SECP Chairman chairs meeting at the stock exchange

Karachi: A meeting was chaired at the Pakistan Stock Exchange (PSX) by Chairman Zafar Hijazi of Securities and Exchange Commission of Pakistan on Thursday in regards to the reforms that the regulator had undertaken for enabling stock market growth.

Hijazi asserted that despite the political uncertainties which were part and parcel, it was necessary for the PSX stakeholders to reinvigorate investors and focus should be kept on the market fundamentals. He added that SECP had worked in conjunction with market players to divest a 30pc stake of PSX to Chinese investors alongside the assimilation of three stock exchanges and overseen the inclusion of Pakistan into the MSCI Emerging Market Index last month.

Participants in the meeting complained to Hijazi in regards to measures passed in the latest budget for financial year 2017-18 were unjustified and he reassured them that the appropriate ministry had been already apprised about it. The meeting considered and discussed about areas where there was huge potential for growth of the stock market which included the sector of derivates, new listings and the debt market.

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Hijazi said it was necessary to educate and raise awareness among investors, which would help in the ushering and widening of the stock market. He reiterated that market growth was dependent on the intermediaries who have to ensure they play their role of working together in this given regard.

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