External broker reports(aggregated public sources), Topline Securities

Topline Securities

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External broker reports(aggregated public sources)

Cross Asset Strategy

<ul><li>Benchmark KSE 100 Index jumped 54% in PKR (23% in USD) after many years in 2023, with only one trading session left. Market value (market capitalization) of listed companies at PSX also increased by 39% to reach Rs9.0trn.</li><li>Refinery, Chemicals and Power Generation were the best performing sectors in 2023 as their market cap increased by 88%, 73%, and 65% respectively. On the other hand, Property, Modarabas, and Textile Spinning sectors remained the worst performing sectors posting decline of 24%, 11% and 7%, respectively in 2023.</li><li>Refinery sector posted a strong performance, driven by expectations of the finalization of the refinery policy, where Pakistan Refinery (PRL) has already signed a contract. Attock Refinery (ATRL) market cap was up by 131% followed by PRL up 130%, National Refinery (NRL) up 86%, and Cnergyico PK (CNERGY) up 40% in 2023.</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>

Benchmark KSE 100 Index jumped 54% in PKR (23% in USD) after many years in 2023, with only one trading session left. Market value (market capitalization) of listed companies at PSX also increased by 39% to reach Rs9.0trn.Refinery, Chemicals and Power Generation were the best performing sectors in 2023 as their market cap increased by 88%, 73%, and 65% respectively. On the other hand, Property, Modarabas, and Textile Spinning sectors remained the worst performing sectors posting decline of 24%, 11% and 7%, respectively in 2023.Refinery sector posted a strong performance, driven by expectations of the finalization of the refinery policy, where Pakistan Refinery (PRL) has already signed a contract. Attock Refinery (ATRL) market cap was up by 131% followed by PRL up 130%, National Refinery (NRL) up 86%, and Cnergyico PK (CNERGY) up 40% in 2023.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 - Refinery, Chemical and Power Sectors Outshined in 2023