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  • 1. 11 Assignment on Discipline: B.S (Banking & Finance) Semester: III Roll no: BSBF12-41 Submitted to: Sir Suhail Alam Submitted by: M Owais Khan Department of Management Sciences, Abdul Wali Khan University, Mardan THE KARACHI STOCK EXCHANGE
  • 2. 2 TABLE OF CONTENTS i. History of Stock Exchange 3 ii. History of Karachi Stock Exchange 6 iii. Introduction of Karachi Stock Exchange 7 iv. Vision and Mission of Karachi Stock Exchange 8 v. What is Stock Market? 9 vi. Role of Stock in Economy 10 vii. Role of KSE in Pakistan Economy 10 viii. Listing Regulations in KSE 11 ix. Fee Schedule of KSE 12 x. Major Instruments to Invest In KSE 13 xi. Trading System of KSE 14 xii. Delivery and Settlement 16 xiii. National Clearing and Settlement System 18 xiv. KSE Market Growth 19 xv. Performance of Karachi Stock Exchange 20 xvi. Conclusion 24 xvii. References 25
  • 3. 3 General history of Stock Exchanges HISTORY In 11th century people of franc were concerned with managing and regulating debt of agriculture communities on behalf of the bank. As these men also traded in debts, they could be called the first brokers While some stories suggest that the origin of stock exchanges were the “Bruges bourses”, they were the houses of investors. The bourse comes from a Latin word “bursa” meaning a bag , because in 13th century Bruges were the sign of a parse or perhaps three parses hug on the front of the house where merchants met. Later in 13th century commodity traded in Bruges gathered inside the house of a man called “Van der burse” and in 1309 the institutionalized this and became a place for a formal meeting of merchants these were the “Bruges bourse” In the middle of 13th century, Venetian bankers began to trade in government securities. In 1351 the Venetian government outlawed spreading rumors intended to lower the price of government funds. There were people in Pisa, Verona, Geneva and Florence who also began trading in government securities during the 14th century. This was only possible because these were independent city states ruled by a council of influential citizens The Dutch later started joint stock companies, which let shareholders invest in business ventures and get a share of their profits - or losses. In 1602, the Dutch East India Company issued the first shares on the Amsterdam Stock Exchange. It was the first company to issue stocks and bonds. In 1688, the trading of stocks began on a stock exchange in London. There were some economic activities in the world which show the need of stock exchange in the world, given below
  • 4. 4 GENERAL HISTORY OF STOCK EXCHANGES The Real Merchants of Venice: The money lenders of Europe filled important gaps left by the larger banks. Moneylenders traded debts between each other. These lenders also bought government debt issues. As the natural evolution of there business continued, the lender began to sell debt issues to customers, these were known to be the first individual investors In 1300 the Venetians were the lenders in the field and the first to start trading the securities from other governments they carry information about sales of securities and meet with clients much as a broker does today This was a step toward stock exchanges The First Stock Exchange: Belgium boasted a stock exchange in 1531, In Antwerp. Brokers and money lenders would meet there to deal in business, government and even individual debt issues. It is odd to think of a stock exchange that dealt exclusively in promissory notes and bonds, but in the 1500s there were no real stocks. There were many flavors of business-financier partnerships that produced income like stock do, but there was no official share that changed hands All Those East India Companies: In the 1660 the Dutch, British and French governments all gave characters to companies with east India in their names. On the cusp of Imperialism’s high points, it seems like every one has a stake in the profit from East Indies and Asia except the people living there Sea voyages that brought back goods from the east were extremely risky and there were the more common risk of weather and poor navigation, In order to lessen the risk of a lost ship ruining their fortunes, ship owners had long been in the practice of seeking investors who would put up money for the voyage, out fitting the ship and crew in return for a percentage of the proceeds if the voyage was successful. These early limited liability companies often lasted for only a single voyage. They were then dissolved and a new one was created for the next voyage.
