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.

External broker reports(aggregated public sources)

Macroeconomics

Pakistan Government International Bond (PKSTAN GOVT)

<ul><li>The Government has announced a budget with revenues and expenditures of Rs19.3trn and Rs25.8tn, respectively, translating into a federal deficit of 5% of GDP or Rs6.5tn.</li><li>FBR tax revenues are expected to grow by 19% to Rs14.13trn, while the government has revised its FBR collection target for FY25 from Rs12.97trn to Rs11.9trn.</li><li>Key stock market measures include keeping CGT and dividend rates unchanged, targeting a primary surplus of 2.4% of GDP, and removing exemptions granted to the FATA/PATA region.</li></ul>

The Government has announced a budget with revenues and expenditures of Rs19.3trn and Rs25.8tn, respectively, translating into a federal deficit of 5% of GDP or Rs6.5tn.FBR tax revenues are expected to grow by 19% to Rs14.13trn, while the government has revised its FBR collection target for FY25 from Rs12.97trn to Rs11.9trn.Key stock market measures include keeping CGT and dividend rates unchanged, targeting a primary surplus of 2.4% of GDP, and removing exemptions granted to the FATA/PATA region.

Pakistan Budget FY26 – Positive for Market; Another Year of Fiscal Consolidation