Pakistan stock exchange: A conspiracy to deprive Karachi of Business activities
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2016-01-14 05:55:37

Pakistan stock exchange: A conspiracy to deprive Karachi of Business activities

pakistan exchange


Finance Minister Ishaq Dar on Monday inaugurated the Pakistan Stock Exchange, saying on the occasion that the exchange’s launch was a historic day for Pakistan, one that could be the start of a new era. A new integrated national bourse, the Pakistan Stock Exchange began functioning Monday, replacing the stock markets of Karachi, Lahore and Islamabad as all three exchanges have now been formally inducted into the unified PSX.

Prior to the formal launch today, the Karachi Stock Exchange held a two-day pre-production mock trading session for all certificate holders of the three bourses on Saturday and Sunday.The integration is expected to help reduce market fragmentation and create a strong case for attracting strategic partnerships necessary for providing technological expertise and assistance. “I think Pakistan has a great future and I have great faith but we still have to go a long way,” said Dar during his address at the ceremony.  There was always little sense in having separate stock exchanges in Islamabad and Lahore when their turnover and market capitalisation was nowhere near the one in Karachi. Integrating the three made sense and will provide a level playing field to brokers and investors from all cities. This integration also aims at inviting a strategic investor to take up 40 per cent of the stock exchange, while 20 per cent of stakes will be offered to the general public. The remaining ownership would rest with the brokers. The PSX, formerly known as the Karachi Stock Exchange, is a profitable entity, recording earnings of Rs317.4 million in 2014-15. Some foreign stock exchanges have already expressed their desire to invest in the PSX and it all seems to be falling into place for the SECP and the finance ministry. However, there is still much left to do. Broker fraud and outstanding investor claims need to be tackled without alienating stakeholders. Regulations, as strict as some of them may be according to brokers, need to be adhered to. Awareness regarding these needs to be created at a national level since the stock exchange, while having its benefits, also has the reputation of being a monster that can gobble up the ordinary citizen’s savings in a heartbeat. There is a reason why in a country of almost 200 million people, total investor accounts number no more than 0.2 million. While the PML-N will now boast of this historic integration as one of its key achievements, the real test starts now.



Categories:   Pakistan ، Business ،
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