Dec 21, 2020: Responding to Pakistan Stock Exchange’s better performance despite COVID-19 shocks, another ten companies are in pipeline for listing over next 6 months. Four have already been listed in last couple of months.
Pakistan capital market will further strengthen with introduction of new products and facilities from State Bank of Pakistan, and Securities and Exchange Commission of Pakistan i.e. Roshan Digital Account and Opening of Online Account, said Chief Executive Officer of PSX, Farrukh H.Khan while speaking at a ceremony held to honour three companies listed on Pakistan Stock Exchange for their inclusion in Forbes ‘ Asia Best Under A Billion’ list. These companies are Feroze 1888 Mills Limited (textile), Searle Company Limited (pharmaceutical) and Systems Limited (I.T).
PSX’s CEO described it as big pride for the exchange that three companies listed on it had got international recognition by the Forbes ( New York based international business magazine) for their best performance in corporate sector . These companies had set an example for other listed companies. These companies were also part of KSE-100 index which was the bench mark for the performance of the capital market.
“ You are role models for other companies,” he paid tribute while addressing to the CEOs and senior officers of the three companies present there.
On this occasion, the Gong (Trading Bell) was hit by PSX Chairman Suleman Mehdi, CEO Farrukh H.Khan and CEOs of the three companies — Rehan Rehman of Feroze 1888 Mills Ltd, Nadeem Ahmed of Searle Company Ltd, and Asif Peer of Systems Ltd.
In Pakistan, he said, there was great potential for business growth. These three companies gave very good returns to their share-holders along with expansion in their businesses.
About the performance of Pakistan Stock Exchange, he said despite COVID-19 pandemic badly affecting the world economies, Pakistan’s capital market performed better and Pakistan’s economy as whole remained intact. PSX had been included among five top performing capital markets of the world.
During 2020, PSX introduced Extended Trading Funds and Sukuks of billions of Rupees, along with bringing various systematic changes. After two important developments of introducing Roshan Digital Account and Online Account Opening facilities by SECP and SBP, Pakistan’s capital market would further grow.
“ I would request SECP to extend same facility to local investors,” he said.
To a question, he said foreign selling at PSX remained high over last few months but it was encouraging that local investors came up and filled the space.
PSX’s former director M.Ameen Yousuf foresaw better performance of the exchange in future; mainly after introduction of auction trade facility in March 2021 and new software from China.
At present, only attractive area for the investors was the capital market.
He said the economy was performing well with improved foreign reserves, reduction in interest rate and overcoming the trade deficit.
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