Formation of support fund suggested to supplement capital markets

KARACHI, May 17 (APP):A delegation of leading businessmen and brokers here on Friday held a meeting with Advisor to Prime Minister on Finance, Revenue and Economic Affairs Dr. Abdul Hafeez Sheikh and discussed overall macro-economic situation and its impact on capital markets of the country.
The delegation comprising of Bashir Jan Mohammad, Arif Habib, Aqeel Karim Dhedhi, Ali Jamil and Chairman PSX Sulaiman Mehdi discussed various measures relating to the market reforms during
the meeting.
Chairman FBR Syed Shabbar Zaidi and Advisor to Ministry of Finance Dr. Khaqan Najeeb were also present in the meeting.
Considering the present depressed market sentiment, the delegation suggested various measures for strengthening the capital markets.
It was suggested that the proposed draft of Listed Companies (Buy Back of Shares) Regulations, 2019, be approved on priority basis and the limit of 10% on treasury shares should be enhanced.
It was also proposed to resolve the present issue of ready futures transaction at PSX, which is also hurting the market volumes.
The delegation also recommended that keeping in view the attractive valuations at the PSX a market support fund may be considered.
Dr. Hafeez Sheikh took note of all the suggestions positively and assured full support and cooperation of the government.