  • 5. 5 GENERAL HISTORY OF STOCK EXCHANGES Investors spread their risk by investing in several different ventures at the same time, thereby playing the odds against all of them ending in disaster When east India Company formed, they changed the way of business. These companies had stocks that would pay dividends on all the proceeds from all the voyages the companies undertook, rather then going voyage by voyage. These were the first joint stock companies. This allowed the companies to demand more of their shares and build large fleets. The size of the companies, combined with royal character forbidding competition, meant huge profit for investors. A Little Stock with Your Coffee: The shares of East Indian companies were issued on paper; investors could sell the paper to other investors. Unfortunately there was no stock exchange in existence, so the investors would have to track down brokers to carry out a trade. In England most brokers and investors did their business in the various coffee shops around London. These are some major issues which lead to establish a Stock Exchange in the economy
  • 6. 6 General history of Karachi Stock Exchange The Karachi Stock exchange was established September 18, 1947 And was incorporated in March 10, 1949 It was started with 5 companies With paid up capital of PKR 37 million The first index was the KSE 50 index On November 1, 1991 the KSE index 100 was introduced Computerized trading system, called Karachi Automated trading system (KAT) was introduced in 2002 August 29, 1995 the all shared index was introduced To address the needs of investors two more indexes are introduced later
  • 7. 7 Introduction to Karachi Stock Exchange The Karachi Stock Exchange or KSE is a stock exchange located in Karachi, founded in 1947; it is Pakistan's largest and oldest stock exchange, with many Pakistani as well as overseas listings. Its current premises are situated on Stock Exchange Road, in the heart of Karachi’s Business District. Karachi Stock Exchange is the biggest and most liquid exchange in Pakistan. It was declared the “Best Performing Stock Market of the World for the year 2002”. As of 2010, more than 700 companies are listed. By 30 July 2010 total market capitalization of the KSE reached Rs2.95 trillion, approximately 35 Billion dollars. The Karachi Stock Exchange is the largest and most liquid stock exchange of Pakistan; it is the premier stock exchange of the country KSE provides a liquid and efficient digitized marketplace where investors meet directly to buy and sell listed companies' common stock and other securities. For more then 60 years KSE has facilitated capital formation and offers companies and investors an efficient and transparent securities market KSE remains the pioneer of Pakistan's Capital Market Developments by introducing new products, constantly upgrading technology infrastructure through partnerships with the world's leading technology companies and through the continuous assessment and improvement of services, catering to every segment of customers' needs. With the data recorded on September 26, 2013, Karachi Stock Exchange has  652 companies listed  With a total market capitalization of $53.3 billion  36 Sectors are listed  The exchange is owned by 200 members  KSE contain 4 Indexes today (KSE all share index, KSE 100 Index, KSE 30 Index and KMI 30Index)  1850 trading terminals exist in KSE today  Trade done through electronic trading system
  • 8. 8 Vision and Mission of Karachi Stock Exchange VISION To be a leading financial institution, offering efficient, fair and transparent securities market in the region and enjoying full confidence of the investors. Mission To strive to provide quality and value-added services to the capital market in an efficient, transparent and orderly manner, compatible with international standards and best practices AND To provide state-of-the-art technology and automated trading operations, driven by a team of professionals in accordance with good corporate governance AND To protect and safeguard the interests of all its stakeholders, i.e. members, listed companies, employees and the investors at large. AND To reflect the country’s economic health and behavior and play its role for the growth, development and prosperity of Pakistan.
  • 9. 9 What is Stock Market? Introduction: Stock means representation of the ownership in a company. Stock, Share, Security, Equity, and scripts mean one and same This is the market in which shares of listed companies are issued and traded either through exchanges or over-the-counter markets. Also known as the equity market, it is one of the most vital areas of a market economy as it provides companies with access to capital and Investors with a slice of ownership in the company and the potential of gains based on the company's future performance. These days stock market is the most important source for companies or people to raise money. A few decades ago the buyers and sellers were individual investors; they were wealthy businessmen and the family history to specific corporations. Over a time the market become institutionalized means the buyer and seller are institution like mutual fund, investors groups, banks and any more. “Stock Exchange is an essential concomitant of the capitalistic system of economy”. A stock market, or equity market, is a private or public market for the trading of company stock and derivatives of company stock at an agreed price; these are securities listed on a stock exchange as well as those only traded privately “Stock exchange means anybody of individual whether incorporated or not, constituted for the purpose of assisting, regulating or controlling the business of buying, selling or dealing in securities”.
