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FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT MAY 2005 KARACHI STOCK EXCHANGE OFFICIAL 6 MONTH STATISTICS PAGE 80 US$ Millions # Shares Millions Total Volume Avg. Daily Volume Total Volume Avg. Daily Volume Stocks July-04 5,360.4 243.7 5,439.1 247.2 Aug-04 3,907.2 177.6 4,615.1 209.8 Sep-04 3,837.6 174.4 4,676.1 212.6 Oct-04 4,788.0 228.0 5,194.8 247.4 Nov-04 3,849.1 226.4 3,863.3 227.3 Dec-04 10,790.7 490.5 10,445.4 474.8 TOTAL 32,533.0 256.8 34,233.8 269.8 Bonds July-04 0.43 0.02 0.005 0.0002 Aug-04 43.5 2.0 0.008 0.0004 Sep-04 0.01 0.0007 0.0001 0.000002 Oct-04 0.001 0.0001 0.00001 0.000001 Nov-04 0.005 0.0003 0.0001 0.000003 Dec-04 0.01 0.0006 0.0002 0.00001 TOTAL 44.0 0.33 0.01 0.0001 Other July-04 n/a n/a n/a n/a Aug-04 n/a n/a n/a n/a Sep-04 n/a n/a n/a n/a Oct-04 n/a n/a n/a n/a Nov-04 n/a n/a n/a n/a Dec-04 n/a n/a n/a n/a TOTAL n/a n/a n/a n/a Market Capitalization US$ Millions Index July-04 24,459.8 5,289.9 Aug-04 24,603.7 5,346.2 Sep-04 25,139.4 5,217.7 Oct-04 24,116.2 5,332.2 Nov-04 26,033.9 5,567.8 Dec-04 28,965.6 6,218.4 CONTACT INFORMATION MONTHLY STOCK VOLUME VS INDEX (US$ Millions) 12,000 10,000 Stocks Index 8,000 6,000 4,000 2,000 0 July Aug Sep Oct Nov Dec Contact Name Mr. Mohammed Yacoob Memon E-mail gm@kse.com.pk Website www.kse.com.pk 7,000 6,000 5,000 4,000 3,000 2,000 1,000 0 MONTHLY MARKET CAPITALIZATION (US$ Millions) 30,000 25,000 20,000 15,000 10,000 5,000 0 July Aug Sep Oct Nov Dec
FEDERATION OF EURO-ASIAN STOCK EXCHANGES SEMI ANNUAL REPORT MAY 2005 KARACHI STOCK EXCHANGE ECONOMIC AND POLITICAL DEVELOPMENTS Politic and Economic Environment: Although agriculture is declining as a percentage of total output, this sector remains the primary economic activity in Pakistan. Cotton, wheat, rice and sugarcane are the primary crops, which benefit from an extensive irrigation system. The annual cotton crop is of particular importance as it provides the input to the textile and garment industry, which is the nation's dominant export industry. Pakistan is attempting to increase its information technology sector, but only 3% of the populace has telephones at home. Having achieved a degree of selfsufficiency in the armaments sector, Pakistan is now promoting arms sales as a means of generating more diversified export revenue. In June 2004, President Pervez Musharraf accepted the resignation of Prime Minister Mir Zafarullah Khan Jamali,. Jamali nominated Chaudhry Shujaat Hussain, the president of the ruling Pakistan Muslim League, as his interim prime minister. For his part, Prime Minister Chaudhry Shujaat Hussain said that former Finance Minister Shaukat Aziz would be the next prime minister following elections in the National Assembly. Shaukat Aziz went on to be sworn in as prime minister. In July, he escaped unhurt from an apparent assassination attempt. Key Information Contacts Government of Pakistan www.pak.gov.pk Ministry of Finance www.finance.gov.pk Privatization Commission www.privatisation.gov.pk State Bank of Pakistan www.sbp.org.pk Security and Exchange Commission of Pakistan www.secp.gov.pk ECONOMIC RATIOS Domestic savings Pakistan Lower-middle-income group Trade Indebtedness Investment In September 2004, the peace process between India and Pakistan appeared to be making some much lauded progress. India's Prime Minister Manmohan Singh and Pakistan's Pervez Musharraf met in New York on the sidelines of the opening of the United Nations General Assembly. Reports say the talks went well with both leaders voicing a desire to continue working together. Economic Performance: Economic activity rebounded in 2002 and 2003 as GDP grew at 4.4% and 5.5%, respectively, after having slowed in 2001. The Pakistani economy was firing on all cylinders, and growth was led by a doubling of net remittances from abroad due to favorable external conditions, and sharp increase in demand for Pakistani exports. Internal consumption was boosted as well, as favorable consumer financing led to a rise in the internal consumption and production of autos and electronics. Gross capital formation picked up as well, to 15.5% of GDP in 2003 from 14.7% in 2002, due to investment induced by privatization and deregulation in the oil and gas, communications, and financial sectors. This growth led to expanded activity in the nation’s cement industry, and helped spur modernization efforts in the textile industry. GROWTH OF INVESTMENT AND GDP (%) 6 4 2 0 -2 -4 -6 -8 -10 97 GDI GDP The current account deficit, which exceeded 6% of GDP in 1995-1997 was reduced to 1.3% of GDP in 2000 owing to the strength of textile exports. It then swung into surplus in 2001 despite steeply falling exports – imports declined as well and overseas remittances surged as the war on terrorism cracked down on 'underground' systems of repatriating Pakistani workers' earnings without using the banking system. As both exports and imports shot up by 19.6% and 20.1%, respectively, in 2003 due to a more favorable external environment, the current account surplus moderated to 5.2% of GDP from 6.3% in 2002. Pakistan typically runs a deficit of US$ 1-2 billion in its merchandise trade account and a deficit on international services of about US$ 3 billion, but it has also typically received large amounts in remittances from Pakistanis working abroad, many in the oil fields of the Middle East. These repatriated earnings have made a significant contribution to the current account over the years. The movement of such remittances through the banking system rather than through informal payment channels is a major factor in the improvement in Pakistan's current account balance. 1 1 Economic and Political Overview, County Watch Incorporated, 2005 98 99 00 01 02 03 * World Bank reports PAGE 81
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