The Karachi Stock Exchange (KSE) members on Wednesday elected five member-directors at the KSE board for the term commencing from January 1, 2011. The election to elect five new member-directors was held here at KSE and was contested by nine candidates. In all, 156 members of the exchange cast their votes and all ballot papers were declared valid.
According to the results announced by the election committee, the five candidates who were declared successful, in order of the number of votes secured, are: Abid Ali Habib nominee Abid Ali Habib Securities (130 votes), Mohammed Sohail nominee Topline Securities (101 votes), Zafar Siddiq Moti nominee Zafar Moti Capital Securities (98 votes), Ashraf Bava nominee Nael Capital (93 votes) and Muhammad Qasim Lakhani nominee Fortune Securities (90 votes).
Abid Ali Habib is a sitting member-director at the KSE board and Zafar Siddiq Moti is a former member-director, while the remaining three are young members of KSE and have been elected as member-director for the first time.
Muhammad Sohail, newly elected member-director, told media that the continually declining trading volumes at KSE is a big challenge for them. The reducing KSE income is also related to it and is a big concern for the members, he added. "We will try to adopt a strategy to generate more trading activity and to increase volumes at the bourse", he said. Zafar Moti said they would try to solve all existing issues on top priority basis. The KSE management appreciated the contribution made by the outgoing directors and welcomed the incoming directors on the KSE Board for the next term.