Strong remittances data, IT package lift PSX
August 28, 2021
Dilawar Hussain Published August 16, 2021 on DAWN News
The Karachi Stock Exchange was established on 18 September 1947 — only a month after the independence of the country. Starting with five listed companies and a total market capitalisation of 37 million, traders started to buy and sell shares on the ‘’open outcry’’ system.
It was not until 2002 that the fully automated trading system — the Karachi Automated Trading System or KATS was launched that could handle one million trades a day. The earliest brokers who got together and launched the stock market were mainly immigrants from Bombay — Parsis, Memons, Gujratis who would stroll lazily in the market at half-past ten in the morning and enter into stray transactions. Although the market would open be till late afternoon, all business would be brought to an abrupt halt if an old ailing broker were to pass away; the market would be closed down immediately to mourn the death. A doddering old-timer who still frequents the market chatters excitedly when asked about the good old days of the market. “Those were the days when a broker’s word was considered his bond,” he says.
The opening up of the stock market to foreign investors initiated by the government of Benazir Bhutto in the early nineties put life into the market as dollars came pouring in. The scrips mainly in the textile sector that were trading at dirt-cheap prices were accumulated by the shrewd brokers who seized the opportunity to tie up with international brokerage houses and sell shares in big blocks at many times the original values.
In Bangladesh, 2.5 million people trade in shares — ten times that of PSX
The old-timer tells innumerable tales of how many brokers changed from proprietorship to companies limited by shares. Many tales of rags to riches emerged. To keep all wealth within a closed circle, the membership of the Karachi Stock Exchange was fixed at 200. The price of the membership card multiplied from few thousand to millions of rupees.
Later the Karachi Stock Exchange, Lahore Stock Exchange and Islamabad Stock Exchange were integrated under the Stock Exchanges (Corporatisation, Demutualization and Integration) Act, 2012 to form the Pakistan Stock Exchange. In 2016, some 40 per cent of strategic shares in the Pakistan Stock Exchange (PSX) were sold to a Chinese consortium comprising three exchanges — China Financial Futures Exchange Company Ltd (the lead bidder), Shanghai Stock Exchange and Shenzhen Stock Exchange — at a bid price of Rs28 per share. They sold a total of 320m shares that cost the consortium Rs8.96 billion. In the bringing of Chinese ownership, there were great expectations of the flow of new investment, experience, technological assistance and new products like options and futures in the PSX. There was also talk of cross-border listings of securities. But more than four years on, nothing of significance has happened.
The number of companies listed on the Pakistan Stock Exchange count 558 with a market capitalisation of around $45bn. The National Clearing Company of Pakistan (NCCPL) recently disclosed that on April 30, 2021, active Unique Identification Numbers (UINs) — allotted to each investor stood at 252,322 — and increased to 256,954 UIN by the end of June. These included, until April, individual accounts at 232,799, corporate company accounts at 1,722, others at 1,436, foreign individuals 12,356 and accounts opened through the Roshan Digital Accounts 3,778.
At just around 250,000, the number of investors in PSX and its market capitalisation is woefully small. Compare it to Dalal Street in Mumbai which boasts a market capitalisation of $3.2 trillion. Even in Bangladesh, 2.5 million people trade in shares — ten times that of the PSX.
Some senior serious participants believe that no concerted effort has ever been made to attract new investors. Until the current strict regulations and surveillance was put in place small investors who dared to venture into the market found their fingers burnt either in regular market crashes
seen every few years or they were robbed of all their life-long savings by unscrupulous brokers like Munir Ladha of Eastern Capital Limited that fled with billions of rupees of investors’ money, never to return.
The Securities and Exchange Commission of Pakistan (SECP) takes pride in posting figures of newly registered companies, while the total registered companies in July 2021 was 147,842. Given that only 558 companies have entered the stock market to mobilise capital, registered companies decidedly have no penchant to seek listing. If the market was completely unregulated until early 2000, most people and sponsors see it as over-regulated now. The code of corporate governance was already cumbersome, but more regulations have been added in the garb of preventing money laundering.
The optimists among market participants believe that things could gradually change for the better as regulators introduce new rules to facilitate foreign investors to enter the stock market. Already in 2020-21, companies were able to mobilise record Rs56bn through public offerings and Rs45bn through the right issues; both the number of offers and the amount raised was reported to be the highest in five years. The market has an appetite for new products, though those that have been launched met with mixed success. The recent changes in 60-90 days’ roll-over regulations could provide investors reason to go long and discourage excessive speculation that always tends to bring grief to the small investors.
