July 03, 2023 (MLN): In a spectacular display of confidence, the Pakistan Stock Exchange (PSX) witnessed an exhilarating buying spree as investors enthusiastically sought investment opportunities. However, this surge in market enthusiasm was marred by the biased practice of the National Clearing Company of Pakistan Limited (NCCPL), which imposed restrictions on various market participants and brokers during the golden buying hour, despite having sufficient funds available in their accounts.
The restrictions imposed by the NCCPL during this crucial period deprived investors of the opportunity to take full advantage of the bullish run in the PSX, ringing alarms of a lack of a level playing field within the market.
It seems that the restrictions were imposed without calculating the brokers’ actual positions of funds.
Investors were left frustrated and discouraged, as they were unable to capitalize on the favorable market conditions.
Speaking on the condition of anonymity, the CEO of one prominent brokerage firm shared their experience with Mettis Global, stating their disappointment over the NCCPL’s actions. The CEO revealed that despite having sufficient exposure and funds available, their account was unduly restricted by the NCCPL, averting them from gaining substantial profits.
“When we approached NCCPL officers to inquire about the restrictions, they cited mark-to-market losses as the reason for the limitations,” the CEO stated.
However, after checking the status, it was unveiled that the mark-to-market losses had been cleared, further raising questions about the NCCPL’s decision-making process and indicating a biased attitude towards certain market participants.
Market participants argue that such unfair practices undermine the integrity and fairness of the market, impeding the overall growth and development of the country’s financial sector.
The NCCPL, as a crucial pillar of Pakistan’s capital market, is expected to follow to the highest standards of professionalism, transparency, and fairness. Investors hope that swift action will be taken to address these claims, reinstating confidence in the market and safeguarding equal opportunities for all participants.
Copyright Mettis Link News
Posted on: 2023-07-03T13:03:03+05:00
