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Coronavirus
VERY HIGH Source: covid.gov.pk
Pakistan Deaths
27,135
6324hr
Pakistan Cases
1,221,261
2,51224hr
4.4% positivity
Sindh
449,349
Punjab
420,615
Balochistan
32,722
Islamabad
103,923
KPK
170,738

KARACHI: An agreement was signed between Pakistan Stock Exchange (PSX) and Habib Bank Limited (HBL) on Thursday at the PSX trading hall whereby HBL becomes market maker for debt instruments listed on PSX.

The agreement was signed between Farrukh H Khan, managing director (MD) and Chief Executive Officer (CEO), Pakistan Stock Exchange, and Muhammad Aurangzeb, President and CEO of HBL.

On this occasion, a gong ceremony was held at PSX trading hall to welcome HBL on-board as a market maker for debt securities on PSX. Also present at the ceremony were the Board of Directors of PSX and senior management of both the organisations.

On this occasion, Farrukh Khan, the MD and CEO of PSX, said this is a very important step in developing collaboration between the banking sector and capital markets. Development of debt markets is an important strategic objective of PSX and critical for the economic growth of Pakistan, he said. Hence, it is a very positive development that the largest bank of Pakistan is coming onboard as designated Market Maker for debt securities listed on PSX. HBL, which was also the first company to be listed on the Stock Exchange, is now going to act as market maker for corporate and government debt securities listed on PSX, he added.

“We are confident that HBL as market maker will add to the depth and development of the debt capital market of Pakistan,” he said. He congratulated and welcomed HBL in their new role as market maker.

Muhammad Aurangzeb, President and CEO – HBL said on this occasion that signing ceremony marks the commencement of a market-making relationship between HBL and the PSX. “This is a historic moment, and we are grateful for PSX’s continued trust in the Bank,” he said.

The arrangement allows investors to buy and sell debt securities with HBL willing to act as a buyer and/or seller, he said. This will not only increase the attraction for debt instruments as an investable asset and add greater liquidity to the Exchange but will also pave the way to enhance the outreach of the debt market, he added.

“We look forward to building a strong relationship with the Pakistan Stock Exchange and continue to play our role in developing the economy of the country,” he said.

Market makers perform the crucial role of providing liquidity and depth to the market by facilitating investors to buy and sell securities through continuously quoting two-way prices, i.e. bid and offer prices.

Copyright Business Recorder, 2021

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