Chinese delegation visits KSE

Representatives briefed on market performance, features

KARACHI: The Karachi Stock Exchange (KSE) building turned into a little fortress on Monday, as China Investment Corporation (CIC) President Gao Xiqing – along with a ‘high-powered’ delegation from the world’s fourth-largest sovereign wealth fund – visited the KSE amid tight security to perform the gong-striking ceremony. The delegation was received by KSE Chairman Muneer Kamal and Managing Director Nadeem Naqvi.

Leaving the trading floor as soon as the gong-striking ceremony, which marks the commencement of the trading session, was over, the KSE management hurriedly took the Chinese delegation to the administration block without letting its members speak to journalists.

The delegation received a presentation on the makeup of the KSE, its upcoming de-mutualisation, market indices, volatility and returns in comparison with other stock markets in the region, according to the official handout. Kamal briefed the delegation regarding the KSE’s performance. He informed the visitors that that the KSE-100 Index, the benchmark for Pakistan’s $43 billion equity market, rose 7.3% in the past three years when adjusted for price swings, gaining the most among 72 markets worldwide according to the Bloomberg Riskless Return Ranking.

While the official statement described in detail the contents of the presentation that the KSE chairman made in front of Gao, it did not say whether the CIC was going to invest in Pakistan’s capital markets in the near future.

WITH ADDITIONAL REPORTING FROM APP

Published in The Express Tribune, December 4^th, 2012