  • 10. 10 Role of Stock Market in the Economy Stock exchanges have multiple roles in the economy, this may include the following: - Raising capital for businesses Mobilizing savings for investment Facilitating company growth Redistribution of wealth Corporate governance Creating investment opportunities for small investors Government capital-raising for development projects Barometer of the economy Role of KSE in Pakistan Economy As on the previous page I stated the role of stock market in the economy which is general all over the world The importance of Karachi Stock Exchange can be highlighted by its tax contribution to the government, which is the backbone of the country’s economy The KSE is one of Pakistan’s largest tax payer and in the fiscal year 2006- 2007 contributed over Rs. 4 billion towards the national exchequer. Listed Companies contribute over 10% of total revenue collected by the Government of Pakistan. KSE brokers on average pay more than 50% of their profit before tax as presumptive tax. Our investors pay 10% tax on dividends.
  • 11. 11 Listing Company in Karachi Stock Exchange Objectives of Listing in Stock Exchange:  Provide Ready marketability, liquidity & negotiability to securities;  Mobilize savings for economic development;  Ensure proper supervision and control of dealing  Protect interest of investors by ensuring full disclosures. Advantages of Listing in Stock Exchange:  Liquidity  Best price for securities  Transparency in dealing  Enables the management to broaden and diversify shareholding  Helps the company to gain national importance and widespread recognition  Helps in rising additional capital Listing Regulation of KSE (Guarantee) Limited Listing requirements are the set of conditions imposed by a given stock exchange upon companies that want to be listed on that exchange. Such conditions sometimes include minimum number of shares outstanding, minimum market capitalization, and minimum annual income. A company wants to list in KSE should meet theses criteria:  The company has a minimum paid up capital of Rs. 10 million  The minimum public offering is Rs. 5 million or 25% of the capital, whichever is higher.  At the time of listing, the break-up value of the ordinary shares of the company, duly certified by a Chartered Accountant / Auditor shall not be less than its face value.  The offering document has to be cleared by the KSE before it is submitted to the Securities Exchange Commission of Pakistan for approval.
  • 12. 12 Listing Company in Karachi Stock Exchange The company shall comply with the following listing requirements:-  The Company shall apply for approval to the Exchange. The application shall contain the names of the sponsors of the company, names of the directors of the Company.  The company shall not be eligible for listing under these regulations if any of its Director / Sponsor is a defaulter of any Stock Exchange and / or he is a Director in other listed company which has violated and / or failed to comply with any provision of the Listing Regulations of the Exchange and/or has defaulted in the payment of the loans of any bank or financial institution or government dues, unless the same are legitimately disputed by him by litigation. Fee schedule of KSE: Rates of Initial Listing Fee Payable by the Companies with Listing Application: I. Initial Listing fee: A company applying for listing on the OTC shall pay an initial listing fee equivalent to one twentieth of one percent of the total value of Security. II. Annual Listing fee: A company shall pay, in respect of each financial year of the Exchange, Which starts from 1st July and ending on 30th June next, an annual listing fee, which shall be payable by or before the 30th September in each calendar year, as per the slabs of fee applicable to debt instruments. A company applying for enlistment on the Exchange shall, in addition to other fees, pay a sum of Rs. 50,000/- (Rupees fifty thousand only) as non-refundable service charges.
  • 13. 13 Major Instruments to invest in through Stock Exchange When we invest money with a business entity, it can either be in the capacity of becoming a partner in the business or we can lend money to the business entity for a defined time period. When we invest money in the business then we become the equity owners or the shareholders, while if we lend money then we are the creditor s of that business. The must common types of securities are stocks and bonds.  Generally in stock exchanges only stock securities are issued but in Pakistan there are only six companies who can issue bonds and due to the absence of a perfect debt market these are also issued in stock exchanges Stocks / Shares When we participate in the ownership of the business and have an equitable right in the business to the extent of our share in it, we become an “equity” or “share” holder. An equity investor is entitled to distribution of profits and in the event the business is liquidated at some stage, he is entitled to his share of the net assets left over. Stock or share, as an equity instrument represents ownership interest of the holders in their corporate ventures. Bonds Bond as a debt instrument represents the promise of an issuer to pay a fixed sum of money at a specified maturity date and fixed return at regular intervals until then. At Stock Exchange, most of the trades are made in equity instruments, i.e. stocks or shares issued by various companies.