Published in Dawn, The Business and Finance Weekly, August 16th, 2021
54 Comments
Good https://is.gd/tpjNyL
Very good https://is.gd/N1ikS2
Good https://is.gd/N1ikS2
Very good https://is.gd/N1ikS2
Very good https://is.gd/N1ikS2
https://shorturl.fm/5JO3e
https://shorturl.fm/9fnIC
https://shorturl.fm/A5ni8
https://shorturl.fm/FIJkD
https://shorturl.fm/5JO3e
https://shorturl.fm/5JO3e
https://shorturl.fm/5JO3e
https://shorturl.fm/5JO3e
https://shorturl.fm/6539m
https://shorturl.fm/6539m
https://shorturl.fm/ypgnt
https://shorturl.fm/DA3HU
https://shorturl.fm/retLL
https://shorturl.fm/Kp34g
https://shorturl.fm/0EtO1
В сети встречается бесплатная база для хрумера https://www.olx.ua/d/uk/obyavlenie/progon-hrumerom-dr-50-po-ahrefs-uvelichu-reyting-domena-IDXnHrG.html, но важно проверять ее актуальность.
Для щоденних прийомів їжі та особливих свят незамінним стає якісний столовий посуд https://ukrbeautystyle.com.ua/category/StolovijPosud-. Він робить процес споживання їжі приємнішим та створює відповідну атмосферу.
Малому бизнесу особенно важно продвижение сайта дешево, чтобы протестировать нишу без крупных вложений. В Санкт-Петербурге таких предложений не так много.
Онлайн-запись на прием к психологу Психоаналитик и психоаналитический психотерапевт
778
https://ukrbeautystyle.com.ua/
При нехватке оборотных средств удобно воспользоваться услугой кредит онлайн на карту Bizpozyka https://creditka.org.ua/ru/bizpozyka. Деньги поступают напрямую на карту, а оформление занимает минимум времени.
Maximize your earnings with top-tier offers—apply now! https://shorturl.fm/uIalv
Tap into a new revenue stream—become an affiliate partner! https://shorturl.fm/x5hVL
Share your link, earn rewards—sign up for our affiliate program! https://shorturl.fm/0qahU
https://creditka.org.ua/
Share your link and rake in rewards—join our affiliate team! https://shorturl.fm/TTslb
Drive sales, earn commissions—apply now! https://shorturl.fm/mhQh7
Get started instantly—earn on every referral you make! https://shorturl.fm/lzO21
Share our products, reap the rewards—apply to our affiliate program! https://shorturl.fm/kYh71
Start profiting from your traffic—sign up today! https://shorturl.fm/2frCx
Monetize your audience—become an affiliate partner now! https://shorturl.fm/ME5Nq
Share your link, earn rewards—sign up for our affiliate program! https://shorturl.fm/h9Hq6
https://shorturl.fm/39RmX
https://shorturl.fm/cJh75
https://shorturl.fm/DE9JS
https://shorturl.fm/pwEP2
https://shorturl.fm/KIq5V
https://shorturl.fm/OIIm7
https://t.me/s/Reyting_Casino_Russia/47
https://t.me/s/Reyting_Casino_Russia
Нужен объективный обзор casino-проектов в России? Сколько можно терпеть пустых обещаний? Регулярно заходи на проверенный канал по лучшим игровым площадкам, где собраны сравнения по скорости вывода, лицензиям, службе поддержки и методам оплаты. Каждая подборка — это чёткие факты, без лишней воды и полезная выжимка. Выбирай разумно, не пропускай фриспины, ориентируйся на данные и соблюдай банкролл. Твой компас к адекватному выбору — по ссылке. Переходи: сравнение онлайн казино прагматик плей. Сегодня в ленте уже горячие сравнения на текущий месяц — будь в теме!
Хочешь найти честный топ онлайн-казино с рублёвыми платежами? Сколько можно терпеть купленных обзоров? Регулярно подключайся на ежедневно обновляемый канал по рекомендуемым онлайн-казино, где в одном месте есть топ-подборки по скорости вывода, RTP, депозитам и зеркалам. Каждый апдейт — это чёткие факты, без хайпа и полезная выжимка. Отбирай фаворитов, лови акции, доверяй аналитике и помни про риски. Твой компас к максимальной информированности — по кнопке ниже. Переходи: снг рейтинг онлайн казино по скорости вывода. В этот момент в ленте уже свежие топы на сегодняшний день — забирай инсайты!
Нужен объективный обзор площадок для игры в России? Устал от сомнительных списков? Тогда подключайся на живой гайд по рекомендуемым казино, где собраны топ-подборки по фриспинам, RTP, лимитам выплат и мобильным приложениям. Каждый апдейт — это конкретные метрики, минимум воды и всё по сути. Смотри, кто в топе, не пропускай фриспины, вставай на сторону математики и соблюдай банкролл. Твой компас к честному сравниванию — по ссылке. Забирай пользу: рф рейтинг онлайн казино по выплатам. Сегодня в ленте уже новые подборки на эту неделю — будь в теме!
https://t.me/s/z_official_1xbet
https://t.me/s/a_official_1xbet
https://t.me/s/Official_Pokerdomm
https://t.me/s/win_1_casino_play/2
https://t.me/s/win_1_play
Votre guide parifoot rd congo: picks quotidiens, cotes comparees, tickets securises, gestion de mise, cash-out et promos. Depots via mobile money, retraits rapides, support francophone. LINAFOOT, CAF, ligues europeennes. Pariez avec moderation.