Raza Jafri

Intermarket Securities

Executive Director, Research @ Intermarket Securities

Raza has over 10 years’ experience covering financials. He was ranked Best Research Analyst 2015/16 by CFA Society Pakistan. After serving as Head of Research at AKD Securities, Raza moved to IMS in 2015 to launch the research division. Raza holds a BSc in financing & accounting from Lahore University and is a CFA charterholder. He was recently elected a Director of the CFA Society Pakistan.

Raza Jafri
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Latest from Raza Jafri

Pakistan: Market outlook – Painful path to recovery

The FY23 Budget saw the government attempt to widen the tax net, but the brunt eventually fell on the existing narrow tax base in the shape of higher corporate and personal taxes. The KSE100 shed 3.6% (6.6% in US$), with turnover thinning out even fu...
Intermarket Securities Raza
Raza Jafri @ Intermarket Securities 30 June 2022

Pakistan Banks: Higher taxation but not as bad as initially feared

As per the amendments made to the Budget announced on June 10th, the recurring tax rate for Banks appears to be 43% instead of the 47% being determined earlier. In our Budget note on June 10th, we had estimated a 10-13% decline in recurring EPS estim...
Intermarket Securities Raza
Raza Jafri @ Intermarket Securities 30 June 2022

Pakistan Strategy - KSE100: Attractive at the price

Pakistan’s reform story has been damaged by disruptive politics amidst high commodity prices. More than twenty stocks on the KSE100 already trade at or below their Covid lows. Pakistan’s current IMF programme began in 2019 but compliance has been way...
Intermarket Securities Raza
Raza Jafri @ Intermarket Securities 8 June 2022

Pakistan Strategy – Make or break

The aftershocks of Imran Khan’s government being toppled reverberated strongly in May. Mr Khan demonstrated mass popular support in multiple cities and called for early elections, while the PML-N led government dragged its feet on taking the tough st...
Intermarket Securities Raza
Raza Jafri @ Intermarket Securities 30 May 2022

Pakistan Economy: MPS – Another sharp interest rate hike

In the first monetary policy announced under Acting Governor Dr. Murtaza Syed, the SBP has raised the Policy Rate by 150bps to 13.75%. Consensus called for a 100bps increase. That said, the SBP appears to believe market rates have overshot (T-bill yi...
Intermarket Securities Raza
Raza Jafri @ Intermarket Securities 24 May 2022

Pakistan Strategy – Politics: Something has to give and soon

In a 3:2 split decision, the Supreme Court has ruled that members cannot vote against party lines in parliament. The PML-N is consulting with allies and seeking legal opinion on the decision. The judgment does not seem to directly affect the Center, ...
Intermarket Securities Raza
Raza Jafri @ Intermarket Securities 18 May 2022

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