Strategy Note /
Pakistan

Pakistan back to the Frontier index but compelling value whatever it is called

  • MSCI confirmed Pakistan's shift from EM index (2bps) to FM (1.9%) and potentially FM100 (5.8%). Still in FTSE EM (2bps)

  • From an irrelevant weight (too small for EM funds) to an irrelevant index (largely abandoned by surviving "FM" funds)

  • More importantly, Pakistan is cheap, reflecting its very widely understood risks more than its structural improvements

Pakistan back to the Frontier index but compelling value whatever it is called
Hasnain Malik
Hasnain Malik

Strategy & Head of Equity Research

Tellimer Research
7 September 2021
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