August 31, 2002	Saturday	Karachi, Jamadi-us-Saani 21, 1423

ISLAMABAD, Aug 30: Securities and Exchange Commission of Pakistan chairman Khalid A. Mirza has welcomed the decision by the Karachi Stock Exchange to allow foreign investors to hold 100 per cent ownership of corporate brokerage houses.

“It is a positive development and in line with the policy of the SECP,” he remarked in a statement here on Friday.

The decision might provide incentives to international brokerage firms who are looking for investment opportunities in better performing emerging markets, Mirza opined.

At a time when the Karachi Stock Exchange has expressed its disagreement with the commission’s move to divest brokers of all powers in the KSE management, the SECP chairman went on to express his satisfaction over the “steps taken by KSE towards ensuring independence of the professional management” and the decision by the chairman of Pakistan’s largest bourse to vacate his office.

“Liberalizing conditions for foreign investment combined with improved governance and efficiency of the stock market is likely to help attract capital flows in Pakistan’s capital market especially when most of the markets in the world are in a bearish trend,” he added.