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.

Macroeconomics

<ul><li>Pakistan market loses ~9% during the first few minutes of the today's session amidst escalating tensions between US – Israel & Iran. The Pakistan market trading also halted for an hour as a risk management rule set by Pakistan Stock Exchange.</li><li>On Feb 28, 2026, reportedly, the duo of Israel & US carried out strikes in Iran, resulting in killing of the Supreme Leader of the Iran “Syed Ayatollah Khamenei” and other top civil military leaders of the country.</li><li>In response, Iran also aggressively targeted multiple bases of the US in middle eastern countries namely Bahrain, UAE, Qatar, KSA and others and directly attacked Israel over the weekend.</li></ul>

Pakistan market loses ~9% during the first few minutes of the today's session amidst escalating tensions between US – Israel & Iran. The Pakistan market trading also halted for an hour as a risk management rule set by Pakistan Stock Exchange.On Feb 28, 2026, reportedly, the duo of Israel & US carried out strikes in Iran, resulting in killing of the Supreme Leader of the Iran “Syed Ayatollah Khamenei” and other top civil military leaders of the country.In response, Iran also aggressively targeted multiple bases of the US in middle eastern countries namely Bahrain, UAE, Qatar, KSA and others and directly attacked Israel over the weekend.

PAKISTAN MARKET - DOWN 19% FROM RECENT PEAK; IMPLICATIONS OF REGIONAL TURMOIL

External broker reports, Nordea

Nordea

External broker reports

Nordea is the bank in the Nordics dedicated to serving corporations and institutional customers. Our offering includes a diverse range of financing, cash management and payment services, investment banking, capital markets products, securities services 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.

<ul><li>Fed chair Powell was very clear that getting inflation down to 2% was still the prime objective.</li><li>The Chairman talked about the strengths of the US economy, progress in the labour market and rise in long term rates.</li><li>But he was also cautious and did not offer clear signals of what the Fed intended to do ahead.</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.

Fed chair Powell was very clear that getting inflation down to 2% was still the prime objective.The Chairman talked about the strengths of the US economy, progress in the labour market and rise in long term rates.But he was also cautious and did not offer clear signals of what the Fed intended to do ahead.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.

<ul><li>In September, issuance and QT in SGBs ramps up to more than 9 bn/month from nothing during the holidays.</li><li>Reduced ECB buying and a rate hike pause while long-term inflation expectations rise suggest "risk-premium".</li><li>Tighter covered spreads=True</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.

In September, issuance and QT in SGBs ramps up to more than 9 bn/month from nothing during the holidays.Reduced ECB buying and a rate hike pause while long-term inflation expectations rise suggest "risk-premium".Tighter covered spreads=TrueContent 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.

SEK rates weekly: Bond issuance about to level up

<ul><li>In recent months, investors and economists have marked down the probability of a recession, after growth has surprised on the upside and inflation has surprised on the downside.</li><li>This has fueled equity prices, lifted interest rates , and weighed on the US dollar.</li><li>Put together, it looks like the perfect picture of a soft landing – everyone is getting exactly what they want – slowing inflation and a strong economy.</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.

In recent months, investors and economists have marked down the probability of a recession, after growth has surprised on the upside and inflation has surprised on the downside.This has fueled equity prices, lifted interest rates , and weighed on the US dollar.Put together, it looks like the perfect picture of a soft landing – everyone is getting exactly what they want – slowing inflation and a strong economy.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.

<ul>
<li>Yet another month Japanese investors increased their US exposure and bought EUR 11.73bn worth of Treasury bonds in June.</li>
<li>Thus, their holdings in US Treasuries has increased by EUR 82bn in the first half of 2023 after the massive sell-off in 2022.</li>
<li>In line with the investor distribution data published by the Danish central bank, Japanese investors reduced their positions in Danish callable bonds by EUR 0.23bn in June.</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.


Yet another month Japanese investors increased their US exposure and bought EUR 11.73bn worth of Treasury bonds in June.
Thus, their holdings in US Treasuries has increased by EUR 82bn in the first half of 2023 after the massive sell-off in 2022.
In line with the investor distribution data published by the Danish central bank, Japanese investors reduced their positions in Danish callable bonds by EUR 0.23bn in June.

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.

Global Bond Investments: The Japanese buying of US bonds continued in June

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PAKISTAN MARKET - DOWN 19% FROM RECENT PEAK; IMPLICATIONS OF REGIONAL TURMOIL

Pakistan market loses ~9% during the first few minutes of the today's session amidst escalating tensions between US – Israel & Iran. The...

Topline Securities

FOMC Review: Unsure

Fed chair Powell was very clear that getting inflation down to 2% was still the prime objective. The Chairman talked about the strengths of the US...

Nordea

SEK rates weekly: Bond issuance about to level up

In September, issuance and QT in SGBs ramps up to more than 9 bn/month from nothing during the holidays. Reduced ECB buying and a rate hike pause...

Nordea

Macro & Markets: Soft landing dreams

Fading recession risks.In recent months, investors and economists have marked down the probability of a recession, after growth has surprised on...

Nordea

Global Bond Investments: The Japanese buying of US bonds continued in June

Yet another month Japanese investors increased their US exposure and bought EUR 11.73bn worth of Treasury bonds in June.

Nordea

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