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Canadian National Richard Morin is the new (and first ever foreign) MD of Pakistan Stock Exchange!

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KARACHI: Following acquisition of 40% equity stake in the PSX by Chinese consortium and listing of 20% PSX shares on stock exchange, joining of the first foreign CEO in the bourse’s history has been announced here today.

According to details, the appointment has been made by PSX setting aside the concerns of stock brokers and board members.

Richard Morin, whose appointment had been approved as MD of PSX by SECP will be paid an amount of Rs. 30,00,000/month in addition to residence allowance and international travel expenses.

Pundits at the helm of affairs question why the right to nominate MD, CFO and CRO had been given to the Chinese shareholders and how a foreigner unaware of the Pakistani stock market culture could operate as PSX chief.

Cynics go haywire wondering is this the reemergence of East India Company!

Richard Morin (BA Economics- University of Montreal, MBA McGill University) brings with him three decades of experience (of a number of emerging markets & Canadian market);

– Contributed to various segments of markets;

– As VP of Canada’s National Bank Securities, he managed client assets of $5 billion.

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PSX: Bulls were seen in the bourse on the week’s last trading day!

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KARACHI: Benchmark KSE-100 Index closed in the green at 44,179 after gaining 598 points on the week’s last trading day.

Rs. 10.75b worth of 209.5m shares changed hands. Value of the shares of 264 shares augmented, 103 plummeted while 15 remained stagnant.

Today’s top traders were: WorldCall Telecom, 13.0m shares (+2.50pc); Sui Southern Gas Co. Ltd.,  12.2m shares (+3.53pc); Dewan Cement, 11.4m shares (-4.43pc); Fauji Cement, 8.0m shares (+3.33pc); TRG Pak Ltd., 8.0m shares (+2.79pc).

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PSX: Bourse remains in the green on week’s 5th trading day!

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KARACHI: Benchmark KSE-100 Index closed today at 43581 with an augmentation of 222 points. Rs. 13.7b worth of 269m shares changed hands on week’s fourth trading day.

While value of the shares of 217 shares augmented, 148 plummeted and 9 remained stagnant, Technology/Communication, Cement and Chemicals led the trade with 31.7m, 30.0m and 26m shares respectively.   

Top five traders of the shares today were: TRG Pak Ltd., 17.6m shares (-0.93pc); Lotte Chemical, 15.4m shares (+5.90pc); Azgard Nine, 13.2m shares (-0.53pc); Dewan Cement, 11.6m shares (+0.04pc); Sui Southern Gas Company Ltd., 11.3m shares (-0.68pc).

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PSX: Despite political noise Benchmark KSE-100 Index gains 419 points!

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KARACHI: Not treating the PAT-led commotion in the walled city gravely the bulls reigned the bourse on the week’s 3rd day of trading enabling it to close in the green at 43359.

Rs. 6.65b worth of 151m shares changed hands. Value of the shares of 238 companies augmented, 114 declined and 23 remained stagnant.

Commercial Banking, Textile and Cement Sectors led the trade today with 17.79m, 16m and 14.9m shares respectively.

Top five traders were: Pace (Pak) Ltd., 10.9m shares (-4.21pc); Azgard Nine, 10.4m shares (+5.19pc); Lotte Chemical, 6.8m shares (+4.23pc); K-Electric Ltd., 6.5m shares (-0.95pc); Faysal Bank, 6.2m shares (+0.12).

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