External broker reports(aggregated public sources), Topline Securities

Topline Securities

Topline Securities is one of the fastest growing brokerage houses in Pakistan. It has strong equity brokerage, economic / equity research, mutual fund distribution, commodity trading and corporate finance & advisory functions. Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

External broker reports(aggregated public sources)

Cross Asset Strategy

<ul><li>MSCI will be releasing the results of the MSCI Semi-Annual review announcement on Nov 14, 2023. The changes to MSCI Frontier Market index will be effective from Dec 01, 2023.</li><li>To recall in latest quarterly review on August 2023, 14 Pakistan stocks have been moved from the MSCI Small Cap Index to the MSCI FM Standard Index. Additionally, BAFL has been included in the MSCI FM Standard Index, bringing the total number of stocks in that index to 17.</li><li>The scrips in Frontier Market Standard Index includes OGDC, PPL, MARI, UBL, LUCK, MCB, ENGRO, HBL, HUBC, FFC, SYS, EFERT, POL, MTL, PSO, BAFL and TRG.</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

MSCI will be releasing the results of the MSCI Semi-Annual review announcement on Nov 14, 2023. The changes to MSCI Frontier Market index will be effective from Dec 01, 2023.To recall in latest quarterly review on August 2023, 14 Pakistan stocks have been moved from the MSCI Small Cap Index to the MSCI FM Standard Index. Additionally, BAFL has been included in the MSCI FM Standard Index, bringing the total number of stocks in that index to 17.The scrips in Frontier Market Standard Index includes OGDC, PPL, MARI, UBL, LUCK, MCB, ENGRO, HBL, HUBC, FFC, SYS, EFERT, POL, MTL, PSO, BAFL and TRG.Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

Pakistan Strategy: MSCI Semi-Annual Index Review; Likely to be Positive for Pakistan