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 Strategy - Follow the money (fx reserves)

Equities held up in November, despite the SBP’s surprise 100bps rate hike and continued political uncertainty. Fx reserves hold the key for the KSE100’s near-term outlook Remaining within the IMF programme is critical. Valuations are ultra-cheap, b...
Intermarket Securities Raza
Raza Jafri @ Intermarket Securities 30 November 2022

Pakistan Monetary Policy - Monetary tightening resumes on high inflation

The SBP has increased the Policy Rate by 100bps to 16%, citing high inflation and external account vulnerabilities. The rate hike may signal increased willingness to take the required tough measures under the ongoing IMF programme  . Possible pressur...
Intermarket Securities Raza
Raza Jafri @ Intermarket Securities 25 November 2022

Bank Alfalah: BAFL announces mega buy-back

Buy-back of up to 200mn shares (or 11.25%) announced. Execution at market price will provide an ideal exit opportunity. Subsequent ADT1 issuance should cushion capital.
Intermarket Securities Raza
Raza Jafri @ Intermarket Securities 10 November 2022

Pakistan Strategy - Watching politics with bated breath

The KSE100 was flat in October (+4% in US$), with politics offsetting positives on FATF and the current account. Political tension is high as Imran Khan has launched his march onto the capital, but cheap valuations balance the risks. Key events in No...
Intermarket Securities Raza
Raza Jafri @ Intermarket Securities 31 October 2022

Pakistan MPS Review - Rates on hold as current setting maintains balance

SBP has kept the Policy Rate unchanged at 15%. Commodity price softening offsets additional import needs and keeps CAD estimate intact. The SBP remains data dependent but may cut rates earlier than originally anticipated.
Intermarket Securities Wajid
Wajid Rizvi @ Intermarket Securities 10 October 2022

Pakistan Strategy - Shift in economic policy narrows the path to recovery

Prudent policies are in question after the change in finance minister. Bond yields spiked and KSE100 volumes contracted. The PML-N is ascendant at PTI’s expense but the outlook on politics remains murky. Elections are due in twelve months. Valuations...
Intermarket Securities Raza
Raza Jafri @ Intermarket Securities 3 October 2022

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Raza Jafri
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Fixed Income - Sovereign