Over the past few years and more especially since the Great Financial Crisis (GFC), investors have become more focused on short-term market movements and real-time returns and have consequently neglected the analysis of the underlying structural themes that underpin longer term performance.
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More specifically we believe that the evolution of governance-based relationships between investors, controlling shareholders, labour and the state is one of the primary determinants of both relative and absolute performance between individual equity markets.
 
We will endeavour to provide investors with some of the context surrounding governance-related issues which encompass many different disciplines including history, economics and political science, as well as the financial metrics which are the most obvious manifestation of the structural characteristics of each market.
 
We will pay particular attention to the shifts and potential inflection points for governance in individual markets as these are often the best lead indicators for both economic and market performance.

Thematic (Sector/Industry)

<div>Oil prices have had a jittery week after the shock of the US elections leading to a dollar resurgence and abject confusion over the impact on the potential impending OPEC deal. </div><div>Short positions have steadily been building under the assumption a deal likely won't be done, or if it is done then it won't be enforceable and not take enough barrels off the market. </div><div>This had sparked a predictable series of leaks and a flurry of diplomatic activity from oil ministers and the OPEC Secretary General to try…</div>

Oil prices have had a jittery week after the shock of the US elections leading to a dollar resurgence and abject confusion over the impact on the potential impending OPEC deal. Short positions have steadily been building under the assumption a deal likely won't be done, or if it is done then it won't be enforceable and not take enough barrels off the market. This had sparked a predictable series of leaks and a flurry of diplomatic activity from oil ministers and the OPEC Secretary General to try…

SGX Market Strategist, Equity & Fixed Income, Singapore Exchange Ltd (SGX)

Geoff Howie

SGX Market Strategist, Equity & Fixed Income

Asia’s leading multi-asset exchange

Singapore Exchange Ltd (SGX)

Singapore Exchange is Asia’s leading and trusted market infrastructure, facilitating the exchange of capital and ideas to create value for people, businesses and economies. As a multi-asset exchange operating equity, fixed income and derivatives markets to the highest regulatory standards, SGX is a vertically integrated business that provides listing, trading, clearing, settlement, depository and data services.

With about 40% of listed companies and over 80% of listed bonds originating outside of Singapore as well as established linkages across the region and in Europe, SGX is Asia’s most international and connected exchange. Offering a full suite of derivatives products across Asian equity indices, commodities and currencies, SGX is the world’s most liquid international market for the benchmark equity indices of China, India, Japan and ASEAN.

As Asia’s pioneering central counterparty, SGX is globally recognised for its risk management and clearing capabilities, and was one of the first globally to adopt the Principles for Financial Market Infrastructure.

Headquartered in AAA-rated Singapore, SGX has over 800 employees including offices in Beijing, Chicago, Hong Kong, London, New York, Mumbai, San Francisco, Shanghai and Tokyo.

<ul><li><strong>Singapore’s Energy Sector was the strongest of Singapore’s stock Sectors in October, with a 10.4% market capitalisation weighted total return on oil and coal price swings. This followed on from Energy also being the strongest of the Sectors back in September.</strong></li><li><strong>The 10 largest capitalised stocks of Singapore’s Energy Sector averaged a 12.5% total return in October, consisting of seven advancing stocks and three declining stocks. CAO, the largest capitalised stock of Singapore’s Energy Sector is scheduled to report 3Q16 results Wednesday.</strong></li><li><strong>Two of the 10 largest capitalised Energy stocks, Geo Energy Resources and KrisEnergy also ranked amongst the 10 actively traded stocks that saw the biggest increase in their October traded volume, compared to respective three month average volumes. Geo Energy Resources was the fifth biggest volume leader while KrisEnergy was the sixth biggest volume leader.</strong></li></ul>

Singapore’s Energy Sector was the strongest of Singapore’s stock Sectors in October, with a 10.4% market capitalisation weighted total return on oil and coal price swings. This followed on from Energy also being the strongest of the Sectors back in September.The 10 largest capitalised stocks of Singapore’s Energy Sector averaged a 12.5% total return in October, consisting of seven advancing stocks and three declining stocks. CAO, the largest capitalised stock of Singapore’s Energy Sector is scheduled to report 3Q16 results Wednesday.Two of the 10 largest capitalised Energy stocks, Geo Energy Resources and KrisEnergy also ranked amongst the 10 actively traded stocks that saw the biggest increase in their October traded volume, compared to respective three month average volumes. Geo Energy Resources was the fifth biggest volume leader while KrisEnergy was the sixth biggest volume leader.

