Pakistan politics creates buying opportunities

Pakistan's stock market has traded at an average price/earnings discount to Asia of more than 30% since 1994, according to a recent report by Citi, and any increase in this discount due to political uncertainty would be a buying opportunity.ôThe domestic market is unlikely to be immune to downward pressure on equities regionally, but we believe any retreat would be more modest and thus the valuation gap would narrow,ö Citi says.In recent years, Pakistan's discount to regional markets …