33
ISLAMABAD: Finance Minister Ishaq Dar on Monday inaugurated the Pakistan Stock Exchange, saying on the occasion that the exchange's launch was a historic day for Pakistan, one that could be the start of a new era.
A new integrated national bourse, the Pakistan Stock Exchange began functioning Monday, replacing the stock markets of Karachi, Lahore and Islamabad as all three exchanges have now been formally inducted into the unified PSX.
Prior to the formal launch today, the Karachi Stock Exchange held a two-day pre-production mock trading session for all certificate holders of the three bourses on Saturday and Sunday.
The integration is expected to help reduce market fragmentation and create a strong case for attracting strategic partnerships necessary for providing technological expertise and assistance.
“I think Pakistan has a great future and I have great faith but we still have to go a long way,” said Dar during his address at the ceremony.
He said a number of countries had shown interest for investment in Pakistan in different fields, Radio Pakistan reported.
The finance minister said a stock exchange can play a major role in the development of an economy, and assured that his ministry will continue to offer support and assistance.
Dar said the PML-N government has put in untiring efforts focusing on “the four Es – economy, extremism, energy, and education.”
Today, he said, the country was performing well on all metrics, with the economy now showing signs of consolidation.
“Now the predictions are that Pakistan will take off and the PSX will play a critical role in this process.”
The integration of the three exchanges has completed the second phase of the Stock Exchanges Demutualisation and Integration Act 2012, passed by a joint session of parliament.
Read more
On DawnNews
Comments (33) Closed
Jan 11, 2016 02:10pm
Congrats, Pakistan missing on tourism, manufacturing, consulting and services sectors. for taxes use global model, cut the tax before salary is paid or any thing is bought.
Recommend
0
Jan 11, 2016 02:13pm
He forgot to mention 4 important 'C's that there will be a Control on Corruption, Cronyism to prevention stock exchange "Collapse"
Recommend
0
Jan 11, 2016 02:18pm
i am not much into stocks but i am sure people will have made millions in this merging/replacement of kse, lse, ise into psx, especially the ones who had this news in advance.Mr dar must have been the first to know :)
Recommend
0
Jan 11, 2016 02:19pm
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
0
Jan 11, 2016 02:42pm
Why do I get a feeling that the PML-N government is slowly taking everything away from Karachi? Karachi is the financial capital of Pakistan, I dont see why it is being deprived of its importance.
Its moves like this that convince the majority of Karachites to vote time and again for MQM.
Recommend
0
Jan 11, 2016 02:47pm
@AK I agree with you & don't have the clue why this change & merger of all Stock Exchanges (Karachi, Lahore & Islamabad). If it is good for a country than Ishaque Dar to go USA at least to NY and Change the name to US Stock Exchange.
Recommend
0
Jan 11, 2016 02:50pm
Finally, we all have been waiting for this historic day. PSX sounds much better then KSE as this will have global significance. Great Job Nawaz and Ishaq.
Recommend
0
Jan 11, 2016 02:53pm
Please educate me on what benefits Pakistan will get from the new name & merger of all stock exchanges in Pakistan. Worldwide it is on cities name.
Recommend
0
Jan 11, 2016 03:21pm
@AK Agree that all major stock exchanges have names based on cities, but all of them represent the country. How many stock exchanges do you think there are in the UK, and why is it called London Stock exchange, With Pak having 3 very different and vigrant exchanges, it made sense to combine them into one. It will still be based out of Karachi. And why do we have to follow th trend of the west, maybe int he past exchanges were based on city name, maybe Pak can set a trend to call them based on the country.
Recommend
0
Jan 11, 2016 04:02pm
good step...but what are the measure on insider trading and meausre to avoid any collapse systematic or artifical manupilation by big brokers. ?
Recommend
0
Jan 11, 2016 04:28pm
@D_H me not pml supporter but no one except your own govt is taking away anything from you.Federal government already gave funds for green line metro but your govt maybe used it all in Dubai!
Recommend
0
Jan 11, 2016 04:45pm
From capital to stock exchange everything has been moved from Karachi. I guess only thing left in Karachi is Arabian ocean, let us see when it will be moved.
Recommend
0
Jan 11, 2016 05:11pm
If the present MD of former-KSE is responsible for changing the name to PSX, then he should resign. What a blunder!
Recommend
0
Jan 11, 2016 05:55pm
Great idea. People don't understand that having a national stock exchange removes investment barriers and increases daily trade. The stock exchange is still based out of Karachi.
Recommend
0
Jan 11, 2016 06:11pm
@AK: 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
0
Jan 11, 2016 06:24pm
An Outstanding Move by the Pakistani government, there is absolutely no doubt foreign money will start pouring into the PSX, since the stock markets are always forward looking, there is huge potential. Congratulations to Pakistani government and Good Luck.