  • 14. 14 Trading System of Karachi Stock Exchange The trading system comprises of various distinct segments, which are: T+3 Settlement Systems: In the T+3 settlement systems, purchase and sale of securities is netted and the balance is settled on the third day following the day of trade. Benefit s of T+3 Settlement Systems: • It reduces the time between execution and settlement of trades, which in turn reduces the market risk. • It reduces settlement risk, as the settlement cycle is shorter. Provisionally Listed Counter: The shares of companies, which are not already listed and which make a minimum public offering of a specified amount, which is presently Rs.150 million, are traded on this counter from the date of publication of prospectus /offering document. When the company completes the process of dispatch/credit of allotted shares to subscribers through CDC, it is officially listed and placed on the T+3 counter. Trading on the provisionally listed counter then comes to an end and all the outstanding transactions are transferred to the T+3 counter with effect from the date of official listing. Spot/T+1 Transaction: Spot transactions imply delivery upon payment. Normally in spot transactions the trade is settled within 24 hours. Futures Contract: A Futures contract involves purchase and sale of securities at some future date (normally within one calendar month), at a price fixed today. The number and names of companies to be traded on
  • 15. 15 the Futures counter are determined every six months based on the eligibility criteria approved by the SECP in this regard and which are notified to the market participants in advance. Odd Lots Market: This market has been created to provide an automated platform through KATS enabling the investors to trade securities in lots which are less than the normal trading units (lots) of the securities approved for Ready Market. COT Market: Equity repurchase transactions, better known, as “Badla” are called Carryover trades. These are an established form of transactions used in the stock market for temporary financing of trades by speculators and jobbers. Through this mechanism, the purchase transaction, after its execution, is funded through borrowing till the next day of settlement. At KSE, COT session is run in the afternoon, to provide an efficient forum to investors and financiers. All carry over transactions are done f or a period of 10 trading days, during which financee may release COT on any day before completion of 10 days period, whereas financier will be able to release COT only after completion of that period. OTC Market (In Process): In order to encourage enterprising promoters to set up new industries or expand their existing enterprises by raising finance in a cost-effective way through listing mechanism with comparatively lesser requirements, an Over The-Counter (OTC) market is proposed to be operative soon.
  • 16. 16 Delivery and Settlement Once the transaction of purchase or sale of security is executed, the same gets completion on delivery and settlement there of. If a company has not yet been entered in the Central Depository System (CDS), the delivery of its shares is performed manually in physical form, otherwise the same is done electronically through CDS as operated by a separate company namely Central Depository Company of Pakistan Limited (CDC). Central Depository System (CDS) The system of electronic book-entry of securities i.e. CDS has been set up to eliminate physical maintenance and transfer of securities. This system is in line with the international - practice and has replaced the manual system of physical handling and settlement of shares at stock exchanges. Within the CDS, transfer of shares from one account to another account takes place electronically. The CDS is managed by the Central Depositor y Company of Pakistan Limited(CDC), which has been sponsored by the stock exchanges and leading local and foreign financial institutions . Established under the Central Depositories Act, 1997, CDC has emerged from an elementary settlement agency to full f ledged depository. It has revolutionalized the financial market by making trading and settlement of securities transparent, reliable, efficient and secure in eliminating risks. Following are the core advantages of the CDS: • Electronic book entry system • Records and transfers securities electronically. • No physical change of hands of securities. • Strict confidentiality • No risk of damaged, lost, forged and duplicate securities. • Simple procedure involved in pledging of securities. • No delays in deliver y, settlement and transfer of securities due to speed. • Instantaneous credit of entitlements (Bonus, Paid Rights, etc.) to investors. • Significantly reduced the cost of investors.
  • 17. 17 An investor can use any of the three types of CDC accounts, which are described as below with their features: Sub-Account: A broker may open, maintain and operate any number of sub-accounts he requires on behalf of hi s clients. A specific sub-account is used for keeping securities belonging individually to that particular client of the broker. Group Client Account: This accounts used for keeping securities which are beneficially owned by the broker’s clients who are not willing to utilize the facility of opening separate sub-account. The broker groups all such clients in their group account. The detailed break-up of the securities held by each client of a group account is maintained by the broker in his back office. Investor Account: By opening an investor account with CDC, the client comes with direct contact of CDC. Such account can only be operated by the relevant account holder. The service provides efficient, effective and secure services to its clients. Out of the above, the most secured and convenient type is the investor account which is highly recommended to the investors.
