2:59 AM
McGhori
KARACHI: US Consul General William Martin has expressed confidence about Pakistan`s future and highlighted that growth and benefit to people will be led by `business`.
Speaking at the Karachi Stock Exchange on Wednesday, the consul general said that his government was active in promoting US investment in Pakistan, particularly in the energy sector. As an example he pointed to a US-Pakistan consortium proposal to the government to build LNG import infrastructure.
He expressed the United States` commitment to a strong bilateral relationship and to continuing strengthening of economic opportunities between the two countries.
William Martin was on a visit to the KSE. He obliged by sounding the gong that started the day`s trading. `The consul general expressed delight on his visit to the bourse, which he categorised as an important symbol of Karachi`s role as Pakistan`s economic and commercial capital`, a press release by the bourse sated.
It said that Mr Martin applauded the initiative taken by the KSE`s board to promote dialogue with regional exchanges. The envoy was greeted by Muneer Kamal, member of the Board of Directors and Nadeem Naqvi, Managing Director of KSE.
Several sitting and former directors of the exchange were present on the occasion including,Yasin Lakhani, Haji Ghani Haji Usman, Majeed Adam, Saeed Butt, Abid Ali Habib, Zafar Moti and Mohammad Sohail.
In his welcome remarks, Muneer Kamal thanked the consul general for gracing the occasion. He expressed strong faith in the future of the country and the capital market.
Nadeem Naqvi in his closing remarks said the visit would boost investor confidence and send a positive signal regarding the future of the stock market.
The bulls took complete charge of the Pakistani equity markets on Wednesday with benchmark KSE-100 index posting a massive increase of 243 points to close over the psychological level of 11,500 at 11,548 points. Volumes hit a 16-week high at 84 million shares.
Analysts said that the main cause was the public expectation of a thaw in government judiciary tussle after the appointment of Itezaz Ahsan as lawyer to the prime minister for the apex court hearing on Thursday.
Surprisingly, the daylong belief by the investors of foreigners` comeback was belied by figures released by the National Clearing Company of Pakistan in the evening that showed foreign investors as `net sellers` of equity worth a massive $4.86 million during the day. Yet, all of it was absorbed by individuals who bought net $2.10 million worth of shares and local funds picking up equity worth $1.47 million.
Brokers and traders cheered as the benchmark and volumes rose after weeks of gloom. Surely nothing to do with the US consul general visit to KSE, but several brokers said it had proved a good omen.
`Let Mr Martin sound the gong at the start of trading tomorrow as well`, a broker chirruped, grinning from ear to ear.
Posted in: BUSINESS
