PBIF sat­is­fied over Pak­istan re-en­try in emerg­ing mar­kets

Pakistan Observer - - ECONOMY WATCH -

ISLAMABAD—Pres­i­dent Pak­istan Busi­ness­men and In­tel­lec­tu­als Fo­rum (PBIF) Mian Zahid Hus­sain on Fri­day ex­pressed sat­is­fac­tion over re-en­try of Pak­istan Stock Mar­ket in the Emerg­ing Mar­kets clas­si­fi­ca­tion. The re­turn to the in­dex af­ter a gap of eight years is an ac­com­plish­ment which has re­sulted in sharp and abrupt up­ward climb of stocks and strength­ened hopes of largescale for­eign in­vestor in­ter­est in the near fu­ture, he said.

Mian Zahid Hus­sain said that the credit of re-en­try goes to the ef­forts of Fi­nance Min­is­ter Ishaq Dar who was try­ing for it since long, said the press re­lease is­sued on Fri­day. He said that now the gov­ern­ment should try to keep the clas­si­fi­ca­tion in­tact and try for its up­grad­tion to lure lo­cal and for­eign in­vest­ment. The pow­ers of reg­u­la­tor must be in­creased while the abil­ity of dis­hon­est bro­ker mafia to ma­nip­u­late rise and fall of mar­ket must be bro­ken down so that lo­cal and for­eign in­vestors can in­vest with con­fi­dence in a trans­par­ent en­vi­ron­ment, there must be some mech­a­nism to dif­fer­en­ti­ate good and bad bro­kers, he de­manded.

Mian Zahid said that prac­tice of the past Gov­ern­ment to ap­point­ment rep­re­sen­ta­tives of bro­kers’ mafia against im­por­tant posts in the reg­u­la­tor should be dis­cour­aged as it has eroded the mar­ket to the ben­e­fit of few on the cost of masses. He said that af­ter ev­ery cri­sis in the stock ex­change a new bank has emerged on the eco­nomic land­scape of Pak­istan which must be probed “as many in­vestors are still run­ning from pil­lar to post to get their money lost to cor­rupt bro­kers”. A mis­take of the board of KSE have al­ready kept coun­try out of the emerg­ing mar­kets in­dex for eight long years and now coun­try can­not af­ford such blun­ders again, he said.—APP

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