PSX welcomes inclusion of EFG-Hermes, rises by 600 points

KARACHI: Egyptian investment firm EFG-Hermes on Monday formally became part of the Pakistan Stock Exchange as a broker.

At the start of trading, a ceremony was held to welcome the foreign firm in the Pakistani market. Talking to the media, EFG-Hermes Group CEO Karim Awad said, "We believe we can play a big role here." 

Talking to the media, PSX Managing Director Nadeem Naqvi said the MSCI's inclusion of PSX will lead to greater business activity in Pakistan. 

Investors reacted positively to the move, with the KSE 100-index rising by 600 points to a mark of 51,374.

In March this year, the EFG-Hermes acquired 51 per cent shares of Pakistani brokerage company Invest & Finance Securities Limited. The firm is keen to expand its brokerage arm by injecting new liquidity. 

Launching ceremony of EFG-Hermes

The launching ceremony of the Pakistan Stock Exchange’s first foreign broker, Egyptian investment firm EFG-Hermes was held later on Monday.

A press conference was held before the official launching ceremony.

Chairman EFG-Hermes Awad said that Pakistan has great potential to excel.

He said that on the first day of the country’s inclusion in the MSCI, investment of up to $500 million is expected.

Awad said that the CPEC plan would enhance chances of development for the country.

The Pakistani market is forming improved evaluation from Morroco to Thailand, said the CEO.