image
image
image
 
 
 

 

You are here:  Home   |   Business   |   China Investment Corporation visits Karachi Stock Exchange

 

Saturday 26, July 2014

 
 
 

 

China Investment Corporation visits Karachi Stock Exchange

Posted by: Bilal Khan, Uploaded: 3rd December 2012



KARACHI, Dec 3: The high powered delegation of the China Investment Corporation (CIC) led by its President, Gao Xiqing, on Monday visited the Karachi Stock Exchange (KSE). On arrival, the delegation was received by the Chairman of the KSE, Muneer Kamal and Managing Director, Nadeem Naqvi. Gao Xiqing also performed the Gong ceremony that heralds the commencement of the trading session. Later, Muneer Kamal briefed the members of the delegation regarding the KSE.

About the Pakistan Market performance he informed that the KSE 100 Index, the benchmark for Pakistan’s dollars 43 billion equity marked, rose 7.3 in the past three years when adjusted for price swings, the top gain among 72 markets worldwide according toe the Bloomberg Riskless Return Ranking. Muneer pointed out that the earnings in KSE-100 Index advanced 45 percent during the past year the largest gain among 17 Asian indexes. Dividends in Pakistan also climbed at the fastest space in the region, KSE 100 Index has dividend yield of 6.6 percent double the
3.3 percent average in Asia. He said that the foreign investors have purchased a net of dollars 153 million of Pakistan shares since July 1 this year. Bond investors also growing more confident.
The Chairman KSE stated that the active members as at June 30, 2012 were 135. Nearly 600 companies are listed on the KSE. The market capitalization currently stands at dollars 43 billion.

He informed that on May 7, 2012, the President of Pakistan signed the Demutualization, Corporatization and integration of Stock Exchanges Act. It was further stated that on August 23 this year the KSE was demutualized and re-registered with the Securities and Exchange Commission of Pakistan (SECP) as a company. Within 24 months of corporatization, 40 percent stake (With management control) has to be sold to a strategic investor, after sale 20 percent will be offered to the general public via listing on a domestic exchange and 40 percent remaining stake will be of the previous members.

CIC was established in 2007 with approximately US$200 billion of assets under management, making it one of the largest sovereign wealth funds. Since then, CIC’s assets have grown to as much to $410 billion till the end of 2010.

For Aaj News updates, follow us on Twitter or join us on Facebook

Story first published: 3rd December 2012




 
 
 

 
 


 

 






 
 

This material may not be published, broadcast, rewritten, redistributed or derived from. Unless otherwise stated, all content is copyrighted © Copyright 2013 AAJ NEWS. All rights reserved.