Pakistan Stock Exchange (PSX) announced the inauguration of its regional office in the province of Khyber Pakhtunkhwa (KP) during a gong ceremony held at PSX Trading Hall in Karachi. The event is of great significance in terms of development in the capital market as it will allow PSX to focus on the business needs of the investors, business community, and the industry primarily based in this region of the country. The opening of its north regional office earlier in Islamabad facilitated PSX to cover the northwestern province and contribute to its business landscape.
The gong ceremony was attended by the KP Minister for Finance & Health, Mr. Taimur Khan Jhagra as the Chief Guest, KP Board of Investment & Trade CEO, Mr. Hassan Daud Butt, Special Assistant to Chief Minister KP on Industry &Finance, Mr. Abdul Karim Khan, PSX Chairperson, PSX CEO Mr. Farrukh H. Khan, Dr. Shamshad Akhtar along with PSX management team and other market participants.
The province of Khyber Pakhtunkhwa is of immense importance to the country with its diverse range of industrial zones, centers of trade of northern Pakistan, and its business hubs. The numerous businesses and trades make major contributions to the national exchequer. As the industrial and trading activity increases in KP, it leads to increasing demand for PSX which can cater to the business landscape of the region. PSX is fully committed to channelize the liquid resources for investment and for the purposes of raising capital for expansion of the industrial base in KP.
The opening of a PSX office in the region is a critical milestone in spreading investor awareness and educating businesses about the advantages of listing on the exchange. These activities will further expand PSX’s outreach in the northern areas of Pakistan. Another important objective for PSX will be to facilitate and expedite growth plans for companies and businesses via raising capital through equity or debt issuance. PSX will be able to facilitate businesses with raising capital for infrastructure projects by the government as well as for corporations that require capital for expansion purposes.
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 which 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 potential 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 added,“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, Mr. TaimurJhagra, said, “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. The CM, 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.”