The PMEX is planning to open offices near the major agricultural zones for an easy access and trust building between the exchange and the agricultural stake-holders. - File photo

KARACHI: Traded volume at the Pakistan Mercantile Exchange (PMEX) increased to Rs490 billion in 2010-2011 from Rs63 billion in the previous year.

The number of new investors grew significantly last year as 20 new brokers initiated their business and added new clients.

The board members of PMEX met to review and approve financial accounts of the year 2010 -2011 and the plans for the next five years here at the head office of the exchange recently.

During 2010-11, PMEX successfully placed a Preference Share issue, which was subscribed by the National Bank of Pakistan and Pak Brunei Investment Company.

The fact that shares were taken up by two leading financial institutions serve as a strong vote of confidence that PMEX is on its way to sustained growth and reinforces the fact that PMEX is the fast growing exchange of the country.

The other shareholders of PMEX include Pak-Kuwait Investment Co, Zarai Taraqiati Bank and the three stock exchanges of the country.

As trading is being held especially in gold, silver and crude oil, the PMEX would also focus on agriculture market development in the next five years by listing all major domestic agriculture products on the exchange, says a press release.

The PMEX is planning to open offices near the major agricultural zones for an easy access and trust building between the exchange and the agricultural stake-holders.

The initial plan is to open four offices during 2012 in the approved areas.