Strategy Note /

PAKISTAN: Don't wait for the IMF deal

    Vahaj Ahmed
    Vahaj Ahmed

    Head of Industrials Equity Research

    Tellimer Research
    31 July 2018
    Published byTellimer Research
    Exotix Pakistan Universe stocks have already rallied 5% (11% in US$-terms) since the general election on 25 July that resulted in Imran Khan’s PTI coming close to an absolute parliamentary majority – a result which exceeded expectations (read our recent note on the Pakistan Election). We think that the downside risks (such as weaker PKR and political uncertainty) are already priced into equities as the KSE100 Index is on a 14% discount to its 5-year average P/BV of 1.5x.