KARACHI: The Bursa Malaysia, Malaysian Stock Exchange, has agreed to forge cooperation with Karachi Stock Exchange KSE in areas of Islamic Corporate Market, Information Sharing and dual listing. This was stated by Chief Executive Officer(CEO) of Bursa Malaysia Dato’ Yusli Mohamed Yusoff, during his meeting with His Excellency, the High Commissioner for Pakistan, Lt. General (Retd), Tahir Mahmud Qazi and Commercial Counsellor Mr. Majid Qureshi in Kaula Lumpur, today.
Mr. Yusli has also offered to help Pakistan to obtain membership of The World Federation of Exchanges, a trade organization aimed at regulating securities and derivative markets, settlement institutions and related clearing houses, and their diverse services to capital markets. The CEO Bursa Malaysia agreed to receive a delegation of KSE to discuss various provisions of proposed Memorandum of Understanding (MOU) to be signed between Pakistan and Malaysia to enlarge the scope of cooperation between the exchanges of the two countries. The High Commissioner for Pakistan apprised Mr. Yusli that the KSE is one of world’s best performing stock markets with over 650 listed companies and market capitalization of USD 66 billion. KSE 100 index, which was at 1300 points in 2002 climbed to over 15000 points in May 2008, indicating investors’ confidence in its inherent strength.
The KSE has already consented to forge collaboration between the two Stock exchanges, keeping in view the increased international and regional activities in securities market necessitating greater coordination between the emerging markets like Malaysia and Pakistan to promote and encourage a long term relationship between business communities of the two countries. His Excellency the High Commissioner informed the CEO that Pakistan was the second largest importer of palm oil from Malaysia and there was a lot of potential for enhancement of bilateral trade and investment, particularly, after coming into force of Malaysia – Pakistan Closer Economic Partnership Agreement.-SANA