KARACHI – Pakistan’s equity markets are booming with handsome corporate profitability which grew by 26 percent in the closing quarter from last quarter and 36 percent from corresponding year due to strengthening investors’ sentiments in the country.
This was stated by Arif Habib, Chairman Arif Habib Group on the occasion of prize distribution ceremony of Second Cricket Tournament of Karachi Union of Journalists (KUJ-D) here on Saturday at Karachi Press Club.
The year 2012 was impressive for equity markets and corporate sector due to positive developments on political transition in the country whereas the year 2013 has been further outstanding for stock exchanges and corporate sector as well which posted 100 cumulative growth in two years, Habib said.
The private sector has been resilient in the country with plans to invest money for business expansion and start-ups because the confidence of investors are improving in the Pakistan market due to the democratic government, independent judiciary and vibrant media.
He said that privatization of state-owned enterprises will create opportunities for stock players as it will lead to increase the depth of trading and generation of the capital as well. The overall value of public sector institution is estimated at $17 billion which could generate $2 billion in the market as a result of privatization process in the country.
Arif Habib pledged Rs 1.5 million for medical allowance and Rs 750,000 for education benefits to the member of Karachi Press Club and Karachi Union of Journalists. The allocations of funds have been increased from last year which were Rs 1 million for health and Rs 0.5 million for higher education.
Arif Habib Group will continue to support the national media and urged different players of corporate sector to empower journalists for independent and vibrant media of the country.
He appreciated the sporting activities of the journalists and said that sports events promote competition and sense of sportsmanship among the people for attaining success in their respective fields through legitimate and positive ways.
Hence, it is necessary for the media people to hold event of cricket and different sports for journalists fraternity for the betterment of their professional skills and health, he added.