Pakistan Stock Exchange formally launched

Published: January 11, 2016
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Finance Minister Ishaq Dar rings the gong to mark the opening of Pakistan Stock Exchange in Islamabad on January 11, 2016. PHOTO: PID

Finance Minister Ishaq Dar rings the gong to mark the opening of Pakistan Stock Exchange in Islamabad on January 11, 2016. PHOTO: PID

Finance Minister Ishaq Dar rings the gong to mark the opening of Pakistan Stock Exchange in Islamabad on January 11, 2016. PHOTO: PID A new board of Pakistan Stock Exchange is seen mounted at the gate of what was previously known as the Karachi Stock Exchange. PHOTO: ONLINE

Finance Minister Ishaq Dar on Monday inaugurated the Pakistan Stock Exchange (PSX), which has been formed after the merger of the three stock exchanges of Lahore, Karachi and Islamabad.

“Today is a historic day for Pakistan. It took 15 years to make the PSC dream come true. The KSE will now be called PSX,” Ishaq Dar said while addressing the inaugural ceremony of the PSE.

Pakistan has a bright future ahead and all issues can be resolved with honesty and sincerity, Dar said. “Government’s vision is very clear on law-making. With honesty and sincerity everything can be done,” he said.

Labourers push a loaded cart past the Pakistan Stock Exchange (PSE) in Karachi on January 11, 2016. PHOTO: AFP

Launch: Under emblem of PSX, there lays some bitterness

“The integration of three exchanges has completed the second phase of the Stock Exchanges Demutualisation and Integration Act 2012, passed by a joint session of parliament,” Radio Pakistan reported.

Further, the finance minister said the government has prepared a roadmap for reviving Pakistan’s economy and is working in all sectors of the economy. “We have foreign exchange reserves for at least six months. Around 22 international institutions have recognised the Pakistani economy as a stable macro economy.”

Dar said the economy was facing a very dangerous situation in 2012-13 but due to the efforts of the incumbent government the international rating of Pakistan’s economy has turned positive. “Pakistan is now attracting foreign investments and our economy is only getting better.”

Stock exchange merger: Grand launch planned next month

Lauding the government’s efforts for restoring peace and stability in the country, the minister said his government is trying its best to counter terrorism across the country. However, he advised that politics should not be involved in issues of national importance.

Regarding the ongoing energy crisis in the country, Dar claimed that around 10,000MW of electricity would be added to the national grid by March 2018.

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Reader Comments (20)

  • Pakistani
    Jan 11, 2016 - 3:48PM

    Good Luck PSERecommend

  • Omer
    Jan 11, 2016 - 3:50PM

    Nawaz Shariff’s attempt to take away Karachi Stock Exchange. Shame on this government. Recommend

  • Old Timer
    Jan 11, 2016 - 4:03PM

    @Omer: if you have a brain, which I highly doubt, please use it before commenting. Recommend

  • AK
    Jan 11, 2016 - 5:29PM

    All over the world, major stock exchanges are named after the city, like New York, London, Tokyo, Mumbai, Istanbul, Dubai etc. etc. This gives the importance to the cosmopolitan status of that city and being most business friendly. But PML-N government wants to eliminate Karachi’s importance (historically one of the most vibrant cities for business since British Raj) and gradually take the stock business to either Lahore or Islamabad. Introduction of Pakistan Stock Exchange is a clear sign of narrow minded people presently ruling Pakistan. They could have integrated KSE with other cities in more efficient manner without changing the name. What a pity!Recommend

  • Salman
    Jan 11, 2016 - 5:31PM

    What a shame for Karachi!
    Have you ever heard any stock exchange in the world named after the ‘country’.Recommend

  • Malik Saab
    Jan 11, 2016 - 5:42PM

    @Omer: Kindly someday think in a positive manner. Everyday New conspiracy theories does not make much sense. Also the KSE is still there, only the name has been changed. It is a new concept of integration of all Stock markets and there is nothing wrong in it. Believe me Non-Biased Financial analysts will welcome this move. Kindly come out of Regionalism to think in a different manner. Recommend

