The Pakistan Stock Exchange (PSX) plans to make a newly acquired trading platform – purchased from the Shenzhen Stock Exchange (SZSE) – fully operational this month, according to PSX chief executive Farrukh H Khan.
The SZSE, China’s third-largest stock exchange in terms of trading value, owns 40% of the PSX and is one of the country’s three stock exchanges. In November 2019, Pakistan inked a $5 million contract with SZSE to acquire the trading and surveillance system in order to strengthen its operational and technological level.
http://fabulouspakistan.com/pakistan-stock-exchange-psx-to-launch-new-trading-system-this-month/
According to Arab News, the CEO stated that the launch is scheduled for October. It was supposed to be live in March, but there were some criteria that “our stakeholders had requested to accommodate in the trading system, which is now in place,” he said.
The new trading system will make PSX trading more transparent and appealing, bringing the stock exchange up to pace with other stock exchanges.
“The technology will substantially increase our trading capabilities and ability to provide new products like options,” Khan added.
“We’ll have a genuine monitoring system as well as the robustness of a much better system.”
http://fabulouspakistan.com/pakistan-stock-exchange-psx-to-launch-new-trading-system-this-month/
In an interview with an international magazine, the CEO stated that Morgan Stanley Capital International (MSCI) downgraded the Pakistan Indexes due to a decrease in market capitalisation.
It is worth noting that the MSCI Pakistan Indexes were reclassified from the Emerging Market Index (EMI) to the Frontier Markets Index (FMI) in September (FMI).
The benchmark KSE-100 index hit 53,000 points in 2017, with a market value of $100 billion. However, market capitalization has fallen to $45 billion throughout the years, with a 17 percent dip in the last four months.
“Rising oil prices, which have more than doubled in recent days, Afghanistan’s situation, interest rate hikes, and the rupee have remained under pressure, and MSCI reclassification in general has caused negative consequences in the share market,” Khan said.
http://fabulouspakistan.com/pakistan-stock-exchange-psx-to-launch-new-trading-system-this-month/
No comments:
Post a Comment