KARACHI, Sept 17: For small investors and day traders, who were hoping for a review on the issue of Capital Value Tax (CVT) at the stock brokers' meeting with Prime Minister Shaukat Aziz on Friday, nothing very positive really emerged.

Since daily turnover of shares has nearly halved to the pre-CVT trading of 400 million shares per day, it was hoped that the prime minister might opt to reconsider the levy so as to assuage hardship faced by small investors.

A delegation of members of the three stock exchanges, which included Board members of the KSE and chairmen of the Lahore and Islamabad stock exchanges paid, what was termed by a member, 'a courtesy call' on the prime minister on Friday.

The delegation was headed by Arif Habib, chairman Karachi Stock Exchange. A press release issued by the KSE stated that the prime minister told the delegation that for any substantive dialogue on specific issues a meeting would be held in Islamabad in a week's time.

"On the issue of CVT, the premier observed that the matter has already been settled and if there is anything not being implemented as agreed, he advised the chairman KSE to send him in writing which will be discussed with open mind in the aforesaid meeting along with other matters", the KSE press statement said and added that the prime minister assured of all possible support for the development of capital market in the country and briefed the delegation about all the positive economic fundamentals. The prime minister accepted invitation extended by the chairman KSE to be the chief guest at the Top Companies Awards distribution ceremony.

Shaukat Aziz also quizzed the delegation about the progress on the commencement of operations of National Commodity Exchange Limited (NCEL) and its building. NCEL Chairman Salim Chamdia informed the premier that operations of the exchange was expected to begin within next two months and the construction of the building project would be taken up shortly.

Earlier, KSE chairman Arif Habib congratulated the prime minister on behalf of all capital market participants on his assuming office of the PM and thanked him for inviting the delegation.

He also assured the PM of all assistance for the development of the economy and the capital market. Mr Arif also raised the issue pertaining to CVT and explained its implications on the market activity.