  • 18. 18 National Clearing and Settlement System (NCSS) Clearing and Settlement is one of the most important aspects in the operation of the securities business. It is the process of reporting, matching, correcting securities transactions and the ultimate delivery or receipt of net balances. NCSS is an electronic system developed to replaces the individual Clearinghouses of Pakistan’s three stock exchanges by a single entity. This systemic operated by National Clearing Company of Pakistan Limited (NCCPL), which has been registered as a separate legal entity. The operations of NCSS are rapidly gaining momentum and so far a majority of the securities have been inducted into the system for settlement purpose. NCSS provides stability to the market by capping the systematic risk to a good extent. It has also improved efficiency of the settlement process by introducing a consolidated and geographical neutral clearing and settlement system.
  • 19. 19 Pakistan Stock Exchange (KSE 100) In the last month stocks had a positive Performance in Pakistan, Pakistan Stock Market i.e KSE 100 Index gain 1176 points or 4.73 percent during the last 30 days From 1990 to 2014, Pakistan stock Market averaged (KSE 100)5907 Index points, cathching the record of all time high of 26047 Index points in January of 2014 and a record low of 539 Index points in June of 1990. The Karachi Stock Exchange 100 Index is majar stock market index which tracks the performance of Largest companies by market capitalisation from each sector of pakistan economy listed on Karachi Stock Exchange. Actual Previous Highest Lowest Forecast Dates Units 26046.71 25261.14 26046.71 538.89 25925.55 2014-02 1990 -2014 Index Points This data is recorded on 6 Jan, 2014
  • 20. 20 Performance of Karachi Stock Exchange Karachi Stock Market remained in record high trajectory during 2012-13, with the KSE-100 Index is setting new records by each passing day and trading at above 20,300 level in mid May 2013 for the first time in its history. On the economic front, the picture remains mixed with the external sector just managing to stay afloat due to improvement in inward remittances by overseas Pakistanis. Yet, foreign debt repayments, especially to the IMF have put downward pressure on the Rupee to some extent. However, improved economic stability and expected new political set up in the country as a result of Election, 2013 keep the investors local, as well as foreign, in bullish frame of mind and no body wanted to miss the opportunity. During July 2012- March 2013 foreign investors were the net buyer showing a net inflow of US $227.67 million as per National clearing and Settlement of Pakistan (NCCPL). During current fiscal year inflation went down to single digit, averaging 7.8 percent (Jul-April) and this gave room to the State Bank of Pakistan for cutting discount rate by 250 bps (Aug 2012:150 bps, Oct 2012: 50bps and Dec 2012: 50bps), bringing down policy rate to 9.5%. Despite continued energy shortages and substantial fiscal borrowings from the banking system, credit extended to private business has shown some nascent recovery. These factors also contributed to bullish trend in KSE. A total of 571 companies were listed at the Karachi Stock Exchange (KSE) as of March 31, 2013 with total Listed Capital of Rs. 1,106.514 billion. The aggregate market capitalization at end of March 2013 stood at Rs. 4,446.90 billion. KSE 100 index opened at 13,801.41 points on July 01, 2012 and closed at 18,043.31 during the mentioned period showing a gain of 30.73 %. The benchmark index touched historical high of 18,311.66 points on March 01, 2013. The average daily traded volume in the Ready Market for the Jul-March FY13 period also showed improvement and remained 165.08 million shares against 108.21 million shares during same period last year.
  • 21. 21 Profile of Karachi Stock Exchange Description 2008- 2009 2009-2010 2010-2011 2011-2012 2012-13 (up to March) Total Listed companies 651 652 639 591 571 New companies listed 8 8 1 3 Fund mobilized(Rs. in billion) 44.95 111.83 31.04 115.1 21.1 Total Listed Capital (Rs. in millions) 781.793.8 909893.67 943732.85 1069840.0 1106510.0 Total Market Capitalization 2120650.8 2732373.6 3288657.3 3518140.0 4609928.61 Total Shares Volume (Million) 28,332.78 42,959.12 28,018.14 38,100.00 34,650.00 Average Daily Share volume (million) 115.64 172.53 111.63 150.00 190.00 Source: Source: Karachi Stock Exchange The closing level of KSE 100-index as on end May, 2013 stood at 21,823.05 (the highest level of eleven months) registering a growth of 58.1 percent as compared to July 01, 2012 where index stood at 13,801.41 points.
