Karachi Stock Exchange

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Karachi Stock Exchange
File:KSE logo.png
Location of Karachi Stock Exchange in Pakistan
Location of Karachi Stock Exchange in Pakistan
PSX
Location of Karachi Stock Exchange in Pakistan
Type Stock Exchange
Location Karachi, Pakistan
Founded August 14, 1947; 76 years ago (1947-08-14)
Owner Pakistan Stock Exchange Limited
Key people Nadeem Naqvi, managing director
Currency Pakistani Rupee
No. of listings 559 - as on (August 13, 2015)
Market cap Rs 7,625.837 billion or US$ 75.1 billion - (09 Mar 2015)[1]
Volume US$ 12 billion
Indices KSE 100 Index
KSE-30 Index
KSE-All Shares Index
KMI 30 Index
Website www.psx.com.pk

The Karachi Stock Exchange Limited (KSE), is a stock exchange currently located at the Stock Exchange Building (SEB) on Stock Exchange Road, in the heart of Karachi's Business District, I. I. Chundrigar Road, Karachi, Sindh Province of Pakistan.[2] It is Pakistan's largest and one of the oldest stock exchange in South Asia by market capitalization, with many Pakistani consortium as well as overseas enterprises listings. Pakistan Stock Exchange also listed among 10 best stock markets in the world in 2015.[3]

According to Bloomberg, the Pakistani benchmark stock market index is the third-best performer in the world since 2009.[4] In June 2015, Khaleej Times reported that since 2009, the Pakistani equities delivered 26 percent a year for US dollar investors, making Karachi the best-performing stock exchange in the world.[5][6]

History

Founded on September 18, 1947, Karachi Stock Exchange Limited (KSE) is the exchange in Pakistan. It was declared the "Best Performing Stock Market of the World for the year 2002", the position again re-affirmed[7] by the Prime Minister of Pakistan in January 2015. However, according to analysis by Bloomberg, Pakistan ranked third in 2014 amongst the Top Ten Best Performing Markets in the world.[8] A total of 654 companies were listed on December 8, 2009 with a market capitalization of Rs. 8.561 trillion (US$120.5 billion) having listed capital of Rs. 2805.873 billion (US$40.615 billion). The KSE-100 Index closed at 11,967 on May 16, 2011. Total market capitalization of the PSX reached Rs 2.95 trillion (US$35 billion approximately) on July 30, 2011. As on July 10, 2015, total market capitalization reached Rs. 7.33 trillion (US$72 billion approximately).

Hours of Operation

Monday to Thursday

Session Timing
Pre-open Trading Session 09:15 am – 09:30 am
Regular Order Matching & Confirmation Period * 09:30 am – 9:32 am
Trading Session 09:32 am – 03:30 pm

Friday

Session Timing
Pre-open Trading Session 09:00 am – 09:15 am
Regular Order Matching & Confirmation Period * 09:15 am – 09:17 am
1st Trading Session 09:17 am – 12:00 pm
Break 12:00 pm – 02:14 pm
Pre-open 2nd Trading Session 02:15 pm – 02:30 pm
Regular Order Matching & Confirmation Period * 02:30 pm – 02:32 pm
2nd Trading Session 02:32 pm – 04:30 pm

The hours of operation for the PSX quoted above are stated in terms the local time (GMT + 5:00). PSX's normal trading sessions are on all days of the week except Saturday, Sundays and holidays declared by the Exchange in advance. On Friday, there are two trading sessions and PSX observe Friday prayer break in between.

  • During Regular Order Matching & Confirmation Period, the System shall be static for minimum 2 minutes and maximum for about 10 minutes and no Order shall be input into the System, amended or cancelled.

[9]

2008 and 2009 Pakistan Stock Exchange Crisis

  • April 20 : Karachi Stock Exchange achieved a major milestone when KSE-100 Index crossed the psychological level of 15,000 for the first time in its stock exchange history and peaked 15,737.32 on 20 April 2008. Moreover, the increase of 7.4 per cent in 2008 made it the best performer among major emerging markets.[10][11]
  • May 23: Record high inflation in the month of May, 2008 resulted in the unexpected increase in the interest rates by State Bank of Pakistan which eventually resulted in sharp fall in Karachi Stock Exchange.[12][13]
  • July 17 :Angry investors attacked the Karachi Stock Exchange in protest at plunging Pakistani share prices.[14][15]
  • July 16 : KSE-100 Index dropped one-third from an all-time high hit in April, 2008 as rising pressure on shaky Pakistan's coalition government to tackle Taliban militants exacerbates concern about the country's economic woes.[16]
  • August 18: KSE 100 Index rose more than 4% after the announcement of the resignation of President Pervez Musharraf but Credit Suisse Group said that Pakistan's Post-Musharraf rally in Stock Exchange will be short-lived because of a rising fiscal deficit and runaway inflation.[17][18]
  • August 28 :Karachi Stock Exchange set a floor for stock prices to halt a plunge that has wiped out $36.9 billion of market value since April.[19]
  • December 15: Trading resumes after the removal of floor on stock prices that was set on August 28 to halt sharp falls.[20][21]
  • December 6, 2012 :Pakistan Stock Exchange (PSX) hits third straight record high its history.[22]

Disputes

Disputes between investors and members of the Exchange are resolved through deliberations of the Arbitration Committee of the Exchange[citation needed].

See also

References

  1. ↑ [1]
  2. ↑ Lua error in package.lua at line 80: module 'strict' not found.
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  8. ↑ Lua error in package.lua at line 80: module 'strict' not found.
  9. ↑ Market Hours, Karachi Stock Exchange via Wikinvest
  10. ↑ Karachi Stock Exchange reaches record high – Gulf News
  11. ↑ Monster & Critics
  12. ↑ Pakistan Stocks Slump, Led by Banks, After Unexpected Rate Rise – Bloomberg
  13. ↑ Billions wiped off on PSX’s ‘black Friday’ - Dawn.com
  14. ↑ Protest over Pakistan share slump – BBC News
  15. ↑ Pakistani Investors Stone Exchange as Stocks Plunge – Bloomberg
  16. ↑ Forbes.com
  17. ↑ Pakistan shares up on resignation – BBC News
  18. ↑ Pakistan's Post-Musharraf Rally Will Falter, Credit Suisse Says – Bloomberg
  19. ↑ Pakistan Stock Index Is Little Changed; Trading Limits Remain Bloomberg
  20. ↑ Pakistan’s Stock Index Falls to 2-Year Low After Lifting Curbs – Bloomberg
  21. ↑ The Avoidable collapse of Karachi Stock Exchange 2008 – KSE
  22. ↑ Approved Ranking of World | 1reservoir

External links

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