June 17, 2016
President Pakistan Businessmen and Intellectuals Forum (PBIF), President AKIA, Senior Vice Chairman of the Businessmen Panel of FPCCI and former provincial minister 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 large-scale 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.
He said that now Government should try to keep the classification intact and try for the upgrade to lure badly needed local and foreign investment.
The powers of regulator must be increased while the ability of incompetent 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 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.
