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FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2010LAHORE STOCK EXCHANGEMian Shakeel AslamCEO/Managing DirectorThe Exchange is well positioned in anenabling environment with the cooperationof the regulators to capitalize all availableopportunities with its distinct performanceto restore the confidence of investors.Pakistan has made significant efforts to stayon the course of stabilization and structuralreforms against the backdrop of weak externaldemand and difficult security and politicalenvironment. Privatization process was almostredundant and FDI’S were markedly low andthe market witnessed unprecedented outflowof the portfolio investments.LSE witnessed one of its most volatile tradingyears. LSE-25 Index was 1450.57 points onJanuary 1st and after touches the bottom of1300.94 points on January 26, 2009 started toincrease gradually and touch the height of3061.57 points on September 24, 2009.LSE-25 Index is placed at 2893.88 points onDecember 31, 2009 with market capitalizationof US$ 30.621 billion. The average dailyturnover of shares remained 17.128 millionshares with an average daily value of sharestraded of US$ 8.189 million. LSE listed 5 newcompanies 10 Open-end Mutual Funds and 1Preference Share during the period underreview. The Exchange is well positioned in anenabling environment with the cooperation ofthe regulators to capitalize all availableopportunities with its distinct performance torestore the confidence of investors and to tapthe potential listing opportunities.LSE has embarked on the Information SecurityManagement System program and in order toachieve this goal, LSE has established asecurity organizational structure in its workingenvironment. The emphasis of this projectis to keep pace with the technologicaladvancements of the modern era and toimprove the security level in its informationsystem.HISTORY AND DEVELOPMENTLahore Stock Exchange (LSE) wasincorporated on 05 October 1970 in Lahore,the provincial capital of Punjab, Pakistan, underthe Securities and Exchange Ordinance in1969, as a company limited by guarantee.The activities of the Exchange have increasedin all areas since inception. LSE introducedautomated trading in 1996 and became thefirst fully automated Stock Exchange ofPakistan. LSE has become a key institutionin the financial sector of Pakistan and has amembership of 152 brokerage houses.As of December 31, 2009 there were 512listed companies, having a listed Capital ofUS$ 8.988 billion with a market capitalization ofUS$ 30.621 billion, besides 42 Open-endFunds and 12 Term Finance Certificates(corporate debt instruments) of companies arealso listed at LSE.The Exchange is fully committed to providing atransparent, efficient, fair and investor friendlyenvironment for the benefit of investors andissuers. The goal is to bring LSE up tointernational standards in operational,technical, regulatory and quality managementareas and to ensure that not only domestic butalso foreign investors are attracted to theExchange for the development of the country.FUTURE OUTLOOKLSE would continue with its efforts to increaseits trading volumes through increasing itsoutreach and collaboration with otherexchanges in this regard. It would alsocontinue to look after the interest of all itsstakeholders including the investors, issuersand intermediaries as well as fulfill its role asthe front-line regulator to make LSE as theexchange of choice for all the participants.A major challenge lying ahead for theexchange is its demutualization. This will havea major role to play in the overall reformation ofthe capital markets of Pakistan and through itssuccessful implementation will enhancegovernance standards, transparency andultimately investor’s confidence. TheDemutualization Committee and Managementof the exchange through consultation with theSECP will be working tirelessly in its efforts toensure a swift and timely transition. With LSE’svoluntary adoption of the Code of CorporateGovernance, its innovative strength in softwaredevelopment and enhancement of itsgeographical outreach, the new managementteam is well positioned to capitalize all theavailable opportunities with its distinctperformance.PAGE 110
FEDERATION OF EURO-ASIAN STOCK EXCHANGES ANNUAL REPORT JUNE 2010LAHORE STOCK EXCHANGEOFFICIAL 6 MONTH STATISTICSUS$ millions# Shares millionsTotal Volume Average Daily Volume Total Volume Average Daily VolumeStocksJul-09 195.34 8.49 362.67 15.77Aug-09 162.48 8.12 272.45 13.62Sep-09 264.38 13.91 450.81 23.73Oct-09 239.75 10.90 433.97 19.73Nov-09 94.47 5.25 168.57 9.37Dec-09 97.21 4.63 236.11 11.24TOTAL 1,053.62 8.55 1,924.59 15.58BondsJul-09 0.00 0.00 0.00 0.00Aug-09 0.00 0.00 0.00 0.00Sep-09 0.00 0.00 0.00 0.00Oct-09 0.00 0.00 0.00 0.00Nov-09 0.00 0.00 0.00 0.00Dec-09 0.00 0.00 0.00 0.00TOTAL 0.00 0.00 0.00 0.00OtherJul-09 0.00 0.00 0.00 0.00Aug-09 0.00 0.00 0.00 0.00Sep-09 0.00 0.00 0.00 0.00Oct-09 0.00 0.00 0.00 0.00Nov-09 0.00 0.00 0.00 0.00Dec-09 0.00 0.00 0.00 0.00TOTAL 0.00 0.00 0.00 0.00MarketCapitalization(US$ millions)IndexMONTHLY STOCK VOLUME VS INDEX(US$ millions)StocksIndexMONTHLY MARKET CAPITALIZATION(US$ millions)Jul-09 25,935.68 2,314.09Aug-09 28,987.09 2,737.28Sep-09 30,447.56 2,886.45Oct-09 29,951.56 2,802.32Nov-09 30,211.72 2,827.88Dec-09 30,621.51 2,893.88CONTACT INFORMATION3002502001501005003,000 35,0002,500 30,0002,00025,00020,0001,50015,0001,00010,000500 5,00000Jul Aug Sep Oct Nov Dec Jul Aug Sep Oct Nov DecContact Name Mr. Amir Razakhan E-mail amir@lahorestock.com Website www.lahorestock.com* Please refer to page 100 for the Pakistan country report.PAGE 111
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