  • Ch. Allah Daad
    Jan 11, 2016 - 5:46PM

    @Omer:
    In this computer age, you can invest anywhere in the world. Floor trading is thing of past. On line trading has made even field for everyone. If you had known anything about modern day online trading, you would not have said that. However I would suggest to everyone, be careful while investing and don’t let anyone steal your money. Only invest in those companies who pay dividend. Avoid speculation and gambling. Make serious long term investments. Thanks.Recommend

  • Asad Shairani
    Jan 11, 2016 - 5:57PM

    Dar sahab Karachi exists for matters outside your consumption as well. Apart from feeding the taxman’s belly this city needs some attention from the govt too! Recommend

  • mjk
    Jan 11, 2016 - 6:36PM

    What sinister games are they upto now? Merging? They really do play big.Recommend

  • Someone
    Jan 11, 2016 - 6:47PM

    @Omer: It is not necessary for stock exchanges to be named after a city or be based in one city alone. Australia has an integrated stock exchange, known as Australian Securities Exchange (ASX), and so do many other countries.

    There is no point of having three stock exchanges in an economy like Pakistan’s. This merger is a good move. Everything that goes on in the country doesn’t have to be about Karachi, MQM or politics.Recommend

  • Syedpk
    Jan 11, 2016 - 7:02PM

    @malik saab,

    “Those who do not learn history are doomed to repeat it.”

    Unfortunately this is the same pattern that the PMLn has always been doing, Stock exchange and state bank are the only two federal institution out of punjab, And they want to move it away. Nowhere in the world the stock exchange is named after the country its always the city ALWAYS, Pakistan Stock exchange is a first .. If they really wanted to merge the two smaller stock exchanges they could have merged under the title KSE, But no, Our establishment hates the letter K, mark my words within next 5-10 years the stock exchange will be moved to Islamabad.Recommend

  • Malik Saab
    Jan 11, 2016 - 7:05PM

    Many people will raise this question that since Stock markets are named on the basis of cities where they are established so Pakistani government should do the same. But it is not always the case.

    Take the example of Australian Stock Exchange, Newzealand stock exchange, Mexican stock exchange, BM&FBOVESPA to name a few. Inter-connected Stock Exchange Ltd. (ISE) of India is another example. For a country like Pakistan one window operation type method is good.

    Actually many Stock Brokers who were working in cartels will now face the problem in manipulating the market easily. They will try to stroke the Regionalism to take care of their businesses. Recommend

  • Talha
    Jan 11, 2016 - 7:10PM

    @Omer:
    Stock exchange is owned by whole Pakistan not just Karachi
    when did Karachi OWNED a stock exchange???
    All markets are owned by federal government….
    Markets name was Karachi it wasn’t owned by mohajirs or your beloved leader altaf bhaiRecommend

  • Mona Towfik
    Jan 11, 2016 - 8:53PM

    @Salman:

    Only in Iceland, Switzerland, Australia, South Korea, Taiwan, Bahrain, Indonesia, Kazakhstan, Kyrgyzstan, Kuwait, Malaysia, Nepal, Qatar, Thailand, Bulgaria, Montenegro, Ukraine, Jamaica, Nicaragua, Bolivia, Colombia, New Zealand, MexicoRecommend

  • Timorlane
    Jan 11, 2016 - 9:16PM

    Even a bigger ground for the likes of AKDs, JSs and Arif Habib’s to milch easy

    money out of the small investors. Recommend

  • Jan 11, 2016 - 11:08PM

    Future of Pakistani capital market is too dark. Recommend

  • pk007
    Jan 11, 2016 - 11:34PM

    Apparently for some Karachi is still Jinnahpur Recommend

  • Aalai
    Jan 12, 2016 - 5:52AM

    Karachites are fuming for naming Karachi Stock Exchange as Pakistan Stock Exchange. What a shame, you seem more loyal to one city than the whole country.Recommend

  • Sane Khan
    Jan 12, 2016 - 6:24AM

    Nothing wrong with it!
    Makes sense…Recommend

  • Saqib
    Jan 13, 2016 - 3:11AM

    The Government deserves appreciation where it is due,and its one of the signs of political awareness among the people.Recommend

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