Well no one is April fooled. After a mind-boggling plunge in the local and global markets, the stock market of Pakistan rose 16% in a single month to catch-up on the lost ground. The rebound was primarily led by government’s policy response to Covid 19. The perils of the virus have accompanied a permanent dent… Continue reading KSE – 100 returns 16% in April – A short-lived V shaped recovery
Category: Financial Markets
Pakistan Macro Blog: Whats in a name?
Dear Friends, “Whats in a name? That which we call a rose by any other name would smell as sweet” – Romeo & Juliet Shakespeare was wrong. Names matter. Last week I was talking to a fund manager from Singapore and I mentioned to him that until 2008 Pakistan Stock Exchange (then called Karachi… Continue reading Pakistan Macro Blog: Whats in a name?
Pakistan Macro Blog: PSX more transparent than London and Frankfurt?
Dear Friends, I have been MIA from this blog. Since the lock down began, I have been writing quite regular (daily) brief notes on the COVID situation and its impact on the economy. Since the 21st of March, we have also hosted 6 webinar with international experts and put our research website live (click here for… Continue reading Pakistan Macro Blog: PSX more transparent than London and Frankfurt?
A walk back into the past
History has always fascinated me, but to my utter dismay we have failed to learn from it. Time and time again throughout history we have had catastrophic pandemics that have not only wiped out millions of people from the face of this earth but more importantly have left major dent on global economies and financial… Continue reading A walk back into the past
Black swan and the global economy
While the global economy was still recovering from the wounds afflicted by the Financial Crises of 2007-08, coronavirus has come as a “black swan” and has dealt us another blow. It has just exacerbated our pain by sprinkling salt on to our pre-existing wounds. As I write, all I see is bloodbath in stock markets,… Continue reading Black swan and the global economy
Macro Blog: Banks paradox & 4Q19 earnings review
Dear Friends, I hope you had a lovely Valentine’s day. According to a survey by Gallup, around 58% of Pakistanis oppose celebrating Valentine’s Day (click here). Only 18% are in favor of celebrating it. I will make the safe assumption that all of the readers of this blog are in that 18%. I am in… Continue reading Macro Blog: Banks paradox & 4Q19 earnings review
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
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
Lessons From Mobius
Dear Friends, As the readers of my blog will probably realize, I have spent the better part of the last two years on the road. Either it has been the travel between Pakistan and London, or travels for meeting clients both within Pakistan and globally. One good thing about these travels is that it gives ample time to… Continue reading Lessons From Mobius
