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‘Common stock exchange in South Asia to be valuable’

KARACHI: Creation of Common Stock Exchange in South Asia will help foster integration process in the region and develop required linkages between institutions to strengthen the financial sector.

President SAAR CCI, Tariq Sayeed at an event on Creation of Common Stock Market in South Asia, prerequisites and concerns said formation of Common Stock Market would help develop people to people contact, forge alliances between the institutions, create employment opportunities and serve as a confidence building measure.

He urged upon the respective governments of South Asia to harmonise the compatible variables particularly the monetary and fiscal policies required to transform the idea of Common Stock Market in South Asia with a reality.

He emphasised SAARC countries should enhance cooperation in services sector like education, health, tourism, financial sector including banking, insurance and capital market, which had a quantified potential of $20 billion per annum in South Asia.

President Federation of Pakistan Chambers of Commerce and Industry, Sultan Ahmed Chawla said despite the cooperation in various areas of the economy among the SAARC member states, there have not been any serious attempts to bring together their stock exchanges.

He said SAARC member states should forge regional alliances and cooperation in view of the effects of globalisation on financial markets.

He emphasised stock exchanges are instruments aiming to mobilise financial resources to facilitate their optimal utilisation in profitable investment projects.

He proposed the establishment of a Data Centre, which should include the data of the respective stock exchanges, creating a common index for member countries’ stock exchanges, promoting the creation of the common depository receipts, cross-listing and cross-membership, creating a common trading platform, promoting the harmonisation of market rules and procedures and best practices for stock exchanges for the creation of common stock market in South Asia. staff report

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