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Pakistan Stock Exchange

Pakistan Stock Exchange. Role of PSX in providing equity & d ebt. Presentation by Richard Morin, CEO. March 9, 2019. PSX at a g lance. Pakistan Stock Exchange is the national bourse of Pakistan. Market capitalization of PKR 7.69 t rillion. 546 listed c ompanies.

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Pakistan Stock Exchange

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  1. Pakistan Stock Exchange • Role of PSX in providing equity & debt Presentation by Richard Morin, CEO March9, 2019

  2. PSX at a glance Pakistan Stock Exchange is the national bourse of Pakistan. Market capitalization of PKR 7.69trillion 546 listed companies 230 active brokers 233,000 retail investors 7 indices *As on 31st December 2018

  3. Diversity of listed companies on PSX *As on 31st December 2018

  4. Historic annualized returns 2009 - 2018 Rates annualized PIB 10YR tenure average T-Bills 6M tenure average Weighted average deposit rate SBP Inflation is 2012-2018 average

  5. Pakistan vs emerging markets Source : MSCI 31st December, 2018

  6. Pakistan vs emerging markets Source : MSCI 31st December, 2018

  7. PSX vs peers Source: WFE Statistics, World Bank, PSX Research Data as of December 31, 2018

  8. Structural issues • Economy 70% (?) undocumented • Capital sits in informal sector; cannot come to capital markets • Over investment in real estate • Pakistanis priced-out of real estate while companies are starved of capital • National savings scheme • Distortions impede capital market development • Pakistanis miss out on much higher long term returns on stock market • GOP pays extra Rs. 100 bn\year in interest • Economic growth suffers

  9. Structural issues • Bond market micro structure • SBP as regulator, issuing agent and clearing agent • Only banks are primary dealers • Lack of transparency • Brokers business model • Clearing and non-clearing; brokers vs family offices\prop-trading houses • Fee for advice; Separately Managed Accounts • Mutual funds platform • In-house margin financing

  10. Thank You

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