  • 22. 22 Leading Stock Market Indicators on KSE (KSE-100 Index: November (1991=1000) Months 2011-2012 2012-2013 KSE Index (end month) Market Capitalization (Rs. Billion) Turnover of shares (billion) KSE Index (end month) Market Capitalization (Rs. Billion) Turnover of shares (billion) July 12,190.37 3,247.7 1.2 14,577.00 3,797.3 2.0 August 11,070.58 2,938.0 1.0 15,391.58 4,051.1 2.8 September 11,761.97 3,125.8 1.4 15,444.82 4,090.7 2.8 October 11,868.88 3,119.1 1.8 15,910.11 4,307.8 2.6 November 11,532.83 3,022.6 0.9 16,573.86 4,375.9 4.5 December 11,347.66 2,960.1 0.8 16,905.33 4,468.1 3.3 January 11,874.89 3,046.0 1.6 17,242.74 4,647.3 3.5 February 12,877.88 3,317.7 3.9 18,173.67 4,609.9 5.4 March 13,761.76 3,501.8 7.0 18,043.31 4,609.9 5.1 April 13,990.38 3,548.9 6.6 18,982.42 4,819.6 3.9 May 13,786.62 3,502.0 4.3 21,823.05 5,502.2 - June 13,801.41 3,493.3 1.7 - - - Above are the Pakistan Economic Survey 2012-13
  • 23. 23 Explanation For The Previous Page The process of new listing at the KSE, however, remained slow during Jul-Mar, FY13 and only one company was granted approval by the SECP under Section 62(1) of the Companies Ordinance, 1984 i.e. Offer for sale of 14.581 million preference shares of Javedan Corporation Limited to the general public, institutional investors and high-net-worth individuals. However, SECP continued their efforts to encourage new listings which include the following: The management of unlisted public companies is being approached through stock exchanges to motivate them for listing at the stock exchanges. An IPO Summit has also been organized in July 2012 to identify potential IPOs and to attract them to list their companies on the stock exchanges. The recommendations of Technical Committee, comprising members from all the three stock exchanges and the Commission for encouragement of new listing are being implemented. Such steps include revision of the existing regulatory framework for new listing; introduction of SME Exchange Board for listing of small capital based companies and venture companies; amendments in the Listing Regulations for reviewing the minimum allocation of capital to the general public; devising a procedure for allocation of capital to various categories of applications during IPOs; and bringing uniformity in the listing regulations of all the three stock exchanges of Pakistan. For facilitating IPO investors, the system of eIPO is being developed and for this a committee has been formed by SECP.
  • 24. 24 CONCLUSION From the data contributed for this assignment it is concluded that Stock Exchange was basicall depend on the ideas as far of 11 century, where some people were concerned with managing and regulating debt of agriculture communities on behalf of the bank and are called the brokers. And from the house of Merchants called “Ven Der Burse” which was introduced later on 13 century. The Karachi Stock Exchange was for the first time started with a very few compnies and have a limited paid up capital of PKR 37 million but with a hard struggle it grows up to 53.3 billions of dollars and a computerised trading system with 1850 trading terminals and was declared to be the “Best Performing Stock Market of the World for the year 2002”. The Stock Exchange has a main role in economy because it mobilize money, contribute capital etc The importance of Karachi Stock Exchange in Pakistan can also be highlighted just through its tax contribution which is PKR 4 million. The Karachi Stock Exchange Provide a flexible listing regulations through which a company can easily listed if he want and in the near future Karachi Stock Exchange provide soft listed regulations for the very new introduced companies so that they increase their capital because stock Market is an easy way to grow up the capital. In stock exchanges normally only equity securities are traded but in Karachi Stock Exchange the debt securities are also trade i.e. bonds because in Pakistan there are only five companies who can issue bonds ad due to the absence of debt market the debt securities are also traded in Karachi Stock Market. The Karachi Stock Market also provide a different markets for its customers so that they can easily trade through stock exchange, and for online security service, provide different types of accounts.
  • 25. 25 References I conclude data from different sites and books randomly and the assignment is not dependent on a single site some of which are given below n&sa=X&ei=yuTIUr64GqWAywOhqYCwCg&ved=0CFkQ6AEwCQ#v=onepage&q=stock%20exchange %20history&f=false +exchange+trade+calculation&hl=en&sa=X&ei=xDnKUuvIAY7EsASc4oGQDg&ved =0CDUQ6AEwAg#v=onepage&q=karachi%20stock%20exchange%20trade%20calcul ation&f=false