Muttahida Qaumi Movement has opposed the establishment of Pakistan Stock Exchange (PSX) and urged the government to avoid from changing the status of Karachi as commercial hub of the nation. MQM leader Dr Muhammad Farooq Sattar on Tuesday said while speaking on the floor of the National Assembly that such action of the government could affect the investment of the whole market.
He said that the government should not change the name of Karachi Stock Exchange but to make Lahore, Karachi and Islamabad chapters. He said the Karachi Exchange was, in fact, the real stock exchange while the Lahore and Islamabad stock exchanges were nothing more than federal and provincial chapters of actual stock exchange.
The MQM leader said, "It is not appropriate to shift the headquarters of the Stock Exchange to Islamabad. Earlier, headquarters of the Pakistan Navy was shifted to Islamabad and tomorrow somebody will try to move Pakistan International Airlines to Islamabad. That mindset needs to be changed." He said, "One day the prime minister travels to Karachi and lauds Karachi Stock Exchange, and the next day he shifts it to Islamabad. If Karachi is financial hub, then keep it that way."
He said, "We should not change the name Karachi Stock Exchange because it has its status, name and importance. He said in many countries, the names of stock exchange are linked with their cities." "We should not create more issues between the federation and its units. The government should take steps for unity of the nation," he said. Endorsing the views of Dr Farooq Sattar, Federal Minister for Inter-Provincial Co-ordination Riaz Pirzada also opposed the move of the government and said headquarters of the institutions should be kept wherever they are located as shifting costs billions of rupees. "Will headquarters of Gwadar port also be shifted to Islamabad," he asked.
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