Pakistan Stock Exchange (PSX) has organized a media briefing to discuss re-entry of Pakistan Capital Market into MSCI Emerging Market Index, at Karachi Press Club yesterday. Mr. Muneer Kamal, Chairman, Pakistan Stock Exchange (PSX) Mr. Nadeem Naqvi, Managing Director, PSX and Deputy MD Haroon Askari have presented a background and their efforts to get reinstate in the index.
Mr. Muneer Kamal, Chairman, PSX has said that sufficient foreign exchange reserve, currency stability, reduction in inflation, lower interest rate and over and above the political stability, create the conducive environment to achieve this success.
While replying to a query, they have accepted that the percentage of retail investors has been shrunk to 40 percent whereas foreigner and institutions hold 30 percent each respectively. “This (40pc) percentage would go down further; going forward, they added but said SECP was all out to set up capital market hubs across Pakistan to address this issue.
Having established one in Faisalabad, the apex regulator was due in Peshawar and other cities of the country for such hubs. “We would see a significant increase in retail base within next two years,” they said.
Explaining, Naqvi said during last three years the 30 listed companies benchmarked in KSE30 Index had reported a cumulative profit after tax of over Rs 1 trillion. “Over 100,000 people work in these 30 firms,” he said.
Kamal said long-term sustained development had a direct link with poverty alleviation, illustrating China which, he said, had saw its stocks market developing into the world’s second largest bourse within a short period of 15 years. “In 1990 China had no stocks exchange,” he recalled.