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Macro Analysis / Pakistan

Pakistan: Rise in rural food inflation pushes CPI to 9.3% in July

National CPI rose to 9.3% yoy in July 2020 vs. 8.6% yoy in June. Urban non-food inflation continued to drop (3.9% in July vs. 4.7% in June), while Rural non-food inflation rose to 6.3% vs. 5.8% in the previous month. This was largely led by yoy rise...
Intermarket Securities Yusra Beg
Yusra Beg @ Intermarket Securities 3 August 2020
Macro Analysis / Pakistan

Pakistan Market: KSE-100 in July – Sharp rebound on good economic trends

The KSE-100 bounced back sharply in July 2020 (up 14%mom) after muted performance in June (CYTD decline narrowed to -3.6%). KSE-100 has rallied c.44% (12,030 points) from its CY20td low in March, where we think the rally can extend if (i) future econ...
Intermarket Securities Yusra Beg
Yusra Beg @ Intermarket Securities 3 August 2020
Strategy Note / Global

Emerging-Frontier Equity Monthly, July: Large EM joins Tech lead, FM lags

Sporadic pick-up in Covid-19 infections globally (notably in some of the early success stories during the first wave, China and Vietnam). This resulted in a drag on local bank Credicorp (60% index weight, down 7%), offsetting very strong performance...
Tellimer Research Hasnain Malik
Hasnain Malik @ Tellimer Research 28 July 2020
Macro Analysis / Pakistan

Pakistan Economy: Remittances rise to record level in June

Remittances in June 2020 rose an astounding 49% yoy (up 31% mom) to US$2.5bn, which is also the highest monthly inflow ever recorded. Expats sending money to families in Pakistan to support them against the health and economic effects of the pandemic...
Intermarket Securities Saad Ali
Saad Ali @ Intermarket Securities 13 July 2020
Strategy Note / Global

China challengers in manufacturing with low cost labour (in one chart)

For manufacturing activities not easily replaced by automation or 3D printing, which countries win share from China? Low wages and scale matter most in this segment: We plot wage curve up to China in countries with over 40mn population. Labour flexib...
Tellimer Research Hasnain Malik
Hasnain Malik @ Tellimer Research 13 July 2020
Equity Analysis / Pakistan

Pakistan Cement: New Competition Commission leadership may imply price scrutiny

Rahat Kaunain has been appointed the Chairperson of the Competition Commission of Pakistan (CCP). The appointment can be important for some sectors, as the CCP was relatively active during her previous term. Of late, the government also has intervene...
Intermarket Securities Rahul Hans
Rahul Hans @ Intermarket Securities 10 July 2020