Recommend
0
Jan 11, 2016 07:32pm
PSX .......the runway for "take off " the Finance Minister says .There is no dearth of your detractors ! Capital market may become more efficient and yes we have a long way ahead !
Recommend
0
Jan 11, 2016 08:01pm
A simple way of weakening Karachi and shifting business to Islamabad especially close to Lahore !
Recommend
0
Jan 11, 2016 08:04pm
People are going towards decentralization and our government is just opposite. There is New York, London, Tokyo and Bombay Stock exchanges and we have Pakistan stock exchange away from Karachi .
Recommend
0
Jan 11, 2016 09:00pm
PML (N), stop taking everything from Karachi. Karachi stock market was leading stock market and now you have taken that pride from Karachi as well. It is a time for a separate province for Karachi with greater autonomy from center so that Karachi could have its own urban rulers not sleeping rural authorities from rural Sindh.
Recommend
0
Jan 11, 2016 09:35pm
There are any number of stock exchanges that are NOT named after a city. How about NASDAQ, ASX, Euronext, Nigerian Stock Exchange, Taiwan Stock Exchange and so on. It is shocking to see how some people are interpreting it as a Lahore-Karachi tussle. Just as illogical as it is petty.
Recommend
0
Jan 11, 2016 09:55pm
It is basically a conspiracy against the financial capital of Pakistan's stock exchange known in the world as Karachi Stock Exchange.
See what this Noon League is doing to the PPL. Not visible to the press, they have started forcing their cronies from Lahore into this great organization that has zero-corruption record. Just wait and see. PPL will become another PIA.
This party has made corruption an art in this country.
Recommend
0
Jan 11, 2016 10:00pm
@Sarai Alamgir There was only one stock exchange called Karachi stock exchange in this country. A unique example was set by creating parallel stock exchanges in Pakistan namely Lahore and Islamabad stock exchanges. This decision is the culmination of the conspiracy that was done a years ago. By the way, what financial benefits did Lahore and Islamabad stock exchanges give to the country.
Punjab simply wants to devour every thing in the name of Pakistan. This decision is simply unacceptable.
Recommend
0
Jan 11, 2016 10:02pm
Stock Exchange is a symbol of failed capitalism, it did not bring any prosperity to any of the advanced economies. I am not surprised to see a rotten and failed structure propping up in Pakistan.
People are more conscious about realities and can not be fooled easily in this world of communication and connections.
Recommend
0
Jan 11, 2016 10:55pm
@Khan- Pakistani This smacks of ethnic/ racist mind ! Plz you first understand how it works in this age of inf o.tech. .No one is shifting any thing from Karachi to Lahore !
Recommend
0
Jan 11, 2016 11:48pm
Pakistan progressing at good speed.
Recommend
0
Jan 12, 2016 12:57am
off course this shows a narrow mentality of the ruling party by depriving a mega city of Pakistan from such a facility where its cosmopolitan status will definitely be damaged and will create a hatred environment among the resident of Karachi
Recommend
0
Jan 12, 2016 06:36am
So they can eventually close the KSE for security reasons or due rangers' operation and move the whole thing to Lahore.
Recommend
0
Jan 12, 2016 07:52am
Integration is a good decision and makes sense for Pakistan. The exchange remains in Karachi. Over 90% of trading was done in Karachi before integration, now 100% would be out of Karachi.
Recommend
0
Jan 12, 2016 10:39am
For all those...who are commenting here and saying that all other countries have the stock exchanges based on city names.....please note the following:
1. Euronext NV - European stock exchange
2. Deutsche Börse - German Stock Exchange (Deutsche in German means German)
3. National Stock Exchange of India
4. SIX Swiss Exchange
5. Australian Securities Exchange
6. Korea Exchange
7. Taiwan Stock Exchange
8. Japan Exchange Group
Recommend
0
Jan 12, 2016 10:40am
@AK please note the following:
1. Euronext NV - European stock exchange
2. Deutsche Börse - German Stock Exchange (Deutsche in German means German)
3. National Stock Exchange of India
4. SIX Swiss Exchange
5. Australian Securities Exchange
6. Korea Exchange
7. Taiwan Stock Exchange
8. Japan Exchange Group
Recommend
0
Jan 12, 2016 04:24pm
@Karachite "now 100% would be out of Karachi"
how?
what do you know about this business?
please explain in plain English with logical arguments.
Recommend
0
Jan 12, 2016 04:27pm
total volume of KSE+LSE+ISE was not even a fraction of the exchanges named after cities that is being quoted.
Basically it is business, need to be efficient and affective.
For the 'city' hung ups, there are 2 exchanges in NYC!
Each is bigger multiple times than our all 3 combined.
Recommend
0
