KARACHI, PAKISTAN: A Gong Ceremony was held at Pakistan Stock Exchange (PSX) on the visit of the Ambassador of the United States of America to Pakistan, Mr. Donald Blome, to PSX.
The US Ambassador, accompanied by the US Consul General in Karachi, Mr. Mark Stroh, and his team, were welcomed at the Exchange by the PSX Chairperson, Dr. Shamshad Akhtar; MD & CEO PSX, Mr. Farrukh H. Khan; PSX Board Members; senior management of the Exchange and senior members of the business community.
The gong was struck by the US Ambassador amidst the presence of the US delegation and the PSX team to open the trading day. Speaking at the occasion, the MD PSX, Mr. Farrukh Khan, stated, “I welcome the US Ambassador to PSX and to Karachi, the financial hub of Pakistan. We are happy that he has come to PSX during his first visit to Karachi. We are honoured by this visit and look forward to a fruitful dialogue with the Ambassador and his team to find ways to generate greater interest from US investors, institutional and individual, in our capital market.”
He further stated, “Since the market opened to international investors in 1991, US institutional investors have been regular and important participants in the market. PSX is continuing on the path of progress, introducing innovative products and offerings for investors. Our regulatory, operational and accounting disclosure standards meet global standards and, in many cases, are better than other Asian markets. Despite the current economic challenges impacting the global economy in general and Pakistan’s economy in particular, there are attractive valuations and potential for high returns for long term investors. PSX will continue to work to attract more investors and portfolio managers from the US and we look forward to the Ambassador’s support in this regard.”
On their part, the US delegation expressed the commitment to further strengthen U.S.-Pakistan economic partnership. They commended the role of PSX in development of Pakistan’s capital market and expressed confidence that this will aid in greater cooperation between US and Pakistan in business, trade, industry and investment sectors. The US Ambassador to Pakistan, H.E. Donald Blome, added, “It is a pleasure to visit PSX for the gong ceremony. As the United States and Pakistan commemorate 75 years of partnership, I want our robust economic relationship to be front and center. It is a relationship worth highlighting and is bigger and more important than ever.”
The PSX Chairperson, Dr. Shamshad Akhtar, thanked the US team for their visit and expressed confidence in greater cooperation between Pakistan and US in investment, financial and economic spheres in the future. On their part, the US team greatly appreciated being hosted by PSX and for having had the chance to visit Pakistan’s national Stock Exchange.