Saad Ali

Intermarket Securities

Head of Research @ Intermarket Securities

Saad has over 7 years’ experience covering Pakistan energy for sell- and buy-side firms. As IMS’s Head of Research and Economist, he supervises a team of five analysts and is the lead analyst for the oil & gas sector of Pakistan. Prior to IMS, he worked for KASB Securities (local affiliate of Bank of America Merrill Lynch) and Al Meezan Investments (largest Islamic Asset Manager in Pakistan).

Saad Ali
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Latest articles from Saad Ali

Oil & Gas Development: Wali discovery – Promising to be a material addition

In July 2021, Oil & Gas Development Co. (OGDC) notified a discovery in the exploratory well, Wali-1 (KPK). Conservatively, we assume that the well will start producing from the Lockhart formation with c.1,000bpd oil and 15mmcfd gas – equivalent to ab...
Intermarket Securities Saad
Saad Ali @ Intermarket Securities 11 January 2022

Pakistan OMCs: Another slow month for sales in December

As per provisional data, overall OMC sales in December 2021 fell 6% yoy and by a sharp 14% mom to c.1.50mn tons (9mth low). December was the second consecutive month with no yoy growth in petroleum consumption (and a sharp decline mom). Jet fuel sale...
Intermarket Securities Saad
Saad Ali @ Intermarket Securities 4 January 2022

Pakistan Economy: Energy prices push CPI to 22-month high in December

National CPI rose a sharp 12.3% yoy in December 2021, the highest reading since February 2020, up from 11.5% in November (Index is flat mom). Key worsening factors during December were higher electricity tariff and cost of transport. Core inflation (...
Intermarket Securities Saad
Saad Ali @ Intermarket Securities 3 January 2022

Pakistan Mini Budget – inflationary but should help contain twin deficits

After a few delays, the government finally presented the Mini Budget in the Parliament, the approval of which will fulfill one of the two IMF pre-conditions for resumption of the EFF Program (the other condition being amendments in the SBP Act for gr...
Intermarket Securities Saad
Saad Ali @ Intermarket Securities 31 December 2021

Pakistan: Worsening current account deficit yet to react to tightening measures

As per SBP data, Pakistan’s current account deficit (CAD) swelled to US$1.91bn in November 2021, up c.8% mom. Goods trade deficit stood at c. Exports clocked in at highest ever level of US$2.7bn, up 14% mom thanks to record Textile exports (c. US$1.7...
Intermarket Securities Saad
Saad Ali @ Intermarket Securities 21 December 2021

Pakistan Strategy 2022: Dark Horse

Pakistan enters 2022 at the cusp of resuming the IMF program, which can enable the KSE-100 to stage a strong rebound from near-trough valuations. Higher interest rates will keep the fiscal deficit elevated, undermining stimulus measures and possibly ...
Intermarket Securities IMS Research
IMS Research Team @ Intermarket Securities 21 December 2021

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Saad Ali
Fixed Income - Sovereign
South Asia