Topline Securities Limited - Flash Note: Pakistan Politics: Consensus reached on caretaker Prime Minister

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Topline Securities Limited

Topline Research

Flash Note: Pakistan Politics: Consensus reached on caretaker Prime Minister

In a much anticipated and surprising press brief today, Prime Minister Shahid Khaqan Abbasi and opposition leader Khursheed Shah announced Former Chief Justice Nasirul Mulk as Pakistan's caretaker Prime Minister who will be taking charge from Jun 1, 2018 as current Govt.’s tenure will end on May 31, 2018. To note, Pakistan will hold its general elections on Jul 25, 2018.
Even though both the Govt. and the opposition remained tight-lipped on the matter and were reluctant to share any details, various names including Tassaduq Hussain Jillani (former Chief Justice), Dr Ishrat Hussain (former Governor State Bank of Pakistan) were doing rounds as candidates for the slot of caretaker PM.
Nasirul Mulk served as the 22nd Chief Justice of Pakistan during Jul 2014-Aug 2015 who was nominated as Chief Justice by former Prime Minister Nawaz Sharif. He also served as the acting Chief Election Commissioner of Pakistan, from 30 Nov 2013 to Jul 2014.
We believe that timely selection of caretaker PM should bode well for the stock market as history suggests that market has performed relatively well during interim government tenures (provided average return of 17% based on observation of 4 setups since 1993).
During last caretaker setup, market recorded increase of 23% while during the interim setup before that (2007-2008), market recorded an increase of 15.6%.

28/05/2018 3 EN

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Topline Securities Limited

Topline Securities is one of the fastest-growing brokerage houses in Pakistan. It has strong Equity Brokerage, Economic/ Equity Research, Commodity Trading and Corporate Finance & Advisory functions.

Topline Securities has been endowed with numerous awards by renowned international financial organizations. The highlights of which consists of the award for ‘Best Local Brokerage House of Pakistan’ by Asiamoney Brokers Poll (the largest Asia-focused equity services provider poll) in 2016 and ‘Best Equity Brokerage House’ by CFA Society Pakistan in 2015.

Previously, Topline Securities held the title for ‘Best Brokerage House’ for 4 consecutive years (2011-2014) by Asiamoney Brokers Poll. Other awards include the ‘Best Salesperson’ award by Asiamoney for 6 consecutive years (2011-2016), the ‘Arabia Fast Growth 500’ award and ‘Pakistan Fast Growth 100’ award in 2012 and 2013 by AllWorld Network.

JCR-VIS, a credit rating agency providing independent rating services in Pakistan has assigned initial rating of “A-2” for short term and “A” for long term to Topline Securities. Topline Securities is registered as Underwriter, Book Runner and Research Entity with Securities & Exchange Commission of Pakistan (SECP).

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Flash Note: Pakistan Politics: Consensus reached on caretaker Prime Minister

Pakistan Strategy: Foreign selling at PSX; Will this trend continue in 2021?

Pakistan Strategy: Pakistan Outlook 2021 based on Topline Poll

Pakistan Automobiles: Car sales (including KIA) up ~63% YoY in Nov-2020

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