While speaking to Bloomberg on Tuesday, Managing Director, Pakistan Stock Exchange (PSX) informed about the changes post-buyout of 40pc stake by Chinese Consortium. Naqvi informed that the Chinese investors are currently assessing the PSX. He also apprised that a thorough review and assessment of the organisational structure of the PSX including productivity and cost analysis and product launches will be carried out.
He also stated in the interview that SECP, the apex regulator and the PSX have chalked out a detailed timeline based on a committee’s recommendation regarding product launches. Naqvi was confident that by December this year, cash-settled futures and single stock options are likely to be floated followed by ETF (Exchange traded fund).
Naqvi said that the underlying profitability of the listed companies remains very robust with the exception of banks which suffered from poor earnings ratio.
Naqvi also appeared optimistic by the introduction of the real estate tax that was introduced last year adding that it has led to substantial funds flowing into the capital markets. He also forecasted that the trend is likely to continue in the next fiscal year. Â Naqvi asserted that capital outflows from the country that amounted to nearly $200m during the year have been more than compensated by mutual fund flows by individual and corporates.
