Foreign bonds outperform peers

KARACHI: Pakistan’s US dollar-denominated Eurobonds and Sukuks staged an outstanding rally in global markets on Wednesday in the wake of ending the political deadlock over the formation of the government in the centre, outperforming emerging-market peers on the day. According to the data compiled and reported by JS Global Research, Pakistan’s foreign bonds spiked in the range of 1-6% on the day, overcoming almost all the losses the bonds had recorded post-election upset in Pakistan. Speaking to The Express Tribune, Chase Securities Director of Research, Yousuf M Farooq, said the chances of the formation of the new political government have increased following a joint press conference on the subject by Pakistan Muslim League – Nawaz (PML-N) and Pakistan People’s Party (PPP) top leadership, ending the two-week-long political crisis in the country.