IMF set 'accord' best to entice buoyancy in Pakistan financial markets.

Byline: Shabbir Kazmi

Sort of Rs20bn fund should exist at all times for stock market Also there is a right time to accumulate under the falling stock sectors An Exclusive interview with Nazim Abdul Muttalib - Executive Vice President and Head of Broking, Ismail Iqbal Securities Nazim Abdul Muttalib has over fourteen years of experience in Pakistan's financial sector including Capital Markets, Banking and Asset Management.

He is currently working at Ismail Iqbal Securities (Pvt) Limited as Executive Vice President, Head of Broking. Nazim has been working closely with foreign investors, broker dealers and local fund managers to give investment recommendations on sector allocation and stock selection. Prior to joining Ismail Iqbal Securities, he has worked with numerous reputable organizations that include BIPL Securities (formerly known as KASB Securities), MCB-Arif Habib Savings and Investments, The Bank of Khyber (Treasury and Investment Division), Elixir Securities (formerly Indosuez W. I. Carr Securities) and Soneri Bank. Nazim is an M-Phil scholar and an MBA in Finance and holds professional qualifications including Fellow Public Finance Accountant, Associate Chartered Manager and Associate Chartered Banker (UK) through Institute of Bankers Pakistan.

PAGE: Ever since Pakistan and IMF reached agreements at 'staff level' there has been a reversal in investors' sentiment. There has been substantial increase in PSX benchmark index; is this euphoria temporary or sustainable?

Nazim Abdul Muttalib: The staff level agreement with International Monetary Fund (IMF) and the follow up actions by the new economic management team have given a clear indication that the conditions set by the Fund will be met to the best of Pakistan's abilities. This should provide confidence to the markets that corrective measures are in place and the IMF support is there as long as Pakistan sticks to the conditions set by the Fund. It also opens up more financing avenues such as World Bank, Asian Development Bank, Islamic Development Bank and various other bilateral/multilateral lenders. It gives Pakistan a chance to roll over its foreign floated Sukuks. Given this situation, coupled with more expected stabilization, in my view the euphoria to end and the positive sentiments to continue. Moreover, the increase in benchmark index can be further attributed to government's announcement of market support fund to contain the declining prices and take advantage of distressed...