FEDERATION OF EURO-ASIAN STOCK EXCHANGES
ANNUAL REPORT 2015
PAKISTAN
key CAPITAL MARKETS INFORMATION
Country Facts
Pakistan Market 4 MARKETS / Debt market
Islamabad Legal Public limited company
Area (km ) 796,100 Regulation Self
Population (million) 188 (approx.) Post-trade institutions Central depository
GDP (USD billion) 247 (approx.) Instruments Ordinary shares, modaraba certificates, preference shares, TFCs, government
bonds / securities
Currency Pakistani Rupee (PKR) Settlement and clearing Book entry and physical / National Clearing & Settlement System
Country
Capital
2
Exchange rate (1 USD) 100.3 Securities market regulations Regulatory institutions, exchange, and market participants jointly
Time Zone GMT+5 Surveillance
Yes
Calling Code +92 Trading rules
Each trading segment has its own trading rules
GDP GROWTH (%)
INFLATION (%)
5.54
17.03
4.99
3.62
3.84
4.03
3.65
13.66
4.24
12
11.01
10.1
2.58
7.77
7.36
8.62
4.9
0.36
06/07
07/08
08/09
09/10
10/11
11/12
“
12/13
13/14
14/15
06/07
07/08
08/09
ECONOMIC OUTLOOK
The real GDP growth in
the outgoing FY14-15
was recorded at 4.24%
and is targeted at 5.5%
for the FY 2015-16.
”
GDP growth was recorded at above 4%, driven
by improved production of major crops, fall of oil
prices, increase in home remittances, issue of Sukuk,
privatization proceeds and receipts of the tranche
from donors.
The real GDP growth in the outgoing FY14-15
was recorded at 4.24% and is targeted at 5.5% for
the FY 2015-16. Pakistan’s economy has strong
capacity to overcome the challenges originated
from internal and external economic environment
while struggling towards achieving long term
sustainable growth. Government has also decided
to continue the privatization of the public entities
and determination to cut in subsidies to reduce the
fiscal deficit
HISTORY AND DEVELOPMENT
09/10
10/11
11/12
12/13
13/14
14/15
re-registered with the name and style of “Karachi
Stock Exchange Limited” as a public company
limited by shares, signifying the demutualization of
the Exchange. In 1991 the secondary market was
opened to foreign investors on an equal basis with
local participants. This measure, along with a policy
of privatization, has resulted in rapid growth of the
market since 1991.
Management
The KSE has an independent Board of Directors
(10 directors) with representation from the
Members of the Exchange & from the Corporate
Community. Five directors are elected from amongst
the 200members of the Exchange and four non
member directors are nominated by Regulator
i.e., SECP, the Chairman is elected by Board from
amongst non member Directors whereas, Managing
Director is ex-officio member of the board.
The KSE is the biggest and most liquid exchange
amongst the three exchanges of Pakistan. It came
into existence on 18 September 1947. It was later
converted and registered as a company limited
by guarantee on 10 March 1949. From August
27, 2012, KSE’s corporate structure was changed
from a ‘company limited by guarantee’ and it was
36
FULL MEMBERS