KARACHI, Aug 3: Adviser to Prime Minister on Finance Dr Salman Shah said on Friday that steps were underway to further strengthen the stock markets. Speaking to members of the Karachi Stock Exchange (KSE) here at the Stock Exchange Building, the adviser pointed out that besides the reforms process being carried out by the SECP, the Privatisation Commission of Pakistan was also coming up with increased number of Initial Public Offerings (IPOs) every year.

KSE Chairman Shaukat Tareen was also present.

The adviser said the IPOs were essential in terms of enhancing the free float of shares and building the base of capital market.

“Listing of companies also assumes great importance in the process of building a capital market,” Dr Salman maintained and added that book building would have to be undertaken by the SECP.

He pointed out that the process of de-mutualisation had started after due consultation and discussion with the stakeholders including the members of board of directors of the stock exchanges and headway was expected soon.

The capital market had huge potential for growth, but there was a great need for creating awareness among the people.

The adviser described that efforts were being made to bring the market capitalisation at par with the GDP of the country.

—APP