KARACHI, Sept 10: Karachi Stock Exchange met with Morgan Stanley Capital International (MSCI), a leading provider of market indices across the world, at its office in London to persuade it to upgrade Pakistan’s capital markets status from frontier to emerging markets.
The KSE delegation was led by Munir Kamal, Chairman, and included Nadeem Naqvi, Managing Director, Muhammad Hanif Jhakura, KSE, Chief Executive Officer, Central Depository Company of Pakistan and Haroon Askari, Deputy Managing Director, KSE and other market participants.
Delegation updated MSCI on the demutualization of the three stock exchanges in Pakistan, structural changes and comprehensive reforms in regulatory framework, risk management and operations of the exchange.
KSE delegation also highlighted underlying signs of economic stabilization in Pakistan, change in monetary policy stance, and centralization of capital gain tax at National Clearing Company of Pakistan.
MSCI officials appreciated the comprehensive macro market and institutional capacity update presented to them and said that these factors will be kept in mind when the next review is due, and if there are any additional aspects that they need to understand, they will contact KSE.
At the same time, MSCI highlighted they have a responsibility toward providing an objective assessment regarding sustainably of market reforms and institutional capacity to end users of MSCI indices.—PPI