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>On the pre-text of rising law and order and terrorism situation in KPK province of Pakistan, The President of Pakistan has approved a State of Emergency (Article 232) and Governor's rule (Article 234) in Khyber Pakhtunkhwa (KP) under the Constitution of Pakistan on the advice of Prime Minister of Pakistan on Oct 11, 2026.</li><li>As per news reports, governor’s rule can be imposed for an initial period of two months, with a joint sitting of Parliament able to approve an extension of up to two months at a time.</li><li>We have reviewed and analyzed previous such events of last 2 decades, under which market has initially reacted negatively however, later the returns of market remains quite strong.</li></ul>

On the pre-text of rising law and order and terrorism situation in KPK province of Pakistan, The President of Pakistan has approved a State of Emergency (Article 232) and Governor's rule (Article 234) in Khyber Pakhtunkhwa (KP) under the Constitution of Pakistan on the advice of Prime Minister of Pakistan on Oct 11, 2026.As per news reports, governor’s rule can be imposed for an initial period of two months, with a joint sitting of Parliament able to approve an extension of up to two months at a time.We have reviewed and analyzed previous such events of last 2 decades, under which market has initially reacted negatively however, later the returns of market remains quite strong.

Topline Flash Note: Pakistan Politics - Imposition of Emergency and Governor Rule in KPK, Understanding Its Implication for Market From Historical Perspective