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US Ambassadorvisits KSERECORDER REPORT

KARACHI: William B. Milam, the US Ambassador to Pakistan, visited the Karachi Stock Exchange (KSE) on Monday and showed keen interest in the development of the exchange including the introduction of automated trading. He hoped that the market would continue its current positive trend.

Arif Habib, KSE chairman, dilated upon the various factors responsible for the current bullish run on the exchange. He said that the declining interest rates, good agricultural crops, achieving budgetary revenue targets for first half of current financial year, stability of Pak rupee during the last one year and government policies on fertilizer and cotton were the factors which fuelled the bull run. He said that it was also a reflection of the esteem in which investors held the current economic team of the government.

Moreover, the chairman said, the other positive indicators were the new regulatory framework for the capital market with the formation of the Securities and Exchange Commission of Pakistan and the restructuring of the board of directors of the KSE.

He said that the introduction of automated trading at the KSE had ensured greater efficiency and transparency which in turn led to greater investors confidence.

It was because of the automated trading system that the KSE had witnessed a record turnover in the last week. The new set-up at the KSE was determined to ensure corporate governance which was also a significant factor in the current upsurge being witnessed at the market.

The US Ambassador, accompanied by John Bennett, US Consul General, and Ms. Lisa Mount, Economic Officer, met Arif Habib, Chairman, Saleem Chamdia, KSE Vice-Chairman, Shahid Ghaffar, Managing Director and Mohammad Yacoob Memon, General Manager.