PSX back on foreign investors’ radar: Pakistan’s resumption into the IMF program revitalized foreign investor interest. Since the start of the fiscal year, foreign investors have net purchases of USD 71mn as against negligible levels during the same period last year. Moreover, gross foreign investor activity surged by 60% YoY to USD 1.3bn during the first half of the fiscal year. BMA Capital Management Ltd. discussions with foreign institutions have highlighted the perceived undervaluation of Pakistan’s equity markets. We believe a smooth political transition under the IMF program will lead to sustained foreign interest in the coming months.