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Gong ceremony held for PKIC as market maker

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KARACHI: A Gong Ceremony was held at Pakistan Stock Exchange (PSX) to welcome Pakistan Kuwait Investment Company (Private) Limited (PKIC) on-board as a Market Maker of debt securities on PSX, says a Press release.
An agreement was signed between PSX and PKIC today at the PSX Trading Hall whereby PKIC becomes Market Maker of debt instruments listed on PSX.
The agreement was signed between Farrukh H. Khan, MD & CEO PSX, and Mubashar Maqbool, MD PKIC. Senior management of both the organisations was also present.
On this occasion, Mr. Farrukh Khan, the MD & CEO of PSX, said, “I welcome Pakistan Kuwait Investment Company in their new role as Market Maker of debt securities on PSX. By providing capital to economically viable projects, PKIC has played an important role in promoting industry in Pakistan through equity and debt investments. As a Market Maker on PSX, PKIC will contribute further to Pakistan’s economy by directly engaging in the debt capital market.”
He further stated, “I look forward to a period of fruitful cooperation and productivity between the Exchange and PKIC to give depth and expansion to the debt capital market of the country.”
Speaking about the new role PKIC will play as Market Maker, Mubashar Maqbool, MD PKIC, said, “This is an important milestone for PKIC to become a Market Maker on the PSX platform. PKIC is committed to playing its role in promoting investment, diversifying the investor-base and developing the debt securities market in Pakistan.”
He further stated, “We are confident that PKIC, as a Market Maker, will add depth to the debt market and provide liquidity which is critical for the functioning of an efficient and vibrant market. We look forward to building a strong relationship with Pakistan Stock Exchange and continue to promote efforts for enhancement of investor base in the local capital market.”
Market Makers perform the crucial role of providing liquidity and depth to the market by facilitating investors to buy & sell securities through continuously quoting two-way prices, i.e., bid and offer prices.