KSE directors agree to work in harmony

Member and nominee directors of stock exchange express resolve to work for greater interest of equity markets.

KARACHI: Member directors and nominee directors of the Karachi Stock Exchange (KSE) have expressed renewed resolve to work in harmony in the greater interest of the equity markets. These comments were made by a director of the KSE at the conclusion of a board of directors meeting held at the exchange on Friday.

The market also rallied to a 26-month high and analysts attributed the surge in equity prices partially to the apparent thaw in differences between member-directors and their nominee counterparts.

However the meeting, which lasted more than three hours, ended without addressing the three letters sent to the exchange by Securities and Exchange Commission of Pakistan (SECP). The regulator had earlier instructed the member-directors to submit written apologies to nominee directors and had also termed the appointment of Haroon Askari as acting managing director as “against regulations”. The board did, however, confirm that the appointment of the new managing director should be completed as soon as possible after the approval of the SECP.

Published in The Express Tribune, November 6^th, 2010.