November 22, 2007	Thursday	Ziqa’ad 11, 1428

KARACHI, Nov 21: American Consul General Ms Kay Anske visited the Karachi Stock Exchange on Tuesday and appreciated the development and progress made by the bourse while wishing the Exchange further improvement in future, a KSE spokesman said on Wednesday.

The Consul General’s remarks came in response to presentations made in a meeting with the bourse’s managing director Adnan Afridi, Director Shehzad Chamdia and Exchange’s DMD Muhammad Yacoob Memon.

The spokesman said that a comprehensive presentation was made which covered the performance of the KSE in terms of regional and global comparisons, market turnover, dividend yields and sector performance.

“The KSE MD told the Consul General that the bourse was aiming to be a leading financial institution by offering an efficient, fair and transparent securities market in the region, thereby earning full confidence of investors,” a statement by the KSE said.

It stated that the management expressed its endeavour to provide quality and value added services to the capital market in an efficient, transparent and orderly manner that were compatible with international standards and best practices.

The KSE stated that MD Adnan Afridi and director Shehzad Chamdia briefed the guest about the current scenario of demutualisation of the KSE and its future impact and benefit to members of the stock exchanges and for investors at large.

“They hoped that the process of demutualisation will be completed and made effective by the end of the current year”, the statement said.

The US consul general was also briefed about the future development plans including promotion of Over-the-Counter market, promotion of the Futures Contract market, new products and services, cross border listing possibilities, increasing free float and investor education, the KSE statement said.

NOMINATIONS: Nine nominations had been received by the Karachi Stock Exchange for elections to five member seats on the board of directors of the KSE. Annual elections for the year 2008 would be held on Dec 6.

The KSE notified that till the closing time for filing of nominations on Wednesday, nine nominations had been received. The stock brokers would elect five as member directors on the KSE Board.

Following were the contestants: Muhammad Shoib Memon; Shehzad Chamdia; Dawood Jan Muhammad; Sikander Esmail Bagasrawala; Haroon Fattani; Muhammad Sohail Dayala; Amin Yusuf; Fawad Yusuf and Munir M.Ladha.