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

<ul><li>National Accounts Committee (NAC) released GDP estimates for 3QFY26, showing growth of 4.0% YoY taking 9MFY26 average growth to also 4.0%, within State Bank of Pakistan (SBP) range of 3.75% to 4.75%.</li><li>The 9MFY26 growth trend is falling in upper range of our annual estimates of 3.5-4.0% for FY26. We maintain our GDP growth forecast in same range as we believe likely reduction in economic activity amidst higher oil prices and administrative measures by Govt i.e. early closure of markets will weigh on 4Q growth numbers, in our view.</li><li>Our view is also aligned by the provisional GDP growth of 3.7% quoted by PBS for FY26 in its press release is 3.7%.</li></ul>

National Accounts Committee (NAC) released GDP estimates for 3QFY26, showing growth of 4.0% YoY taking 9MFY26 average growth to also 4.0%, within State Bank of Pakistan (SBP) range of 3.75% to 4.75%.The 9MFY26 growth trend is falling in upper range of our annual estimates of 3.5-4.0% for FY26. We maintain our GDP growth forecast in same range as we believe likely reduction in economic activity amidst higher oil prices and administrative measures by Govt i.e. early closure of markets will weigh on 4Q growth numbers, in our view.Our view is also aligned by the provisional GDP growth of 3.7% quoted by PBS for FY26 in its press release is 3.7%.

Pakistan Economy - Pakistan GDP Grew 4.0% In 3QFY26; FY26 Provisional Growth Expected At 3.7%