Energy the Strongest Sector in October on Oil & Coal Price Swings

Frontier and emerging markets (Vietnam)

Dylan Waller

Nomadic Equity

<p><strong>Pakistan's Upgrade</strong></p><p>Pakistan received its well deserved emerging market upgrade from MSCI last week, and valuation still remains below its historical high experienced when it was previously an emerging market.  Now is a strong time to swoop in to profit from Pakistan's future upside, as the market has the potential trade at up to 13.8X its earnings, based on its historical valuation.  Unfortunately, this is a case where simple exposure through an ETF, the <a href="https://www.smartkarma.com/entities/21016" target="_blank" data-smartkarma-citation="entities:21016">Global X Msci Pakistan Etf</a>, is not an…</p>

Pakistan's UpgradePakistan received its well deserved emerging market upgrade from MSCI last week, and valuation still remains below its historical high experienced when it was previously an emerging market.  Now is a strong time to swoop in to profit from Pakistan's future upside, as the market has the potential trade at up to 13.8X its earnings, based on its historical valuation.  Unfortunately, this is a case where simple exposure through an ETF, the Global X Msci Pakistan Etf, is not an…

Top Industries for Investment as Pakistan Transitions to an Emerging Market

<p><strong>MSCI Announcement is Approaching</strong></p><p>As previously mentioned, Pakistan is under review for classification as an emerging market, and it appears likely that this transition will be successful.  Previously, objections have been raised regarding size and liquidity, though these factors have improved considerably.  In addition to the improvements in size and liquidity, the MSCI has noted other <a href="https://www.msci.com/documents/10199/238444/Results+of+MSCI+2015+Market+Classification+Review/5f8d9f3b-67b9-4f9f-83d1-ce6227a496a2" target="_blank">positive changes</a> in Pakistan that makes its reclassification as an emerging market more likely.  These…</p>

MSCI Announcement is ApproachingAs previously mentioned, Pakistan is under review for classification as an emerging market, and it appears likely that this transition will be successful.  Previously, objections have been raised regarding size and liquidity, though these factors have improved considerably.  In addition to the improvements in size and liquidity, the MSCI has noted other positive changes in Pakistan that makes its reclassification as an emerging market more likely.  These…

Emerging Market Status Appears Likely for Pakistan

<p>Pakistan is a strong frontier market in Asia for investors to consider:</p><ul><li>The MSCI will review Pakistan's eligibility to become an emerging market this year</li><li>Pakistan stands out for its high growth and strong discount to other stock markets in Asia</li><li>The cement industry, banking industry, and automotive industry are all strong areas for investment</li><li>Investors should avoid the textile and oil/gas industry in general, although some buy opportunities may emerge from the sell off</li><li>Regardless of what decision is made this year, Pakistan is still a strong, high growth frontier market</li></ul>

Pakistan is a strong frontier market in Asia for investors to consider:The MSCI will review Pakistan's eligibility to become an emerging market this yearPakistan stands out for its high growth and strong discount to other stock markets in AsiaThe cement industry, banking industry, and automotive industry are all strong areas for investmentInvestors should avoid the textile and oil/gas industry in general, although some buy opportunities may emerge from the sell offRegardless of what decision is made this year, Pakistan is still a strong, high growth frontier market

Emerging Pakistan?: Key Industries to Consider and Avoid

Pakistan

Pakistan Oil Fields Limited specializes in the exploration, drilling, production and transmission of petroleum.  The Company also markets Liquified Petroleum Gas (LPG).

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Pakistan Oilfields (POL PA)

Playing the OPEC Deal

Oil prices have had a jittery week after the shock of the US elections leading to a dollar resurgence and abject confusion over the impact on the...

Emad Mostaque

Energy the Strongest Sector in October on Oil & Coal Price Swings

Singapore’s Energy Sector was the strongest of Singapore’s stock Sectors in October, with a 10.4% market capitalisation weighted total return on...

Singapore Exchange Ltd (SGX)

Top Industries for Investment as Pakistan Transitions to an Emerging Market

Pakistan's UpgradePakistan received its well deserved emerging market upgrade from MSCI last week, and valuation still remains below its historical...

Nomadic Equity

Emerging Market Status Appears Likely for Pakistan

MSCI Announcement is ApproachingAs previously mentioned, Pakistan is under review for classification as an emerging market, and it appears likely...

Nomadic Equity

Emerging Pakistan?: Key Industries to Consider and Avoid

Pakistan is a strong frontier market in Asia for investors to consider: The MSCI will review Pakistan's eligibility to become an emerging market...

Nomadic Equity

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