CDC holds Pakistan Capital Markets Day in New York
Pakistan Times Business & Commerce Desk

KARACHI: Following the success of ‘Pakistan Capital Markets Day’ in London on July 6, which was held in collaboration with London Stock Exchange, the Central Depository Company (CDC) of Pakistan held a similar event in New York on Wednesday.

A message received here said this event was organised with the support of Citibank and Pakistani Brokerage Firms namely Invest-Cap Securities and AKD Securities.

It said like the previous event, ‘Pakistan Capital Market Day’ in New York also aimed at attracting investment in Pakistan Capital Market by arranging meetings of New York based fund managers with Pakistani Companies which included DG Khan Cement, Askari Commercial Bank, MCB Bank Limited, the Bank of Punjab, Habib Bank Limited, TRG Pakistan, Lucky Cement, National Bank of Pakistan and Kot Addu Power Company.

In addition to enlightening the audiences about the opportunities offered by the positive developments in Pakistani economy resulting in buoyancy of the Capital Markets, the event gave Pakistani issuer companies an opportunity to inform potential investors and fund managers about their progress, financial strength and future prospects.

The three-day event encapsulated around a hundred one-on-one meetings of Pakistan companies with leading USA based fund managers that brought immense international awareness and interest in the thriving Pakistani economy, the message added.

It said the delegation also visited new York Stock Exchange and Bank of New York Mellon, while a visit to NASDAQ and The Depository Trust and clearing Corporation (DTCC) was scheduled for later in the day wherein CDC will also sign an MOU for exchange of information.

The event started with an introduction by Citibank followed by a welcome address by Chairman-CDC who said there has been significant growth in all sectors of the economy which is clearly reflected in the flourishing capital market and is also evident by the fact that the size of the Pakistani economy has doubled in the last five years.

Minister for Privatisation and Investment, Zahid Hamid, gave an overview of economic reforms and privatisation in Pakistan.

This helped set up a positive and promising backdrop to the investment environment in Pakistan which would give confidence to the foreign investors, further encouraging them to invest in Pakistani companies.

A brief and informative presentation on Clearing and Settlement was followed by the presentation of company profiles by InvestCap Securities and AKD Securities, closing remarks by Citibank were presented after which the Pakistani issuer companies, US Based fund managers and institutional investors broke out for extended one-on-one meetings.

The event is an extension of the series of Investment Road Shows aimed at promoting investment in the Pakistani capital markets.

As a key pillar in the Pakistani Capital Market infrastructure, CDC took an initiative in spring of 2005 to educate the present and potential investors through a series of Investment road shows about the Capital Market, in order to broaden Pakistan’s investor base.

These road shows aimed at clearing misconceptions about Capital Market investment and promoting safe and secure investment opportunities starting from successfully holding these Road shows in distant cities of Pakistan the next leap was taking the road shows across national borders to Dubai and Abu Dhabi last September.

This initiative won great appreciation as it provided a platform to project the image of the flourishing Pakistani Capital Market among UAE based fund managers, bankers and Pakistani expatriates.

The recent capital market days in London and New York would usher the Pakistani Capital Market into the new era of International recognition, the message further pointed out.●