Panama ends, uncertainty not so much
​Volatility induced from heightened political noise (Panamagate conclusion) continued to characterize PSX performance in Jul'17. In this backdrop, the benchmark KSE100 Index closed the month with a loss of 1.2% during Jul'17, taking CY17TD returns to -3.8%. Political turbulence followed by uncertainty in the PkR/US$ parity also kept the market on edge with the index high/low ratio touching its highest level in Jul'17. Volumes drained out where concerns over the sustainability of the current political setup, in light of the Panama decision, kept investors on the sidelines. With political stalemate temporarily settling down upon relatively smooth transition of events, the market is expected to revert back to fundamentals where: 1) the ongoing result season, 2) the recent oil price rally (WTI/Brent up 3.6%/3.3% MoM), 3) depreciative pressures on the currency and consequent positive impact on sectors with US$ linked revenues and 4) attractive valuations (KSE100 forward P/E at 8.3x - 31% discount to EM) should aid performance. However, market volatility cannot be ruled out as opposition parties are pushing for dragging the Prime Minister-in-waiting into a legal battle as well.
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