Dear Friends, The state of the economy worries me. Last week’s Monetary Policy Statement (click here) reads mildly positive in its tone, but the finer print is not so rosy. The State Bank noted that due to shocks in cotton production and contraction in large scale manufacturing, the government will not meet its economic growth… Continue reading Pakistan Macro Blog: Entanglement
Author: Anum Qudsia Siddiqui
Macro Blog: Risks to the IMF program
Dear Friends, The political chatter is becoming hard to ignore, though it is still missing from sell side commentary. I just returned from Islamabad and political intrigue was the main topic of discussion, both on coffee tables as well as on the 20-30 TV channels. Even the Prime Minister had to issue a clarification, denying the… Continue reading Macro Blog: Risks to the IMF program
10 For 20 – My Predictions For 2020
Mia culpa. Yes, I am late to the party. Most of my peers in Pakistan have already published their 100+ page reports on the outlook for 2020. All are bullish – with the KSE100 Index forecast range of 47,400 – 55,000 for December 2020. No rocket science, or rather any sort of science, there. The… Continue reading 10 For 20 – My Predictions For 2020
Pakistan Macro Blog: Entanglement
Dear Friends, The state of the economy worries me. Last week’s Monetary Policy Statement (click here) reads mildly positive in its tone, but the finer print is not so rosy. The State Bank noted that due to shocks in cotton production and contraction in large scale manufacturing, the government will not meet its economic growth target of… Continue reading Pakistan Macro Blog: Entanglement
Fertilizer Sector – Investor Education
Pharmaceutical Sector – Investor Education
Steel Sector – Investor Education
Macro Blog: Breaking The Balance Of Payment Trap
Dear Friends, I got back to Karachi on Saturday. Over the last weekend, my colleague Faisal Irfan and I tracked the balance sheets of the top 30 companies which are a part of the KSE30 Index. In a typical growth market with high ROEs, an optimal balance sheet should have high leverage. However, we were… Continue reading Macro Blog: Breaking The Balance Of Payment Trap
