KARACHI: The Pakistan Stock Exchange Ltd (PSX) held an opening ceremony for the ‘PSX Stock Challenge’ on Thursday at the exchange’s main trading hall.
The mock trading competition is being held in collaboration with the Tabani’s School of Accountancy (TSA), a private higher education institute in Karachi, but is open to students from all educational institutes of Karachi. More than 1,000 students have registered.
The trading hall was overpacked, with around 150 accounting and business students from universities in Karachi, such as TSA, the Institute of Business Administration (IBA) and Shaheed Zulfikar Ali Bhutto Institute of Science and Technology (SZABIST).
After Thursday’s opening ceremony, students will be able to trade on the PSX Virtual Trading app for the next two weeks. Students will be given 1 million in virtual money and will trade based on the live stock market. After the two weeks, students with the highest capital gain and best performing portfolio will receive prizes. Participants will also receive a participation certificate.
Much of the opening ceremony was spent on not just on acquainting students with the PSX, but emphasizing the idea that people should invest – and that students should inform their friends and family to also invest in the PSX.
Managing Director Muhammad Rafique Umer said that the basic objective of events like this is to create awareness about how to invest in the stock market. “You have to create a culture of saving, and a culture of investing in Pakistan,” he said, adding that students can also make their parents aware of the PSX.
Similarly, Raeda Latif, Head of Marketing & Business Development, highlighted three problems with Pakistanis: that as a country we spend more and save less, we do not use documented channels if investing, and we forget to invest our returns.
The speeches and tone were part of PSX’s recent outreach goal to increase awareness of investing among the average Pakistani. As some speakers pointed out, very few Pakistani adults actually invest in the exchange, with many more preferring to invest in other asset classes, like gold or real estate.
The objective of events like these is to inform and train the next generation to be more open to investing in the exchange.
Safia, a CMA (certified management accountant) student at TSA, said she was excited to actually start using the trading app.
“This is a great opportunity to practise for the future,” said Laviza, a foundation year student at TSA.
TSA had previously held a ‘Tabani’s – Stock Exchange’ (T-SX-1) mock stock exchange simulation in 2018. This year’s second iteration (T-SX-2) was held in collaboration with the actual PSX.
