Pakistan Stock Exchange (PSX) announced the inauguration of its regional office in the province of Khyber Pakhtunkhwa (KP) by holding a gong ceremony at PSX Trading Hall in Karachi.
This is a significant development for the capital market of Pakistan whereby PSX will now be in a position to focus on this region in terms of meeting the business needs of the business community, industry, and investors concerning the capital market.
Earlier, the north-western province was covered by PSX through its northern regional office in Islamabad.
KP Minister for Finance & Health, Taimur Khan Jhagra, attended the ceremony as the Chief Guest with Special Assistant to Chief Minister KP on Industry & Finance, Abdul Karim Khan, KP Board of Investment & Trade CEO, Hassan Daud Butt, PSX Chairperson, Dr. Shamshad Akhtar, PSX CEO, Farrukh H. Khan, PSX management team and market participants also in attendance.
Khyber Pakhtunkhwa is integral and central to Pakistan in terms of its industrial zones, business hubs, and centers of trade in the northern part of Pakistan. It constitutes numerous types of industries, businesses, and trades that contribute significantly to the national exchequer.
With increasing industrial and trading activity taking place in KP, a significant need was felt by PSX to reach out to fulfill the requirements of the business community of KP to channelize their liquid resources for investment and for raising capital to expand their industrial and business base. PSX intends to fulfill this need in the near future through its representation in KP.
By opening an office in KP, PSX asserts its presence in the region by utilizing its resources to spread investor awareness and education and to educate businesses about the benefits of listing on the Exchange. PSX will thus increase its outreach in the northern areas of the country. It will also be facilitating or expediting the growth plans of businesses and companies (with potential for listing) through capital raising via equity or debt issuance.
PSX will be in a position to facilitate the raising of capital for numerous infrastructure projects by the Government and for corporates and businesses who require capital to expand. The time is right for PSX to enter the KP business & industry sector and fill the gap for financing and investment needs of the KP investors and business/industrial community.
Speaking at the gong ceremony marking the inauguration of the PSX KP office, MD PSX, Farrukh Khan, said,
It is a proud and exciting moment for Pakistan Stock Exchange to open a representative office in KP province. KP is a province that is of great importance to Pakistan and its economy. Trading and business activity has been a forte of this region since ancient times and the region was a key part of the famous silk route. The current KP government and the FM in particular have made a lot of effort and progress to improve the economy and business environment in the province. With increasing business opportunities in the province, we are confident that PSX’s presence and facilitation in KP will support the expansion of business and investment activity in the province. Khyber Pakhtunkhwa is a region that remains untapped from both a savings and investments perspective. Hence, there is a lot of potentials to develop the capital markets ecosystem in KP. There are excellent businesses there, which will benefit from raising capital and listing at PSX, while savers and investors will benefit from being able to access a wide range of investment products.
He further stated, “Many PSX brokers already have offices in KP and we look forward to working with them and others to help increase their footprint and activities in KP. I see great potential and mutual benefit in this collaboration for the businesses and investors in KP and the PSX capital markets fraternity.”
The Minister of Finance Khyber Pakhtunkhwa, Taimur Jhagra, stated, “I am very happy that the PSX presence in KP is now a reality. I am also pleased to announce a major IPO of a KP steel company on PSX. We have made this effort to create greater awareness, participation in the capital markets, and financial inclusion for the investors in KP. SMEs will now be able to get access to capital through listing on the PSX GEM Board.”
“Chief Minister Mahmood Khan and I appreciate the efforts of the PSX leadership and management. To the business leaders in Karachi and all over Pakistan, I would like to say that KP is open to business and investment! There are great investment opportunities in Pakhtunkhwa, and I would encourage you to participate in our economic growth,” he further added.