Financial Year 2002, KSE implemented several structural developments
which include complete implementation of the T+3 system,
rationalization of risk management measures (deposit requirements,
capital adequacy and up tick/down tick fluctuation bands) changes in
the carryover market and more recently the launching of the new
trading system. The increase in foreign investment was stated to be in
line with the rise in KSE-100 index demonstrating upward trend from
last year's 1200 points to 1900 points this year. This appears to
reflect greater confidence of foreign fund managers in the Pakistan
market's prospects due to its positive economic outlook, hefty
reserves and stable exchange rate.
GoP was able to swap debt with equity but at the last minute
commercial banks refused to accept bonds at higher interest and
insisted on T-Bills at lower rates. The ailing utility has gone
through a number of financial restructurings but financial condition
has gone from bad to worse.
absence of Pakistan from the FIFA World Cup co-hosted by Japan and
South Korea this month has failed to dampen the passion of sports
lovers in the country. The event has provided welcomed opportunities
to the advertisers to boost their sales. However, the matter of
concern is that Pakistan is not even associated with the event even
indirectly as footballs used in the tournament are supplied by Nigeria
instead of Pakistan to deliver a blow to the sports goods
manufacturers and exporters.