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Pakistan Equity Market Outlook - 2021 as we see it - Inside Financial Markets

Pakistan Equity Market Outlook – 2021 as we see it

– JS Research

  • Status quo in monetary policy for the year – and that’s CY not FY!
  • A range-bound Rupee vs. the Greenback – between 160 & 165.
  • We once again invite you to unshackle yourself from the one-year convention and look beyond, at a view of a 60,000 index by delimiting the investment horizon.
  • The widely debated disconnect between the stock market and real sector will become more pronounced, before it fades when economic growth eventually catches up.
  • Even if second and third-tier sector performances might be too tough a nut to crack for main board stocks, the latter can reasonably be expected to outperform its prior runs in 2018, 2019 and 2020.
  • While LUCK and ENGRO are must-have conglomerates in a bullish market, MLCF, PIOC, CHCC and ASTL are currently the best cyclical bets. In addition, there are other worthwhile considerations that serve as food for thought.
  • All things said it’s critical to pause and reflect. 2020 serves as a strong reminder that it is essential to be cognizant of the inherent risks before even beginning to contemplate potential returns.

Syed Zaki Hussain

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