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>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