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>As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 1.81mn units during Apr 2026, down 35% MoM compared to 2.79mn units in Mar 2026.</li><li>Cumulatively, local manufacturing/assembly reached 9.17mn units in 4M2026.</li><li>The YoY comparison for Apr 2026 and 4M2026 cannot be performed, as Apr and May 2025 numbers were published on a cumulative basis.</li></ul>

As per the latest data released by the Pakistan Telecommunication Authority (PTA), local mobile phone companies manufactured/assembled 1.81mn units during Apr 2026, down 35% MoM compared to 2.79mn units in Mar 2026.Cumulatively, local manufacturing/assembly reached 9.17mn units in 4M2026.The YoY comparison for Apr 2026 and 4M2026 cannot be performed, as Apr and May 2025 numbers were published on a cumulative basis.

Pakistan Telecom: Local Manufacturing/Assembly Of Mobile Phones Down 35% MoM In Apr-26