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)

Cross Asset Strategy

<ul><li>Background of Iran sanctions: Although US economic sanctions on Iran date back to the 1979 Iranian Revolution, the United Nations passed a resolution imposing sanctions in 2006.</li><li>Pakistan Trade balance with Iran peaked in FY10: Prior to the tightening of international sanctions on Iran in 2012, bilateral trade between Pakistan and Iran was significantly higher, with total trade peaking over US$1.2bn in FY10.</li><li>Way forward: Pakistan and Iran have committed to take the potential trade flows of US$10bn through the operationalization of Special Economic Zones (SEZs) at the border region and greater economic engagement.</li></ul>

Background of Iran sanctions: Although US economic sanctions on Iran date back to the 1979 Iranian Revolution, the United Nations passed a resolution imposing sanctions in 2006.Pakistan Trade balance with Iran peaked in FY10: Prior to the tightening of international sanctions on Iran in 2012, bilateral trade between Pakistan and Iran was significantly higher, with total trade peaking over US$1.2bn in FY10.Way forward: Pakistan and Iran have committed to take the potential trade flows of US$10bn through the operationalization of Special Economic Zones (SEZs) at the border region and greater economic engagement.

Sui Northern Gas Pipelines Limited (SNGP PA)

Pakistan Strategy: What If Iran Sanctions Are Lifted; Implications For Pakistan From A Historical Perspective