Hafeez Shaikh meets PSX delegates amid dull market sentiment

A delegation of leading businessmen and brokers on Friday held a meeting with Adviser to Prime Minister on Finance Dr Abdul Hafeez Shaikh and discussed the overall macro-economic situation and its impact on capital markets in the country, according to a media report.

The delegation, comprising Pakistan Stock Exchange (PSX) Chairman Sulaiman Mehdi, Bashir Jan Mohammad, Arif Habib, Aqeel Karim Dhedhi and Ali Jamil, discussed various measures related to market reforms.

Federal Board of Revenue (FBR) Chairman Shabbar Zaidi and Adviser to Ministry of Finance Dr Khaqan Najeeb were also present on the occasion.

Considering the present depressed market sentiment, the delegation suggested various measures for strengthening the capital markets.

It was suggested that the proposed draft of Listed Companies (Buy Back of Shares) Regulations, 2019, be approved on priority basis and the limit of 10pc on treasury shares should be enhanced.

It was also proposed to resolve the present issue of ready futures transaction at PSX, which is also hurting the market volumes.

The delegation recommended that keeping in view the attractive valuations at the PSX, a market support fund may be considered.

On the occasion, Sheikh took note of all the suggestions positively and assured full support and cooperation of the government.