Christopher Wood, the global head of equity strategy at Jefferies, has identified Pakistan's stock market as a promising tactical investment, particularly during International Monetary Fund (IMF) bailout cycles. The MSCI Pakistan Index has experienced an impressive 84% increase in US dollar terms since the last IMF program initiated in September 2024, significantly outperforming the MSCI India Index by 124% during the same timeframe. However, it is important to note that since the start of the century, India has outperformed Pakistan by a staggering 653% in US dollar terms. Wood emphasizes that the Pakistan stock market can be a lucrative trading opportunity around IMF cycles, despite the country's historical economic challenges, including recurring current account crises and reliance on IMF assistance. Furthermore, Wood discusses Pakistan's growing global influence, particularly in light of its role in brokering a ceasefire in the US-Iran conflict, which has implications for global economies and oil prices. On the other hand, Wood maintains an overweight position on the Indian stock market, citing its potential benefits from a peak in AI capital expenditure this year and a significant reduction in overvaluation due to aggressive foreign selling.