Friday May 17 2019

PSX delegates call on Hafeez Sheikh amid depressed market sentiment

The Pakistan Stock Exchange (PSX) delegation suggested various measures, including formation of a support fund, to supplement capital markets. — Geo News FILE

KARACHI: A delegation of leading businessmen and brokers here on Friday held a meeting with Adviser to Prime Minister on Finance Dr Abdul Hafeez Sheikh and discussed overall macro-economic situation and its impact on capital markets in the country.

The delegation, comprising Chairman Pakistan Stock Exchange (PSX) Sulaiman Mehdi, Bashir Jan Mohammad, Arif Habib, Aqeel Karim Dhedhi and Ali Jamil, discussed various measures relating to the market reforms during the meeting.

Honourary Chairman of Federal Board of Revenue (FBR) Shabbar Zaidi and Adviser to Ministry of Finance Dr Khaqan Najeeb were also present at the meeting.

Considering the present depressed market sentiment, the delegation suggested various measures for strengthening the capital markets.

It was suggested that the proposed draft of Listed Companies (Buy Back of Shares) Regulations, 2019, be approved on priority basis and the limit of 10 per cent on treasury shares should be enhanced.

It was also proposed to resolve the present issue of ready futures transaction at PSX, which is also hurting the market volumes.

The delegation also recommended that keeping in view the attractive valuations at the PSX, a market support fund may be considered.

On the occasion, Sheikh took note of all the suggestions positively and assured full support and cooperation of the government.