20-537: PSX may refer to: Pakistan Stock Exchange , a stock exchange in Pakistan with trading floors in Karachi, Islamabad and Lahore Phillips 66 (NYSE ticker: PSX), an American multinational energy company PlayStation (console) (codenamed PSX), a home video game console developed and marketed by Sony Computer Entertainment PlayStation Experience , an annual event for
40-495: A method known as open outcry . The advent of foreign investors in the early 1990s catalyzed a push for modernization, supported by a $ 125 million loan from the Asian Development Bank for capital market reforms. This led to the replacement of the traditional open outcry system with the automated Karachi Automated Trading System (KATS). Securities and Exchange Commission of Pakistan was founded in 1999 with
60-636: A strong case for attracting strategic partnerships necessary for providing technological expertise and assistance. The integration of the three exchanges has completed the second phase of the Stock Exchanges Demutualization and Integration Act 2012, passed by a joint session of the Parliament . The Shanghai Stock Exchange became a major shareholder with a 40% stake in the PSX. PSX is integrated with China's stock market through
80-496: A trading card. The value of these cards had experienced volatility, rising from slightly more than one million rupees before 1990 to approximately 40 million rupees in the mid-1990s, before settling at around 27.5 million rupees in 2002. From its founding up until May 27, 1998, the Karachi Stock Exchange (KSE) trading hall was characterized by the vocal trading cries of "La-oo" from buyers and "Lay" from sellers,
100-713: Is a stock exchange based in Karachi , Pakistan . PSX was classified by MSCI as a frontier market on 8 September 2021. Pakistan Stock Exchange was founded in 1947 as Karachi Stock Exchange, In January 2016, Karachi Stock Exchange was renamed as Pakistan Stock Exchange after the merger of the Lahore Stock Exchange and Islamabad Stock Exchange . Investors on the exchanges include 1,886 foreign institutional investors and 883 domestic institutional investors along with about 220,000 retail investors. There are also about 400 brokerage houses which are members of
120-406: Is the corporate legislative and financial regulatory agency of Pakistan whose objective is to develop a modern and efficient corporate sector and a capital market based on sound authority principles, in order to encourage investment and foster economic growth and prosperity in Pakistan. The SECP is a collegiate body with collective responsibility. The operational and executive authority of
140-494: The Government of Pakistan decided to merge the three large exchange markets of the country (based in Karachi, Lahore, and Islamabad) into one combined market. The PSX was launched on 11 January 2016. Prior to the formal launch, the Karachi Stock Exchange held a two-day pre-production mock trading session for all certificate holders of the three exchanges. The integration is expected to help reduce market fragmentation and create
160-548: The China Connect Interface, allowing Chinese investors to more easily enter Pakistan's stock markets. Notable companies in which PSX owns controlling or significant minority stakes include: Securities and Exchange Commission of Pakistan The Securities and Exchange Commission of Pakistan ( SECP ) ( Urdu : سیکیورٹیز اینڈ ایکسچینج کمیشن آف پاکستان ), formerly known as Company Law Administration , Company Law Board , and Corporate Law Authority ,
180-725: The Companies Ordinance of 1984. The process of the CLA's restructuring was started in 1997 under the Capital Market Development Plan of the Asian Development Bank (ADB). The transition to the SECP was completed with the Securities and Exchange Commission of Pakistan Act of 1997, which dissolved the CLA and transferred its functions to the SECP. This act effectively nullified the earlier provisions of
200-471: The Companies Ordinance related to the CLA. The parliament passed the Securities and Exchange Commission of Pakistan Act, which was promulgated in December 1997. Consequently, the SECP, having an autonomous status, became operational on 1 January 1999. The Act gave the organization the administrative authority and financial autonomy to carry out the reform program for Pakistan's capital market. The scope of
220-618: The PSX as well as 21 asset management companies. Founded on 18 September 1947, Karachi Stock Exchange Limited (KSE) was registered in Pakistan . It was located at the Stock Exchange Building (SEB) on Stock Exchange Road, in the heart of Karachi 's business district off I. I. Chundrigar Road (then known as McLeod Rd). Since its establishment, the number of members at the KSE had been capped at 200, with each member possessing
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#1732776499077240-511: The SECP is vested in the Chairman who is the SECP's chief executive officer (CEO). The Chairman is assisted by four Commissioners to oversee the working of various operational units as may be determined by him. The SECP has nine company registration offices located in Islamabad , Karachi , Lahore , Multan , Peshawar , Sukkur , Faisalabad , Quetta and Gilgit-Baltistan . The history of
260-624: The SECP issued the Companies (Buy-back of Shares) Rules, 1999, which established detailed regulations and procedures for corporate share repurchases, commonly known as treasury stock . In 2002, Alhamd Textile Mills, a textile company based in Multan , became the first company in the history of stock exchange to buy back shares from its shareholders under these new regulations. The Pakistan Stock Exchange (PSX) came into existence in January 2016 when
280-710: The Securities and Exchange Commission of Pakistan (SECP) traces back to the amendment of the Companies Act in 1956, which led to the establishment of the Board of Company Law Administration (BCLA) in 1963. Subsequent amendments in 1988 transformed the BCLA into the Company Law Board (CLB). The regulatory framework in Pakistan expanded in 1981 to include the Corporate Law Authority (CLA) under
300-772: The aim to reform the capital markets . Khalid Mirza was appointed as SECP Chairman in March 2000. Upon taking office, Mirza found the Karachi Stock Exchange characterized by extensive market manipulation and unethical practices. Despite a market capitalization of only $ 6 billion, it exhibited extreme volatility and high turnover, with trading concentrated in just 30 of the 765 listed stocks. Malpractices such as fund diversion, absence of margin requirements, and predatory lending were common, disadvantaging small investors. Commercial banks were involved in lending to brokers who engaged in exploitative practices like "cornering." Shareholder meetings were often delayed or not held, and there
320-505: The authority of the SECP has been gradually widened. The insurance sector, non-banking financial companies, and pension funds have been added to the purview of the SECP. Now the SECP's mandate includes investment financial services, leasing companies, housing finance services, venture capital investment, discounting services, investment advisory services, real estate investment trust and asset management services, etc. The SECP also regulates various external service providers that are linked to
340-465: The exchange, controlling 60 percent of its board of directors even after new SECP regulations aimed to limit their management role. The SECP was granted authority to regulate accountants, but penalties for misconduct remained minimal, at $ 30 per offense. Mirza and his team faced entrenched vested interests resistant to reform, and challenges in enforcing transparency and accountability in Pakistan's financial markets continued. On December 14, 1999,
360-457: The intended article. Retrieved from " https://en.wikipedia.org/w/index.php?title=PSX&oldid=1186232177 " Category : Disambiguation pages Hidden categories: Short description is different from Wikidata All article disambiguation pages All disambiguation pages Pakistan Stock Exchange The Pakistan Stock Exchange ( PSX ) ( Urdu : پاکستان اسٹاک ایکسچینج ), founded as Karachi Stock Exchange ( KSE ),
380-418: The video game industry presented by Sony Interactive Entertainment PSX (digital video recorder) , a Sony digital video recorder with a fully integrated PlayStation 2 home video game console Topics referred to by the same term [REDACTED] This disambiguation page lists articles associated with the title PSX . If an internal link led you here, you may wish to change the link to point directly to
400-404: Was a trend of companies delisting and liquidating assets, contributing to economic decline. His efforts to reform the capital markets faced significant resistance, including public protests from stock exchange brokers who labeled him an "American agent." Despite efforts to clean up the market, significant issues persisted. Manipulation continued, and brokers maintained substantial influence over
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