Karachi, June 15, 2015 (PPI-OT): A Qatar Stock Exchange (QSE) delegation comprising of Mr. Abdulaziz N. Al-Emadi, Director Listing and Mr. Mohsin Mujtaba, Director Product and Market Development visited the Karachi Stock Exchange (KSE) on 15th June, 2015.
KSE’s Managing Director, KSE’s Board member Mr. Abid Ali Habib, Mr. Shahzad Chamdia member KSE’s Demutualization Committee, KSE’s Deputy Managing Director and senior management of KSE welcomed the guests where they performed the opening bell ceremony.
Afterwards, talking with the press, Mr. Al-Emadi highlighted the purpose of the visit which was to explore co-operation between QSE and KSE on a range of mutually beneficial areas including cross-listing, raising of long-term capital by Pakistani Companies in QSE, development of Small and Medium Enterprise (SME) market segment and introduction of derivative products including Real Estate Investment Trusts (REITs) and Exchange Traded Funds (ETF’s).
Answering a question from the press, Mr. Al-Emadi said the Government of Qatar and Pakistan had long standing cordial relations and Qatri people had very warm feelings for Pakistani people. Qatar has enjoyed significant economic growth with real GDP increasing by 10.7% per annum since 2008, and it is now one of the richest nations in the world with GDP per capita exceeding $100,000. As on 31 DEC 2014, Qatar Stock Exchange (QSE) has 43 listed companies with equity market capitalization in excess of US$187 billion and average daily value traded of US$ 221 million in the spot equity market. In 2014, the value of new equity issues is US$ 3.4 billion.
Regarding Qatar’s project of hosting 2022 soccer world cup and the arrangements being made in that regard, the Qatari delegation said that Pakistani companies can participate in many infrastructure and service projects in which skilled labour force would also be needed.
During their visit the delegation met with members of KSE’s Board of Directors, KSE’s Demutualization Committee, leading asset management companies, brokerage houses and some major Pakistani companies listed on KSE. The delegation also visited CDC House to discuss various products / services offered by the Central Depository Company.
Mr. Nadeem Naqvi’s speaking on the occasion said that QSE’s visit was confirmation of the trend that international investors were looking at Pakistan as a growth story. He highlighted the potential of cross-listing saying that Qatar Market’s P/E was 12.5x while Pakistan’s market P/E was 10.3x.
Thus there was potential for valuation expansion for a KSE listed company that might list on QSE. He reiterated KSE’s resolve to become a regional player in tune with global trend of closer relationship amongst stock exchanges. He was hopeful that closer engagement between QSE and KSE would open up opportunities for mutually beneficial projects and long-term strategic alliance.
For more information, contact:
S. Munawar Ali
Karachi Stock Exchange Limited (KSEL)
Tel: (+92-21) 111-001122
Fax: (+92-21) 3241 0825, (92-21) 3241 5136